Crypto exchange Gemini’s co-founders, Cameron and Tyler Winklevoss, have donated million each in bitcoin to Donald Trump’s presidential campaign. Tyler criticized the Biden administration for allegedly weaponizing government agencies, as well as the U.S. Securities and Exchange Commission (SEC), against the crypto industry. Cameron echoed these sentiments, declaring Trump as the pro-bitcoin, pro-crypto, and […]
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10101.Art’s Exclusive Banksy ‘Turf War’ Pre-Sale Marks Milestone in Art Tokenization
PRESS RELEASE. In a groundbreaking development within the art and crypto markets, 10101.art has achieved a remarkable milestone with the successful pre-sale of Banksy’s ‘Turf War’. This event, selling out 300 pieces in a mere two hours, has created a buzz in the crypto community and resonated powerfully within the digital finance world, signaling a significant advancement in the fusion of art with blockchain technology.
Pioneering Art Tokenization
At the forefront of the art industry, 10101.art is leading the way in the tokenization of legendary masterpieces. This transformative process clearly demonstrates how blockchain technology is redefining interactions with high-value artworks by artists such as Picasso, Dali, Banksy and many others.
By converting physical art into digital tokens, 10101.art is expanding the horizons of art ownership and making elite art accessible to people around the world. This initiative marks a shift in art engagement, merging the allure of high quality art with the dynamic world of NFTs and decentralized finance.
Banksy’s Legacy in the Digital Era
With the help of 10101.art Banksy, the enigmatic street artist known for challenging norms and pushing boundaries, has once again captured the spotlight with ‘Turf War.’ This piece, renowned for its daring blend of social and political themes, has evolved beyond traditional canvas boundaries to become a desired digital item.
Presale of Banksy’s ‘Turf War’ was broadcasted across various platforms, reaching a wide audience through 10101.art’s social media channels like Twitter, Discord, and Telegram, and gaining attention in prominent media outlets. The exclusive offering consisted of 300 pieces priced at each, a part of the total 1500 pieces that make up the entire artwork.
The presale’s success not only reflects Banksy’s indelible impact on the art world but also marks the first steps in uniting fine art and digital finance, marking a new chapter in how art is valued and traded in the modern era.
Roadmap to Accessible Art Ownership
The process of owning a piece of iconic artworks like Banksy’s ‘Turf War’ on 10101.art begins with a simple integration of the user’s cryptocurrency wallet, signifying the first step into a new realm of art acquisition. Once the wallet is connected, users can seamlessly acquire and transfer crypto, preparing them for the minting process.
The minting experience is designed to be intuitive and engaging. Presently, users can effortlessly purchase a piece of their chosen artwork with just a few clicks. In the future, this experience will evolve, offering users the ability to explore and select from a diverse range of art collections. They will have the freedom to choose and mint pieces from various artworks, aligning with their personal tastes and preferences.
Once the minting is completed, the purchased piece of the artwork becomes accessible in the user’s wallet, symbolizing their legal co-ownership of a physical piece. This is made possible through 10101.art’s innovative legal structure and DeFi protocol, ensuring a seamless blend of digital and physical art ownership.
Furthermore, 10101.art’s partnership with the Monada Art Gallery in Dubai adds a crucial physical dimension to this digital ownership journey. The gallery not only displays the originals of the artworks featured on the platform but also enhances the tangible experience of art ownership.
Upcoming Banksy Sale
Now 10101.art is preparing for the main sale of ‘Turf War’, an event that is expected to cement the platform’s position as a leader in the art tokenization space. With details of the sale to be announced shortly, this event is expected to attract a wide range of art and crypto enthusiasts eager to secure one of the remaining 1200 pieces and become part of this innovative project.
To learn more about the project and stay updated on the upcoming main sale of Banksy’s ‘Turf War,’ visit 10101.art’s website.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Arthur Hayes Insists Bitcoin Has ‘Proven to Outperform Bonds During Times of War’
In an environment of surging U.S. deficits and monetary easing, former Bitmex CEO Arthur Hayes delivered a critical review this week of Treasury Secretary Janet Yellen’s fiscal and monetary strategies. Hayes highlighted the complexity and rise of bond yields and the role of bitcoin as a fiscal counterbalance.
Hayes: ‘The Smartest Trade Is Going Long Crypto’
On Thursday, Arthur Hayes explained the precarious balance the Treasury’s Janet Yellen must strike in managing U.S. fiscal health amid rising government deficits. Hayes describes Yellen’s strategic options, including liquidity injections and manipulating Federal Reserve rate expectations, to manage economic growth and government funding.
“Inject liquidity into the system so that stocks rise. When stocks pump, capital gains taxes rise, which helps pay some bills,” Hayes detailed in his latest missive called “Bad Gurl.”
Hayes speaks to the rising yields on long-term U.S. debt and the market’s negative response to Treasury strategies. He presents the “bear steepener” scenario as a challenge to financial stability, explaining, “Yields on long-end treasury debt are rising faster than short-end yields,” which could undermine banking solvency. Hayes’ previous work, “The Periphery,” delves into why this steepening is particularly toxic for the banking system.
In his analysis, Hayes points out the global reverberations of U.S. monetary policy, suggesting that other central banks will engage in similar quantitative easing tactics. “All other major central banks … will also print money,” he asserts, viewing it as an inevitable response to the Fed’s easing, creating a global ripple of fiscal expansion that may redefine the international monetary balance.
For investors, Hayes recommends shunning long-term bonds in favor of more liquid and short-term investments. He suggests that the RRP (Reverse Repo Program) balance is key to understanding the immediate investment landscape. A trillion-dollar liquidity injection will power a rising U.S. stock market, Hayes predicts, advocating for a diversified approach to asset allocation amid these shifts.
Diving into cryptocurrency, Hayes champions bitcoin (BTC) and ethereum (ETH) as foundational assets within the digital currency sphere, outperforming traditional investment vehicles amidst central bank balance expansions. “Bitcoin and ether are crypto’s reserve assets,” he states, asserting their dominance over “sh**coins” and other altcoins in terms of development, application activity, and locked value.
Hayes forecasts that the RRP’s reduction will inject liquidity into global markets, strengthening crypto’s position. He outlines a potential scenario where dollar liquidity swells, Treasury bill sales surge, and Bitcoin investment trends sharpen. “The RRP drawdown is a goal,” Hayes notes, marking it as a pivotal indicator for future fiscal and monetary policy decisions.
Emphasizing big tech’s resilience and growth potential, Hayes highlights companies with ties to artificial intelligence (AI) as smart investments in a liquidity-rich economy. “AI is the future,” he asserts, linking technological advancement to economic growth and suggesting that investments in AI could see significant returns as cash becomes “trash” once more. Hayes says the “smartest trade is going long crypto.” The former Bitmex CEO added:
There is nothing else that has outperformed the increase in central bank balances sheets like crypto. The first stop is always bitcoin. Bitcoin is money and only money. The next stop is ether. Ether is the commodity that powers the Ethereum network which is the best internet computer.
Asserting bitcoin’s resilience, Hayes contrasts its performance with traditional assets during economic or geopolitical strife. He reflects on bitcoin’s robust response to market unrest, suggesting that it remains a wise investment despite potential short-term sell-offs. “Bitcoin has proven to outperform bonds during times of war,” Hayes remarks, reaffirming his confidence in the leading crypto asset as a hedge against inflation and instability.
What are your thoughts on the former Bitmex CEO’s comments regarding Yellen, Treasury bonds, and bitcoin? Share your views on this topic in the comments section below.
Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses
According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with the help of state officials, “turned to the task of purging their accounts from each of the banks subject to their supervision.”
Constitutional Issues Raised by Operation Chokepoint 2.0: Depriving Businesses of Due Process and Key Structural Constitutional Protections
Five days ago, Bitcoin.com News published an article that examines recent discussions in the crypto community regarding “Operation Chokepoint” and why crypto proponents believe the U.S. government aims to eliminate access to cryptocurrencies. On Monday, the Washington D.C. law firm Cooper & Kirk published a white paper on the subject, noting that U.S. bank regulators are ostensibly waging a “clandestine financial war” against the crypto industry.
The paper’s authors, David Thompson, John Ohlendorf, Harold Reeves, and Joseph Masterman, begin by explaining “Operation Chokepoint 1.0” before delving into “Operation Chokepoint 2.0.” The first iteration of the alleged operation began by labeling legal and law-abiding crypto entities as “reputationally risky.”
The second stage of the operation attempts to choke the crypto industry by restricting access to on and off-ramps. According to the Cooper & Kirk paper, “in the back rooms of banks around the country, bank examiners explained that those financial institutions that continued to serve customers that the federal regulators had labeled ‘reputationally risky’ would suffer the consequences.”
The law firm explains that one of the first acts committed was when the Biden administration’s Office of the Comptroller of the Currency (OCC) rescinded a rule designed to “ensure fair access to banking services for several industries—including debt collection—previously cut off during the controversial Obama-era program Operation Chokepoint.”
The Cooper & Kirk authors further detail that the Federal Deposit Insurance Corporation (FDIC) got involved on April 7, 2022. At that time, the FDIC issued a letter to all institutions under its supervision, asking for information concerning their interest in serving the crypto industry and banks that are already engaged with businesses of this nature. Cooper & Kirk’s white paper asserts that Operation Chokepoint 2.0 is unlawful and unconstitutional.
“Operation Choke Point 2.0 deprives businesses of their constitutional rights to due process in violation of the Fifth Amendment,” the paper’s authors explain. “Operation Choke Point 2.0 violates both the non-delegation doctrine and the anti-commandeering doctrine, depriving Americans of key structural constitutional protections against the arbitrary exercise of governmental power.”
The white paper follows the failures of three major U.S. banks that had connections with the crypto industry, as well as commentary from Signature Bank board member and former politician Barney Frank, who suggested that Signature’s seizure was meant to be an “anti-crypto” message.
What do you think about the allegations made in the Cooper & Kirk white paper? Do you believe that Operation Chokepoint 2.0 is unconstitutional, and if so, what actions should be taken to protect the rights of crypto businesses? Share your thoughts in the comments section below.
Brian Kelly: Bitcoin Cash Hard Fork Caused “Crypto Civil War”
Brian Kelly, founder and CEO of cryptocurrency investment firm BKCM, has said the market is experiencing a “crypto civil war” as the announced “hard fork” in Bitcoin Cash failed to gain consensus among peers in the community.
The disagreement is behind the plunging digital currency market, with Bitcoin losing the ,000 handle on Wednesday, Kelly argued.
Crypto Market Sell-Off is “Probably an Opportunity,” Says Brian Kelly
The relatively low volatility found in the Bitcoin secondary market in recent months gave way to a price drop of nearly ,000 in a day as the Bitcoin Cash community debates the upcoming “hard fork.”
“Things exploded” on Wednesday as Bitcoin dropped below ,000 and is gradually approaching the ,000 mark. The imminent software upgrade of Bitcoin Cash – born out of a Bitcoin hard fork by developers wanting to increase Bitcoin’s block size limit – is to blame, Kelly told CNBC.
“When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing. So, we’ve got ourselves a ‘crypto civil war’ […] People started selling. That triggered stops. Everybody got concerned. And that’s what happened today — the entire market sell-down.”
Related Reading: Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly
The price of Bitcoin Cash also suffered from concerned market participants as it dropped approximately 0 to trade just above 0. Kelly explained traders are worried that Bitcoin and Bitcoin Cash markets would run into “chaos” after the “hard fork.”
His digital currency investment firm has already bought the dip as he expects both markets to settle in the “very short-term,” but warned inexperienced cryptocurrency traders of its risks.
“I think it’s probably an opportunity. In fact, we did some buying at my fund […] If you don’t understand what a ‘hard fork’ is, do not jump into that pool right now. It is the deep end.”
The cryptocurrency market is experiencing a downward momentum because of Bitcoin’s dominance (52.7 percent, according to CoinmMrketcCp.com) and very thin trading in most digital assets. Meltem Demirors, CEO of cryptocurrency research firm CoinShares, told CNBC that some investment funds have taken “some money off the table” after a number of events piled up.
“I think all other assets that are not Bitcoin are in the midst of a liquidity crisis. What we’re seeing across the board is asset prices are down 75 percent or more, in some cases 95 percent. We’re now at a point where projects are running out of money. They’re going to need to start firing employees. They’re going to need to cut costs. You’re going to see consolidation, and some of these assets, inevitably, will get marked to zero.”
On Bitcoin’s recent downward market pressure, Demirors highlighted the stability of the digital currency which continues to trade within a range.
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