Bitcoin News and Finance: What You Need to Know

In a recent twitterstorm, Dogecoin founder co-founder Jordan Palmer stated he wouldn’t return to the cryptocurrency world. Palmer unleashed harsh criticisms of the cryptocurrency industry, calling it “hyper capitalistic,” and managed by “powerful cartels” of wealthy figures. Palmer created Dogecoin along with Billy Markus back in 2013 as a joke, making fun of the crypto community. Dogecoin Co-Founder Slams Crypto Industry Dogecoin co-founder Jordan Palmer is really upset about the road the cryptocurrency industry has taken. In a recent tweetstorm, the Australian programmer took shots at the cryptocurrency world, criticizing it harshly. Palmer says he won’t return or mingle in cryptocurrency circles because of what the industry represents now. Similarly, the father of Dogecoin criticized several key traits of what some cryptos claim to be. He stated cryptocurrency was a: …right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a c...

Switzerland’s State Secretariat for Economic Affairs (SECO) is reportedly helping Crypto Valley Venture Capital (CVVC), a blockchain business incubator, set up an office in South Africa. According to SECO, this move fits with Switzerland’s policy of supporting private firms that seek to help African blockchain start-ups. Funding for Successful Applicants According to a Swissinfo report , CVVC will fund the best blockchain start-ups “in South Africa, Nigeria, Kenya, Rwanda, Congo and other countries.” The report adds that the initial five successful applicants will each receive $125,000 (CHF114,000) from the incubator while SECO will also chip in with a contribution of over $270,000 in the first year of the project. In addition, the report also quotes a SECO representative explaining some of the objectives of this funding initiative. The SECO rep is quoted as saying: This start-up funding is intended to show that investments in African start-ups that develop blockchain-based solut...

Former U.S. Treasury Secretary Steven Mnuchin says his viewpoint on bitcoin “has evolved a little bit.” While he personally does not want to have bitcoin in his portfolio, he says if people want to buy the cryptocurrency, “that’s perfectly fine.” Mnuchin Says It’s ‘Perfectly Fine’ if People Want To Buy Bitcoin Former Treasury Secretary Steven Mnuchin talked about bitcoin, cybersecurity, and the U.S. economy in an interview with CNBC Wednesday. He was asked whether his viewpoint on bitcoin has evolved since the last time he was interviewed by the media outlet when he was still the treasury secretary. At that time, Mnuchin was dismissive of the cryptocurrency, stating that it had no inherent value. Since then, a growing number of major companies and prominent traders have gotten into bitcoin. Major investment banks, such as Goldman Sachs, Morgan Stanley, and Citigroup, have either started offering or are in the process of offering crypto products or services to their clients. Regard...

Award-winning director Spike Lee has teamed up with bitcoin ATM operator Coin Cloud on a multimillion-dollar crypto campaign. “Digital currency is viable for not just people of color, but anybody who has been historically excluded from traditional financial systems,” said the famed director. Spike Lee Directs Short Film for Bitcoin Company Coin Cloud, a digital currency machine operator with more than 2,000 machines, announced Wednesday a multimillion-dollar campaign with a short film starring and directed by Oscar-winning filmmaker Spike Lee. The Las Vegas-based company explained that the campaign features a commercial titled “The Currency of Currency,” describing it as “a raw and honest snapshot of the history of money and the inequalities inherent in legacy U.S. financial systems.” Coin Cloud added: The piece makes a simple, but bold statement: Old money is out; new money is in. The announcement further describes: “From institutions that intentionally exclude communities of ...

Payments giant Paypal has increased its weekly purchase limit for cryptocurrencies and has removed the annual limit altogether. The company said, “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.” Paypal Increases Buy Limit for Cryptocurrencies Paypal Inc. announced Thursday that it has increased purchase limits for cryptocurrencies. The company explained that since the U.S. launch of Paypal Crypto in October 2020, it has been actively engaging with customers “to better understand their needs,” with the aim to provide “a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.” The payments giant detailed: As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible Paypal customers in the U.S. to $100,000 per week with no annual purchase limit. This is a five-fold ...

Following the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America. Bit Digital Publishes Unaudited Report On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the U.S. after China’s recent crackdown. The migration information stems from its unaudited report which explains the firm’s bitcoin production and mining operations during Q2 2021. As of June 30, Bit Digital reported that it owned approximately 32,500 miners which produce roughly 1.92 exahash per second (EH/s) of hashpower. Bit Digital emphasized that during the first quarter, the company participated in fleet repositioning and sold specific older min...

After the researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project said that the website’s “Bitcoin Mining Map” had not been updated since April 2020, the map has finally been updated. Current data from the mining map shows the coverage goes all the way up until April 2021, and the estimate of China’s hashrate dominance is much lower than previous estimates. New Estimates Show China Has Less Hashrate Than Previous Statistics University of Cambridge data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) indicates that China has a lot less hashrate dominance than once thought. On June 19, Bitcoin.com News reported on how difficult it was to estimate how much hashrate is actually residing in China. While writing that specific report, the CBECI project explained on its website that the Bitcoin Mining Map had not been updated since April 2020. Furthermore, in December 2020, Bitcoin.com News was told at the time the “CBECI map hasn’t been upd...

Another pro athlete in the National Football League (NFL) is planning to convert some of his earnings into bitcoin. The 24-year-old running back for the New York Giants, Saquon Barkley, discussed converting his endorsement revenue into bitcoin during a recent interview with the Morgan Creek Digital co-founder Anthony Pompliano. Inflation Concerns Push Saquon Barkley Toward Bitcoin Saquon Barkley is taking his marketing money and transferring it into bitcoin ( BTC ) according to an interview he had with Anthony Pompliano on the show “The Best Business Show.” Barkley’s interview also featured the CEO of the company Strike, Jack Mallers, and the NFL running back said Mallers helped educate him on the technology. The football player said he will be directly depositing his marketing money into his Strike account in order to convert to BTC . Saquon Barkley says he got into bitcoin after researching inflation. It is estimated that Barkley makes around eight figures ($10 million) annua...

Bitcoin mining firm Compass Mining announced the company has entered a 20-year partnership with Oklo Inc., a California-based firm that produces clean, emission-free energy via advanced fission. Oklo explains the company is committed to providing 150 megawatts (MW) of clean power to Compass in order to drive bitcoin mining operations. Advanced Fission and Bitcoin Mining Connect In recent times, all types of renewable and sustainable energy sources have been applied to bitcoin mining processes as miners worldwide leverage excess flare gas, hydropower, solar energy, and geothermal solutions. Just recently, the Bitcoin Mining Council published a report that estimated around 56% of Bitcoin’s SHA256 hashrate was powered by clean energy. In recent times, a great number of operations have also shifted to carbon-neutral methods of acquiring energy to mine bitcoin. On Wednesday, the bitcoin mining company Compass Mining announced that it is partnering with Oklo Inc. in order to acquire cl...

Federal Reserve Chairman Jerome Powell believes that there is no need for cryptocurrencies if there is a digital dollar. “I think that’s one of the stronger arguments in its favor,” he said. The Fed chair also insists that the U.S. is not in danger of losing its reserve currency status. Fed Chair Powell Thinks Cryptocurrencies Aren’t Needed When There Is Digital Dollar Federal Reserve Chairman Jerome Powell talked about cryptocurrencies, stablecoins, and a digital dollar during a congressional hearing before the U.S. House of Representatives Financial Services Committee Wednesday. During the hearing, Rep. Stephen Lynch from Massachusetts asked if a “swift action” on the Fed’s digital currency would “calm” the markets and whether a digital dollar would be a more viable alternative than having thousands of cryptocurrencies or stablecoins emerge in the payments system. “I think that may be the case. I think that’s one of the arguments that are offered in favor of digital currency,” P...

Binance’s regulatory troubles grow with Italy being the latest country to issue a warning on the global cryptocurrency exchange. Other countries that have issued similar warnings include the U.K., Japan, Thailand, and the Cayman Islands. Crypto Exchange Binance Unauthorized in Italy Italy’s financial regulator, Commissione Nazionale per le Società e la Borsa (Consob), published a warning on cryptocurrency exchange Binance Thursday. The regulator wrote: Consob warns savers that the companies of the ‘Binance Group’ are not authorized to provide investment services and activities in Italy. Consob clarified that activities through binance.com are also unauthorized, noting that the website’s “sections called ‘derivatives’ and ‘Stock Token,’ relating to instruments related to crypto-assets, were previously also written in Italian.” The regulator proceeded to caution the public when investing in cryptocurrency or crypto-related investments, “for this may imply the total loss of the su...

LABS Group, the first end-to-end crowdfunding service in the blockchain and real estate industry, has launched the world’s first community-powered and owned resort – Kunang Kunang Glamping Resort. LABS Group fractionalised the entire resort into 365 Rewarding Timeshare (RTS) NFTs, providing successful bidders with benefits never seen before in the traditional timeshare market. The RTS-NFTs will be sold via an auction on Refinable NFT marketplace starting from 1PM UTC July 15th, 2021. Project Introduction Video What is Kunang Kunang RTS-NFT and How Does It Work?   How to Join? The Auction will be starting from July 15th 1pm (UTC) to July 28th. The 365 RTS-NFTs will be sold off via an auction held on the Refinable marketplace with a starting price of 9999 USDT . To participate in the auction, users must first understand the details of the project on LABS Group’s project site. Potential bidders can then visit the Refinable marketplace, search for “LABS Group”, and place a bid...

Two East European nations, Poland and Romania, are now among the top 10 countries hosting the most cryptocurrency ATMs. The global number of teller machines supporting crypto transactions has increased exponentially over the past months, now reaching over 23,000 devices. Poland Ranks Among Leading Crypto ATM Destinations The growth in popularity and market prices of cryptocurrencies in the past year has led to a spike in the number of locations around the world offering crypto holders automated teller services. Most Bitcoin ATMs let you buy coins with cash and cards, while some devices facilitate two-way transactions allowing users to also sell cryptos. Major currencies such as bitcoin ( BTC ), ethereum ( ETH ), and bitcoin cash ( BCH ) are typically supported. Quoting data compiled by Crypto Head, the Warsaw Business Journal recently wrote that Poland has entered the top 10 nations having the highest number of cryptocurrency ATMs. According to this ranking, the country is seventh...

The world’s largest asset manager with $9.5 trillion under management, Blackrock, sees “very little” demand for cryptocurrencies, including bitcoin, according to CEO Larry Fink. Blackrock’s CEO Talks About Crypto Demand Larry Fink, the CEO of Blackrock, the world’s largest asset manager, talked about bitcoin on CNBC Wednesday as his firm announced a better-than-expected quarterly profit. Blackrock’s assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. Reiterating his previous stance on cryptocurrency, Fink said: “Again, in my last two weeks of business travel, not one question had been asked about that. That is just not part of the focus on retirement and long-term investors.” The CEO added: We see very little in terms of investor demand on those types of things. But, quite frankly, they may not come to Blackrock for those types of demand. He continued: “But, I would say for all the pension funds and the insurance c...

After months of deliberation, the European Central Bank has decided to proceed with a digital euro project. Officials insist the new version of Europe’s common currency should “ensure privacy” and provide access to “the safest form of money” at a “negligible” cost to the environment, in comparison with bitcoin. Eurosystem Initiates Digital Euro Project The Governing Council of the European Central Bank (ECB) took a long-awaited decision on Wednesday to launch the ‘investigation phase’ of a project to issue a central bank digital currency ( CBDC ). The stage will continue for two years during which key aspects of the design of the digital euro and questions regarding its distribution will be addressed. In any case, it will not replace cash and a final decision on its issuance is yet to come. ECB President Christine Lagarde “It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and pr...

A tie-up between payment processor Advcash and Bingbon will help the social cryptocurrency trading exchange extend its services to Ukraine, Kazakhstan, and Russia through a newly introduced fiat on and off-ramp. Eastern European Fiat Support Echoes Regional Crypto Adoption Outside of North America and Asia, Eastern Europe commands one of cryptocurrency’s biggest communities of miners, developers, and traders. At one point, just Russia was behind the U.S. and China in terms of bitcoin mining hashrates. A 2020 Chainanalysis report substantiates this trend, highlighting that the highest concentrations of cryptocurrency adoption worldwide were centered in Ukraine and Russia in terms of value exchanged between July 2019 and June 2020. The same report highlighted that approximately 12% of all global transaction volume was based in Eastern Europe, making it a sizeable target for exchanges and other crypto services providers. But the fiat on-ramps for this geographical region are fewer re...