Bitcoin News and Finance: What You Need to Know

Kirill Doronin, mastermind of the Russian crypto Ponzi scheme Finiko, has proposed to testify against dozens of his former associates he claims violated his order to accept only cryptocurrency from investors. The founder of Russia’s largest financial pyramid in modern times has already provided detailed testimonies against a long list of accomplices, a media report revealed. Kirill Doronin Ready to Expose His Closest Finiko Associates The man behind the cryptocurrency pyramid Finiko has offered to cooperate with Russian authorities in a likely attempt to limit the repercussions for himself. Kirill Doronin, an Instagram influencer associated with other scams in the past, now wants to testify against 44 of his subordinates who, as he claims, “went against the precepts” of Finiko by taking fiat cash from victims, which he insists he never authorized. Doronin was detained as the Ponzi scheme crumbled this summer, and has since been moved from the Russian Republic of Tatarstan to the ca...

A growing number of fund managers and institutional investors now prefer bitcoin over gold. They see the cryptocurrency as a better store of value and a better inflation hedge. “I think it’s probably going to be ten times better than gold over a long period of time,” said the founder of one asset management firm. Bitcoin vs Gold: Bitcoin Is a Better Store of Value Fund managers and institutional investors are increasingly opting to invest in bitcoin rather than gold, seeing the cryptocurrency as a better store of value and a preferred hedge against inflation. During his company’s Q3 earnings call last week, Galaxy Digital Holdings CEO Mike Novogratz talked about bitcoin being a better store of value than gold. While stating, “I still think gold was probably an okay asset to own in this environment,” he emphasized that “It’s just gotten crushed by bitcoin.” Novogratz added: Bitcoin is just a better version of a store value and it’s being accepted at an accelerating pace … There ar...

The Internal Revenue Service (IRS) has revealed that $3.5 billion in crypto was seized during the fiscal year 2021. This represents 93% of all funds seized by its criminal investigation unit during the same time period. The agency expects to seize billions of dollars more in cryptocurrency next year. IRS Says It Could Seize Even More Than $3.5 Billion in Cryptocurrency Next Year The Internal Revenue Service’s Criminal Investigation (CI) unit, the tas authority’s law enforcement branch, released the 2021 Criminal Investigation Annual Report Thursday. IRS Commissioner Chuck Rettig explained that “CI agents are the only federal law enforcement officers with the authority to investigate criminal violations of the U.S. tax code.” The report details statistics, partnerships, and significant criminal enforcement actions from IRS-CI for the past fiscal year, which began Oct. 1, 2020, and ended Sept. 30, 2021. Among several major crypto cases highlighted in the report is “the longest-runnin...

The CEO of Commonwealth Bank of Australia (CBA), the country’s largest bank, sees big risks in not participating in cryptocurrency. “We see risks in participating, but we see bigger risks in not participating,” he explained. Crypto FOMO, Banks Need to Get Involved, Says CEO of Commonwealth Bank Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of missing out (FOMO) when it comes to bitcoin and cryptocurrency in an interview with Bloomberg Television in Sydney Thursday. Commonwealth Bank, or Commbank, is an Australian multinational bank with businesses across New Zealand, Asia, the U.S, and the U.K. Comyn explained that although cryptocurrencies are “very volatile and speculative,” banks need to be involved in crypto and blockchain technology, citing the insatiable demand from customers to trade crypto. He said: We see risks in participating, but we see bigger risks in not participating. While emphasizing, “It’s important to say we don’t have a view on the asse...

While cryptocurrencies have seen their values rise significantly during the last three months many digital asset holders will be spending their tokens for holiday gifts and Black Friday deals. Bitcoin Black Friday will be on November 26 this year and the crypto payments firm Bitpay has announced a slew of merchants that will offer deals for shoppers paying with digital assets. Bitpay Merchants Offering Black Friday Deals The world’s largest cryptocurrency payments provider Bitpay has revealed a number of merchants the company is partnered with that will offer deals for Black Friday shoppers who prefer to pay in crypto. Bitcoin Black Friday has been celebrated for years now and bitcoiners have always been on the hunt for special deals every year it comes around. Bitpay has revealed a slew of merchants with special deals but some of the promotions will be unveiled during the course of Thanksgiving week until Friday. Bitpay merchants participating in Black Friday this year include Ace...

President Nayib Bukele, of El Salvador, announced yesterday he would issue a $1 billion “Bitcoin Bond” to build the first Bitcoin City in the world. The city would feature no taxes of any kind except VAT, and it would be carbon neutral, with most of the energy powering it coming from geothermal sources. Bukele also announced that El Salvador would partner with Blockstream and use its liquid network to issue the aforementioned bond. Bitcoin City Announced in El Salvador El Salvador and its president, Nayib Bukele , have taken the next step that will integrate bitcoin further into the lives of its citizens. Bukele announced yesterday at the closing event of Labitconf, a Latam-based Bitcoin conference, the construction of the first Bitcoin City in the world that would be funded with the issuance of a $1 billion Bitcoin Bond. This city would be located at the east of the country, with its infrastructure being powered by geothermal energy. The city would also feature zero taxes for its...

PRESS RELEASE. The Ethereum-based solution will be a premier, bespoke online community, bringing together NFT investors, partners, play-to-earn gamers and developers. While new NFT and PTE gaming sites are being deployed seemingly everyday, few if any have tied together in a seamless, intuitive way a truly robust and inclusive community that delights and rewards all key stakeholders. Funganomics , however, is building for “what’s next” in this new and exciting space, addressing the gaps in functionality and user experience currently challenging other platforms and their digital communities. Specifically, the new ecosystem will comprise several key functional areas that will work together symbiotically, including Fungatopia (NFTs), FGS Games (PTE Gaming) and Fungality (AR/VR Experiences) all completing successful registered trademark applications. The UK-based company announced on 18th of November successful completion of its initial seed round of funding, the source of which was...

Cryptocurrency markets have started to recuperate from last week’s losses as bitcoin, ethereum, and a slew of digital assets have seen slight gains. However, the cryptocurrency avalanche has seen its value skyrocket this past week 46.9% higher over the last seven days. Avalanche has also crept into the top ten digital asset market valuations with its $31.5 billion market cap. On November 21, avalanche tapped an all-time price high at $144 per unit as the crypto asset has gained a whopping 3,795% in 12 months. Avalanche Value Spikes Over 20% Over the Last 24 Hours The crypto asset avalanche (AVAX) has increased a great deal over the last 24 hours jumping in value more than 21%. Besides gala (GALA), avalanche is the biggest crypto asset gainer during the last day. On Sunday, AVAX reached an all-time high (ATH) at over $144 per unit and has entered the top ten cryptocurrencies by market capitalization. AVAX’s market is just below the stablecoin market usd coin’s (USDC) $36.2 billion c...

Nigeria is once again Sub Sahara Africa’s biggest recipient of remittances into the region where the money transfers went up by 6.2 percent to $45 billion, a new World Bank report has shown. The Impact of Nigerian Policies on Remittances According to the November 17, 2021 press release , this increase in the value of funds sent is in fact a rebound from the total remittances that were sent by Nigerians in the corresponding period last year. The statement partly attributes this increase to measures that were introduced by the country’s monetary authorities in the first quarter of 2021. These measures seek to encourage the use of formal channels when sending money back home. “Nigeria, the region’s largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of policies intended to channel inflows through the banking system,” the statement explained. As previously reported by Bitcoin.com News, the Central Bank of Nigeria (CBN) —...

Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country. Bank of Russia to Charge for Digital Ruble Transfers The Central Bank of Russia ( CBR ) is planning to impose fees on transactions with the digital ruble, revealed Kirill Pronin, director of the regulator’s Financial Technologies Department. The official emphasized that these commissions will be lower than current charges for transfers in the banking sector. Speaking at a forum under the banner “Banking System of Russia: Ensuring Availability of Services and Resources in the Face of Increasing Risks,” Pronin further noted that the fees will certainly not exceed the costs of transfers with Russia’s Faster Payments System ( FPS ). Quoted by the business news agency Prime, he stated: We assume fees on transa...

The broadband internet connectivity platform, 3air , aims to bring seamless broadband connectivity within Africa. The recently announced platform recognizes the internet connectivity issues and the enormous interest in blockchain technology on the African continent. 3air solves the connectivity challenge by using wireless broadband technology to reach previously under-connected areas. 3air is built on the Cardano blockchain , leveraging the chain’s progressive technologies. Furthermore, the 3air token takes advantage of the IOHK Atala Prism Identification Management solution. The company plans to build broadband in developing countries where other institutions have not been able to lay out the required infrastructure. Most of Africa’s internet users connect using mobile internet, which is often limited in bandwidth, expensive and unreliable. 3air plans to offer broadband internet with speed up to 1 Gbps, along with IP telephony and digital TV subscriptions. According to the World ...

The American social media personality and model, Alexis Ren believes the fiat economy is “collapsing” and recently she told the press she thinks cryptocurrencies offer a viable alternative. In a recent interview, Ren explained her interest in crypto is fueled by the socialite’s reservations in the dollar-based economy. Alexis Ren: ‘The Economic Structure We Have Been Living on Is a Lie and It’s Delusional’ During the last 12 months, numerous analysts and economists have said that the U.S. economy faces uncertainty. At the end of October Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, explained that he believes America is “sliding into depression.” On Friday, Harvard economist Kenneth Rogoff told the media that he thinks “we’re on a knife-edge” in terms of where inflation in the U.S. is going. However, famed novelists, analysts, and American economists are not the only ones predicting bad times are ahead for the U.S. economy. Business Insider’s (BI) Jim Edwards dis...