Bitcoin News and Finance: What You Need to Know

Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax evasion.” Schiff stressed: “Other than the failed investigation of my bank, which did not result in any charges being filed against anyone, the J5 has not had a single enforcement success in its 5-year plus history of existence.” Peter Schiff Says J5’s Only Success Is a Failure Economist Peter Schiff slammed the Joint Chiefs of Global Tax Enforcement (J5) on Wednesday, claiming its only success is a failed action against his bank, Euro Pacific Bank. J5 was established in 2018 by leaders of tax enforcement authorities from Australia, Canada, the Netherlands, the U.K., and the U.S. to increase collaboration in the fight against international and transnational tax crime and money laundering. Schiff detailed: The only J5 enforcement success the IRS brags about o...

Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.” Robert Kiyosaki on Giant Crash and a Depression The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. 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 wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued: This next crash may turn into a depression. The renowned author also share...

JPMorgan Chase CEO Jamie Dimon told U.S. senators in a congressional hearing that he would close down crypto if he were the government. Emphasizing that he has always been “deeply opposed” to crypto and bitcoin, the executive stressed that the true use case of crypto is criminals, drug traffickers, money laundering, and tax avoidance. Jamie Dimon Wants to Shut Down Crypto, Bitcoin The chief executive officer of global investment bank JPMorgan Chase shared his view about crypto and bitcoin on Wednesday during the Senate Banking Committee’s annual Wall Street oversight hearing. Responding to U.S. Senator Elizabeth Warren’s question about why cryptocurrencies are an attractive tool for criminals, Dimon stated: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance. “That is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneo...

Brazil will address the subject of digital currencies and how they can improve the financial system for the Group of Twenty (G20). Roberto Campos Neto, president of the Central Bank of Brazil, stated he wants the G20 to consider the benefits of using these currencies for making financial transactions and to work towards adapting rules to take advantage of this. Brazil to Discuss Digital Currencies as G20 President The government of Brazil will discuss digital currencies and the possible benefits of implementing them for financial transactions as part of the Group of the Twenty (G20). Having assumed the G20 presidency on December 1, Brazil will leverage its position to advance the digital agenda and assess how the twenty largest economies could adapt their regulatory frameworks to take advantage of digital currencies. At a recent event, Roberto Campos Neto, president of the Central Bank of Brazil, explained Brazil will touch on this subject in the group. According to Valor Economico...

A bill has been introduced in the U.S. state of New Jersey to classify all cryptocurrencies issued and sold directly to institutional investors as securities. In contrast, the U.S. Securities and Exchange Commission (SEC) has previously stated that bitcoin is not a security, but SEC Chairman Gary Gensler views all other crypto tokens as securities. New Jersey Bill 5747 New Jersey Assembly Bill 5747, sponsored by Representative Herbert Conway, was introduced on Nov. 30 in the New Jersey State Assembly to classify all cryptocurrencies issued and sold to institutional investors as securities. According to the text of the bill: This bill classifies all virtual currencies issued and sold to institutional investors as securities. Under the proposed rules, virtual currencies issued and sold directly to institutional investors will be subject to the state’s “Uniform Securities Law” and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectu...

Blackrock, the world’s largest asset manager, has warned in its latest spot bitcoin exchange-traded fund (ETF) filing update of the potential for bitcoin to be classified as a security by the U.S. Securities and Exchange Commission (SEC), state regulators, or court rulings. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets,” Blackrock cautioned. Bitcoin’s Potential Security Status Blackrock, the world’s largest asset manager, addressed the possibility of bitcoin being classified as a security in its latest amended application for a spot bitcoin exchange-traded fund (ETF), filed with the U.S. Securities and Exchange Commission (SEC) on Monday. The new filing update details: Any enforcement action by the SEC or a state securities regulator asserting that bitcoin is a security, or a c...

PRESS RELEASE. The TEAMZ WEB3 / AI SUMMIT represents an evolution from the TEAMZ WEB3 SUMMIT 2023, previously recognized as one the most significant and influential events in Japan’s Web3 landscape. For 2024, we’re expanding our focus to encompass both the burgeoning realms of Web3 and AI, two domains that have seen explosive growth recently. With our rallying cry, “WEB3 / AI: The Future”, we aim to facilitate vibrant discussions on the trajectory of the Web3 sector post-2024 and the emerging societal and economic paradigms being shaped by AI. Thought leaders, pioneers, and experts in Web 3 and AI, hailing from both Japan and overseas, will offer a kaleidoscope of insights on technological applications, market dynamics, and innovative solutions. Additionally, interactive sessions are planned to deepen the discourse among attendees from diverse industries and nations. This summit anticipates a gathering of over 100 VCs and investors, more than 100 exhibitors, and 120+ esteemed exper...

Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise $1 billion in an equity offering. X Obtains 12 Money Transmitter Licenses Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming. In October, Musk unveiled his plan to turn X into a powerful financial platform . The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever...

The United States District Court for the District of Utah has expressed concerns that the U.S. Securities and Exchange Commission (SEC) is making “materially false and misleading representations” in its lawsuit against a crypto firm. T he court has ordered the securities regulator to show cause why it should not be subject to sanctions. Court Threatens to Sanction SEC The U.S. Securities and Exchange Commission (SEC) is facing renewed scrutiny for its actions in yet another legal battle involving a cryptocurrency firm. The United States District Court for the District of Utah issued an order to show cause in the SEC v. Digital Licensing Inc. dba Debt Box, et al. case on Nov. 30, demanding the securities watchdog justify its actions. The court called out the SEC for making “materially false and misleading representations” and warned of potential sanctions if the regulator fails to provide adequate justification. The order states: The court orders the Commission to show cause why t...

A senior director with Moody’s Analytics has highlighted the biggest driver behind the recent bitcoin price surge. “The race is heating up” to launch spot bitcoin exchange-traded funds (ETFs), he explained, emphasizing that large asset managers are “getting ready to acquire the underlying asset to offer the ETF to retail and institutional investors.” Biggest Driver Behind Bitcoin Price Surge Yiannis Giokas, a senior director with Moody’s Analytics, has provided insights into the factors behind the recent surge in bitcoin’s price, highlighting the anticipated approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Moody’s Analytics is a subsidiary of Moody’s Corp. that focuses on non-rating activities. “The biggest driver behind the surge in bitcoin price is likely the number of applications for spot BTC ETF which are expected to be approved by the SEC January,” the director said in an email to Bitcoin News. He added: The race i...

The U.S. Securities and Exchange Commission’s former head of internet enforcement believes that there are two reasons why crypto prices are up. The first concerns regulatory oversight of the cryptocurrency industry, while the second revolves around the concept of the greater fool theory. The former SEC official also dismissed the reported 90% likelihood of the SEC approving a bitcoin spot ETF as “absolutely absurd.” Stark Explains Why Crypto Prices Are Up Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his view on why the price of bitcoin has rallied in a lengthy post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC internet enforcement chief detailed: Crypto prices go up for two reasons: First, because there is no regulatory...

Blackrock, the world’s largest asset manager, and Bitwise have filed an amendment to their spot bitcoin exchange-traded fund (ETF) applications with the U.S. Securities and Exchange Commission (SEC). The SEC has held meetings with exchanges and spot bitcoin ETF issuers regarding their applications. “Both the SEC and these issuers are working hard to iron things out,” said a Bloomberg analyst. Spot Bitcoin ETF Issuers Update Their Filings Two companies, Blackrock and Bitwise , filed an amendment to their spot bitcoin exchange-traded fund (ETF) applications with the U.S. Securities and Exchange Commission (SEC) on Monday. Commenting on the filings, Bloomberg analyst James Seyffart wrote on social media platform X: They’re just pouring in. We have another spot bitcoin ETF S-1 (prospectus) amendment tonight. This one is from Blackrock. SEC is obviously giving multiple issuers the same or very similar instructions. In another X post, he wrote: “Second S-1 (prospectus) amendment fro...

Financial giant ING has predicted that the Federal Reserve will start cutting interest rates in the second quarter of next year. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp in early 2025,” ING’s chief international economist detailed, noting that U.S. economic data confirmed that there’s “no need for any further Fed policy tightening.” ING’s Fed Rate Cut Prediction Global financial services firm ING’s chief international economist, James Knightley, published an article last week outlining why he expects the Federal Reserve to start cutting interest rates next year. Citing U.S. data showing modest growth, cooling inflation, and a cooling labor market, the economist emphasized that it’s “exactly what the Fed wants to see.” He described: This should confirm no need for any further Fed policy tightening … We expect rate cuts from the Fed from the second quarter onwards. “We are currently forecasting 150bp of rate cuts in 2024 with a further 100bp i...

The CEO of Franklin Templeton, a $1.33 trillion asset manager, says there’s “obviously” a demand for bitcoin, noting that a spot bitcoin exchange-traded fund (ETF) is “a better way” to access the cryptocurrency. The executive added: “It’s going to unlock nontraditional, noncorrelated types of asset classes that are going to be interesting for our clients.” Franklin Templeton Sees Demand for Bitcoin Franklin Templeton Investments CEO Jenny Johnson shared her perspective on bitcoin and bitcoin exchange-traded funds (ETFs) in an interview with Fortune last week. The firm reported $1.33 trillion in assets under management as of Oct. 31. “I think it’s important that we differentiate bitcoin and blockchain. I think that there’s a demand for bitcoin. It has its own use case, and that’s why you’re seeing these ETFs,” she began. Franklin Templeton is among the asset managers who have filed to launch a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC)....

A U.S. Space Force major has urged the Department of Defense to integrate Bitcoin as an “offset” strategy. Emphasizing that “Integration of this technology could revolutionize national defense strategies in cyberspace,” he stressed: “Addressing this could be vital for the U.S. to maintain its position as a global superpower and leader among nations.” ‘Bitcoin Represents Not Just a Financial Innovation but a Paradigm Change in Cybersecurity’ Major Jason Lowery wrote an open letter to the Defense Innovation Board on Dec. 2 regarding “the national strategic importance of Bitcoin,” he described on Linkedin. Lowery is an astronautical engineer serving in the U.S. Space Force, the newest branch of the U.S. Armed Forces. The Defense Innovation Board provides independent recommendations to Department of Defense (DOD) leaders on emerging technologies and innovative approaches that the DOD should adopt to ensure U.S. technological and military dominance. “During my studies at the Department...

The bitcoin mining corporation Riot Platforms, a publicly traded firm within the industry, recently announced a significant expansion of its operations. The firm has completed its largest-ever acquisition of application-specific integrated circuit (ASIC) miners, securing 66,560 units of Microbt’s latest Whatsminer M66S models. This substantial purchase is set to boost Riot’s current mining capabilities by 18 exahash per second (EH/s). Riot Platforms Amplifies Bitcoin Mining Capabilities With Record $290.5 Million ASIC Acquisition Operating from Texas and listed on the Nasdaq, Riot revealed its monumental investment of $290.5 million in acquiring 18 EH/s of Microbt bitcoin miners, averaging a cost of $16 per terahash. This acquisition marks Riot’s most substantial investment to date. The company has also negotiated future options to purchase an additional 75 EH/s of hardware from the ASIC manufacturer. The newly ordered 66,560 units of Microbt’s Whatsminer M66S models represent a s...

Recent statistics reveal that Microstrategy, a company known for its business intelligence, mobile software, and cloud services, has seen a significant increase of over 30% in its bitcoin investments. The company invested a total of $5.314 billion, with the current value of its bitcoin cache reaching $6.915 billion, marking a substantial profit of $1.601 billion. Microstrategy’s Profits Have Risen by More Than 30% or 40,401 Bitcoin Microstrategy (Nasdaq: MSTR ) has experienced this notable growth following bitcoin’s ( BTC ) surge past the $39K mark. Currently, Microstrategy stands as the largest holder of bitcoin, surpassing both public and private entities, with the exception of governments and exchange-traded products such as Grayscale’s GBTC. As of the latest update , the company holds an impressive 174,530 BTC , currently valued at $6.915 billion based on the prevailing exchange rates. Microstrategy’s investment in BTC , amounting to $5.314 billion, was acquired at an average c...

On Sunday, December 3, 2023, bitcoin’s value surged past the $40K mark, peaking at $40,846 at 8:45 p.m. Eastern Time. Over the past week, bitcoin has witnessed an 8.4% increase and a 3% rise in the past 24 hours, achieving a peak that the cryptocurrency hadn’t seen in 20 months. Bitcoin Rises Above the $40K Zone Bitcoin ( BTC ) reached a peak previously last observed in early April 2022, as its value per unit soared beyond the $40,000 threshold. The intraday trading saw the cryptocurrency’s price fluctuating from a low of $39,309 to a high of $40,846 per BTC . This surge in price brings bitcoin’s total market capitalization to $795.87 billion, accounting for 50% of the entire $1.593 trillion crypto economy. Bitcoin chart by TradingView Since the start of the year, BTC has experienced a remarkable 140% rise against the U.S. dollar, and in the past month alone, this leading cryptocurrency has increased by just over 49%. Currently, bitcoin boasts a global trade volume of $17....

Mohammed and Benamar M., two brothers accused of exploiting Platypus, an avalanche-based automated market maker (AMM) platform, were acquitted of any criminal wrongdoing in a landmark case for French justice. The judge in charge stated that the individuals just interacted with a smart contract that gave “more than it had to give.” Platypus Hackers Acquitted After Perpetuating $9 Million Exploit Two individuals linked to the exploit of Platypus, a stablecoin-focused automated market-making (AMM) platform built on top of Avalanche, have been acquitted of criminal wrongdoing in France. The Paris Judicial Court dropped charges of accessing a computer system, money laundering, and concealment for Mohammed and Benamar M., two brothers who managed to siphon over $9 million from Platypus’ smart contract using an exploit. The two individuals arrested in February never denied that they exploited the platform. Instead, Mohammed acknowledged the facts, arguing that he had acted as a “white ha...

November marked a significant milestone in the 2023 revenue generated by bitcoin miners, reaching a peak of $1.16 billion. This month not only stood out in terms of total earnings but also set a record for the highest monthly fees collected by miners within the year. Bitcoin Mining Fees Soar to Yearly High in November, Fueling Revenue In November, bitcoin ( BTC ) miners experienced a prosperous period, bolstered by increased prices and a substantial uptick in transfer fees. Data reveals that miners amassed a total revenue of $1.16 billion, with fees contributing $142.19 million to this sum. This performance eclipsed the former zenith reached in May 2023, where total earnings were $919.22 million, inclusive of $125.92 million in fees. From May to November 2023, bitcoin miners experienced a fluctuation in earnings, with fees escalating from about $17 million to a peak of $38 million in June. The total revenue in November surpassed May’s figures by approximately 26.19%. Yet, the has...