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During the 2020 presidential campaign, Joe Biden casually referred to the public having “record players” at home. We can forgive him for being a bit out of touch with today’s technology: The president is now 79 years old. Yet, reportedly , Biden nonetheless intends to attempt to regulate some of the most complicated and newfangled technology out there: cryptocurrency. That’s right: The Biden administration is planning regulations on Bitcoin and other decentralized, nongovernmental digital cryptocurrencies. Per Bloomberg, it intends to do so in the name of “national security.” “The Biden administration is preparing to release an initial government-wide strategy for digital assets as soon as…
A film crew has gone deep inside the “Fort Knox of bitcoin” to reveal the secrets of a mysterious, top-secret bunker that holds “billions” in crypto. In Cryptopia: Bitcoin, Blockchains and the Future of the Internet, host Torsten Hoffmann and his crew travel to the bunker in an undisclosed location in Switzerland. They were the only crew to be granted access, after campaigning for security clearance for months. The bunker, dubbed the “Fort Knox of bitcoin”, is used by Xapo, a Gibraltar-based company that provides a bitcoin wallet combined with a cold storage vault and a bitcoin-based debit card. CEO Wences…
Read enough about Bitcoin, and you’ll inevitably come across people who refer to the cryptocurrency as a religion. Bloomberg’s Lorcan Roche Kelly called Bitcoin “the first true religion of the 21st century.” Bitcoin promoter Hass McCook has taken to calling himself “The Friar” and wrote a series of Medium pieces comparing Bitcoin to a religion. There is a Church of Bitcoin, founded in 2017, that explicitly calls legendary Bitcoin creator Satoshi Nakamoto its “prophet.” In Austin, Texas, there are billboards with slogans like “Crypto Is Real” that weirdly mirror the ubiquitous billboards about Jesus found on Texas highways. Like many religions, Bitcoin even has dietary restrictions associated with it. Religion’s dirty…
Ripple remains one of the leading figures in the world of digital assets. While the firm continues to pursue its mission of disrupting cross-border settlement by using its blockchain technology and network, it has to deal with the many regulators across the globe. The company is happy to say it has cozied up with most, but unfortunately not with the US Securities and Exchange Commission, with whom it has been fighting in the New York federal court that may well define the future of the digital asset industry. As part of its good relationship with the Bank of England, Ripple…
User sign-ups on crypto platforms jumped 30-50% on budget day Tuesday, when the finance minister announced a proposal to tax digital assets. While crypto investors and exchanges looked for the fine print in the proposal, some viewed the announcement as an indirect way to endorse crypto trade in India. Industry executives said the budget announcement resulted in pent-up interest among risk-averse investors as well as companies who earlier feared the digital assets would be outlawed in India. In a post-budget press conference, however, finance minister Nirmala Sitharaman clarified that “taxing does not automatically bring legitimacy.” It cannot be said that…
It’s been a rough couple of months for meme-based cryptocurrency Dogecoin that has failed to register any gains amid market fluctuations. Billy Markus, the co-founder of DOGE, is now warning the members of this meme-coin community against getting “crazy, toxic, attacky, spammy, and entitled” that could devalue the brand. The DOGE token has been reeling under market volatility since before the beginning of 2022. At the time of writing, each DOGE token was trading for around $0.15 with a loss of up to 3.36 percent in the last 24 hours on international exchanges. Markus, who goes by the name of…
Blockchain technology has gained huge momentum in the marketplace. For tech and IT businesses, integrating blockchain has become an essential part of automating business processes seamlessly. As more and more businesses are adopting this cutting-edge technology, enterprise leaders are renovating traditional business strategies to gain an edge in the competitive market and keep up with the rising customer demands. Accompanying this technology comes cryptocurrency. As it is needless to mention, cryptocurrencies are digital currencies that have revolutionized the very base of traditional finance and economy. The popularity of cryptocurrencies has experienced a substantial boost in recent times. With the emergence of this decentralized landscape,…
Bitcoin has had a rough run over the past 24 hours as Wednesday saw a fair bit of profit booking across the market, leading to a substantial dip for BTC and a host of other altcoins. The world’s most valuable cryptocurrency has had a fairly good week prior to Wednesday, steadying ship above $38,000, but Bitcoin’s poor showing over the past day appears to have wiped off some of the progress made over the past 10 days. Bitcoin’s value currently stands at $39,722, down by 3.84 percent over the past 24 hours on Indian exchange CoinSwitch Kuber. Meanwhile, on global…
The crypto bro – and he is predominantly the male of the species – around 94 per cent of the world’s 13 million cryptocurrency accounts are held by men – likes to keep his backpack strapped on as he makes his way into the party. It’ll be a crypto bro, meet and greet, probably in San Francisco, possibly attended by the famed Winklevoss twins, maybe at CoinFund CEO / hipster angel investor Grant Hummer’s Crypto Crackhouse venue. Or at one of the satellite social events at super posh Swiss mountain resort St Moritz during the annual Crypto Finance Conference every January. And…
The idea that bitcoin has become a leading indicator of the U.S. stock market appears to be supported by recent experience. Consider: bitcoin BTCUSD, 0.70% hit an all-time high on Nov. 8, 2021 and then fell precipitously. The Nasdaq Composite COMP, +3.41% followed with its all-time high on Nov. 19, while the S&P 500 SPX, +1.89% hit its all-time high on Jan. 3 of this year. Bitcoin then tumbled, reaching a low on Jan. 21. Both the Nasdaq Composite and the S&P 500 followed suit, each hitting their lows on Jan. 27 and posting their worst January return since the Great Financial Crisis of 2008-09. These data points have coincidence but…