Bitcoin News and Finance: What You Need to Know

The chief executives of two major cryptocurrency exchanges, Binance and Coinbase, do not believe that cryptocurrency is an effective tool to help Russia evade Western sanctions. CEOs of Binance and Coinbase Say Crypto Not Useful at Evading Sanctions Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used to circumvent sanctions placed by Western nations. The CEOs of two leading cryptocurrency exchanges have shared their thoughts on whether crypto can be an effective tool to circumvent sanctions. Binance CEO Changpeng Zhao (CZ) was quoted by the Guardian as saying: Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions. The truth is, crypto is too small for Russia. “If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto),” Zhao continued. “Of those, most only have a small perc

A finance professor at the Wharton School of the University of Pennsylvania has warned of “bitcoin taking over.” He added that the Fed “has been terribly wrong over the last year” about inflation and must now act to defend the U.S. dollar. Finance Professor Urges the Fed to Take Action to Defend the U.S. Dollar Wharton’s finance professor Jeremy Siegel shared his view on inflation, “bitcoin taking over,” and the need for the Federal Reserve to defend the U.S. dollar in an interview with CNBC Friday. Siegel is Russell E. Palmer Professor Emeritus of Finance at Wharton School, University of Pennsylvania. His research focuses on demographics, financial markets, long-run asset returns, and macroeconomics. Commenting on Federal Reserve Chairman Jerome Powell indicating last week that the first rate hike will be in March and will likely be 25 basis points, Siegel criticized that the Fed is already behind and should be making a more aggressive move. “They’re going to have to do much mor

The founder of Skybridge Capital has doubled down on his $100K bitcoin price prediction. He also believes that bitcoin could reach $500K a coin in the long run. “But we’ve got some work to do here from a regulatory perspective,” he stressed. The executive also advised how an average investor should get into bitcoin. Skybridge Capital’s Founder on Bitcoin Price The founder of investment management firm Skybridge Capital, Anthony Scaramucci, talked about the future outlook for bitcoin Friday in an interview with Melissa Francis on Magnifi by TIFIN. Scaramucci expected the price of BTC to reach $100,000 by the end of last year . However, he admitted that he “did not assess the regulatory environment appropriately” after the U.S. Securities and Exchange Commission (SEC) approved bitcoin futures exchange-traded funds (ETFs). “I thought once you had the bitcoin futures [ETFs], you’d end up with the cash pretty immediately. Too much political headwind for that,” he explained. Instead,

The Ukrainian government announces that $50 million in cryptocurrency was raised within a week since Russia began its invasion of Ukraine. The government has so far spent $15 million in donated cryptocurrency to buy military supplies. Ukraine Government Spends $15 Million in Crypto on Military Supplies Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed Friday that his government has spent $15 million in donated cryptocurrency on military supplies, including bulletproof vests, Bloomberg reported. In a Zoom interview from an undisclosed location in Ukraine, he confirmed that the purchased military gear was delivered Friday. Many people have donated cryptocurrency to the Ukrainian government since the war with Russia began. Mykhailo Fedorov, the vice prime minister of Ukraine and the minister of digital transformation, tweeted Friday that the Ukrainian government raised $50 million in cryptocurrency within one week. Most of the donations were in bitcoin ( B

Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement with the National Bank of Ukraine (NBU) that enables well-wishers to send donations to Ukraine via more than 70 different crypto assets. Calls for Widening List of Accepted Crypto Donations Lithuania-based crypto payment processor Coingate recently said it has begun an arrangement with the Ukrainian central bank that has seen the number of crypto assets well-wishers can donate to the country’s armed forces rise from just four to more than 70. This widening of the list of accepted crypto assets comes just a few days after the Ukrainian government acceded to Polkadot creator Gavin Wood’s pleas to have DOT added to the list of cryptos accepted for donations. As reported by Bitcoin.com News, shortly after the Ukrainian government said it would accept polkadot donations, Wood immediately honored his pledge and donated DOT coins worth over $5 million. Consequently, the Ukrainian g

As financial authorities around the world continue to target sanctioned Russian entities, regulators in Japan along with the country’s crypto association are attempting to find and close gaps that may be used to circumvent sanctions. The two bodies, however, have said they are not discussing the plan to block all Russians. Calls to Block Russian Users Rejected Japan’s Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association have reportedly said they are trying to find ways of stopping blacklisted Russian entities from evading sanctions via the use of cryptocurrencies. Japan’s move to target Russian cryptocurrency users has come shortly after Tokyo imposed sanctions on Russian officials including the country’s President, Vladimir Putin. On the other hand, a report suggested that the two parties are, however, not discussing or deliberating on a plan to block all Russian users. Instead, the report said the regulator is focused on finding ways to st

While the cryptocurrency prices dropped toward the end of the week, precious metals, energy stocks, and global commodities skyrocketed in value amid the ongoing war in Ukraine. The price of one ounce fine gold is nearing the $2K mark, benchmark coal prices have been surging, aluminum values broke records and nickel tapped an 11-year high. Metal and Oil Markets Rip Higher, Elon Musk Insists ‘Extraordinary Times Demand Extraordinary Measures’ On Friday, stock markets tumbled as Nasdaq, NYSE, S&P 500, and the Dow Jones Industrial Average closed the day in red. The conflict in Ukraine continues to shake investors that don’t know how to cope with a wartime market. Moreover, after cryptocurrency markets did well last week, the end of this week turned out to be a different story, as the global market valuation of the entire crypto-economy slipped below the $2 trillion mark. At the time of writing on Saturday, March 5, the crypto economy is hovering just above $1.85 trillion in USD va

Spacex CEO Elon Musk says that Starlink has been told by some governments to block Russian news sources. However, he affirmed, “We will not do so unless at gunpoint.” Elon Musk Refuses to Censor Russian News Sources Spacex and Tesla CEO Elon Musk tweeted early Saturday morning that Starlink has been told by some governments to block Russian news sources. However, Musk said, “We will not do so unless at gunpoint. Sorry to be a free speech absolutist.” Starlink is operated by Spacex. The service “provides high-speed, low-latency broadband internet across the globe,” its website describes. Many people on Twitter commended Musk for not giving in to government requests. Replying to this tweet, a Twitter user told Musk, “Russian ‘news’ resources are propaganda resources.” The Spacex boss replied, “All new sources are partially propaganda, some more than others.” Russia’s parliament passed a draconian censorship bill this week to prosecute anyone spreading “false news” regarding the R

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has given some advice on how to profit from inflation. Bitcoin is part of his strategy. He also praised the Ukrainian government for standing up to Russian President Vladimir Putin. Robert Kiyosaki on Profiting From Inflation The author of Rich Dad Poor Dad, Robert Kiyosaki, has advised his 1.8 million Twitter followers how to profit from inflation. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Friday: How to profit from inflation. Biden wants inflation. I counter his criminal actions by investing in Texas and N. Dakota oil. Just bought a gold mine in Utah. Investing in Texas apartments, houses. Saving gold, silver, bitcoin … Invest like a capitalist. Kiyosaki has previously w

Kevin O’Leary, aka Mr. Wonderful, has revealed that a group of U.S. lawmakers is working on a policy to open crypto markets to institutional investors. “The good news is they are all over it and agree there is tremendous opportunity once they pass policy,” said O’Leary. U.S. Senators Working on Crypto Regulation for Institutional Investors Shark Tank star Kevin O’Leary revealed in a series of tweets Thursday that he just had a bipartisan meeting with a group of U.S. lawmakers to discuss crypto regulation. He tweeted: Spent my day at the senate with a bi-partisan group of policy makers who get the joke on crypto. They are working on policy that will open these markets to institutional investors. O’Leary added: “The good news is they are all over it and agree there is tremendous opportunity once they pass policy. Stay tuned, I left them feeling optimistic.” The Shark Tank star also thanked Senator Cynthia Lummis for hosting the meeting. The pro-bitcoin senator from Wyoming repl

Rarify, a startup that helps third parties include NFT elements in their tech platforms, has raised $10 million in its Series A funding round. The round was led by Pantera Capital, a leading cryptocurrency-based venture capital firm. The company has now reached a reported valuation of $100 billion amidst the rise in popularity NFTs are experiencing in different fields including gaming and metaverse applications. Rarify Raises $10 Million, Plans Expansion Rarify, a company that deals with producing infrastructure for third parties to integrate NFT services, has raised $10 million in its recent Series A funding round. The round, which led Rarify to reach a valuation of $100 million, was led by Pantera Capital with the participation of other companies, including Eniac Ventures, Greycroft, Hyper, and Slow Ventures. Rarify aims to simplify the whole process of creating and selling NFTs in the same way that “Square made it super easy to accept payments,” according to statements given b

The FC Barcelona, a soccer club with a large fanbase in Spain and Europe, has revealed its plans to take advantage of the rise of the metaverse and NFTs in the cryptocurrency market. Joan Laporta, president of the club, explained how it plans to occupy all of these markets to bring more engagement from fans all over the world. FC Barcelona Explores Growth Options The FC Barcelona, one of the most influential soccer clubs in Spain and Europe, has announced its intention of expanding to new business areas that include metaverse and NFTs. The expansion’s objective is increasing the engagement of the club through the use of these new technologies. Joan Laporta, president of the club, talked about the upcoming moves the club will be making, stating: In recent times there has been a lot of attention to blockchain products and services such as NFTs and metaverse. We should be able to offer digital products to our members, our fans that will align with the value of the club and generate

PRESS RELEASE. INTERNET CITY, DUBAI, March. 5, 2022 – LBank Exchange, a global digital asset trading platform, will list Apollo Inu (APOLLO) on March 9, 2022. For all users of LBank Exchange, the APOLLO/ USDT trading pair will be officially available for trading at 21:00 (UTC+8) on March 9, 2022. There are many content creators such as painters, photographers, musicians and tik-tok’ers don’t have time, money or access to opportunities to make a career out of their creative passion. To address this issue, Apollo Inu (APOLLO) is building communities that help aspiring artists and content creators get the resources they need to get their big break. The APOLLO token will be listed on LBank Exchange at 21:00 (UTC+8) on March 9, 2022, to further expand its global reach and help it achieve its vision. Introducing Apollo Inu Apollo Inu (APPOLO) is a community-run DAO (Decentralized Autonomous Organization) and token to support and fund creative people to achieve their goals. A portion o

G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions. “We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets,” said Germany’s minister of finance. G7 and EU Seek to Prevent Crypto Use to Evade Sanctions The Group of Seven (G7) nations are reportedly examining ways to stop individuals and companies from using cryptocurrencies to circumvent Western sanctions following Russia’s invasion of Ukraine. The G7 countries comprise Canada, France, Germany, Italy, Japan, the UK, and the U.S. Finance ministers and central bank governors of the G7 countries held virtual meetings this week together with Ukraine’s Finance Minister Serhiy Marchenko. Germany’s minister of finance, Christian Lindner, was quoted by AFP as saying Wednesday: We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets. We are working towards this in

The CEO of Devere Group has predicted that the price of bitcoin will reach $50,000 by the end of this month. He explained that geopolitical tensions from the Russia-Ukraine war and institutional investment are key drivers boosting the price of bitcoin. He also said, “the dollar’s reserve status could, ultimately, be in jeopardy.” Devere’s CEO on the Future of Bitcoin The CEO of Devere Group, Nigel Green, has predicted that bitcoin’s price will reach $50,000 by the end of this month. Devere is an independent financial advisory and asset management firm headquartered in the UAE. The executive said on Tuesday after the price of bitcoin surged more than $6,000 in 24 hours: As it currently stands, I can see no reason why this price momentum should falter. I think we can expect to see bitcoin hit $50,000 by the end of this month. However, he noted that it is “too early to say” when the price of bitcoin will revisit last year’s all-time highs. Based on data from Bitcoin.com Markets, B

The CEO of the Nasdaq-listed crypto exchange Coinbase says ordinary Russians are using cryptocurrency as a lifeline now that their own currency, the ruble, has collapsed. The executive also does not see a high risk of Russian oligarchs using crypto to avoid sanctions. Crypto Becomes a Lifeline for Ordinary Russians Coinbase CEO Brian Armstrong shared his view on crypto usage and his exchange’s policy in a series of tweets Friday as Russia continues to wage war against Ukraine. Firstly, he emphasized that Coinbase is “not preemptively banning all Russians” from using its platform. “We believe everyone deserves access to basic financial services unless the law says otherwise,” he stressed. The discussion of banning all Russians began when the vice prime minister of Ukraine asked all major cryptocurrency exchanges to block addresses of all Russian users . He tweeted on Feb. 27, “It’s crucial to freeze not only addresses linked to Russian and Belarusian politicians but also to sabotag

While Russia’s Ukraine invasion has been at the forefront of people’s minds, a global recession and the possibility of an energy crisis have been thrown into the conversation. Reports concerning the U.S. economy note that risks of an economic recession are climbing, and energy market historian Daniel Yergin thinks the current warfare in Ukraine could spark major energy issues like the 1970s oil crisis. Top Economists Say Odds of Recession Are Rising, While Some Are Inclined to Believe Economic Fallout Will Be ‘Modest,’ Energy Disruptions Will Be ‘Limited and Temporary’ On Friday, USA Today author Paul Davidson explained in a report that the odds of a recession in 2022 “are rising amid soaring inflation.” Davidson detailed that “some top economists are raising the odds of a slump within the next year or so.” The risk increased despite the strong jobs market in the U.S., as the USA Today author writes that energy prices are spiking and inflation has reached historic levels. On the o

Amid ongoing hostilities with advancing Russian forces, Ukraine has been increasingly relying on cryptocurrency donations to solve humanitarian problems and finance its defense efforts. Crypto helps the country to receive and quickly distribute money and operate internationally, a high-ranking government official has indicated. Ukraine Accepts, Spends Millions in Crypto, Deputy Minister Reveals Since the Russian military assault started, Ukraine has been actively seeking financial support in the form of crypto donations . “It’s a very rapid way to get a payment — in times like that you can’t just wait for days to get money and then you have to distribute them,” the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov said in an interview. The official noted that the government in Kyiv set up a cryptocurrency fund in partnership with a major exchange right after the invasion began. “So money immediately started to go in. And so far we have collected more than $30

PRESS RELEASE. Looking for an exciting new NFT collection to be a part of? Look no further than Celestials Stellar Club . We are pleased to announce the public mint date of our first collection of 4,962 NFT exoplanets on the Ethereum blockchain will take place on March 14 2022. Celestials Stellar Club is more than just a NFT collection. It has quickly become a community of passionate crypto enthusiasts. Holders of the CSC NFT exoplanets receive perks both in the free multiplayer web space exploration game itself and also through future collections and upcoming airdrops. The discord group for CSC is a place to share your excitement and thoughts on the project and interact with others. Members can discuss things like floor price, nft rarity, memes, space exploration, and also stay up to date with project news, partnerships, and community perks. Details about the Celestial Stellars Club NFT collection – Exoplanets are backed by real NASA data sets! Be among the first to claim your

Malaysia’s deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in. Deputy Finance Minister on Cryptocurrency in Malaysia Malaysian Deputy Finance Minister Yamani Hafez Musa talked about cryptocurrency Thursday in reply to a question raised by parliament member Nurul Izzah Anwar in Dewan Rakyat, The Star reported. The parliament member asked about the government’s role in monitoring and regulating cryptocurrency. Noting that cryptocurrencies are not a payment instrument regulated by the central bank, Bank Negara Malaysia, the deputy finance minister said: Digital assets such as bitcoin and ethereum are not suitable to be used as a payment instrument … In general, digital assets are not a store of value and a good medium of exchange. “This

Veteran investor and fund manager Bill Miller explains why he thinks that it is currently “very bullish for bitcoin.” Miller noted that Russia has almost 50% of its reserves in currencies that are controlled by people who want to do them harm. Bill Miller’s Crypto Outlook: ‘It’s Very Bullish for Bitcoin’ Famed value investor Bill Miller talked about the outlook for crypto amid a war between Russia and Ukraine in an interview with CNBC Wednesday. He is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management. Following its invasion of Ukraine, a growing number of countries have imposed sanctions on Russia. This has caused the Russian ruble and stocks of Russian companies listed abroad to plummet . European Commission President Ursula von der Leyen said last week: “We will paralyze the assets of

U.S. Treasury Secretary Janet Yellen says the Treasury Department is monitoring Russian efforts to evade sanctions using cryptocurrency. Four U.S. senators have written to Yellen raising concerns about Russia using cryptocurrency as a channel to circumvent sanctions. Treasury Secretary Janet Yellen on Monitoring Russian Efforts to Use Cryptocurrency to Evade Sanctions U.S. Treasury Secretary Janet Yellen talked about the Treasury Department monitoring Russian efforts to evade sanctions using crypto at an event hosted by the University of Illinois Wednesday, the Wall Street Journal reported. Yellen said: We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them. On Wednesday, four U.S. senators, including Sen. Elizabeth Warren , also wrote a letter to Yellen inquiring about the “Treasury Department’s progress in monitoring and enforcing sanctions compliance by the cryptocurrency industry.” The s

More than three-quarters of Saudi Arabian residents are aware of cryptocurrencies, a new Yougov survey has found. However, the study also found that only 18% of those surveyed are presently buying and selling cryptocurrencies. Easy Accessibility of Virtual Coins According to the findings of a Yougov survey, about 77% of Saudi Arabian residents are aware of cryptocurrencies, which suggests that the asset class “has generated a fair amount of awareness.” The study data, on the other hand, shows that only 18% of those surveyed confirmed they are buying and selling cryptocurrencies. As shown in the study data, while younger Saudis are currently dominating crypto trading in the kingdom, the findings show that older Saudis also “plan to deal in it.” Concerning the factors that motivate Saudi residents to invest or trade cryptocurrencies, the study found that almost half of the respondents cite their accessibility. The report states: Currently, the key motivation for most Kingdom of S

The Rwandan central bank may not know whether it can issue a digital currency until December 2022, when it completes a study that looks at the benefits and risks that come with such a currency, the bank’s deputy governor has said. The Investigation Phase The deputy governor of the Rwandan central bank, Soraya Hakuziyaremye, recently suggested that Rwanda is likely to know the outcome of the bank’s investigation into central bank digital currencies (CBDC) by the end of the year. In her remarks published in The New Times, Hakuziyaremye revealed that the decision to issue or not issue a CBDC will depend on the findings of the research study currently being undertaken by the National Bank of Rwanda (NBR). “We are now at an investigation phase. We are analysing what could be the benefits to Rwandans to have CBDC but also the risk not only to our economy but the sector depending on the form of digital currency we would issue,” Hakuziyaremye explained. As reported by Bitcoin.com News

A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work ( PoW ) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets ( MiCA ) framework. The European Parliament (EP) was expected to approve the proposal on the last day of February but the vote was postponed to address concerns raised by representatives of the crypto industry. “The Bitcoin ban in the EU is off the table for now,” BTC Echo noted, quoting the document. The German crypto news outlet revealed that the controversial paragraph has been dropped. The text proposed by the factions of the Left, Greens, and Social Democrats would have prohibited companies f

Square Enix, the Japanese game publishing and developing company, has announced a new deal with The Sandbox to allow one of its IPs to be featured in the metaverse-based platform. The company will bring elements of Dungeon Siege — one of its oldest intellectual properties — to The Sandbox, allowing players to include these elements in their own custom-made experiences. Square Enix Partners With The Sandbox Square Enix, a traditional gaming company, announced it is partnering with the metaverse-based platform The Sandbox, bringing one of its IPs to the virtual world. The IP that the company will introduce is Dungeon Siege, an RPG experience that has sold more than 1.7 million copies and spawned a series of sequels. The collaboration will encompass the integration of the Dungeon Siege into the metaverse in two different ways. Square Enix will establish an interactive piece of land in the platform to allow players to enjoy experiences including Dungeon Siege elements, and to also rec