Human Rights Foundation's Alex Gladstein Calls Bitcoin 'An Escape Hatch From Tyranny'

The Human Rights Foundation (HRF)‘s Alex Gladstein has heaped praise on bitcoin saying it’s an escape hatch from tyranny and that there is more to it than its price. In comments made via a short video, Gladstein, who is the chief strategy officer (CSO) at HRF, asserts that “people who buy bitcoin are strengthening a tool for protecting human rights.”  Bitcoin Preserves Freedom  Meanwhile, Gladstein uses the video to push back again bitcoin critics like Paul Krugman whom he describes as living in a “sheltered environment in a liberal democracy with constitutional protections.” The CSO adds that since Krugmans “native currency (USD) is globally dominant and relatively stable,” it is easy for him to open a bank account.  Similarly, the HRF executive says it easy for Krugman to use a mobile app to “pay bills or to grow his wealth by investing in real estate or stocks.” In contrast, these privileges are not extended to 4.2 billion people that are living under “authoritarian regimes that use money as a tool for surveillance and state control.”  Therefore, according to Gladstein, “saving and transacting outside the government‘s purview is not a shady business. It’s a way to preserve their freedoms.”  Bitcoin Funding and Donations  In the meantime, the

2021-02-09Deep Dive

Cordoba Becomes the First Argentinean Province to Impose Taxes on Crypto-Related Activities

In Argentina, a provincial legislature has voted in favor of a bill to impose new taxes on gross incomes from crypto transactions. Cordobas central province is now the first one to impose crypto taxes in the country, which involves crypto exchange platforms and retail traders.  Approved Tax Bill Grants a Definition of Cryptocurrencies  According to CBA4N, the “Tax Law 2021” approved by the legislature seeks to tax people 4% to 6.5% on gross incomes from crypto-related transactions. Also, individuals or businesses who receive payments in cryptocurrencies “in exchange for goods or services” will be subject to a rate of 0.25%.  Citing Cordoba Bitcoin, a local crypto community, the local media outlet believes other provinces and even the national government could replicate the measure.  Cordoba Bitcoin also clarified CBA4N that previously, there was only a 15% tax corresponding to earnings, and that covered cryptos as a result of the difference in price in the year. The Central Bank of the Argentine Republic required the local exchanges to inform about any transactions related to cryptocurrencies.  In this case, the novelty is that the approved bill is now granting a clear definition to cryptocurrencies:  “A digital representation of value that can be subject to digital commerce and whose functions

2021-02-09Deep Dive

Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments

The announcement that much of the crypto world has been hoping for is here: Tesla has invested in bitcoin.  The electric vehicle maker said Monday in an annual report filed with the U.S. Securities and Exchange Commission that it has put an aggregate $1.5 billion into bitcoin under a new investment policy and that the company may “acquire and hold digital assets from time to time or long term.”  The announcement caps a history going back to at least 2018 of Tesla founder and CEO Elon Musk tweeting and commenting on bitcoin and other cryptocurrencies including dogecoin.  A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller have pushed into bitcoin as a potential hedge against inflation, as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies. Tesla joins publicly traded companies including Michael Saylors MicroStrategy that have steered corporate money into bitcoin.  Bitcoin‘s price shot up more than 14% after Tesla’s disclosure to a new all-time high of $44,801, based on CoinDesk‘s Bitcoin Price Index. The jump pushed bitcoin’s year-to-date return to about 50%, versus 3.9% for the Standard & Poors Index

2021-02-09Deep Dive

Bullish or Bearish? Crypto Community Debates Launch of CME Ethereum Futures

The mood in crypto is a little unsettled this Monday morning as the imminent launch of CMEs Ethereum futures could send asset prices tumbling as it previously did with Bitcoin. Some are still bullish on the asset, however.  The fear among many is that there will be a repeat of the colossal market crash that occurred after similar futures products were first launched by the massive exchange for Bitcoin in December 2017.  Futures effectively allow institutional traders to short the asset, and considering Ethereum is hovering around its all-time high, this is quite likely what the majority will do.  The Chicago Mercantile Exchange will launch its Ether Futures today, February 8, offering contract units of 50 ETH which are financially settled (paid out in USD, not ETH).  Crypto Community Reaction  In a tweet on Feb. 7, analyst Alex Krüger stated that the futures launch is bullish for overall institutional demand for Ethereum, which he added is a beta asset that follows Bitcoin.   “CME futures will allow parties that at present have difficulties accessing $ETH markets to hedge Grayscales $ETHE risk, driving increased $ETHE institutional demand, thus increasing spot demand and compressing the $ETHE premium.”  Messari researcher Ryan Watkins echoed the sentiment stating that market conditions are

2021-02-08Deep Dive

Indian Government Plans to Introduce Cryptocurrency Law in a Month:Report

The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed.   Indian Government Seeks to Quickly Pass Crypto Bill  All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency to be issued by the central bank, the Reserve Bank of India (RBI).  On Friday, CNBC-TV18 reported that “The government may take the ordinance route to pass the Cryptocurrency and Regulation of Official Digital Currency Bill,” citing unnamed sources. The news outlet elaborated:   “The PMO, Finance Ministry, and Cabinet Secretariat have started preparing the draft details of the ordinance. The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance.”  “They want this bill to be cleared as soon as possible,” reporter Timsy Jaipuria noted. She added that “the cabinet is understood to have given clearance to this particular

2021-02-08Deep Dive

Crypto Long & Short: Could Scalable Payments for Bitcoin Undermine Its Value?

With the wild journey that is bitcoin price swings so far this year, you might have missed the accelerating rhythm of companies announcing services to support bitcoin for payments.  Were not talking about small idealistic startups, either.  A week ago, on Visas Q1 earnings call, CEO Al Kelly said the company may add cryptocurrencies to its payments network. He acknowledged that bitcoin is “not used as a form of payment in a significant way at this point,” but went on to discuss a strategy to “enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”  Visa also currently provides credit card infrastructure for 35 crypto companies, with the aim of making it easier for users to pay with bitcoin.  In PayPals Q4 earnings call this week, the first since the company started allowing the purchase and sale of a handful of cryptocurrencies via their PayPal account, the company revealed that it was planning to start allowing customers to use their crypto balances to pay for goods and services at any of the approximately 29 million merchants on the network,

2021-02-08Deep Dive

Crypto exchanges drew in more than 300 million website visitors in January

The number of visitors to crypto exchange websites surged in January, according to data collected by The Block.  Some 344 million visitors flocked to crypto exchanges, per SimilarWeb data, surpassing Decembers total of 196 million.  The data signifies the highest point since January 2018, when exchange sites drew in roughly 531 million.  Additional data shows that Binance continued its streak, having drawn in approximately 28.8% of the total number of visitors. Binance was followed by Coinbase (25.11%) and Kraken (6.19%).  That January was such a big month for website visits is unsurprising, given the movements in the digital asset market. January saw the price of bitcoin eclipse $40,000 for the first time.  The price of bitcoin is currently about $38,190, according to Coinbase.

2021-02-08Deep Dive

Polkadot (DOT) DeFi Platform Acala Launches Acala EVM for Ethereum Compatibility

Acala, a pioneering Polkadot-based DeFi ecosystem, has announced that Acala EVM, the Ethereum-compatible Polkadot-native virtual machine, is up and running. This is an important milestone for the whole segment of cross-chain interoperability systems.  Acala EVM: one-stop virtual machine  According to a press release shared with U.Today, with the new Acala EVM, blockchain developers can use the whole stack of technologies (Acala+Substrate+EVM+WASM) for a single wallet.  Smart contracts deployed on the new EVM can seamlessly use all Polkadot-powered assets, such as DOT, ACA, aUSD, renBTC and so on. Furthermore, Ethereum-based assets (ERC-20 tokens) can be listed on Acala-powered DEXs and used for gas fee payments.  For instance, once a tokenholder sends his/her wrapped Ethereum (WETH) to Acala, he/she can pay gas fees in Ethers (ETH) with no need to purchase ACA tokens for the purpose.  Also, Acala EVM supports a native network of oracles to broadcast real-time price feeds and supports many types of protocols: DEXs, stablecoins, lending/borrowing instruments and more.  Acala: bringing DeFi experience to Polkadot  Acala is a platform for decentralized financial protocols that harnesses Polkadots blockchain capability. Acala is built around its core stablecoin, aUSD, and offers many use cases, including “yield farming,” synthetic assets trading, interest earning, etc.  Acala has very low gas fees and

2021-02-08Deep Dive

Dogecoin (DOGE) Skyrockets 500% And Reaches the Top 10

Dogecoin (DOGE) was able to reach the 7th position in the market as it skyrocketed by over 400% in the last 24 hours. The virtual currency surpassed $0.062 and it hit a market cap of almost $10 billion. In this way, DOGE became larger than Litecoin (LTC), Bitcoin Cash (BCH), Binance Coin (BNB), Stellar Lumens (XLM) or USD Coin (USDC).  DOGE Surges by Over 500%  In recent hours, DOGE surprised the crypto market by experiencing a price increase of over 500%. The virtual currency suddenly became one of the largest digital assets in the world and it was close to surpassing Cardano (ADA) and XRP.  The reason behind this price increase is related to the expansion of the WallStreetBets Reddit movement. This is a Reddit group that started massively buying stocks that were shorted by large hedge funds. Due to this reason, the price of these stocks (for example GameStop or AMC) exploded to prices not seen in years.  Trading platforms such as Robinhood have suspended trading for some assets, including GameStop and AMC due to “market volatility.” This has been an issue that affected millions of users in the platform and that pushed the price of these assets down. Users were only to

2021-02-08Deep Dive

Elon Musk Taps Crypto as the Future of Currency on Earth

Tesla CEO Elon Musk thinks theres “a good chance” cryptocurrencies will be the future of money on Earth.   The Global Cryptocurrency System  Elon Musk, the world‘s richest man, said in a video recorded by The Hollywood Fix that “there’s a good chance cryptocurrency is the future currency of Earth”.  Further, in the video, which lasted under two minutes, the eccentric billionaire went on to suggest it could easily be several cryptocurrencies that see mass adoption.  His words were followed by candid advice not to over-speculate in the cryptocurrency market.  “But it should be considered speculation at this point. And, so, dont go too far on the crypto-speculation front.”- Elon Musk – Tesla CEO  The comments come as Bitcoin (BTC) regained momentum yesterday. This saw the top-cryptocurrency push towards $41,000 in a determined attempt to set a new all-time high.  Elon Tweets, Crypto Eats  Despite the words of warning, Musk is not shy about his endorsement of the cryptocurrency space. In an event described as “inevitable”, the billionaire changed his Twitter bio to “#bitcoin”.  This triggered the top cryptocurrency to rally, breaking weeks of inactivity.  Musk also “supports” the cryptocurrency worlds favorite canine-themed token; Dogecoin (DOGE). The billionaire regularly tweets DOGE-related memes to his followers on Twitter, including an interesting

2021-02-08Deep Dive
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