Bitcoin News and Finance: What You Need to Know

The billionaire founder and chairman of Equity Group Investments, Sam Zell, says he is staying away from bitcoin at all costs. He explained that he does not understand the cryptocurrency and believes that a currency without the backing of a government is unlikely to work. Sam Zell Remains Skeptical of Bitcoin While a growing number of billionaires and hedge fund managers are embracing bitcoin, Sam Zell, the founder and chairman of Equity Group Investments, said he is staying away from the cryptocurrency. Zell, whose net worth is estimated to be $5.8 billion, reiterated his anti-bitcoin stance Thursday in an interview with CNBC. Responding to a question about whether bitcoin is more attractive to him now that its price has fallen to the $21K level, he stressed: I’ve basically stayed away from bitcoin at all costs. The billionaire investor explained that the reason he does not invest in BTC is simply because he does not understand it. “I do not understand its security … I don’t...

Microsoft co-founder Bill Gates says crypto is an asset class that is 100% based on the Greater Fool Theory. The billionaire also mocked Bored Ape NFTs, stating: “Obviously, expensive digital images of monkeys are going to improve the world immensely.” Bill Gates on Crypto and NFTs Microsoft co-founder Bill Gates talked about cryptocurrency and non-fungible tokens (NFTs) at this year’s Techcrunch Sessions: Climate 2022 event Tuesday. Referring to the Bored Ape Yacht Club NFTs, Gates sarcastically said: “Obviously, expensive digital images of monkeys are going to improve the world immensely. That’s so incredible.” He clarified, “I’m used to asset classes like a farm where they have output or a company where they make products,” describing crypto as: An asset class that’s 100% based on some sort of Greater Fool Theory that somebody’s going to pay more for it than I do. The Greater Fool Theory suggests that there will always be a greater fool in the market ready to pay a price ba...

The CEO of the Nasdaq-listed software company Microstrategy has debunked the rumor that his company is facing a margin call for a bitcoin-backed loan and will be forced to sell some coins. If the price of the cryptocurrency “falls below $3,562 the company could post some other collateral,” the executive explained. Microstrategy Hasn’t Received a Margin Call Microstrategy CEO Michael Saylor debunked the rumor that his company is close to having to liquidate its bitcoin to meet a margin call for a bitcoin-backed loan. The rumor intensified as the price of BTC continued to plummet after the weekend sell-off. However, Saylor tweeted Tuesday: When Microstrategy adopted a bitcoin strategy, it anticipated volatility and structured its balance sheet so that it could continue to hodl through adversity. Microstrategy’s Q1 2022 presentation details that the company took out a three-year term loan of $205 million from Silvergate Bank against 19,466 bitcoins. Saylor revealed in a May 10 ...

PRESS RELEASE. GAIMIN has solved a key issue for gamers – re-usable, purchased in-game assets that are not lost when a game closes or the gamer wants to play a different game. With GAIMIN’s world first NFT xg , a gamer can now securely invest in their gaming experience and retain ownership of a cross-game asset inventory. GAIMIN’s NFTxg delivers true cross-game, cross-device, interoperable utility NFTs to moddable AAA games, enabling a gamer to own and retain full ownership their in-game asset purchases, re-using their NFTs across different games with utility relevant to the specific game in which they are being used. A gamer can now build up an in-game repository through purchase and other acquisition methods and have an immediately available repository for a new game. Martin Speight, CEO of GAIMIN stated, “ I am delighted to announce GAIMIN’s NFT xg , a world first in the development of a interoperable, cross-game, utility NFT. In releasing the NFT xg we have solved the gamer’...

The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans. Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms. The report ...

Confiant, an advertising security agency, has found a cluster of malicious activity involving distributed wallet apps, allowing hackers to steal private seeds and acquire the funds of users via backdoored imposter wallets. The apps are distributed via cloning of legitimate sites, giving the appearance that the user is downloading an original app. Malicious Cluster Targets Web3-Enabled Wallets Like Metamask Hackers are becoming more and more creative when engineering attacks to take advantage of cryptocurrency users. Confiant, a company that is dedicated to examining the quality of ads and the security threats these might pose to internet users, has warned about a new kind of attack affecting users of popular Web3 wallets like Metamask and Coinbase Wallet. The cluster, that was identified as “Seaflower,” was qualified by Confiant as one of the most sophisticated attacks of its kind. The report states that common users cannot detect these apps, as they are virtually identical to th...