Crypto Guides, Knowledge & Insights

From A Mere Speculative Crypto to A Prestigious Digital Asset: See How Bitcoin Is Upgrading

The tides are turning for the oldest and strongest crypto, and according to Mike McGlone, it‘s just started. The Bloomberg analyst on Tuesday tweeted a clear index chart of Bitcoin’s projections showing the growing trend of its mainstream adoption.　　Miami – The Bitcoin City　　If theres one thing that further confirms this assertion, it is the recently held Miami Bitcoin conference. Mayor Francis Suarez (the Mayor of Miami) pulled a stunning 50,000+ attendance as chief host, featuring the creme de la crème of the crypto world. Everyone from Jack Dorsey to Cameron Winklevoss spoke about the prospects of bitcoin in the future, lauding the efforts of the city and encouraging participants to buy the dip.　　Miami is leading the charge. The city is already punctuated with many Bitcoin ATMs and the government is finalizing plans to fully digitalize the city by making payments and accepting taxes in Bitcoin.　　Mainstream Acceptance For Bitcoin　　There were over 19,000 whales in attendance at Miami 2021. As an aftermath of the conference, Mike McGlone has shown us a positive Bitcoin index signaling an upward trend in mainstream acceptance. Bitcoin may be well on its way to stand shoulder up Gold as a new and competitive asset class. This, he

2021-06-11Deep Dive

The global corporate tax rate: Crypto savior or killer?

At a meeting in London earlier this month, the finance ministers from the G7 — the United States, Japan, Britain, Germany, France, Italy and Canada — unanimously agreed to begin creating the framework for a global corporate tax rate.　　The framework laid out a “two pillar” principle. The first pillar ensures that companies that make a 10% profit margin would be subject to the tax rate. The second pillar ensures that countries will charge a 15% minimum tax rate. Under all of this, the new rules will focus on where the profit was made and not where the company is based — the idea being that companies are discouraged from moving money around the globe, or providing services in one country from another that has a cheaper tax rate.　　Does legal mean moral？　　The concept of a global corporate tax rate is nothing new. With companies such as Google, Amazon, Facebook and Apple making billions of dollars in revenue and paying little to no tax, regulators and governing bodies have attempted to close the loopholes used by these large multinationals.　　The practice of making money in one country and then moving it to another in order to pay less taxes or avoid them all

2021-06-11Deep Dive

NBC News Declares Cardano The Most Significant Proof-Of-Stake Crypto In The Cryptoverse

If you‘ve gone anywhere near the internet the last few weeks, you’ve probably discovered that the debate around the energy consumption of bitcoin and other Proof-of-Work (PoW) cryptocurrencies has intensified.　　The increased scrutiny came after Tesla announced that it would be discontinuing BTC payments owing to environmental concerns. The electric cars shocking about-face contributed to a vicious sell-off that saw bitcoin tumble more than 50% from its all-time highs posted in April.　　Many crypto enthusiasts have argued that approximately 75% of bitcoin mining comes from renewable energy, but this has done little to sway the cryptos loudest critics. With growing attention on the environmental impact of Proof-of-Work, cryptocurrencies like Cardano are emerging as attractive alternatives.　　Mainstream publication NBC News has also chimed in on the energy discussion. NBC News published an article titled “Cryptocurrency goes green: Could ‘proof of stake’ offer a solution to energy concerns？”　　The publication noted that the price of Cardano (ADA) was able to resist the uncomfortable bearishness that engulfed the crypto market in May. ADA soared to its present record high while its peers plummeted, leading many to wonder what was behind the impressive rally. The cryptocurrency, however, later took a cue from the market and plunged.　　NBC postulated in

2021-06-11Deep Dive

Bitcoin Mining Firm Hut 8 Approved to List on Nasdaq

Major North American bitcoin mining firm Hut 8 Mining has been approved for listing on Nasdaq under the ticker symbol HUT. The company is also listed on the Toronto Stock Exchange (TSX).　　Hut 8 Mining Corp. announced Thursday that its common shares have been approved to list on the Nasdaq Global Select Market (Nasdaq) under the ticker symbol HUT. Nasdaqs website explains that the global select market “has the highest initial listing standards of any exchange in the world.”　　Hut 8 Mining describes itself as “one of North America‘s oldest and largest innovation-focused bitcoin miners.” It is incorporated under and governed by the Business Corporations Act of British Columbia. Most of the company’s directors and officers reside principally in Canada.　　The company is also listed on the Toronto Stock Exchange (TSX) under the symbol HUT. It was the first publicly traded bitcoin miner on the TSX exchange. Hut 8 says that its TSX listing will remain unchanged.　　The Hut 8 Mining shares are already quoted on the OTCQX market under the symbol HUTMF. Hut 8 Mining is ranked 11th (of 10,000) on the 2021 OTCQX Best 50.　　The company announced its plans to list on Nasdaq on May 12 after it filed the F-10 form

2021-06-11Deep Dive

Basel Committee Classifies Bitcoin as High Risk for Banks

The Basel Committee for the worlds leading central banks proposed a maximum capital requirement for crypto exposure because of risk arising from price volatility and money laundering.　　Banking Committee Suggests Prudence for Crypto　　The Basel Committee on Banking Supervision published a report Thursday addressing the risks posed by cryptocurrencies.　　The report proposed “conservative prudential treatment” for crypto assets. The Basel Committees members include the U.S. Federal Reserve, the Bank of England, Deutsche Bundesbank, and the Bank of France, among others.　　The report stated that cryptocurrencies pose “global financial stability concerns and risks to the banking system in the absence of a specified prudential treatment.”　　This is the second draft of the prudence proposal put forward by the committee in the last two years.　　The group classified crypto assets into two categories: one for traditional securities and fiat-backed stablecoins, and another for cryptocurrencies with no asset backing them. The Basel Committee recommended the regular Basil Framework for the first category, which also applies to traditional commodities. The second group was flagged as “high risk,” and the body urged maximum caution, including a suggested capital requirement of 1,250%.　　Banks are required to set aside adequate capital to cover losses from activities such as lending. The capital requirement is different

2021-06-11Deep Dive

Breaking: France and Switzerland Launch Cross-Border CBDC Trials

IN BRIEF　　Swiss National Bank and the Bank of France join hands to start commercial cross-border CBDC trials.　　The cross-border trials would test the efficiency and remittance ease.　　The central banks of France and Switzerland have joined hands to launch the cross-border commercial trials for CBDC. Both central banks have partnered with several commercial banks including UBS Group AG, Credit Suisse Group AG, Accenture Plc, and Natixis SA to test the central bank digital currencies.　　The collaborative effort was launched under the innovation hub at the Bank for International Settlements.　　Benoit Coeure, BIS Innovation Hub head said,　　“The G20 has made enhancing cross-border payments a priority. This experiment contributes to this work by exploring how wholesale CBDC could enhance speed, efficiency, and transparency in cross-border use cases.”　　The commercial trials would test the cross-border remittance functionalities and exchange of a financial instrument against a euro CBDC. The Swiss National Bank and the Bank of France stressed that the ongoing trials shouldnt be seen as an assurance for the issuance of full-fledged CBDC.　　G-20 Nations Gear Up to Counter Chinas Progress　　The current joint trials by the central banks of France and Switzerland are the first major trials by any country apart from China. Earlier Russia announced it would start

2021-06-11Deep Dive

Google reversing crypto ads ban a testament to blockchain market maturity?

Since 2018, tech giant Google has been in an on-and-off relationship with crypto, but can the latest favorable outlook stick？　　The term “unpredictable” has almost become synonymous with the crypto industry at this point, as was on full display recently when technology juggernaut Google decided to un-ban digital asset exchanges from using its advertisement services after a lengthy period of almost three years.　　In this regard, a policy update blog released by the firm stated that come Aug. 3, it will once again allow crypto exchange and wallet operators to advertise “those products and services that are certified by Google.”　　In terms of the requirements that exchanges looking to advertise on the platform need to satisfy, Google requires applicants either to be registered with the Financial Crimes Enforcement Network, of FinCEN, as a money services business (with at least one state as a money transmitter) or with a “federal or state-chartered bank entity.”　　Though on paper, this may not seem to be much, the update can potentially allow prominent digital financial institutions — that seek to enable movement between physical and digital assets — to make use of Googles reach once again, thus enabling their products to gain exposure to an entirely new investor

2021-06-11Deep Dive

DraftKings CEO Jason Robins On Why He Can’t Add Cryptocurrencies

During a live town hall hosted by stock trading app Public Wednesday, DraftKings CEO Jason Robins said he had looked into adding cryptocurrencies as a form of payment on his online sports betting platform but that regulations have so far prevented him from doing so.　　He explained that the payment methods that they can accept on their website is heavily dictated by individual state regulators, as each states has its own rules and regulations regarding online sports betting and payments used on the platform.　　Why Cant DraftKings Support Cryptocurrencies？　　Robins who started the sports betting company in 2012 said that while he would like to have cryptocurrencies as a way to place bets on the website, crypto is not approved as a method of payment in any of the states that DraftKings currently operates in.　　“The payment methods we can accept are determined by the individual state regulators and as of now, crypto is not an approved payment type in any of the states where were live.”　　This is especially important to note as only 10 states in the United States allows sports betting and only four allows online gambling and DraftKings currently operates in 12 states.　　Sports betting has started gaining a lot of support

2021-06-11Deep Dive

IMF Concerned About El Salavador’s Bitcoin Law Due To “Legal And Economic Issues”

Less than a week since El Salvador‘s “Ley Bitcoin” has been approved by its national congress and the international financial organism is reacting. The International Monetary Fund (IMF) has expressed “economic and legal” concerns over the nation’s new pro-BTC legislation.　　The countrys Head of State, Nayib Bukele, will meet with the financial organism today. The government of that country apparently seeks to settle a $1 billion credit program. However, their Bitcoin Law could become a hurdle. Per a Reuters report, an IMF spokesman, Gerry Rice said:　　“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are following developments closely, and well continue our consultations with the authorities.”　　Rice added that crypto-assets can be a risk at a regulatory level. The IMF will discuss their article IV with El Salvadors national government. According to this article, the financial institution can hold bilateral discussions with its members.　　During these annual meetings, the government provides the IMF with economic and financial data. In addition, the government officials and the institution discuss economic developments and financial policies, such as the Bitcoin Law. Rice said that “policies to strengthen economic governance” will be on the meetings agenda.　　Bitcoin

2021-06-11Deep Dive

US Bank State Street to Set Up a Digital Unit Focused on Cryptocurrencies

After citing surging demand from institutional clients, State Street has decided to release a digital unit focused on cryptocurrency investments.　　Americas second-oldest bank, State Street Corporation, will establish a digital unit to focus on cryptocurrency endeavors. This comes shortly after the banking organization with over $40 billion in Assets Under Management (AUM) said it will enable crypto trading through its platform.　　State Street Sets Up a Digital Unit　　The Finance Times reported State Street‘s latest endeavor in relation to the cryptocurrency industry. According to the coverage, the giant bank has outlined plans to create a new digital division, which will allow the organization’s institutional clients to interact with crypto assets.　　State Street Digital comes after the enhanced appetite from customers, whose demand towards digital assets has increased by 300% in the past few months, said the divisions person in charge – Nadine Chakar.　　“We are at a tipping point now where this is moving fast. We are getting calls from endowments and foundations that are getting donations in crypto and saying, what do we do with this？ We are seeing companies that are thinking of adding crypto to their balance sheets.” – she added.　　The new initiative will be the result of a collaboration between the

2021-06-11Deep Dive

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