Bitcoin News and Finance: What You Need to Know

Three leading cryptocurrency exchanges from South Africa recently confirmed receiving a request for client data from the country’s revenue collector. In a joint statement, the exchanges, (namely Altcointrader, Luno, and Valr) said this request, which targets a “selection of customers”, has been made “in terms of section 46 of the (South African) Tax Administration Act.” Data Needed for Future Action Explaining the tax collector’s move to access crypto traders’ personal information, the statement says the South African Revenue Service (SARS) wants this information “as part of a tax risk assessment exercise on residents involved in “the mining, speculation and/or investment in crypto-assets.” For its part, the revenue collector says the collected data “will inform the need for future action with respect to crypto-assets.” However, according to a report , one of the approached exchanges, Valr, has since expressed its concerns with the tax collector. Its co-founder and CEO, Farzam Ehsa...

As technology moves forward, you use more and more innovations to facilitate your daily activities. The cooperation of the largest Polish telecommunications operator with the innovative BoT (Blockchain of Things) provider improves the standard of your daily life. With the use of technology provided by SmartKey, Orange’s Live Objects platform puts an end to all the problems that arise when using your devices. ORANGE POLSKA is the largest telecommunications operator in Poland, serving 14.36 million customers, and a leader of M2M. The company plays a huge role in digitalization of the country by implementation of innovative technologies on a national scale. Now, thanks to SmartKey, the Orange Live Objects leads in integrating the cities of the future in the BIoT (Blockchain IoT) model. The platform covers the core functions of the IoT (Internet of Things) project and lets you manage connected devices with the use of decentralized applications (dApps) blockchain. IoT solutions in over...

China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. Beijing and China’s Central Bank Launches Digital Yuan Lottery The People’s Bank of China (PBoC) and Beijing Local Financial Supervision and Administration Bureau have announced a new digital yuan test for local residents. Bitcoin.com News has reported on China’s last CBDC red envelope test in the past, as the central bank has dispersed millions in digital yuan for testing. Now Beijing plans to disperse $6.3 million worth of the CBDC to citizens by giving out 200,000 digital red envelopes with 200 digital yuan each. As usual, residents can spend the digital yuan at merchants that accept the CBDC like the popular marketplace Jd.com. Residents who want to get some of the red envelopes must enter a lottery system via the Bank o...

Guggenheim has registered a new fund with the U.S. Securities and Exchange Commission (SEC) that could have exposure to cryptocurrencies, particularly bitcoin. The filing came as the asset management firm’s chief investment officer repeatedly made bearish bitcoin predictions, calling cryptocurrency Tulipmania. Guggenheim Launching Fund Which Could Have Exposure to Bitcoin Guggenheim Funds Investment Advisors LLC filed a registration statement with the U.S. Securities and Exchange Commission (SEC) Tuesday for the Guggenheim Active Allocation Fund. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies. The filing describes the fund as “a newly-organized, diversified, closed-end management investment company.” Among the investments that the new fund can invest in are “Cryptocurrency, Digital Assets, or Virtual Currency Investments.” The filing states: The fund may seek investment exposure to cryptocurr...

Fund manager Brian Kelly says that the market is mispricing bitcoin and “when bitcoin gets that mispriced it is the sign of the bottom.” He sees a string of “all positive things” that are reflected in the pricing of the cryptocurrency. Asset Manager Brian Kelly Says Market Is Mispricing Bitcoin Brian Kelly, the founder and CEO of digital currency investment firm BKCM LLC, was asked about where he sees the price of bitcoin heading in an interview with CNBC on Tuesday. Kelly manages the BKCM Digital Asset Fund and the REX BKCM Blockchain ETF (NYSE: BKC). He authored “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World.” In addition, he was previously a hedge fund manager at Shelter Harbor Capital, where he co-founded. He also co-founded MKM Partners, a brokerage firm catering to institutional investment managers. “For me, when you look at bitcoin, it’s all about network effect and address growth,” the asset manager said. “One of the key metrics I look at ...

Goldman Sachs’ head of commodities research says bitcoin is more like copper as a hedge against inflation than gold. He explained that they are both “risk-on” inflation hedges whereas gold is a “risk off” asset. Bitcoin Is More Like Copper Than Gold as Inflation Hedge The global head of commodities research at Goldman Sachs, Jeff Currie, said in an interview with CNBC on Tuesday that cryptocurrencies are an alternative to copper, not gold, when used as a hedge against inflation. He elaborated: You look at the correlation between bitcoin and copper, or a measure of risk appetite and bitcoin, and we’ve got 10 years of trading history on bitcoin — it is definitely a risk-on asset. He further emphasized that bitcoin and copper act as “risk-on” inflation hedges whereas gold is viewed as a safe haven or a “risk off” asset. The Goldman analyst explained: “There is good inflation and there is bad inflation. Good inflation is when demand pulls it, and that is what bitcoin hedges, that i...

The mining rig manufacturer Canaan saw steady profits during the Q1 after reporting its unaudited first quarter 2021 financial results on Tuesday. Canaan noted that it expects to at least sustain current profits or rise above to roughly $150 to $250 million in revenue for Q2. Canaan Expects $250M in Revenue for Q2 – Company Recognizes It’s Hard to Predict With Current Bitcoin Volatility On Tuesday, the China-based ASIC mining rig maker Canaan (Nasdaq: CAN) published the firm’s unaudited first quarter 2021 financial results and the company did well this year. The amount of hashrate sold jumped by 122% compared to the same period of 2020. Additionally, Canaan saw a “larger volume of sales orders of bitcoin mining machines” during the first quarter. Total net revenue was around 402 million yuan or $61.5 million according to Canaan’s unaudited financial records. “Our financial performance improved significantly in the quarter, driven by the Bitcoin price rally, higher customer demand ...

PRESS RELEASE. Bitcoin.com Exchange is ecstatic to announce the listing of BOND, being available to trade on the 2nd June 2021 at 12:00PM UTC . BOND was created by the Bonded.Finance team, as the driver and receipt of value within their platform. BOND will start trading with BTC and USDT pairs. What is Bonded.Finance? With nearly 7000 trackable assets and some 700 exchanges in crypto, it is an understatement to say that liquidity is scattered and that early stage projects as tradable assets make for capricious token holders. Even the meteoric rise of DeFi has done little to change this as lending/borrowing protocols and the true earning potential of tokens are realized only by a select few cryptos. Bonded Finance sees a massive opportunity in this. With crypto maturing as an asset class, there are scores of well-capitalized projects with solid volume and price histories to go with deliverables, yet, they have not been afforded the opportunity to partake in the decentralized fina...

The infamous Internet meme “Pepe the Frog” will be immortalized in non-fungible token (NFT) collectible form by the frog’s original creator Matt Furie. Of course, Pepe has been featured in blockchain art before and a series of cards were created via Counterparty in 2016. However, despite the number of NFT rare Pepes on the web, Furie says when it comes to his famous frog, “Everything else is a bootleg.” Feels Good Man “Nothing beats the real thing,” the creator of the notorious Pepe the Frog Internet meme told the Washington Post (WP) this week. Matt Furie is well known for creating Pepe the Frog back in 2005 in a comic called “Boys Club.” When the picture hit the web, it went viral on Myspace, Reddit, 4chan and Tumbler, and later was recognized as one of the most popular memes of the last decade . Now Furie is getting into the non-fungible token (NFT) collectibles game and he’s bringing Pepe with him. Furie has launched a web portal called pegz.fun and it features animated 2-D an...

Google has announced an update to its financial products and services policy, which includes its policy on cryptocurrency advertising. The new rules will take effect in August and all prior crypto exchange certifications will be revoked. Advertisers must request new cryptocurrency exchanges and wallets certification with Google. Google Introduces New Crypto Ad Rules Google Inc. posted a notice Wednesday regarding its new crypto ad policy. “This policy will apply globally to all accounts that advertise these financial products,” the Internet giant wrote. The notice explains that Google will update its existing financial products and services policy in August “to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.” The tech giant wrote: “Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements ...

The U.S. government is expanding its cryptocurrency analysis in a strategy to find and pursue criminal transactions. This comes in the wake of a rising problem of ransomware involving cryptocurrency, such as bitcoin. “Combating ransomware is a priority for the administration,” said a spokesperson for the White House. US Government to Expand Cryptocurrency Analysis The Biden administration unveiled its strategy to combat cryptocurrency ransomware in a White House press briefing Tuesday. “Combating ransomware is a priority for the administration,” White House Principal Deputy Press Secretary Karine Jean-Pierre said. “President Biden has already launched a rapid strategic review to address the increased threat of ransomware to include four lines of effort.” Jean-Pierre described that one line of effort targets the “distribution of ransomware infrastructure and actors working closely with the private sector,” while another focuses on “building an international coalition to hold countr...

Approximately 378 days ago, before the bitcoin bull market started to heat up, a unique block was spent stemming from a coinbase reward created 37 days after the Bitcoin network launched. It seems roughly ten coins from the block reward were sold to an exchange, but 40 bitcoin worth $1.4 million at today’s exchange rates sits unspent. As the Last Block Reward from 2009 Was Spent on May 20, 2020, Approximately 40 Bitcoins Remain Unspent Around this time last year, a curious block was spent that invoked a great amount of speculation. On May 20, 2020, an entity spent a coinbase reward that was minted on February 9, 2009. It was widely assumed it may have been related to Satoshi Nakamoto but this assumption has never been verified. What we do know is that it was block reward 3,654 and it was spent 627,404 blocks later, at block height 631,058. We also know that the only transaction associated with the mining of block 3,654 was the coinbase reward. The transfer that took place over a ...

Major banking corporation Standard Chartered is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency. Standard Chartered Bank Diving Into Crypto Standard Chartered PLC (STAN.L) said Wednesday that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform. The new exchange will be a joint venture between SC Ventures and BC Technology Group (0863.HK), a Hong Kong-based investment company specializing in digital assets. BC Technology operates OSL, the first cryptocurrency exchange to be licensed by Hong Kong’s Securities and Futures Commission. Alex Manson, head of SC Ventures, commented: We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class. “We are constructing the b...

PRESS RELEASE. Tel Aviv – June 2, 2021 – Kirobo , a leading cryptocurrency solutions developer, has announced that its crypto transfer ‘undo button’ is now available for transactions involving UNI, Chainlink, BNB , USDT , Sushi coin, as well as its native utility token KIRO . This extends the reach of Kirobo’s solution to over 4.5 million holders of these coins. The ‘undo’ solution, which has so far only been deployable for BTC and ETH transactions, represents Kirobo’s first product, and allows users to reverse a crypto transfer sent in error — eliminating the myriad of human error risks inherent to the execution of crypto transactions. The company plans to integrate its solutions across several crypto exchanges over the course of 2021. Kirobo has already created logic layers over the Bitcoin and Ethereum network, and is rolling out advanced services and solutions on top of this layer. The logic layer functions by providing a unique transaction code that must be entered by the r...

Hungary plans to be the first country in the world to erect a statue of Satoshi Nakamoto, as a life-size bronze bust of Bitcoin’s creator will be displayed in Budapest. The bronze bust design is being constructed by two sculptors, Tamás Gilly and Réka Gergely. A Reflective and Hooded Bronze Bust of Satoshi Nakamoto to be Erected in Budapest A statue of Satoshi Nakamoto is being created to be erected in Budapest, Hungary when the project is complete. The creators of the bronze bust, Tamás Gilly and Réka Gergely, have recently revealed design plans for the famous cryptocurrency inventor’s statue. Of course, not knowing who the anonymous Nakamoto is makes it very hard to sculpt an image of him, but that’s not stopping Gilly and Gergely. According to the initial design sketches, Satoshi Nakamoto will be a hooded figure that references both the unknown “people of the internet” and Bitcoin’s mysterious creator. The artists and the individual who came up with the idea believe Nak...

On June 1, Major League Baseball (MLB) reporter David Adler announced the MLB organization established a long-term deal with the digital collectible company Candy Digital. The oldest American professional baseball organization is stepping into the non-fungible token (NFT) collectibles world and will start by launching a Lou Gehrig NFT. MLB’s First NFT Will Feature ‘The Iron Horse’ Lou Gehrig MLB, the professional baseball organization launched in the U.S. in 1903, has announced a long-term NFT deal with the Galaxy Digital-backed firm Candy Digital. The agreement with digital collectible company Candy Digital was revealed on Tuesday by MLB reporter David Adler. In a little over a month on July 4th weekend, MLB will launch the first NFT featuring the New York Yankees’ first baseman Lou Gehrig. “The first NFT from MLB and Candy is a 1-of-1 NFT of Gehrig’s iconic ‘Luckiest Man’ speech that the Yankees legend delivered on July 4, 1939, at Yankee Stadium, after being diagnosed with ALS,...