Bitcoin News and Finance: What You Need to Know

The regime in North Korea has managed to steal more cryptocurrency last year than in previous years, according to a draft U.N. report. Despite the difference between quoted estimates, the authors conclude that 2022 was a record-breaking year for crypto theft, to be blamed on the hermit state. Cybercrime Groups Linked to North Korea Get Hold of Crypto Worth Over $1 Billion in a Year North Korea has stolen more crypto assets in 2022 than in any other year, according to a United Nations report which is to be released by the end of this month or in early March. The draft paper, seen by Reuters and Nikkei Asia, reveals how the isolated country is raising funds through cyberattacks and in circumvention of international restrictions. The document, which is still confidential at this point in time, was submitted to the U.N. Security Council’s committee on North Korea sanctions on Friday. The findings in it are based on information provided by U.N. member states and cybersecurity firms. It...

Pacific Investment Management Company (PIMCO) expects the U.S. dollar to “continue to lose its appeal as the safe-haven currency of last resort.” The $1.74 trillion asset management firm added that the USD “is likely to fall further in 2023 as inflation falls, recession risks decline, and other shocks abate.” PIMCO Strategist Warns About USD Pacific Investment Management Company (PIMCO) has predicted a significant downtrend for the U.S. dollar this year. PIMCO had $1.74 trillion in assets under management as of Dec. 31, 2022. Gene Frieda, an executive vice president and global strategist at PIMCO, said in a blog post last week: We expect the USD will continue to lose its appeal as the safe-haven currency of last resort. “We believe risk premiums will decline as inflation — and monetary policy volatility decline. New shocks are clearly a risk, but the risk premium in the USD (and cross-asset volatility) remains substantial, in our view,” Frieda added. “While higher yields clear...

Bank of America is preparing for a possible U.S. debt default, says CEO Brian Moynihan. He is not a fan of eliminating the debt ceiling altogether as some lawmakers have proposed. Meanwhile, Treasury Secretary Janet Yellen says “every responsible member of Congress must agree to raise the debt ceiling.” Bank of America CEO Brian Moynihan on Possible US Debt Default The CEO of Bank of America, Brian Moynihan, talked about the prospect of the U.S. defaulting on its debt in an interview with CNN Monday as Congress is in conflict over raising the debt ceiling again. While emphasizing that he hopes lawmakers resolve their issues, the Bank of America executive warned that defaulting on the country’s debt remains a possibility that cannot be ignored. He was quoted as saying: We have to be prepared for that, not only in this country but in other countries around the world … You hope it doesn’t happen, but hope is not a strategy — so you prepare for it. A number of lawmakers have propos...

Investment management and advisory firm Goehring & Rozencwajg expects gold to hit record highs this year. “I wouldn’t be surprised to see a $3,000 price this year,” said an executive of the firm. “It’s time for people to want to be bullish on gold.” Gold Heading for ‘Record Highs’ This Year Investment firm Goehring & Rozencwajg’s managing partner, Leigh Goehring, shared his outlook for gold in an interview with Kitco News last week. Goehring has 32 years of investing experience specializing in natural resource investments. He co-manages the Goehring & Rozencwajg Resources Fund. “Gold is going to hit record highs this year,” he began, noting that the metal peaked at $2,050 in August 2020 and again in March last year. The executive told the news outlet: This year we’re going to break through the all-time high … It’s time for people to want to be bullish on gold. He believes that the Federal Reserve will stop raising interest rates and might even begin to lower them. “...

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Cryptocurrency advocates have been discussing a proposal by the founder of Makerdao, Rune Christensen, to fund a Scientific Sustainability Fund. An idea that aims to combat climate change and misinformation about energy solutions. Christensen is asking for 20,000 MKR tokens to move forward with the idea. The draft of the Maker Constitution was criticized on social media, with one person comparing Christensen’s idea to the Effective Altruism movement, which is backed by the controversial FTX co-founder Sam Bankman-Fried. Makerdao Co-Founder’s Climate Change Initiative Meets Mixed Reactions A recent Makerdao Maker Improvement Proposal (MIP) by co-founder Rune Christensen proposes using 20,000 makerdao (MKR) tokens to fund a Scientific Sustainability Fund. According to Christensen, “Scientific Sustainability is a core principle of the Maker Constitution that recognizes the unique critical relationship between financial infrastructure and the global environmental risks of climate cha...

The Central Bank of Argentina has announced the issuance of a new 2,000 peso bill, aimed at easing the burden of using cash for payments in the country. The bill, which will have a value of a little more than $5 ‘blue’ dollars (the informal exchange rate), is already being criticized as an insufficient measure. Argentine Central Bank Announces 2,000 Peso Bill The Central Bank of Argentina has taken a new measure in its quest for securing the usability of cash as a means of payment in the country. The bank has announced the issuance of a new 2,000 peso bill, which comes to simplify the task of paying with cash for goods and services in the country. The new bill, which doubles the value of the current highest-value bill, is designed to be a stopgap while the central bank increases the use of digital payments rails in a highly inflationary environment. In a press release issued on Feb. 2, the central bank declared : While the payment digitization process progresses, this higher den...

The host of Mad Money, Jim Cramer, says the market has already decided that the Federal Reserve “will tighten and create a recession no matter what.” Cramer also recently said that we are in a bull market, advising investors to buy the dip. Jim Cramer on Recession The host of CNBC’s Mad Money show, Jim Cramer, believes that the market has already decided that the U.S. economy will be in a recession. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Cramer tweeted Monday: It does not take too long for this market to go negative. It’s already re-digested Friday’s news and decided that the Fed will tighten and create a recession no matter what. After a series of 75-basis-point hikes, the Federal Reserve raised its benchmark interest rate by 25 basis points last week. Stocks rallied following the Fed announcement. In addition, new data released Friday by the Bureau of Labor Statistics showed that 517,000 new jobs were added ...

Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin as “an insurance policy for everyone against the confiscation of wealth.” Ark Invest: Bitcoin Price Could Reach $1.48 Million Ark Investment Management (Ark Invest) published its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Ark Invest’s analysts explained. The topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks. Regarding bitcoin, the Ark Invest analysts wrote: We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its ...

Global crypto exchange Binance is suspending deposits and withdrawals in U.S. dollars via bank accounts starting Wednesday as more and more banking institutions try to reduce their exposure to the crypto market. “We are working hard to restart service as soon as possible,” Binance said. Binance Suspending USD Deposits and Withdrawals Global cryptocurrency exchange Binance is reportedly suspending withdrawals and deposits in U.S. dollars using bank accounts starting Wednesday. Without providing a reason, a spokesperson for Binance told CNBC: We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly … We are working hard to restart service as soon as possible. “0.01% of our monthly active users leverage USD bank transfers,” the spokesperson continued, noting that bank transfers using other fiat currencies and other methods of buying and selling cryptocurrencies on Binance, such as using credit cards, Google Pay, and Apple P...

Capitual, a Brazilian fintech company that offers cryptocurrency intermediation services, has partnered with Azimut, an asset management firm, to expand its service offer to Europe. The deal, which contemplates an investment of €15 million (about $16.2 million), would allow Capitual to start operating in Mexico, where Azimut has significant presence and operations. Capitual Gets €15 Million Investment From Azimut Fintech companies serving the cryptocurrency market have started grabbing the attention of more traditional asset management firms. Capitual, a fintech company that serves as a bridge to legacy finance for several crypto exchanges in Brazil, has completed a partnership deal with Azimut, an Italian asset management firm. The deal, which includes an investment of €15 million (about $16.2 million) will allow the company to extend its services to European countries. The expansion would also contemplate Capitual establishing presence in Mexico and offering its services there. C...

A Bulgarian investor has lost a large amount of money to fraudsters who convinced him he was putting cash into cryptocurrency. The scam operated through a call center in what is becoming an established scheme for extracting money from victims lured with promises of quick profits on stock and crypto markets. Defrauded Bulgarian Crypto Investor Sends Money to Bank Accounts Across the World A businessman from Bulgaria has transferred over 1 million leva (more than $550,000) to scammers who suggested he could earn well from crypto assets, according to a report by the Bulgarian national broadcaster, BNT. He was persuaded by a fake consultant to send the amount to accounts at different banks, from Europe to Hong Kong. The investor was initially contacted by a call center operated by the fraudsters offering high yields on crypto investments. This communication went on for a while and they were able to convince him that he would triple his money in no time. When the man expressed interest ...

At the Starkware Sessions 2023 event, held at the Cameri Theatre in Tel Aviv, Israel, Starkware co-founder Eli Ben-Sasson informed the audience that the company intends to open source “key tech” linked to the Starknet Prover. During the event, the co-founder of the Ethereum scaling project stated that this marks a “significant step for scaling Ethereum and cryptography.” Starkware to Open Source Key Component of Ethereum Scaling Project The Ethereum scaling project, Starkware , has declared that the team intends to open source the component of Starknet known as the Starknet Prover. This component generates cryptographic proofs for compressed groups of transactions. Starkware has already open-sourced the project’s software, Papyrus , and the programming language, Cairo 1.0 . The announcement of the open sourcing of the Starknet Prover was made at the Starkware Sessions 2023 conference in Tel Aviv, Israel. At the event, attendees learned about technologies such as storage proofs a...

The International Criminal Police Organization, Interpol, is working on how to police the metaverse, a digital world that is projected as an alternative to the real world. Interpol secretary general Jurgen Stock believes the organization must be ready for this task in order to not be left behind by the metaverse and its related technology. Interpol Preparing to Police the Metaverse Police organizations are facing difficulties when adopting certain policies to enforce the law in the metaverse. However, Jurgen Stock, the secretary general of the International Criminal Police Organization, Interpol, believes the organization must be prepared to act on crimes that are happening in the digital world. The organization is currently preparing to bring its action to metaverse platforms, which are already being used by some groups to commit crimes. In an interview with the BBC, Stock stated : Criminals are sophisticated and professional in very quickly adapting to any new technological t...

The Indian government is planning to introduce “measures around crypto” this year, according to the country’s Economic Affairs Secretary Ajay Seth. India’s finance minister says cryptocurrency regulation will be discussed in her upcoming G20 meeting of finance ministers and central bank governors. India Could Introduce Crypto Measures This Year India’s Economic Affairs Secretary Ajay Seth reportedly said Saturday at a post-budget press conference in Mumbai that India will introduce “measures around crypto” this year. “The technology of crypto assets like blockchain and others can be used but its use in the financial sector can have several risks,” he was quoted by local media as saying. The official elaborated: In the course of this year, measures around crypto would be brought out. The Economic Affairs secretary added: “In India, nobody is talking about using crypto as a currency. The risks are with using it as a token.” The Indian government has been working on crypto legisl...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he likes bitcoin, calling the cryptocurrency “people’s money.” While admitting that he does not know much about bitcoin, he said: “I’m just glad I bought it at six.” Robert Kiyosaki Says Bitcoin Is ‘People’s Money’ The author of Rich Dad Poor Dad, Robert Kiyosaki, talked about bitcoin while discussing “Why cash is trash in 2023” during his Rich Dad Radio Show podcast published on Wednesday. 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. During the podcast, Kiyosaki called gold, silver, and bitcoin “the hottest subject on the market today,” noting that real estate is no longer a hot topic. Emphasizing that the U.S. dollar is “ fake money ,” the famous author said: I like Bitcoin. I call it peo...

As the first month of the new year is behind us, things continue to heat up on the world stage in regard to crypto price predictions, social media hype surrounding meme coins like dogecoin, warnings of macroeconomic peril, and more and more political powers attempting to control permissionless cryptocurrencies via regulations and policy. For an institutional investors’ perspective on bitcoin, Elon Musk and McDonald’s news, warnings of a “global recession,” and more, see just below, in this latest issue of the Bitcoin.com News Week in Review. Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000. Read More Elon Musk Reaffirms Offer to Eat Happy Meal on TV if McDonald’s Accepts Dogecoin ...

The Australian government has said it will take steps to ensure the “regulation of crypto assets protects consumers” and one of these steps will be the reforming of “the licensing and custody of crypto assets.” The Anthony Norman Albanese-led government also said it has released a consultation paper that explores “which elements of the crypto ecosystem are sufficiently regulated and which require additional attention.” Prioritizing Protection of Consumers The Australian government has said it is working to “ensure the regulation of crypto assets protects consumers” as well as to position the economy “to take advantage of new digital products and services.” To achieve these goals, the Aussie government said it plans to “reform the licensing and custody of crypto assets.” Special emphasis will be given to a subset of cryptocurrencies “that currently fall outside the financial services regulatory framework,” the government said. In a statement issued on Feb. 3, the Anthony Norman Al...

Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company’s staff will be laid off. Protocol Labs is the creator of the blockchain network Filecoin. Benet emphasized in the blog post that it has been an “extremely challenging economic downturn, worldwide, and especially in the crypto industry.” Protocol Labs Cuts Jobs in Response to Macro Winter and Crypto Market Decline Protocol Labs , the company behind the file storage blockchain network Filecoin , announced on Feb. 3 that it will lay off a number of employees. CEO Juan Benet wrote a blog post, titled “Focusing Our Strategy to Weather Crypto Winter,” to explain the layoffs. He cited the “extremely challenging economic downturn” as hitting the crypto industry particularly hard. “The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected,” Benet wrote. “Although we worked extremely hard to avoid this, we’ve made the difficult decision to r...

Digital asset exchange Binance has agreed to help Georgia to develop its cryptocurrency sector by launching educational and other blockchain initiatives. The leading coin trading platform has been expanding its presence in the region with similar projects in other countries. Binance and Georgian Tech Agency to Jointly Develop Country’s Crypto Economy The world’s largest cryptocurrency exchange, Binance, announced the signing of a memorandum of understanding with Georgia’s Agency for Innovation and Technology ( GITA ). The sides intend to work together on the implementation of educational and community initiatives in the blockchain space and the further development of the nation’s crypto industry. The agreement comes after a meeting between the trading platform’s CEO Changpeng Zhao and Prime Minister Irakli Garibashvili in November, during which investments were also discussed. The cooperation will cover projects by both Binance Academy and Binance Charity as well as organizing loca...

Billionaire investor and venture capitalist Tim Draper has reportedly attempted to convince the Sri Lankan government to adopt bitcoin. However, the governor of the Central Bank of Sri Lanka rejected his recommendation, emphasizing: “Adoption of 100% bitcoin won’t be a Sri Lanka reality ever.” Tim Draper Suggests Sri Lanka Adopts Bitcoin Billionaire investor and venture capitalist Tim Draper reportedly tried to convince the Sri Lankan government and central bank to adopt bitcoin during his visit to the south Asian country earlier this week to shoot an episode of his “Meet the Drapers” TV show with local entrepreneurs. The billionaire met with Sri Lankan President Ranil Wickremesinghe Tuesday to pitch bitcoin adoption, Bloomberg reported, adding that he then visited the Sri Lankan central bank the next day with the same pitch. Wearing a bitcoin tie, Draper was quoted as saying: “I come to the central bank with decentralized currency.” However, Sri Lankan Central Bank Governor Nanda...

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, says it’s “amazing” what bitcoin has accomplished but believes the cryptocurrency is not going to be an effective money, a store of value, or a medium of exchange. Nonetheless, he stressed that “we are in a world in which money as we know it is in jeopardy.” Billionaire Ray Dalio on Bitcoin Billionaire investor and hedge fund manager Ray Dalio, who founded the world’s largest hedge fund, Bridgewater Associates, and previously served as its co-chief investment officer, has offered his view on bitcoin in an interview with CNBC Thursday. Referring to the world’s largest cryptocurrency, he said: I think it’s been quite amazing that for 12 years it’s accomplished … But I think it has no relation to anything … It’s a tiny thing that gets disproportionate attention. Noting that bitcoin’s total market value is less than a third of Microsoft’s stock, whose market cap stood at $1.92 trillion on ...