Teddy Fusaro, president of Bitwise, one of the crypto index fund managers, has praised the business model of Tether, the company behind the largest stablecoin in the crypto market. Fusaro emphasized that Tether obtained net income numbers close to the ones of traditional institutions such as Goldman Sachs and Morgan Stanley in 2023, with a […]
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Robert Kiyosaki Highlights ‘Problem’ With Gold, Silver, and Oil — Praises Bitcoin’s Limited Supply
Rich Dad Poor Dad author Robert Kiyosaki has pointed out “the problem” with gold, silver, and oil, while confirming his ownership of gold, silver mines, and oil wells. Touting bitcoin’s limited supply, the famous author emphasized that no matter how high the price of bitcoin rises, there can only be 21 million coins. “That’s why […]
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Latam Insights: Vitalik Buterin Praises Argentina, Brazilian Banks Test Microsoft CBDC Privacy Solution
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Ethereum co-founder Vitalik Buterin praises Argetina’s moves, Brazilian banks introduce Microsoft privacy solutions in digital real tests, and Mi Primer Bitcoin graduates students in Cuba.
Ethereum Co-Founder Vitalik Buterin Praises Argentina’s New Direction
Vitalik Buterin, a co-founder of Ethereum, has praised the new direction that Argentina is taking under the leadership of President Javier Milei. While Milei has been criticized for his libertarian reforms and the speed of his actions, Buterin believes that Milei’s virtues reside in the leading role he has given economics.
In a recent interview where Buterin confesses he now likes to spend Christmas in Argentina, he explained that the situation in the country is very different from the one in the U.S., where he feels political actors have forgotten about the economy and what matters for people.
About Milei, Buterin declared:
Milei is unique in both his vibes and politics and has become famous around the world for his personality. Although the first impression he gives is that he is neither educated nor intelligent and is like a crazy person, then you realize that he has quite profound ideas about economic and monetary policy.
In just three weeks since he was proclaimed president, Milei has taken two significant steps into policing Argentina into a more libertarian country, repealing laws to reduce the size and influence of the state. His first emergency executive order, which proposes the basis for the reconstruction of the Argentine economy, is currently being opposed in courts due to its alleged overreach.
More recently, he sent an Omnibus law to Congress that aims to get legislative powers via executive orders and allows for the regularization of previously undeclared digital assets, among other proposals.
Brazilian Banks Test Microsoft Privacy Solution With Digital Real
The Association of Brazilian Banks (ABBC) has announced that, in addition to completing more than 120 operations with the Brazilian central bank digital currency (CBDC), it is testing a Microsoft privacy tool into the digital real design.
While the central bank requires these testing consortiums to use one of three privacy solutions (Zether, Starlight, and Parchain), the consortium opted for using a fourth alternative, testing the solution’s interoperability with the digital real.
ABBC’s director of innovation and services, Euricion Murari Soares de Pinho, stated:
As Microsoft is part of our consortium and is developing confidential computing work, our node was born with confidentiality. We have already built our entire node within this infrastructure.
Mi Primer Bitcoin Graduates Bitcoin Students in Cuba
Mi Primer Bitcoin, an organization that promotes Bitcoin knowledge in El Salvador, recently reported about the second graduation of Bitcoin students in Cuba. 21 Cubans with ages between 14 and 18 years old have now acquired the basic Bitcoin knowledge to make transactions.
The new graduates add to the 19 students who also took Mi Primer Bitcoin’s course last October, taking the number of graduates to 40 students who acquired Bitcoin knowledge through these courses.
This is the result of the expansion actions that Mi Primer Bitcoin announced back in September when the organization revealed a joint program with the government of El Salvador to take Bitcoin courses to all schools in the country.
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Michael Saylor Praises Bitcoin’s Scarcity, Says Gold Is A Commodity
CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.
Bitcoin Is The Only Scarce Asset
Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.
Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why
With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.
Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.
“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.
BTC declines below ,000 | Source: BTCUSD on TradingView.com
His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.
Related Reading | Bitcoin On Course To Hit 0K Nine Months From Now, Bitbull CEO Predicts
“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.
Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost billion, putting the firm in profit territory.
Featured image from Coingape, chart from TradingView.com
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Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
In the midst of fast-paced vacillations between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency project that began as a joke but has now taken on a far more powerful persona, continues to compete for a place in the top 10 cryptocurrencies by market capitalization.
Last year, Dogecoin went through two bullish stages. While the first leg was sparked by Robinhood’s adoption of the meme coin, the second was spearheaded by Tesla CEO Elon Musk, who earned the moniker “Dogefather” for his unwavering support for Dogecoin. Many observers believe that the ‘Elon Musk effect’ is the lone bullish thesis for Dogecoin because Musk’s persona has such a strong influence on the meme coin’s prospects. Now, Litecoin creator has praised the meme coin, calling Elon Musk great.
Meme Coin Praised by Litecoin Founder
Charlie Lee, the founder of Litecoin, one of the most valuable crypto assets by market capitalization, has praised Dogecoin, a popular meme coin, for its contribution in mainstreaming the crypto business.
Charlie Lee, in a recent Bloomberg interview, described Dogecoin as “great” and “pretty fun.”
He thinks that the most popular meme cryptocurrency is ready to attract a large number of new users.
Given the role both have played in bridging the gap between the crypto industry and the general public, his praise for Elon Musk and Dogecoin is expected.
On his Twitter page, SpaceX CEO Elon Musk has discussed digital assets multiple times. Apart from that, his electric car firm, Tesla, now takes Dogecoin as a form of payment for its goods.
Related article | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
Dogecoin Price Has Suffered Setback
DOGE plunged 35% after starting to fall on January 16 and remained below the December 4 low of .128 until last week. Following the dip, the token has consolidated around the .14 demand zone, and continued buying momentum over the next 24 hours might push price up to the 50-day simple moving average (SMA) at .16. There is also the possibility of reaching .194, which is where the 100-day SMA is located.
However, crypto investors who bought at the highs haven’t fared well in the last nine months.
According to CoinMarketCap data, the Dogecoin price has plummeted by 81% since May 8th. 1 Doge is presently worth 14 cents.
Dogecoin market cap at .2 billion. Source: TradingView
Despite the drop, the dog token still has a market cap of billion, accounting for 1.1% of the entire crypto market.
The Dog token price is expected to hit .16 this week, according to FXStreet. That’s a 15% increase above the existing pricing.
From the 16th to the 22nd of January, Dogecoin dropped 35% in 6 days, according to FXStreet. However, since then:
“DOGE has produced a sideways movement indicating consolidation around the .14 barrier. Any short-term spike in buying pressure is likely to propel [the] Dogecoin price into a 15% ascent to .164. This level coincides with the 50-day Simple Moving Average (SMA).”
Related article | Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop
Featured image from Unsplash.com, charts from TradingView.com
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Ripple Move to UK or Singapore Possible After Garlinghouse Praises Both Regulatory Authorities
Ripple CEO Brad Garlinghouse pays tribute to the UK’s Financial Conduct Authority, as well as the Monetary Authority of Singapore.
In a tweet, Garlinghouse spoke highly of the way each regulatory authority oversees their respective territories. Going further, Garlinghouse said it’s no wonder that both the UK and Singapore have burgeoning crypto industries.
1/ UK’s FCA and Singapore’s MAS have been leaders for years in providing clarity on using/trading assets – no surprise that both countries have traditional FIs leaning into using this technology. DBS’ (pre)announcement today is a prime example. (1/2) https://t.co/xB3dUUG9sV
— Brad Garlinghouse (@bgarlinghouse) October 27, 2020
Ripple To Leave The U.S.?
The comments come as a follow on from Ripple’s threat to leave the U.S. over the lack of regulatory clarity.
News of this first gained widespread attention at the start of October, when Ripple CTO Chris Larsen voiced his increasing frustrations over the U.S.’s hostile stance towards the crypto industry.
Much of this frustration comes from, what Larsen perceives as, a regulatory body that favors Bitcoin and Ethereum. But, more than that, he said the upshot to all of this sees the U.S. far behind China in the “tech cold war“.
“Instead of pivoting to encourage U.S. innovation to keep up, they’ve done the opposite. They gave Bitcoin and Ethereum a pass, proof-of-work systems that benefit China, weirdly. But everything else is still in limbo, or worse, kind of regulated through enforcement.”
As a result, some observers have slammed Ripple over their threat to leave the U.S. But Garlinghouse was quick to defend the firm by deflecting blame on the Securities and Exchange Commission.
He then went on to say that “fleeing” the U.S. is not something he wants to do. However, given the state of the U.S. crypto landscape, he is forced to consider setting up elsewhere.
“Some have suggested Ripple is “fleeing” the US, let me unequivocally say this is absolutely not the case. We’re a proud US-based company, and would like to stay here but a lack of regulatory clarity and level playing field is forcing us to evaluate other jurisdictions.“
Fractured And Inconsistent Crypto Framework
To illustrate his point, Garlinghouse spoke about the lack of a single national crypto framework in the U.S.
“The lack of a single national regulatory framework is putting US innovation and US companies at a significant disadvantage. All we’re asking for is a level playing field – if we need to move to another country to get that, then that’s the path we will have to take.“
He added that eight different US regulatory bodies each hold a different view on the legal standing of crypto. And without a unified approach, conducting crypto business in the U.S. is a guessing game.
However, last week’s DOJ report lists 8 separate US reg bodies each with a different view: crypto is property, crypto is a commodity, crypto is a virtual currency, crypto is a security, etc. Regulation shouldn’t be a guessing game. https://t.co/B18ZIVodZC (3/5)
— Brad Garlinghouse (@bgarlinghouse) October 12, 2020
As well as the UK and Singapore, rumors have surfaced that Ripple is also considering Switzerland and Japan as possible destinations for a relocation.
XRP is currently trading in an ascending channel; breaking the .2550 level could see the start of a strong rally. Today, the price of XRP is down 3% to .2458.
Source: XRPUSDT on Tradingview.com
Swiss Media Publishes Full-Page Spread Singing Bitcoin’s Praises
Swiss media outlet Handelszeitung has published a full-page spread singing the praises of cryptocurrencies and underlying Distributed Ledger Technology (DLT). Accompanied by a step-by-step guide to help newbies learn how to buy and properly store the coins, the article is a welcome sign that enthusiasm is strong and adoption is still on the rise despite recent price woes in the industry.
Also out of Switzerland, the country’s Federal Council has proposed updates to its banking infrastructure laws to accommodate DLT and help keep the country a top industry destination, moves that have been broadly welcomed by the country’s growing blockchain industry.
Krypto für Dummies
The article provides an optimistic view of the future of digital currencies in Switzerland, and outlines how they make it easier to “trade, exchange, and send” assets across the globe. The author takes readers on a journey from finding and buying cryptocurrency, storing it, and then selling the coins back for Swiss banknotes — all on a smartphone — in an attempt to highlight the ease of using the coins in daily life.
An important distinction is also highlighted: the difference between true cryptocurrencies like Bitcoin — which are decentralized and operate through a “global, boundless, and unregulated” blockchain — and centralized, enterprise or state-controlled ones like Facebook’s Libra or China’s digital Yuan.
Finally, readers are reminded that as this is still a growing industry, trading and transacting in the coins is only going to get easier and more user-friendly.
True coins, like Bitcoin, are “not a speculative phenomenon, but a piece of amazing technology that allows one to suddenly have and control assets and money virtually without relying on other banks or companies.”
![Swiss Crypto](https://www.newsbtc.com/wp-content/uploads/2019/11/pkpdu9l9qa141-860x645.jpg)
So nutzen Sie Krypto = How to Use Crypto
Swiss to Update DLT framework
Swiss blockchain regulations are set for an overhaul, as federal government officials submitted revisions to current banking infrastructure laws at a meeting November 27. The proposal sets to amend the current outdated laws related to blockchain and distributed ledger technology (DLT), and is aimed at decreasing legal uncertainty, removing barriers for applications based on DLT, and reducing the risk of potential abuse.
One example given if the legislation goes through parliament relates to shares, which would become digital-only (not paper), allowing the instant settlement of trades, as opposed to a few days.
“The development of DLT is predicted to have significant potential for innovation and efficiency gains in the financial sector as well as other sectors of the economy,” read the government statement.
Blockchain industry bodies welcomed the proposed legislation, which sets out to amend existing laws rather than create a new legal framework just for DLT; the consultation process has ironed out any major problems presented in the initial proposals, said Jacques Iffland, chairman of the Capital Markets and Technology Association.
Featured Image from Shutterstock
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Former President Clinton Praises Blockchain Potential at Swell by Ripple
The post Former President Clinton Praises Blockchain Potential at Swell by Ripple appeared first on DCEBrief.
Chinese Government Praises Ethereum and Ranks it as the Top Blockchain
China has unveiled its public blockchain ratings. Although its impact remains to be seen, the idea seems to be rather solid. One thing to take away from these rankings is how Bitcoin is middle-of-the-pack. Surprisingly, Ethereum is in the lead, and XEM scores the worst of all 28 projects.
The Chinese Public Blockchain Ratings
A few days ago, the Chinese government made it clear they were working on a rating system. That system pertains to public blockchain projects and cryptocurrencies. A top 28 has been put together for the cryptocurrencies earlier this week. The list itself includes all of the well-known currencies, although the rankings look different from what people would expect. Three different key factors are included for every project: technology, application, and innovation.
As some people might expect, Bitcoin has the highest score in the innovation aspect. That is not surprising, as it has the first-mover advantage. Any other currency on this list didn’t exist prior to Bitcoin. However, a strong innovation score doesn’t make Bitcoin all that great. These public blockchain ratings rank Bitcoin 13th out of 28, which is “average” at best.
On the technology front, Bitcoin has the lowest score of the entire top 15. It receives a 39.4 percentile, which is rather shocking. When its scaling solutions come into play, that number may improve. Until then, it is the least technologically-adept project in the top 15, according to the public blockchain ratings. The world’s leading cryptocurrency is also lackluster when it comes to application purposes, although some projects score even fewer points.
Ethereum Trumps Everything
When taking all three sub-factors into account, there is only one project that really matters. Ethereum has the second-highest technology score, the best application rating and a decent innovation score. All of this combined for a total index of 129.4. There are five projects which score more than 100, including Steem, Lisk, NEO, and Komodo. There is a lot more to cryptocurrency than just Bitcoin or Ethereum. These public blockchain ratings clearly illustrate that point.
Other prominent currencies in the cryptocurrency world are not scoring too great either. Ripple’s XRP is ranked 17th, whereas Litecoin is in 21st place. XEM Closes the list in 28th position, which is also somewhat surprising. All of this is in very stark contrast to the market cap of existing cryptocurrencies. Some projects in the market cap top 10 are not on this public blockchain ratings list. Notorious absentees are EOS and Tron. Neither of those has a working public mainnet blockchain, which may explain their absence.
Community members show mixed feelings toward the public blockchain ratings. It is a bit on par with how Weiss Ratings issued their scores earlier this year. Those rankings also made little sense in some cases, yet the firm was convinced this is how the currencies shape up. For the Chinese government to pay some positive attention to cryptocurrency is a big victory in its own way.
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eToro Continues to Receive Praises from the Trading and Crypto Communities
Global trading and investment platform eToro has been praised for being easy to use, community-focused, transparent, and educational, according to various testimonials. Little wonder the site, which launched over a decade ago, now boasts nine million users.
What is so special about eToro, which has made a name for itself as go-to a cryptocurrency platform, compared to similar websites? Firstly, through educational guides – accessed via www.etoro.com – and also a virtual trading account, newcomers are able to find their feet.
“My advice to any new traders would be: definitely open an eToro demo account, open some trades, and then dip your toes in the water and start opening some real trades,” says Wayne Ryan, who goes by ‘goodgoing’ on the platform.
Mr. Ryan enjoyed a 588 percent gain on his investments in 2016 and 84 percent last year. He is one of eToro’s Popular Investors (PIs), and his investments are copied by many other traders, who make use of the innovative CopyTrader tool.
This facility, which is straightforward to use – eToro clients can view and copy anyone with a profile – is ideal for those who lack time or experience in the markets.
Mr. Ryan continues: “The main features of the website that help me specifically in trading are the live feeds and the charts. To be one of the best traders on eToro is a big achievement. I feel I have worked really hard to get to that level.”
Watch Wayne Ryan’s video testimonial
Another PI, Lena Birse – ‘Onegirl’ – who enjoyed a 36 percent gain on her eToro investments in 2017, says: “What I love about eToro is that you can see exactly what each trader is doing. I started trading on eToro because I just loved how easy it was to navigate the website. It felt like anyone could do it. I have no financial background. My main profession is being a housewife.”
Jay Edward Smith, one of the most copied PIs, who goes by the moniker ‘jaynemesis’ on eToro, believes the sense of community is unique. “I think eToro is a very different experience to using any other trading platform,” he suggests. “Most platforms are quite solitary – you don’t really interact with very many people – whereas eToro really focuses on making sure people can communicate with each other and see what each other are doing and check each other’s profiles.”
Watch Jay Edward Smith’s video testimonial now
Mr. Smith yielded a 340 percent return last year. Emphasising the eToro CopyTrader tool, he adds: “A lot of my friends are the kind of people who work in a warehouse and have no idea how markets work. That doesn’t matter on eToro, because you can just find someone else who does.”
Pros and cons of trading on eToro
Pros
– Straightforward, user-friendly, trustworthy and experienced platform
– Instant execution of trades, thereby locking in a price
– Ability to use CopyTrader and other innovative tools
– Huge cryptocurrency community that shares knowledge and helps each other
– Fast execution
– Regulated company
Cons
– Only nine cryptocurrencies offered by the platform, currently
– Users are unable to withdraw the cryptocurrencies directly
– Users’ cryptocurrencies are held by eToro
Join eToro’s Global Community Now!
All trading involves risk. Only risk capital you’re prepared to lose. Past performance is not an indication of future results.
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