Bitcoin News and Finance: What You Need to Know

The famous author of The Black Swan, Nassim Nicholas Taleb, says investors should not buy bitcoin. To hedge against the current turbulent market, he advises buying stocks or real estate, emphasizing that bitcoin has no connection to inflation or “anything economic.” Nassim Taleb Advises Against Bitcoin Investing Nassim Nicholas Taleb, the famed author of “The Black Swan,” has shared his view on bitcoin and on how to hedge against the current turbulent market in an interview with CNBC Friday. Taleb is a Lebanese-American scholar, mathematical statistician, former options trader, and risk analyst. He was asked about cryptocurrency, particularly bitcoin, given that investors have been increasingly restructuring their portfolios with this asset class. Regarding bitcoin, “It has the characteristics of an open Ponzi scheme. Everyone knows it’s a Ponzi,” he claims, adding: Basically, there is no connection between inflation and bitcoin. None. You can have hyperinflation and bitcoin goes

The U.S. Marshals Service has published a contract showing the crypto custodian Bitgo has been chosen to manage law enforcement’s seized bitcoin acquired through criminal forfeiture. The contracted deal is $4.5 million for the storage, maintenance, and disposal of cryptocurrencies according to documents released on Wednesday. USMS Pens a Deal With Bitgo During the last ten years, the U.S. government has seized a substantial amount of bitcoin ( BTC ) and other digital assets from criminal forfeiture cases. Traditionally, the U.S. Marshals Service (USMS) has been in charge of these funds stemming from high-profile cases like the Silk Road marketplace investigation. Since 2019, the USMS has been in search of a recruit or a custodian that can manage the crypto assets seized by the U.S. government. The government entity published another offering on April 24, 2020, for a contract worth $4.5 million. “The United States Marshals Service (USMS) has a requirement for storage, maintenance,

PRESS RELEASE. Torum, a social media platform specially designed for cryptocurrency users , is proud to announce that the project is now backed by some of the most promising VCs in the crypto industry. The $1.45M private round was participated by 13 private investors which consist of AU21 Capital, Momentum 6, Lotus Capital, Consensus Lab, Redline Blockchain Capital, Waterdrip Capital, Angel One, Hotbit, Oasis Capital, N7 Labs, Skywater Capital, IDC and Worshipper Capital. Social Media + DeFi + NFT on Binance Smart Chain Based on Binance Smart Chain, Torum seeks to build the first crypto social media platform that is fully integrated with NFT and DeFi functionalities. In short, crypto addicts can stay connected with one another and gain access to every crypto-centric service on Torum. With the resources and connection from its VC team, Torum is able to venture into NFT and DeFi spaces and introduce innovative use cases continuously to the crypto industry. Re-define Crypto Social

A recent market report by Localbitcoins suggests that traders or holders under the age of 34 are driving crypto volumes in Egypt. This rise in Egyptian crypto transactions is evidenced by P2P data which shows the crypto asset’s weekly traded volumes averaging $205,000 in much of Q1 of 2021. The Premium on BTC In addition to seeing increased traded volumes, Egypt has also had to contend with a growing premium that is charged on top of the crypto asset’s spot price. For instance, on March 16 2021, BTC was trading at $64,000 in Egypt yet on the same day most international exchanges had the crypto asset’s value just under $57,000. Meanwhile, a video report shared by the P2P platform tries to offer possible reasons why crypto trading has become more popular in Egypt. In the report, it is suggested that many of the Egyptian crypto traders “are looking for additional sources of income (either through) trading or hodling bitcoin.” Further, the report notes that with 67% of the adult popu

Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency Substitution According to a report , this preference for foreign currencies (or currency substitution as CBN economists call it) however, needs to be contained in order to maintain the effectiveness of the central bank’s monetary policy. Remarking on the importance of curbing this currency substitution phenomenon, three CBN economists said: Higher real-exchange rate volatility is associated with an increased level of currency substitution. (Therefore) there is a need to contain “exchange-rate volatility and inflation as a way of curbing the spate of currency substitution in the country. Meanwhile, the report also quotes the econo

The investigation against an alleged major Spanish Ponzi crypto scheme will now be in charge of the National Court of Spain. A judge from the national legal instance is now taking the investigation of Arbistar after the inhibition of a judge in Tenerife. Economic Damages Could Reach Over $120 Million According to El País , judge José Luis Calama agreed to investigate Arbistar 2.0 SL, as victims of the alleged scam are almost 1,127. Still, authorities believe the number could be as high as 32,000. As a worrisome fact for the judge, said El País, the amount of money stolen on the alleged Ponzi crypto scheme could be over 100 million euros ($120 million). However, law enforcement has accounted for over 41 million euros ($49.26 million) in damages as of press time. That said, Calama pointed out that Arbistar could be the “biggest scam in Spain” related to cryptocurrencies, considering that the bogus crypto trading bots platform allegedly had victims in 30 of the 50 Spanish provinces.

As another busy week comes to an end, the NFT universe witnessed many new developments. From Polygon teaming up with leading brands to unique new collectibles up for grabs – here are the top NFT news bytes of the week. Polygon to Offer A Sustainable Way of Minting NFTs NFT creation platform Cent will integrate Polygon with its Valuables platform to offer sustainable minting solutions. The company is already using Polygon’s blockchain solutions to mint NFTs while lowering the environmental impact by 99%. As of now, NFT transactions are processed via a Proof-of-Work (PoW) consensus mechanism, requiring the consumption of enormous computational resources to mine each transaction. However, Polygon changes this by utilizing plasma with its Proof-of-Stake (POS) sidechain called Matic POS, powering much higher speed and lower cost transactions. Nomine(eth) Launches NFT For 2021 Oscar Nominees Hollywood’s biggest award show, the 2021 Oscars, is just around the corner. To celebrate th

TimeCoinProtocol is a decentralized sharing economy platform for dApp developers to easily create and operate new services. It has a successful eSports dApp and the company will soon launch NFT marketplace and DeFi functionalities that offer amazing opportunities for content creators and fans. TimeCoin Raises Funds for DeFi and NFT Developments TimeCoin (TMCN) launched a Special Token Sale on February 15th, 2021. The project was initially financed by a few investors who invested around $4 million, n ow the tokens will be sold on the OTC market for the first time. The sale serves specifically to raise funds for the development and enhancement of the project, and in particular for the eSportStars dApp . The Alpha version of eSportStars was released in October, 2020, and have already acquired 10,000 users. It is available in Japanese, English, Chinese, Hindi and Portuguese, and the developers plan to expand support for more than 30 languages. The project requires further develop

The major retail and commercial financial institution National Westminster Bank (Natwest) has categorized cryptocurrencies as “high risk” and refuses to serve business customers who accept digital assets for payments. A Natwest board member, Morten Friis, explains the bank has no appetite for dealing with these types of customers as Natwest is taking a “cautious approach” toward this technology. Natwest Will Refuse to Do Business With Companies That Accept Cryptocurrencies Reports show that the popular UK-based financial incumbent and wealth manager Natwest is refusing to serve business customers who accept cryptocurrencies. The same bank established in 1968 from a merger between Westminster Bank and National Provincial that suffered from intense scrutiny after being involved in the stock market crash of 1987. The report written by theguardian.com’s banking correspondent Kalyeena Makortoff explains that Morten Friis, a Natwest board member and head of the bank’s risk committee is

The bitcoin vs. gold debate between gold financier Frank Giustra and the pro-bitcoin Microstrategy CEO Michael Saylor took place this week. In what viewers call an “epic” debate and a “historic” event, Saylor packed his arguments full of facts to convince Giustra to sell his gold and invest in bitcoin. Giustra, however, attacked how Saylor and the crypto community promote the cryptocurrency, calling it “cult behavior.” The Bitcoin vs Gold Debate Between Michael Saylor and Frank Giustra The debate between gold financier Frank Giustra and Microstrategy CEO Michael Saylor on the topic of bitcoin vs. gold premiered on Wednesday. The two-hour debate was hosted by Stansberry Research and moderated by Daniela Cambone. Giustra is CEO of the Fiore Group, a private firm managing a broad portfolio of private equity investments and companies. He also founded Lionsgate Entertainment, one of the world’s largest independent film companies. Saylor is the CEO of Microstrategy, the company which ha

Another U.S. city, besides Miami, is looking to become a bitcoin hub. The mayor of the city of Jackson TN says that his city is exploring payroll conversions in crypto in addition to bitcoin mining to add the cryptocurrency to its balance sheet. Jackson TN Looking to Become a Bitcoin Hub Mayor Scott Conger of Jackson, Tennessee, has shared on Twitter his plans to make his city a bitcoin hub. “Jackson TN is in a prime position to lead the way in cryptocurrency adoption,” he said this week. “Local government will lead the way in bitcoin adoption, and along with it, usher in a new industrial revolution with sustainable economies that will help close the wealth gap,” the mayor tweeted Wednesday. “Utilizing dollar-cost averaging in appreciating assets, like cryptocurrency, is one way we bridge the wealth gap and financially empower people.” Using BTC , LTC , and ETH hashtags, Mayor Conger tweeted Tuesday: We’re exploring payroll conversions for our employees. Even more exciting – we

In the last few days, the popular meme-based cryptocurrency has witnessed wild movements across the board, going up and down. An anonymous woman who holds dogecoin and profited from the latest all-time high ($0.44) made a philanthropic maneuver in favor of dogs. Woman Left A “Dogecoin” Message as the Reason for the Donation According to Fox 6 , the woman donated her profits earned by holding the Shiba Inu dog-inspired coin to a dog shelter in Daytona Beach, Florida. The Halifax Humane Society administrates the facility. Barry Kukes, outreach director of the Halifax Humane Society, said that the dogecoin holder arrived last weekend at the shelter, and she just paid for all adoption fees of the dogs. He clarifies that although she didn’t donate her dogecoin (DOGE) directly, he was aware that she was making a donation related to the meme token because the woman left a message which reads “dogecoin.” Kukes commented on the donation: Basically, she had made a very wise investment in

NFTs have added a new dimension to the crypto space, creating ripples in the market, the likes of which haven’t been seen in a long time. Legends of Crypto (LOC) is one of the most highly anticipated NFT projects that is currently in the initial phase of market penetration. Legends of Crypto hopes to become a gaming ecosystem for both the crypto gaming community and traditional gamers. It leverages DeFi and a DAO governance model, bringing gamers a unique NFT game that allows them to collect, earn, and play. A Brief Introduction to Legends of Crypto Remember the collectible and trading card games that you used to play? Legends of Crypto is like that in a lot of ways. It is an NFT project wrapped as a collectible trading card game that utilizes blockchain technology. It takes a unique approach, focusing on the crypto industry and its prominent members and influencers. The game is powered by the Ethereum and Matic blockchains. Matic powers the underlying DeFi economy of the game,

On April 22, published documents stemming from law firm Ontier LLP show London’s High Court is granting the law firm permission to serve legal proceedings over copyright infringement against the owner of bitcoin.org, a pseudonymous operator called “Cøbra.” The legal proceedings involve “hosting and publishing” a copy of the academic Bitcoin white paper. Copyright Infringement Issues Against Bitcoin.org’s Operator Cøbra Continue Not too long ago, Bitcoin.com News published a report concerning the self-proclaimed inventor of Bitcoin, and the Nchain chief scientist Craig Wright. In that report, it noted that Wright’s lawyers from Ontier were planning on serving legal proceedings to a number of websites that hosted the Bitcoin white paper. Wright has asserted for years that he is Satoshi Nakamoto, but yet a great majority of the crypto community does not believe him. Moreover, Wright also claims to be the “rightful owner” of the Bitcoin white paper, bitcoin.org domain and alleges tha

The U.S. Securities and Exchange Commission (SEC) has asked the judge in the SEC v. Ripple case to block Ripple and its executives from accessing various internal records it claims are unrelated to determining whether XRP is a security. The SEC says that the “defendants do not actually seek relevant evidence, but rather seek to harass the SEC, derail the case’s focus away from its merits, and bog down the SEC with document review.” SEC Seeks to Limit Ripple’s Access to Its Records The SEC wrote a letter to Judge Sarah Netburn Wednesday attempting to block Ripple from accessing certain records. The letter followed the court order granting Ripple Labs, its CEO Brad Garlinghouse, and co-founder Christian Larsen (Defendants) access to the SEC’s records pertaining to XRP , bitcoin, and ether. The order requires the SEC to search the external emails of 19 custodians for documents related to the three cryptocurrencies but denied the defendants’ requests for certain internal SEC communi

The U.S. House of Representatives has passed a crypto-related bill introduced by pro-bitcoin Congressman Patrick McHenry. It requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a working group focused on digital assets. Bill to ‘Ensure Collaboration Between Regulators and Private Sector’ on Cryptocurrency The U.S. House of Representatives passed several bipartisan bills on Tuesday, including H.R. 1602, introduced by pro-bitcoin Congressman Patrick McHenry , the Republican leader of the House Financial Services Committee. H.R. 1602, entitled “Eliminate Barriers to Innovation Act of 2021,” will “establish a digital asset working group to ensure collaboration between regulators and the private sector to foster innovation,” the committee described. McHenry explained: [This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital

On April 21, the bitcoin mining rig manufacturer Canaan announced the firm will be supplying 11,760 next-generation A1246 ASIC Avalonminers to a company called Mawson Infrastructure Group. The announcement notes that the mining units will be dispersed among Mawson’s bitcoin mining operations, and will add over an exahash of hashrate to Mawson’s mining facilities. Canaan to Supply Mawson Infrastructure Group With 1 Exahash of Hashpower via 11,760 Delivered Machines Bitcoin mining has grown massive during the last few years and during the last six months, massive purchases have been made by corporate entities involved in digital currency mining operations. The publicly listed firm Canaan (Nasdaq: CAN) based in China has revealed a large shipment of next-generation miners will be shipped to the U.S.-listed Mawson Infrastructure Group (WIZP:OTCQB). Mawson recently rebranded and changed the company’s name from Wize Pharma to Mawson Infrastructure Group. The rebrand came after the compan