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Crypto Exchange Regulation Check

Warren Buffett’s Berkshire Hathaway is One Step Closer to Embracing Bitcoin

Billionaire Warren Buffett may soon be face to face with Bitcoin, as the assets adoption rate increases and forces the billionaire to possibly review his stances on the asset. This possibility stems from the recent investment made by Berkshire Hathaway to the parent company of Nubank. Berkshire Hathaway threw in a whopping $500 million as revealed by the company, which is a private digital hank based in Brazil. The company which currently works with Bitcoin boasts of 40 million users.　　Over the years, Warren Buffett has been firm on his take on Bitcoin and other digital currencies. The Billionaire investor who is certain that Bitcoin has no intrinsic value, has warned investors to stay away from the asset. The Vice Chairman of Berkshire Hathaway Charlie Munger, had also branded Bitcoin disgusting, recounting his frustrations on the assets success, and how it irks him.　　Noting all of the above, it is safe to say that like Bill Gates, Bitcoin is simply not Buffett‘s cup of tea. However, at the same time, the shock expressed at Bitcoin’s success by both Buffett and Munger is reflective of how much Bitcoin has defied the odds and outperformed beyond expectations. If Bitcoin keeps that pace, there is

2021-06-10Deep Dive

American Billionaire Ken Moelis Compares the Crypto Craze to the Gold Rush of 1848

The founder of the investment bank Moelis & Company – Ken Moelis – asserted that his institution is fond of the crypto market. He opined that people nowadays are just as crazy about digital assets as they were about gold back in 1848.　　Crypto Might Come to Moelis & Company　　In a recent Bloomberg interview, Ken Moelis shared his thoughts on the future of cryptocurrencies alongside his personal opinion about them. Despite saying that it is not likely to invest his personal funds in crypto assets, he noted that his company is quite interested in them:　　“Definitely on the business side, we are focused on having expertise.”　　The American billionaire added that the mission of Moelis & Company is to provide its customers with the tools they need, so if there is a high demand for crypto, they would definitely add the service:　　“We have to know what people want, what tools they need to be successful.”　　Moelis also compared digital assets and gold. He found similarities between the ongoing crypto craze and the gold rush back in 1848 when many investors generated significant profits from it:　　“It‘s like the gold rush of 1848 when a lot of people didn’t know there is gold in the ground.”　　In

2021-06-10Deep Dive

El Salvador President Plans to Mine BTC Using Volcanoes

President Nayib Bukele has announced that the country will be looking at mining BTC through the use of volcanoes following the digital asset becoming legal tender in the country.　　El Salvador recently became one of the first countries to approve a bill to make bitcoin legal tender within the country.　　The move which was spearheaded by President Bukele earlier this week was passed today. Voting for the bill saw the motion adopted following a congressional vote of 62 in favor out of 84 votes.　　The bill looks set to institute BTC as a method of payment, transactable through the direct exchange rate to the U.S dollar. Residents will also be able to pay taxes using BTC.　　Sustainable mining next　　Following the ruling, President Bukele has wasted no time in reaching out to the state-owned geothermal electric company LaGeo. In a tweet, the president stated that El Salvador plans on utilizing the company “to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero emissions energy from our volcanoes.” He concluded by saying “this is going to evolve fast!”　　Previous mining concerns　　The move to offer sustainable BTC mining solutions by El Salvador comes after China has taken measures to crack down on BTC mining

2021-06-10Deep Dive

Fidelity Rival Interactive Brokers to Offer Crypto Trading Amid Growing Demand

Interactive Brokers, an American multinational brokerage firm today announced they would start offering crypto trading to their clients amid growing demand reported CNBC. CME Bitcoin futures uses the underlying ticket symbol BRR starting in December 2017.　　Although rival brokerage firms such as Fidelity do offer bitcoin exposure to their clients but not direct ones and depend upon other company‘s stocks that invest in Bitcoin along with Hedge funds. Interactive Broker’s entry into crypto trading with direct listing on its platform would expand crypto exposure and onboarding for many new investors.　　Thomas Peterffy, CEO of Interactive Brokers said the decision was client-focused and explained,“Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer,”　　He added：“As for hurdles, the greatest hurdle is how do you keep you, customers, 100% safe. How do you make it 100% sure that no one will steal their coins even though they are untraceable？ We will find out more about this when we open for business at the end of the summer.”　　 Mainstream Institutional Giants Continue to Show Faith in Bitcoin and Crypto　　The crypto market is currently going through a bearish phase since May second week

2021-06-10Deep Dive

US investors made over $4 billion trading Bitcoin last year

A recent report from cryptocurrency analytics firm Chainalysis has shown that quite a number of countries made massive gains in their Bitcoin investments when compared to their traditional economic rankings.　　US Bitcoin investors lead gains　　The report broke down the estimated gains made by countries in 2020. What this means is that countries that could be termed as emerging markets appear to be doing much better in Bitcoin investments when compared to their more developed counterparts.　　According to the report, the United States dominates the table as investors in the country raked in over $4billion in Bitcoin gains. This is 3 times bigger than the next country on the list, which is China, whose investors made just over $1 billion.　　Chainalysis pegged the huge gains of the United States investors to the “huge inflows” crypto exchanges in the country saw towards the end of the year. This most likely played a pivotal role in the gains of the country.　　Developing Countries Also Made Massive Gains　　One interesting finding the report made is the fact that countries that could be termed as “developing” or as an “emerging market” recorded massive gains in their Bitcoin investments.　　Citing Vietnam as an example, Chainalysis stated that the Asian “country ranks 53rd

2021-06-10Deep Dive

The U.S. Federal Reserve Holds a Tiny Portion of MicroStrategy’s Bitcoins. Here’s How!

A recent report from Bloomberg suggests that the U.S. central bank aka Federal Reserve has been one of the early adopters of the Bitcoin-linked junk bonds. During the economic shifts taking place amid the COVID-19 pandemic last year, the Federal Reserve started buying the bond exchange-traded funds (ETFs) to get the economic activity going.　　Interestingly, it turns out that a very small percentage like 0.01 of this ETF, commonly referred to as the JNK ticker, has been dedicated to MicroStrategy junk bonds issued earlier this week on Tuesday. The business intelligence firm is looking forward to raising $400 million by the sale of its corporate bonds to buy Bitcoins.　　Now, with the Fed still holding the ETF, it technically means that it has contributed to MicroStrategy buying those Bitcoins. Bloomberg Intelligences ETF Analyst Athanasios Psarofagis said:　　“It‘s a pretty small amount, but to be honest I’m surprised to see it in there so soon. Fixed-income portfolio managers have a bit of discretion of which bonds they can have in the portfolio, so they could be adding a small potion ahead of a possible index inclusion.”　　Interestingly, Fed‘s tiny exposure to the BTC isn’t just limited to the JNK ticker. Bloomberg notes that one Fed‘s

2021-06-10Deep Dive

SEC Chair Gary Gensler Says There Should Be Federal Regulatory Regime Around Crypto Exchanges

The head of the U.S. Securities and Exchange Commission (SEC) is doubling down on his call to regulate cryptocurrency exchanges.　　During the Global Exchanges & FinTech virtual conference held by Piper Sandler, Gary Gensler called for establishing a federal regulatory regime for them to ensure investor protection:　　“Crypto assets are largely traded on exchanges, and the public should have investor protection regimes around them. We need a federal regime where they are registered and regulated.”　　Back in May, the SEC urged Congress to bring regulatory clarity to cryptocurrency trading platforms while raising concerns over fraud and market manipulation.　　In addition, Gensler is considering revamping rules that govern stock trading.　　During his latest CNBC interview, he said that crypto assets should have the same protections as equities and commodities:　　“Here‘s what I’m pretty confident about. Investors don‘t have full protections that they have in the equities markets or in the commodity futures markets…Bitcoin and these other cryptocurrencies don’t have these full protections. Its a speculative asset class.”

2021-06-10Deep Dive

Chinese Social Media Ban Cryptocurrency Bloggers: Is it a War Against the Community?

China seems to have started a real war against the cryptocurrency community. Shortly after banning crypto mining and trading, the government forces one of the countrys biggest social media platforms to ban fintech bloggers.　　In a move to enforce Beijing‘s pledge of cracking down cryptocurrency mining and trading, Weibo, a Chinese microblogging platform barred all the accounts related to Bitcoin (BTC) and other digital currencies. In May, China’s State Council announced plans of cracking down Bitcoin mining and trading, which escalated a campaign against digital currencies a few days after 3 industry bodies prohibited digital currency related monetary and payment services.　　As Weibo is not independent but controlled by the government, such a move might be seen as a consecutive strategy to bring down the Chinese crypto community.　　Crackdown on crypto trading and mining　　Recently, several Weibo users who use their accounts to advertise and post information related to crypto assets found their accounts blocked, and some users that tried to access their accounts were notified that they had breached the company‘s terms and conditions and other ’relevant laws and regulations.　　Some of the influential users whose accounts were blocked include Woman Dr. Bitcoin mini, Professor Hash, and many others. Now, they are showing concern

2021-06-09Deep Dive

​Zhidian: A Bogus Exchange Leading to Traders’ Superstition!

Numerous small-sized exchanges on the market are continuously issuing copycat coins in a bid to take to their heels after reaping profits. Costs paid by them for running away are tiny. As one of them, Zhidian was quite the rage for a time.　　Regarded as a dark horse, the exchange claimed that the number of its registered users and daily active users (DAU) exceeded 500,000 and 20,000 respectively. However, according to WikiBit, Zhidian has been under no regulation.　　A user has disclosed recently that the exchange has run away, the fact testified by unsuccessful transactions starting on April 15th and unavailable customer service.　　Why are some traders still swindled by Zhidian in 2021 even if it has drawn less and less public attention since 2019？ The situation is caused by its two investors, Binance and Huobi, whereas they didnt carry out insertions into the exchange due to its incompetence in paying millions of listing fees.　　The digital currency issued by Zhidian is valueless. It just aimed to deceive users into making deposits after obtaining the endorsement from Binance and Huobi via fake information of its listing.　　All in all, please watch out for inferior exchanges! Be well-prepared for investment risk management via WikiBit, a regulation

2021-06-09Deep Dive

Bill to make Bitcoin legal tender passes in El Salvador

The President of El Salvadors bill to make Bitcoin legal tender in El Salvador passed Congress with a supermajority just before 6AM UTC.　　In a Twitter Spaces conversation that began just after 5AM UTC with 22,000 listeners President Nayib Bukele said he would sign off on the historic law later tonight or first thing tomorrow.　　“It goes into effect immediately,” he said, clarifying the government would allow 90 days for the infrastructure to be put into place.　　He said that accepting Bitcoin would be mandatory for all businesses. “They have to take it by law,” he said of merchants in the country. If you go to Mexico they have to take your pesos.　　“In the case of El Salvador Bitcoin is going to be legal tender just as the US Dollar.”　　He revealed that he will be meeting with the International Monetary Fund on Thursday. The government will also be releasing an official Bitcoin wallet (however this will not be mandatory). The government intends to hold $150 million equivalent of Bitcoin in a trust fund in its development bank to assume the risks of merchants.　　Permanent residency will be available for those who invest 3 BTC in El Salvador. Asked if the country would put Bitcoin

2021-06-09Deep Dive
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Crypto Exchange Regulation Check

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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.