The St. Louis Federal Reserve published a blog post with the ratio of eggs to Bitcoin in a bid to criticize the volatility in the latter but ended up being ridiculed for the example. Cracking Bitcoin-Volatility Case According to the post “Buying eggs with bitcoins – a look at currency-related price volatility,” the Eggs/BTC graph,...Read More
Octagon Networks – a cyber security company headquartered in Addis Ababa – converted its entire balance sheet and all its liquid assets into the primary cryptocurrency. In addition, it embraced bitcoin as a payment method for its services. ‘Bitcoin Will Lead the World Toward a Better Future’ The Ethiopia-based Octagon Networks declared its firm support...Read More
One of the most successful Brazilian soccer clubs – Sao Paulo – allowed its fans to purchase match tickets with cryptocurrencies, becoming the first team in the country to do so. Diving Deeper Into Crypto’s Universe The 22-time winner of Brazil’s top soccer league – Sao Paulo – teamed up with the cryptocurrency exchange Bitso...Read More
A recent study conducted by The Economist estimated that 37% of the participants want their governments to declare bitcoin or other cryptocurrencies as legal tender for internal transactions. Central bank digital currencies (CBDCs) are also favored as 37% will agree if their countries’ authorities issue such a financial product. Following El Salvador’s Steps? The popular...Read More
Prior to the pandemic, Bitcoin appealed to many as an inflationary hedge due to its low (near zero) correlation with traditional assets such as stocks. However, in recent times, the narrative has taken a 180° turn, owing to macroeconomics shifts. According to a report by 21Shares, Bitcoin and the S&P 500 moved in sync, with...Read More
The Government of El Salvador keeps delaying the issuance of the much-expected bitcoin bonds due to the falling prices, as indicated by the Minister of Finance during an interview. On June 01, Alejandro Zelaya, El Salvador’s Finance Minister, said that it was not yet time to launch the Vulcano Bonds (bitcoin bonds) because the price...Read More
Timothy Ursich Jr. – who runs for election to the US Senate to represent California – vowed that he will draft a bill proposing Dogecoin as an official payment method if he is victorious. He also opined that two of the best instruments against the current galloping inflation are the leading cryptocurrencies – bitcoin and...Read More
Dawn Fitzpatrick – CEO and CIO at Soros Fund Management – doubled down on her pro-crypto stance, predicting the asset class is “here to stay.” She believes that climate impact will play a vital role in the industry, and as such, Ethereum “is likely to gain some more traction than Bitcoin.” Ethereum to Outperform Bitcoin?...Read More
One of the largest money transfer services in the world – MoneyGram – plans to enable users to send stablecoins and convert them to fiat currency. The company will collaborate with Stellar Blockchain to execute the move. In addition, CEO Alex Holmes shared his optimistic view on the crypto industry, predicting it is “here to...Read More
The United States Securities and Exchange Commission continues to deny applications for Bitcoin ETFs. The latest one is the proposed rule change to list and trade shares of the One River Carbon Neutral Bitcoin Trust. The SEC has denied yet another application to launch a Bitcoin ETF. On May 27th, the Commission issued a notice...Read More
ARK Investment Management, the firm led by prominent fund manager Cathie Wood, has filed for another spot Bitcoin (BTC) exchange-traded fund – ARK 21Shares Bitcoin ETF. The SEC has until January 24, 2023, to decide whether to approve or reject it. As per the filing with the Securities and Exchange Commission, ARK Invest has included...Read More
The Turkish authorities are reportedly working on a draft bill to set up additional control over the local digital asset market. The legislation focuses on crypto exchanges, too, as they should have a minimum of 100 million liras ($6.1 million) in capital to operate on domestic soil. Regulations on the Way? Turkey and cryptocurrencies have...Read More
JP Morgan – one of the largest investment banks on Wall Street – sticks to its previous fair-value target for bitcoin at $38,000, meaning that the asset is currently being traded with a discount. The bank believes BTC could recover stronger than other beaten-down assets because it had fallen far deeper amid the correction period....Read More
A month after adopting Bitcoin as legal tender, the Central African Republic (CAR) announced its first-ever crypto initiative – the Sango Project – designed to attract business and enthusiasts, take the Bitcoin legacy to the next level, and establish a so-called crypto island Sango with the Metaverse-related elements. An Initiative Set to Attract Investors Worldwide...Read More
With the price of bitcoin currently below $30,000, Scott Minerd, the chief investment officer of global investment giant Guggenheim Partners, believes BTC’s value could further dip to $8,000. Bitcoin Price Could Bottom at $8,000 Minerd made the bearish prediction on Monday (May 23, 2022), during an interview on CNBC’s Squawk Box at the World Economic...Read More
The French fashion brand – Balenciaga – will reportedly embrace cryptocurrencies as a payment method for its products. Initially, the offering will be available at the firm’s US shops on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles. Balenciaga Catching the Crypto Wave According to a recent coverage, Balenciaga will...Read More
LVMH-owned Swiss luxury brand Tag Heuer announced earlier this week that it will accept a total of twelve major cryptocurrencies plus five stablecoins as payment options on its US website. The globally renowned watchmaker had previously revealed that it would soon allow digital currency payments on all websites. An Early Push into Web3 Tag Heuer’s...Read More
On May 22, the cryptocurrency community celebrates international Bitcoin Pizza Day. Less than two years after Satoshi Nakamoto published the nine-page Bitcoin whitepaper, Laszlo Hanyecz legitimized the use of cryptocurrency with the purchase of two pizzas for 10,000 BTC. Bitcoin Pizza Day There are thousands of cryptocurrencies, but Bitcoin, even to this day, remains an...Read More
The condition of the global economy seems to be in a state of knockdown. The years of financial boom after the crisis in 2008 ended with the outbreak of the COVID-19 pandemic at the beginning of 2020. Social distancing measures and “stay-at-home” rules crippled production to a serious extent, while numerous central banks took the...Read More
The recent crash of the cryptocurrency market seems to have affected Coinbase. The leading digital asset platform will reportedly stop hiring employees for two weeks, freeze some business projects, and cut down its spending on Amazon Web Services. Coinbase Temporarily Hits the Brakes The past several weeks and months didn’t go well for the cryptocurrency...Read More
The frantic price action in the cryptocurrency market does not seem to faze the uber-bullish billionaire CEO of tech firm MicroStrategy. Michael Saylor has yet another bold prediction for Bitcoin, even as his favorite cryptocurrency struggles to hold on to the $30,000-mark. The exec, who started to build up his Bitcoin reserve in 2020, reiterated...Read More
The past several weeks have been quite the negative turmoil for the cryptocurrency market, as it all started at the end of March. Interestingly, this coincides with a similar drop for the largest US-based stock market indexes, which led to a multi-month high in terms of correlations between Wall Street and crypto. The Market Meltdowns...Read More
On Block’s Investor Day, the outspoken CEO Jack Dorsey revealed his ambition of expanding the payment company into a digital giant with footprints across multiple dimensions and reiterated its unshaken faith in the future of blockchain technology and Bitcoin. He argued that BTC is the only candidate for the money of the Internet. Block Ecosystem...Read More
Last week’s rollercoaster continues to impact the cryptocurrency market in one or more ways, as IntoTheBlock data indicated that approximately 40,000 BTC had made their way into exchanges since May 11. While this has increased the selling pressure, there’s some good news since bitcoin actually managed to remain above $28,000, which was a pivotal mark....Read More
After buying the dip and adding 500 BTCs to the state coffer, El Salvador President Nayib Bukele has another surprise up his sleeves. The country is organizing an international conference of central bank representatives today, Bukele announced less than 24 hours before the event. El Salvador’s Conference of Central Banks El Salvador will host an...Read More
The Brazilian investment management company – XP Inc. – reportedly joined forces with Nasdaq to launch a cryptocurrency trading platform. Called XTAGE, it should go live by the end of June. Initially, it will enable investors to buy and sell bitcoin and ether. XP Thinks About the Next Five, Ten Years The latest organization to...Read More
Prompted by the ongoing crash of the cryptocurrency market, Michael Saylor’s company – MicroStrategy – is now in a state of unrealized loss regarding its bitcoin holdings. The organization is the largest corporate holder of the primary digital asset, owning nearly 130,000 BTC. Despite the grim condition of the industry, Michael Saylor remains bullish, predicting...Read More
The government of the Central African Republic (CAR) has reportedly passed a law to embrace bitcoin as an official payment method inside the nation’s borders. If successful, the initiative will turn the country into the first African state to execute such a move and the second globally after El Salvador. Bitcoin to aid the CAR’s...Read More
One of the most successful soccer clubs in Mexico – Tigres – partnered with Bitso to enable fans to purchase tickets in bitcoin. The latest cryptocurrency adoption does not end there, as the leading delivery platform in South America – Rappi – and the renowned provider of jewelry and precious metals – SFL Maven –...Read More
The German multinational chain of stores selling electronics – Media Markt – will reportedly install Bitcoin ATMs in 12 branches across Austria. Customers will be able to purchase the leading cryptocurrency at Kurant vending machines. After Testing – Time for Action A few years ago, Media Markt started exploring whether and how to install bitcoin...Read More
