#Coinbase to allow Americans to take cash loans with Bitcoin collateral

          

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US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options

The Lending and Borrowing News Category was brought to you by the CryptoSlate and Cred Partnership.

US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

“More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options.

Prominent crypto entrepreneurs like Barry Silbert of Digital Currency Group commented MicroStrategy was now a “publicly-traded Bitcoin play.” His comments weren’t unfounded — the firm’s stock rose over 10% on the announcement.

MicroStrategy joined the ranks of hedge fund legends like Paul Tudor Jones in terms of choosing Bitcoin to protect against a grim economic outlook.

And that might just turn out a great decision.

#Crypto.com will sell Bitcoin at “50% off” in September, here’s why

 

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Hong Kong-based crypto exchange and card provider Crypto.com is launching an attractive competition for Bitcoin fanatics in September, ahead of its “public beta” exit.

Bitcoin at 50% off on Crypto.com

The Crypto.com Exchange will exit its public beta on September 8, 2020, almost a year after launching in private beta and opening the floodgates to the public. Millions of dollars in transactions and trades later, the exchange is rolling out its launch in all markets where the Crypto.com App is available.

Hong Kong-based crypto exchange and card provider Crypto.com is launching an attractive competition for Bitcoin fanatics in September, ahead of its “public beta” exit.

Bitcoin at 50% off on Crypto.com

The Crypto.com Exchange will exit its public beta on September 8, 2020, almost a year after launching in private beta and opening the floodgates to the public. Millions of dollars in transactions and trades later, the exchange is rolling out its launch in all markets where the Crypto.com App is available.

As a token of appreciation, Crypto.com is presenting a Bitcoin Syndicate Special, featuring BTC at 50% off with USD$2M allocation, it shared in a release with CryptoSlate. 

This event will commence on Tuesday, 8 September 2020 at 6 AM UTC on the Crypto.com Exchange. Users can stake a minimum of 5,000 CRO on the Exchange and trade at least $5,000 USD worth of volume in the past 30 days on the Exchange to subscribe.

The total sale amount & subscription price is as follows:

Total BTC Supply: $2,000,000 USD worth of BTC

Discount rate: 50%

Syndicate Allocation: Each participant’s maximum amount of CRO that can be applied towards the event will depend on the amount of CRO Staked on the Crypto.com Exchange.

As a note — the maximum allocation in CRO stated in the table above is indicative and for reference only. A final maximum allocation will be made available on Crypto.com on September 8.

Syndicate Allocation Subscription

Crypto.com Exchange users will be able to subscribe for BTC by contributing an amount of CRO  not exceeding their respective maximum allocation. Staked CRO may not be used to subscribe for BTC in this event, the firm said.

Crypto.com Exchange users will need to trade at least $5,000 USD worth of volume in the past 30 days on the Crypto.com Exchange in order to be eligible to subscribe.

The release said that “the past 30-day trading volume is calculated every day at 00:50:00 UTC; thus, the volume calculated as of 8 September 2020 00:50:00 UTC will be used to determine one’s eligibility.”

Event participants are expected to receive their finalized BTC allocation at Distribution Time. If the total contributed amount for the event is above the total discounted allocation, each individual participant’s final BTC coin allocation will be calculated as follows:

##Max Keiser: Bitcoin Will Reach $28K and Correct, Then Break Six Figures

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Max Keiser: Bitcoin Will Reach $28K and Correct, Then Break Six Figures


Max Keiser: Bitcoin Will Hit $28K and Correct, Then Break Six Figures
Bitcoin (BTC) will not stop rising until it reaches $28,000 and corrects, Max Keiser believes as the king coin gains over 20% in a week.


In a series of tweets on July 27, the famously outspoken host of the Keiser Report predicts that BTC/USD was headed for six figures after a correction period near $30,000.



Peter Schiff is “puking his brains out”


Keiser made the prediction as Bitcoin passed $11,200 during a day of surprises. Bitcoin managed to hold $10,000 for longer than a matter of hours, and data showed that this latest trip to five figures was sturdier that others in 2020.




“$28,000 is in play before we see a pullback — and then we’re heading to 6-figures,” Keiser stated.




Well known for his optimism and heavy preference for BTC over other cryptocurrencies, Keiser further took aim at gold bug Peter Schiff. Schiff, who has been celebrating gold reaching all-time highs against the U.S. dollar, had previously dismissed Bitcoin’s rise.




“It’s put up or shut up for Bitcoin — it’s got to hold $10,000 now,” he said during a debate with Morgan Creek Digital co-founder, Anthony Pompliano, on his YouTube channel on July 26.



Keiser had little time for this and Schiff’s other arguments, stating that the Bitcoin skeptic was in fact secretly regretting his choice of gold.

###What will happen to Bitcoin after all 21 million are mined?

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If Bitcoin sticks with its current consensus algorithm, miners will need to subsist with just transaction fees as an incentive.




In brief


There is a hard cap of 21 million Bitcoin that can be mined, with the final coins being minted in around 2140.


Once the circulating supply reaches its maximum, Bitcoin miners will no longer receive block rewards.


They will instead be rewarded with transaction fees, assuming there are no major protocol changes to Bitcoin between now and then.




There are 21 million Bitcoin. That’s it. Once they’re all mined, which should occur in around 2140, no new Bitcoin will enter circulation.


The Bitcoin blockchain was designed around the principle of controlled supply, which means only a fixed number of newly minted Bitcoin can be mined each year until a total of 21 million coins have been minted.


Once all 21 million BTC have been mined, the network will largely operate the same as it does now, but with one crucial difference for miners.



When will the last Bitcoin be mined?


Approximately every ten minutes, Bitcoin miners ‘discover’ a new block, solving a cryptographic puzzle that allows the successful miner to add the newly discovered block to the blockchain. This block is filled with transactions that were previously waiting in the Bitcoin memory pool, usually chosen based on the size of the transaction fee they provide to miners.



In return for discovering a block, the miner receives a fixed Bitcoin block reward. When Bitcoin first launched, the reward was set at 50 BTC—but it halves periodically, after 210,000 new blocks have been discovered. That happens roughly every four years, reducing the reward to 25 BTC, 12.5 BTC, 6.25 BTC, and so on. Three halvings have been completed so far; the most recent Bitcoin halving occurred on May 11, cutting the block reward to 6.25 BTC.




Bitcoin miners will be able to continue earning block rewards until a total of 21 million BTC has been minted, after which no new Bitcoin will enter circulation. Currently, around 18.4 million BTC has been produced, equivalent to minting 87.6% of the maximum supply in just over a decade. But it will take another 120 years before the last Bitcoin ever is minted, due to the gradual reduction that occurs every four years as a result of the halving process.




What will miners do when all the Bitcoin has been minted?
Once all 21 million Bitcoin have been minted, Bitcoin miners will still be able to participate in the block discovery process, but they won’t be incentivized in the form of a Bitcoin block reward. That’s not to say they won’t be rewarded at all, though.




As well as block rewards, Bitcoin miners also receive all the fees spent on the transactions included in each newly discovered block. Currently, transaction fees make up a small proportion of a miner’s revenues, since miners currently mint around 900 BTC (~$8.5 million) a day, but earn between 30 to 50 BTC ($285,000 to $475,000) in transaction fees each day. That means transaction fees currently make up as little as 3.3% of a miner’s revenue—but in 2140, that’ll shoot up to 100%.





"Changes to the Bitcoin ecosystem could drive significant changes in miner adoption even after the block rewards stop"



Simon Kim




Losing the block reward won’t disincentivize miners, according to Simon Kim, CEO of VC fund #Hashed. “Changes to the Bitcoin ecosystem and its place as a key currency in the virtual world could drive significant changes in miner adoption even after the block rewards stop,” Kim told Decrypt. 



Another possibility on the cards is that the reward mechanism for Bitcoin could change some time before the final block is mined. Luka Boškin, CMO of crypto trading platform NewsCrypto, argued that as the number of BTC produced through mining decreases, Bitcoin will undergo “significant changes” to its protocol. “That could eventually include a switch to a more environmentally friendly consensus mechanism like Proof of Stake or another successor to Proof of Work,”

##South Korea: Economists say taxing Bitcoin is a “premature” decision; here’s why

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South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.



Any “cryptocurrency tax” must be abolished and not implemented, the country’s academics told local reporters over the weekend. 




The reason was singular and simple — taxes on an emerging asset class and disruptive technology sector may block broader industrial growth in the country; one that suffers from an ongoing employment crisis.





Taxing Bitcoin is “premature”



South Korea’s economy hinges on slow-growth and a family-run business system called “chaebol,” making the job market notorious to enter into and condemned for poor wages.

With th


e above in mind, Korean economists believe cryptocurrencies are a burgeoning asset class, while blockchain technology presents long-term growth opportunities for the country.



Ask Sung Tae-yoon of Yonsei University. The Harvard-educated professor says implementing crypto-taxes is a “premature” decision, considering the digital asset market is still developing and is not as established as other sectors.




Sung believes cryptocurrencies have a long way to go before being regulated similar to fiat currencies. The professor has a point — Bitcoin’s been around since 2009, but cryptocurrencies have gained widespread prominence only since after 2018. 



The above means cryptocurrencies are, in all regards, still a nascent development and not a decade-old. Sung explains:



“Any rash taxation or introduction of regulations can be a stumbling block for sustainable growth of the industry.”



BTC gains to be reported


Korea’s cryptocurrency tax decision came late last week after years of deliberation and parliamentary exchanges. Until the date, cryptocurrencies were considered a “tax-exempt safe haven” in the country,  with regulators and experts fiercely opposed over their legality.

##Big Four Accounting Firm KPMG Launches Tools To Help Institutional Cryptocurrency Investors

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KPMG Chain Fusion is set to help traditional financial companies and fintech startups provide well-managed crypto asset services.



Aiming At Institutional Clients

In a recent announcement, the company presented KPMG Chain Fusion. The project aims to help the management of crypto and traditional assets over public and private blockchain networks for institutional clients.




The new set of capabilities will be able to assist customers in managing and addressing global regulatory considerations for strong system controls and processes for crypto and digital assets. It will also help clients in solving a variety of complex foundational problems, facing organizations, which compete in the institutional market of crypto assets.




“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between.  If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Cryptoasset Services team.




How It Works



Chain Fusion’s basics consist of leveraging a structured information model to combine data, coming from both blockchain and traditional systems. Thus, it will support the necessary analytics for business, risk, and compliance objectives.



The capabilities and accelerators of Chain Fusion are built to support companies easily reach the adoption of fundamental crypto business capabilities. The core will also assist them in dealing with the challenges of cryptographic proof of assets under custody. It will help in the deployment and integration of core custody capabilities such as multi-party computational crypto asset wallets, and transaction monitoring for AML.


Leading cryptoasset technology solutions can address process and control requirements within their own systems, but the greater challenge is making sure systems can work together, with all the right processes and controls in place between those systems,” Wyner explains.



As stated, Chain Fusion will “bring such systems together with a required processes and controls under one roof.”



Several financial organizations and fintech companies are offering crypto asset services for their clients already. It’s absolutely no wonder that KPMG is stepping into the field as institutional interest is on the rise when it comes to cryptocurrencies. 





Most recently, the American multinational financial services corporation Fidelity Investments reported that 36% of institutional investors have exposure to Bitcoin or other types of cryptocurrencies.



Coinbase, the leading US-based cryptocurrency exchange also strengthened its institutional focus by recently acquiring leading crypto brokerage firm Tagomi.

##Bitcoin Trading Volume Will Match Major Asset Classes If Historical Growth Continues, Says Coin Metrics

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Coin Metrics says if past is prologue, it won’t be too long until Bitcoin’s trading volume matches other major asset classes.



In a new report, the crypto analytics firm compares BTC’s current trading volume to US equities, bonds and global FX markers.




Bitcoin’s daily spot market volume is only $4.1 billion. In comparison, the daily volume of the US equity spot market is $446 billion, $893 billion for the US bond spot market and $1.98 trillion for the global foreign exchange spot market.



Based on these numbers, Coin Metrics says Bitcoin has a lot of room to grow, and is currently more comparable to that of a large capitalization stock than of a distinct asset class.



“If historical growth rates can be maintained, however, Bitcoin’s current daily volume from spot markets of $4.3 billion would need fewer than 4 years of growth to exceed daily volume of all U.S. equities. Fewer than 5 years of growth are needed to exceed daily volume of all U.S. bonds.”




Coi
n Metrics says current market conditions appear favorable to the top cryptocurrency, concluding store-of-value assets such as Bitcoin are likely to hold up in the current macro environment.



“On the margin, the policy response to the coronavirus, the protest-related civil unrest in the United States, and the potential for a re-escalation of the trade war between the United States and China should be supportive for store-of-value assets such as Bitcoin.”



The report also points out the high level of correlation between gold and Bitcoin.

##Bitcoin remains closely correlated with gold, says CoinMetrics

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Coin Metrics points to a high correlation between gold and Bitcoin, while mutual fund manager VanEck shows the correlation has only gotten stronger since March


Coin Metrics points to a high correlation between gold and Bitcoin, while mutual fund manager VanEck shows the correlation has only gotten stronger since March.



There has been wide speculation about the alleged correlation between Bitcoin and the stock market, but, according to new data, it’s Bitcoin and gold that have been moving in tandem with each other.



In its latest report, Coin Metrics shows that the correlation between gold and the world’s number one digital currency by market cap is quite high and has been so for the past several months.


As seen in the chart below, during the COVID-19 market selloff, Bitcoin lost more than half its value and fell into the $4,000 range, while gold was trading for under $1,500.



The price of Bitcoin has since risen beyond $10,000 following civil unrest in the United States and gold is currently selling for more than $1,700.



The chart above from Coin Metrics suggests that February and March saw Bitcoin and gold reach their lowest points for the year, with BTC losing more than half its value in just a few months and gold shedding several hundred dollars. The next two months, however, would see both assets spiking alongside each other and moving into higher ranges, with BTC hitting the $9,000 mark and gold shooting back above $1,700.



Data released in April from mutual fund manager VanEck backs this up. It shows that correlation between Bitcoin and gold has been the norm ever since the market selloff in late February, which occurred during the initial spread of the coronavirus.



From mid to late March, Bitcoin’s correlation with gold shot up to 0.47, where 1 is a strong positive correlation and -1 is a strong negative correlation.



At the end of April, the correlation between Bitcoin and gold increased to 0.49, while VanEck notes a year-to-date figure between the two of 0.42. This shows that Bitcoin and gold have been correlated closely over the last year.



But this hasn’t always been the case. Looking at the relationship between Bitcoin and gold from 2012 to March 2020, there is no correlation between the two assets—at just 0.03. This is likely due to Bitcoin’s huge price rise during that time.


We note that bitcoin’s correlation with traditional asset classes have begun to increase during the COVID-19-induced global market selloff,” wrote VanEck. “Most notably, Bitcoin’s correlation with gold has reached levels never seen before. We believe this may further cement its potential as ‘digital gold.’”


Although, since Bitcoin's price dropped $700 in minutes within the last hour, this correlation may be more hopeful than factual.

##South Korean lawmakers propose tax on crypto Profits

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The South Korean Ministry of Strategy and Finance is gearing up to tax income from the sale of Bitcoin and other crypto.


In brief



South Korean lawmakers recently provided details on upcoming legislation regarding income taxes on crypto transactions.


Tax would apply to profits derived from sources like crypto mining and initial coin offerings.


South Korea has an inconsistent track record of crypto-related taxation.




South Koreans may soon find their crypto dealings at the mercy of the tax man.



The South Korean Ministry of Strategy and Finance proposed a tax on profits made through crypto-fiat transactions earlier this week, including tokens sold by crypto mining organizations and through initial coin offerings (ICO). 



Regulators intend to release the full proposal in July and submit the tax amendment to the South Korean regular assembly in September, as reported by local South Korean news outlet Edaily. In a country that has struggled to find the right approach to taxing digital currencies, the proposed change could bring much needed clarity to the domestic crypto industry.




Under existing laws, South Koreans are not taxed on income generated from digital currency transactions, breaking from the standard set by the US, Japan, Germany, and others, all of whom treat crypto gains as taxable income. Singapore also applies a value added tax (VAT) to crypto transactions, but South Korean regulators said they don’t intend to go that far.



Officials are now seeking to apply the standard of ‘taxation where income is located’ to digital currency transactions that generate a profit. Tax won’t apply if the transaction results in a net loss, but will be applied equally across citizens and foreign residents. Cryptocurrencies are anticipated to be treated as assets rather than currencies, in light of G20 deliberations on the matter. But not everyone is convinced the proposed changes are a good idea, or even possible to implement effectively.



“If you do a P2P transaction without going through an exchange, there is a possibility of avoiding taxation,” Seung-Young Jeong, a researcher at the Korea Local Tax Institute, told Edaily. “Even with IP tracking, if there are a large number of targets, administrative costs will increase and it will be difficult to track each day.”



South Korean action on crypto taxes have been in flux over the past few years, stymied by coronavirus concerns and a retroactive tax bill for the Bithumb exchange that resulted in an ongoing lawsuit. Crypto in South Korea is also under pressure from a proposed change that would stop residents from using DeFi products, designating cryptocurrencies as ‘high-risk assets.’

##Bitcoin trading in Africa breaks volume record Again

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Africa has seen an explosion of growth among peer-to-peer Bitcoin traders within the last month, even outpacing the regional P2P scene in Latin America.






In brief


Bitcoin volume on P2P platforms in Africa saw another record week.


More than $14 million in Bitcoin was traded across LocalBitcoins and Paxful combined.


Economic turmoil in the region could be partly responsible.





Bitcoin traders in Africa have their feet on the gas pedal, with no intention of slowing down any time soon.


Less than two weeks after registering all-time high, peer-to-peer trading volumes at the regional level, Africa has done it again. According to data from analytics site Useful Tulips, Bitcoin traders in Africa exchanged the equivalent of more than $14 million across P2P platforms, such as LocalBitcoins and Paxful.



Bitcoin reading volume in Africa is currently outpacing local trading in Latin America, a region often referenced when examining regional, peer-to-peer volumes. 


This volume was higher than last week's figure for Latin America —a region often taken as a reference in terms of trading volume on p2p and OTC platforms. Just over $11 million worth of Bitcoin was trading through Latin America over the last seven days.



The growth in local trading appears to reflect increased interest in cryptocurrency within the African continent. As Decrypt recently reported, local inflation rates range between 4% to 7% year-on-year, and economic uncertainty stemming from the coronavirus outbreak combined with a widespread economic recession seems to be leading a growing number of African traders to view Bitcoin as a viable store of value




In Latin America, Venezuela is still the leading the Latin American BTC market. Despite having lost almost a million dollars in volume in the last week, its $4.3 million gives it a slight edge over Colombia, which reported $4.1 million in trades during the same period.



But on the other side of the globe, Nigeria saw considerable growth, registering more than $9.3 million in weekly trading volume, 400% more than South Africa, its closest competitor.




Although it is difficult to determine how local traders behave on centralized exchanges, volume on P2P platforms is likely much higher within African countries, according to Useful Tulips founder Matt Ahlborg.


In an interview with the On the Brink podcast, Ahlborg explained that Latin Americans and Africans prefer P2P trading because it reduces commissions and allows for a direct relationship with other customers.

#Interest Rate Adjustment Opens Way for Brazil to be New ‘Bitcoin Demand Source’

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The economic gloom of Brazil continues amid the coronavirus pandemic. The deteriorated fiscal position and political uncertainties have created fears of a deep economic recession.




The Central Bank of Brazil has also cut the interest rate to 3%, which is an all-time low. In fact, it is expected that there will be another monetary policy slash in interest rate as they seek to fill out the degree of stimulus needed to ease the economy.



According to a report published by Delphi Digital, the 30% loss in the value of the Brazilian Real and the cutting of the interest rate to 3% will drive investors away to a better option. In the report, it was stated that the sheer size of this potential move may be a demand source for Bitcoin.




This will be more possible if tighter capital control becomes more commonplace as speculated by the report. Not to misunderstand, this report does not suggest that capital flowing out of the emerging markets will definitely be channeled into Bitcoin.




Cryptocurrency usage in Latin America in the last few years has been very encouraging with Brazil, Colombia, Argentina, Mexico, and Chile being among the top 10 cryptocurrency countries. It is interesting to note that most of the countries facing severe economic woes turn to Bitcoin as there is a good correlation between Bitcoin and some of the highly inflated Latin American countries.




In 2019, the inflation rate of Argentina was 58.9%, and around this period, the Bitcoin users in this region increased significantly. Similarly, Brazil, in 2015 witnessed the worst inflation rate in 13 years. 



The country’s economic distress coupled with the newly adjusted interest rate puts Brazil in line as a Bitcoin demand source, there is a challenge that may possibly arrive from the implementation of the new tax regulation pushing smaller exchanges off the market.



According to the co-founder of Acesso Bitcoin, Pedro Nunes, the tax regulation affected trading volume drastically forcing them to consider a shutdown. Latoex, another exchange affected by the tax regulation implementation pointed out the difficulties in meeting the requirement announced by authorities.



The tax regulation is obviously a problem to the smaller exchanges and less of a problem to the bigger ones. Considering the fact that most of the bigger exchanges can comply, the impact on the smaller exchanges will not be huge on the market, and may not stand in the way of the country becoming a Bitcoin demand source. 

#US Debt Reaches $25T — Stimulus Checks Which Bought Bitcoin Are Now Around $1.6K

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US Debt Breaks $25T — Stimulus Checks Which Bought Bitcoin Are Now Worth $1.6K
Bitcoin (BTC) supporters are shocked once again this week as the real extent of the US’ fiat debt bubble inflated by the COVID-19 stimulus becomes clearer.



Citing statistics from the U.S. Treasury on May 7, market analyst Mati Greenspan said that the country’s total national debt has crossed $25 trillion for the first time ever.


U.S. adds $24M of debt per minute


The unenviable achievement comes after several huge rounds of public financing from the Trump administration via the Federal Reserve. Since April 9, the debt mountain has grown by $1 trillion.



That, according to Greenspan, is the equivalent of $24 million every single minute last month.




According to data from online monitoring resource U.S. Debt Clock, each taxpayer is now $201,000 in debt, putting into perspective the selective $1,200 checks Americans get a couple of weeks ago.


A century of warnings goes unheeded
Economists who do not support inflationary policies promoted by governments have long warned that inflation can not lead to prosperity.



The grave reality of money printing is a regular point of debate in Bitcoin community, notably on financial news show the Keiser Report, as well as on social media and in Saifdean Ammous’ popular book, “The Bitcoin Standard.”




Long before Bitcoin existed, dissenting voices were criticizing the irrational behavior of central banks inflating the money supply. Notably, Henry Hazlitt forecast the current situation in his well-known book “Economics in One Lesson,” published just a year after the end of the Second World War.




In the meantime, others continue to pour light on the absurd debasement of fiat currency. A dedicated Twitter account covering the U.S. stimulus checks notes that a check invested in Bitcoin on April 15 would now instead be worth $1,609.



In mid-April the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — increased over four times, according to Coinbase CEO, Brian Armstrong.

Greenspan commented on the $25 trillion threshold being crossed with a well-known meme among crypto fans — the “BRRR” sound used to refer to the Fed’s money printer.

##Central bank digital currency can be safe and private, claims CipherTrace

     

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Blockchain analytics firm CipherTrace has launched a new project which aims to help central banks launch digital currencies without compromising user privacy.





In brief


Blockchain forensics firm CipherTrace wants to expand its business to central banks.


A new initiative aims to help central banks launch their own digital currencies in a safe, private, and regulatory compliant manner.


CipherTrace, funded by DARPA, already works with banks and governments around the world.






Blockchain forensics firm CipherTrace is launching a new initiative designed to ensure central bank digital currencies (CBDCs) are private, safe to use, and free of money laundering, terrorist funding and other illicit ties.


Since the introduction of Facebook’s Libra in 2019 and China’s unveiling of a digital version of the yuan, financial institutions have felt pressure to explore bank-issued digital assets. According to John Jeffries—chief financial analyst at the Silicon Valley-based CipherTrace—central bank digital currencies have several advantages to them, as they provide banks with immediate control over their monetary policies and they lower the costs of managing cash.



There is also great fear among central banks, he says, that Libra or China’s digital yuan could potentially become default reserve currencies or gain too much economic influence. At the moment, 80% of the world’s central banks, including the UK, France, India, and Russia, are already working on plans for bank-issued digital currency.


CipherTrace, initially funded by DARPA and the US Department of Homeland Security, believes most banks will ultimately issue CBDCs within the next five years. And its new initiative aims to enable these currencies with “customizable mechanisms,” so they can be trusted by financial institutions, government agencies and consumers alike. 



But balancing compliance with security and privacy is no small feat.



In an interview with Decrypt, Jeffries explained that CBDCs should not be used to spy on users, and it will be critical to defend consumer privacy while protecting both individuals and institutions from harm due to illicit activity.



“Blockchain analytics have the power to identify illicit activities that should not remain anonymous, thus enabling privacy-be-default for all other transactions,” he said. “Privacy-enabled CBDCs should be designed to protect [revelatory] details and only enable authorities to view transaction details on large or suspicious transactions,” said Jeffries.



To achieve privacy-by-default, Jeffries said CBDCs should have a “protected” mode, but consumers ought to also be able to reveal their data for tax reasons, as well as to prove custody. Governments and law enforcement should only be allowed to request access to transaction details for legitimate legal investigations via subpoena or mutual legal assistance treaty (MLAT), he explained.





In other words, transactions should only be unshielded by regulators and financial authorities when blockchain analytics reveals that digital assets have been used in illegal acts, according to Jeffries. Regulators can use risk profile monitoring to identify which digital asset companies and wallets are participating in illicit activities before unmasking transactions, he said.



CipherTrace is already seeking to form close working relationships with banks around the world. Last month, it launched Armada, a tool built to identify risks associated with virtual asset service providers (VASPs) and prevent banks from becoming unknowing participants in illegal financial schemes.



According to the blockchain analytics firm, banks already unknowingly process $2 billion in crypto-related transactions each year.

##Tim Draper’s Reason for Bitcoin Hitting $250,000 Receives 'Practical Support'

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Yuri Molchan


Last year, billionaire Tim Draper shared one major reason why Bitcoin would surge to $250,000 within two years, now his statement seems to be finding support





In December 2019, in one of his interviews, the billionaire, global investor and Bitcoin advocate Tim Draper doubled down on his forecast regarding the Bitcoin price in the near future.



He again stated that BTC would be worth not less than $250,000. Earlier, he mentioned that this was even a conservative prediction.



However, the trigger that would take Bitcoin as high as $250,000 by 2022-2023, according to Draper, now is confirmed by those who have a direct connection to it – women.




Women to drive Bitcoin adoption forward
The prominent Bitcoin advocate Tim Draper earlier several times predicted that by 2022-2023 Bitcoin would hit the astronomically high level of $250,000.




Back in December 2019, he stated that a wide Bitcoin adoption would be achieved thanks to women getting involved. As the main reason, Draper mentioned that around eighty percent of shopping is done by them.




However, as per Draper, only one wallet out of fifteen belongs to a woman. So as soon as they realize that paying with BTC is cheaper than using bank cards, the adoption is going to boost, as well as the price. He said:

“I think the flood gates are about to open because it turns out that women do about 75-80 percent of the shopping and only 1 out of 15 Bitcoin wallets is held by a woman. So once women realize they are wasting 2.5-4 percent every time they swipe their credit card they will definitely be starting to look for a better solution