Bitcoin News and Finance: What You Need to Know

A group of Paraguayan lawmakers presented a ‘Bitcoin bill’ in the National Congress last week, but it turned out to be a very different proposal than what crypto followers expected. The bill seeks to control and regulate cryptocurrency transactions and establish taxes. There is no mention of declaring bitcoin or any other cryptocurrencies as legal tender anywhere in the proposal. “Bitcoin Bill” Presented in Paraguay The long-hyped ‘Bitcoin bill’ was at last presented in Paraguay to the National Congress by two lawmakers last week, but it was not what some had anticipated. The project presented by deputy Carlos Rejala and the liberal senator Fernando Silva Facetti doesn’t aim to declare bitcoin as legal tender, as El Salvador did last month. In fact, it states the opposite. An early draft states: “Digital assets are not legal tender currencies used by the Paraguayan State, and for this reason they are not backed by the Central Bank of Paraguay” Instead, the proposed law seeks

Just before the antivirus tycoon John McAfee was found dead in Spain, he told the public from prison that U.S. federal authorities seized all of his assets and he had “nothing.” Now a biographer who is writing a McAfee-based biography has corroborated McAfee’s story. The author Mark Eglinton says that McAfee was also unable to pay for the requested biography. McAfee Wasn’t Able to Pay for Requested Biography Expenses In 1987, John McAfee wrote the first commercial-grade antivirus software and by 1994 he sold his stake in the company and resigned. By 2007, reports show that McAfee’s net wealth peaked at $100 million but allegedly his funds quickly evaporated in the 2008 financial crisis. A picture of John McAfee when he lived in Belize for a number of years. McAfee’s antivirus firm called McAfee was bought out by Intel in 2010 for $7.6 billion. After Intel changed the name of the company to “Intel Security,” McAfee made a statement that he was freed “from this terrible association

PRESS RELEASE. Toronto, July 19, 2021 – FOHO is building a transparent fractional ownership marketplace that uses the wisdom of crowds to uncover deals, hold sellers and property managers accountable and manage usage and income disbursal for real estate assets. Their modus operandi revolves around a trust-incentivized system. The platform is backed by Tangentia – one of the fastest-growing technology companies in Canada and Tripvillas – a leader in the development and management of Vacation homes. FOHO Coin – a utility token for use on the FOHO Ecosystem today announced that it has concluded agreements for its Initial Exchange Offering or IEO on the Ascent by Bitnbs Launchpad. The IEO will open on the 27th of July 2021. FOHO was founded in 2019 in Goa and raised capital from Tangentia Ventures. It rapidly gained initial traction with deals in Goa and Sri Lanka. In 2021, it received further backing from Tripvillas – a leading manager of Vacation home communities with over 5000 homes

Brian Armstrong, CEO of Coinbase, took to Twitter to tell his thoughts about the statements that Jackson Palmer, co-founder of Dogecoin, expressed last week. While Palmer now has a negative vision of the cryptocurrency industry, Armstrong is in the opposite field. To Armstrong, the cryptocurrency industry has its problems, but it still provides an alternative for people who want more economic freedom. Coinbase CEO Faces Dogecoin Founder for His Views on Cryptocurrency Capitalistic, right-wing, centralized… these were some of the traits that the Dogecoin co-founder Jackson Palmer attributed to the cryptocurrency market as a whole earlier this week. Palmer’s thoughts about the current state of the cryptocurrency industry caused harsh reactions across social media. But one of the few that articulated a structured answer to Palmer’s tweetstorm was none other than Brian Armstrong, CEO of Coinbase. Armstrong stated that while the cryptocurrency system as conceived now has its problems,

A panel of crypto experts has predicted that the price of bitcoin will rise to $318,417 by December 2025. The most bullish expert believes that the price of the cryptocurrency will reach $160,000 by the end of the year. Meanwhile, 54% of them think that hyperbitcoinization will happen by 2050. Crypto Experts Share Bitcoin Price Prediction Finder, a major product comparison website, has conducted a study to find out the future outlook of bitcoin as its popularity grows. “As awareness of cryptocurrencies continues to spread, all eyes are on bitcoin’s price. So we asked our panel of 42 cryptocurrency experts what’s in store for the coin,” the company detailed last week. The panelists include crypto asset managers, executives of crypto exchanges and other service providers, crypto analysts, professors, and lecturers at universities. Among various topics discussed was what the price of bitcoin will be at the end of the year and a few years from now. Finder detailed: While there may b

Over 1,000 bitcoin mining machines have been totally destroyed in Malaysia after they were seized for illegally mining the cryptocurrency using stolen electricity. The mining machines, worth about $1.26 million, were steamrolled in the Malaysian city of Miri and eight people have been arrested so far. Over a Thousand Bitcoin Mining Machines Demolished in Malaysia Malaysian authorities have completely destroyed 1,069 bitcoin mining machines confiscated between February and April with a steamroller, local media reported Friday. The mining machines were seized in a joint operation carried out by police and Sarawak Energy Berhad (SEB) in Miri, a Malaysian city on the northwest coast of the island of Borneo. They are estimated to be worth 5.3 million Malaysian ringgits ($1.26 million). All seizures that had been settled in court were disposed of at the Miri district police headquarters Friday. Miri police chief ACP Hakemal Hawari said eight individuals were also arrested for being invo

Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country’s stricter regulations for the industry that will be enforced in September. Bithumb Global and Bithumb Singapore to Change Their Brand Names as Bithumb Ends Trademark Agreements Two cryptocurrency exchanges, Bithumb Global and Bithumb Singapore , will not be able to use the Bithumb brand name and trademark starting from the last day of this month. Bithumb Korea Co., Ltd., operator of the leading South Korean digital currency platform, announced its decision to terminate the Trademark License Agreements with the two entities. According to the preliminary notice published this week, the termination date for the contracts has been set to Friday, July 30, 2021. The non-exclusive trademark license agreements apply to the usage of the Bithumb logo

Jackson, Tennessee’s mayor is a fan of bitcoin and he wants the city to become a bitcoin hub in order to entice technology companies and innovation. Jackson’s mayor Scott Conger is in the midst of discussing creating legislation that allows Jackson residents to pay property taxes with bitcoin. Jackson, Tennessee’s Mayor Is a Fan of Bitcoin, He Wonders Why We Accept Inflation Miami mayor Francis Suarez is not the only bitcoiner trying to get bitcoin companies and technological innovation to reside in his city. Jackson, Tennessee’s mayor is also a bitcoin fan and Scott Conger is the third member of his family to be Jackson’s mayor. Conger has noticed inflation creeping higher after the federal government and central bank created massive quantities of stimulus during the last year and a half. In Conger’s opinion bitcoin is the only solution to this problem. Three days ago Conger tweeted : Why do we accept inflation? Why don’t we demand more from our federal government 6.3% in 2 year

The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can be achieved … as long as countries work together.” The Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund, and the World Bank published a joint report to the G20 on July 9 titled “Central bank digital currencies for cross-border payments.” The report explains that “Cross-border payments are commonly criticized for their high cost, low speed, limited access, and insufficient transparency.” To address these challenges, the G20 countries endorsed a roadmap in October last year. It was developed by the Financial Stability Board (FSB) and other relevant standard-setting bodies. Various aspects of central bank digital currencies (CBDCs) were analyzed in

The analytics provider Ecoinometrics has published a tweetstorm that shows the current downward spiral from bitcoin’s all-time high is one of “the longest drawdowns bitcoin has had to deal with during a post-halving bull market.” Furthermore, the same day, analyst and economist, Julio Moreno, highlighted in a recent blog post that “in bitcoin, volatility is your friend.” Analyst Discusses Bitcoin’s Second Longest Drawdown Before the Next Price Move Most people in the industry understand that bitcoin (BTC) prices have seen better days and many spectators are wondering when the crypto asset will rebound. The fact of the matter is, we really don’t know, but people do leverage previous chart patterns from prior bull markets and have measured a number of timespans. In recent times, Bitcoin.com News has published at least two market reports that show speculators believe this bull run resembles the action that took place in 2013. According to the analytics provider Ecoinometrics , the

On July 18, the most valuable cryptocurrency in terms of dollars per unit, is bitcoin which is currently trading for $31,693. Besides all the wrapped bitcoins and synthetic bitcoin pegs, the second-highest valued crypto-asset per unit is yearn finance and maker follows behind. Removing the market capitalization positions and viewing crypto assets in this way gives a user an entirely different perspective. A Look at the Top Digital Currencies by Price per Unit At the time of writing, there are only two crypto assets worth five-digits and only two worth four. Looking at the price of each coin per unit shows a view of how many coins are trading at certain price ranges. Price per unit recorded in this report was accounted for at 8:55 a.m. (EDT) on Sunday, July 18, 2021. Data was collected from the crypto market aggregation sites markets.bitcoin.com and coingecko.com . The top five most expensive crypto assets per unit include bitcoin, yearn finance, maker, ethereum, and bitcoin cash.

According to regional reports, El Salvador’s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele’s government chose to leverage bitcoin. Some Say the Colón-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea Was Scrapped There’s lots of debate going on concerning a report published by the regional news outlet El Faro. The investigation claims the Salvadoran president Nayib Bukele and his regime plans to issue a stablecoin. The El Faro report references videos that show the president’s brothers discussing the stablecoin dubbed “Colón-Dollar.” The report from El Faro does note a spokesperson from the Bukele regime says the stablecoin plans were scrapped, but “sources familiar” with the matter told El Faro they disagree. This is because it has been said that meetings about the Colón-Dollar are still continuing and happened after Nayib Bukele passed

A data center busted by Ukrainian law enforcement this month for suspected electricity theft may have had a purpose different from mining cryptocurrencies. Ukraine’s security service described the facility as the “largest underground crypto farm” found to date but media reports are challenging that assertion. Ukrainian Company Files Complaints Against SBU Raid on Its Facility Earlier in July, the Security Service of Ukraine (SBU) announced it uncovered a crypto mining farm that had been powered with stolen energy in the city of Vinnytsia. Officers seized around 5,000 units of hardware, including 3,800 gaming consoles and 500 video cards, from a former warehouse of Vinnytsiaoblenerho. The local electric utility allegedly suffered losses of up to $256,000. The illegal mining facility, the law enforcement agency said, was operated by residents of Vinnytsia and the capital Kyiv. According to an article by Ain.ua, the confiscated equipment belongs to a company called MMI Engineering

This week the Italian luxury fashion house founded in 1985 in Legnano by Italian designers Domenico Dolce and Stefano Gabbana has announced the firm is launching a non-fungible token (NFT) collection. Dolce & Gabbana also known as D&G will reveal the first-ever Alta Moda NFT collection called “DGGenesi.” D&G to Reveal Alta Moda-Inspired NFT Collection Well known name brands have invaded the crypto space in order to join the non-fungible token (NFT) revolution. Brands like Topps , Warner Bros. , UFC , DeLorean Motor Company , Playboy , MLB , TIME, and USA Today have all entered this new industry. On July 14, the popular fashion brand and Italian luxury fashion house Dolce & Gabbana explained that it too was joining the NFT craze. D&G has a crafted a large assortment of products like clothes and perfume, but this will be the firm’s first NFT product. “Dolce & Gabbana proudly reveals DGGenesi,” D&G tweeted . “The first ever Alta Moda NFT exclusive collect

Bank of England Deputy Governor Jon Cunliffe believes that cryptocurrencies are not big enough to pose financial stability risk. “They’re not of the size that they would cause financial stability risk, and they’re not connected deeply into the standing financial system,” said the deputy governor. Crypto Poses No Financial Stability Risk, Says Deputy Governor of Bank of England Jon Cunliffe, the deputy governor of the Bank of England, talked about cryptocurrency and whether it poses financial stability risk in an interview with CNBC Wednesday. He said: The speculative boom in crypto is very noticeable but I don’t think it’s crossed the boundary into financial stability risk. The Bank of England’s deputy governor explained that crypto speculation was mainly limited to retail investors currently. He reiterated the British central bank’s position that people investing in cryptocurrency should be prepared to lose all their money , the viewpoint expressed on several occasions by Andre

Doubleline Capital CEO Jeffrey Gundlach, also known as the “Bond King,” has predicted that the price of bitcoin will fall below the $23K level. “Right now, the chart on bitcoin looks pretty scary,” he said, adding that “it looks like a massive head-and-shoulders top.” Jeffrey Gundlach Expects Bitcoin’s Price to Fall Below $23K Billionaire fund manager Jeff Gundlach talked about his outlook for bitcoin and the U.S. dollar in an interview with CNBC Thursday. Gundlach is the CEO of Doubleline Capital, with had over $135 billion in assets under management (AUM) as of March 31. He is sometimes referred to as the “Bond King” after he appeared on the cover of Barron’s in 2011 as “The New Bond King.” Institutional Investor named him “Money Manager of the Year” in 2013 and Bloomberg Markets named him one of “The Fifty Most Influential” in 2012, 2015, and 2016. According to Forbes, Gundlach’s net worth is currently $2.2 billion. He said: “Right now, the chart on bitcoin looks pretty scary.