#Top Investors Bet $7 Million that DeFi Will Move to Polkadot Network

 

                 

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Polkadot continues to attract DeFi developers and investors alike as the newly-launched network looks to take on Ethereum.

Acala, a DAO established on the newly-launched Polkadot network, has announced a successful series A funding from 15 high profile investors, such as Pantera Capital, Arrington XRP Capital, ParaFi Capital, CoinFund, DCG, Spartan Group, and others. 

Santiago Roel Santos, Partner at ParaFi Capital, says: 

“At ParaFi, we envision a constellation of DeFi ecosystems spanning multiple chains and believe that would be a win-win for the broader crypto industry. Acala is our first DeFi investment in Polkadot, and one of our first outside Ethereum. We are encouraged by the pace of development and innovation by Acala and are excited to join the team in their journey to become the primary DeFi hub of the Polkadot ecosystem.”

The investment is a simple agreement for future tokens (SAFT) deal and was led by Pantera Capital. According to Coindesk, the total amount raised is around $7 million.

Acala is a financial primitives platform that will provide an alternative infrastructure for DeFi on Polkadot’s multi-chain ecosystem. The Acala platform will feature a MakerDAO-like governance structure with split governance (ACA) and stablecoin (aUSD) tokens on the Polkadot network. 

However, it plans to go beyond MakerDAO’s current capabilities with a decentralized exchange (DEX) on top.

The need for a fast and cheap blockchain is rising, as Ethereum-based DeFi continues to be an unattainable investment for small retail investors. The rising gas fees are just one example of this, and may ultimately result in an investor migration from Ethereum to Polkadot. 

Regardless of the short term implications of Polkadot’s launch and Acala’s fundraising success, in the long run, Ethereum competition is extremely beneficial for everybody involved in crypto.

###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,”

## ##Analyst:If Ethereum Fails to Rally Now, It May never be able To

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Ethereum’s price has seen a notable rebound from its recent lows, but it still remains caught within its wide multi-week trading range


Its present lack of strong momentum has been surprising to many investors, as it has been garnering massive utility in recent times



This has led one prominent data analyst to explain that it’s becoming “do or die” time for ETH


He notes that a failure for it to post a swift rally in the near-term could throw a wrench in its chances of seeing any type of intense upwards momentum in the years ahead


Ethereum’s price action in recent times has been closely associated with that of Bitcoin. This has caused to fall into a massive trading range between $230 and $250.



Earlier this week the cryptocurrency did face some intense momentum that caused its price to decline down below the lower boundary of this trading range. From here, however, buyers stepped up and catalyzed some intense buying pressure.



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ETH has been under the spotlight as of late, primarily due to the explosive popularity of DeFi.




Despite seeing a massive growth in utility and usership, its price has not yet reflected this.




That’s why one prominent data analyst is noting that it is now or never for Ethereum to see an intense rally.



ETHEREUM’S FUNDAMENTALS GROW STRONG, BUT PRICE REMAINS STAGNANT 



At the time of writing, Ethereum is trading up under 2% at its current price of $242. This marks a notable surge from recent lows of roughly $230 that were set yesterday.




It also marks a climb from lows within the $220 range that were set last week.





This upswing came about in tandem with that seen by Bitcoin and has not been enough to propel the cryptocurrency past its key near-term resistance that sits around $250 to $255.




There are many strong fundamental factors currently working in Ethereum’s favor, despite these not being reflected in its price.





Avi Felman, the head of trading at BlockTower Capital, explained in a recent tweet thread that there are only a few risks to this fundamental strength.





“Some wrenches: 1. Wrapped BTC could become widely used, proving that no one cares about ETH if btc is available 2. A very volatile BTC could hurt the ETH/BTC pair 3. While there is locked ETH, most new locked assets are actually stablecoins,” he noted.



WHY IT IS VITAL FOR ETH TO RALLY IN THE NEXT SIX MONTHS 

Ceteris Paribus, a respected pseudonymous data analyst, recently noted that it is vital for Ethereum to rally in the coming six months.



He points to a few key factors to warrant this

##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.

##$22 billion fund manager says buy Gold, Bitcoin as bond markets fail as a hedge after U.S. Quant Easing

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The ongoing COVID-19-pandemic has served as a defining point of modern financial markets.



The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.




Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.



No government bonds, buy Bitcoin



Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.



The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.



Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:



The U.S. and global indices are close to all-time highs, after an initial dip in March, even as virus casualties, global unrest, and unemployment linger on. To combat, some billionaire fund managers like Paul Tudor Jones have called out the instability in global markets and purchased Bitcoin futures as a hedge against possible hyperinflation.



Now, a $22 billion rated fund manager is starting to recommend cryptocurrencies as a hedge alongside gold, for numerous reasons apart from currency risk.





No government bonds, buy Bitcoin



Paul Britton, CEO of Capstone Advisors in New York, believes the decades-old strategy of holding government bonds to balance equity risk may have run its course. His main reason; the U.S. Federal Reserve lowered interest rates to zero, allowing many to access technically “free” money to eventually purchase equities and pump markets.




The change has huge implications. Fiat currencies like the U.S. dollar have been exposed to inflation and long-term risk. Reports also suggest equity markets are now dominated by retail traders instead of hedge funds and banks, causing dislocation in prices and a deviation from fundamentally-derived intrinsic value.

Some institutions have already started storing Bitcoin and Ether, presumably for risk protection:





However, with no access to cutting-edge risk tools that institutional investors apply, retail traders have been left “defenseless,” having little apart from equity options on IB or Robinhood to protect against risk. Hedge funds are facing trouble as well — the lack of positive government bond yields has made prosperous environments a distant dream. 



Britton states the old 60/40 portfolio approach — one that includes treasury bonds to serve as insurance against equity risk — has plunged into “double jeopardy.” Dying or negative yield, has left equities as the only source of capital gains. And the latter is now under risk as well. 


Meanwhile, the volatility hasn’t put off all investors. Paul Tudor Jones II, the famed billionaire fund manager, invested over $70 million in Bitcoin futures last month. Others, like Jim Simons’ of the famed Renaissance Technologies, are also reportedly eyeing the crypto market to capture and profit from volatility. 

One part of the allure towards Bitcoin comes from reaping crazy, once-in-a-lifetime type returns. The other, however, is a bit more sinister. As Jones puts it, crypto provides a definite hedge against the “massively” inflated equity and currency market.

##Microsoft builds identity system that runs on Bitcoin

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The tech corporation promised that its ION identity system’s users will always retain control over their own data.




In brief

Microsoft launched its decentralized identifiers network on Bitcoin's blockchain.


Dubbed ION, the network is a second-layer solution on top of Bitcoin's mainnet.


ION is using Bitcoin’s linear block chronology as its consensus mechanism.


IT giant Microsoft has announced the launch of its open-source decentralized identifiers (DIDs) network, dubbed ION, on Bitcoin’s blockchain.


The technology allows users to create decentralized digital credentials—such as driver’s licenses or university diplomas—that could 
be used to identify them online. Alternatively these credentials could be used to log them into websites and apps. Additionally, DIDs’ decentralized nature ensures that people have full control over their data.





“We’re thrilled to see ION make the leap to Bitcoin mainnet for its public beta. ION is an open, public, permissionless ‘Layer 2’ network built on open source code that anyone can review, run, and contribute to,” said Daniel Buchner, one of the developers of the Sidetree protocol, on June 10.



DIDs are a new type of identifier that enables verifiable, decentralized digital identity. For example, “a DID identifies any subject (e.g., a person, organization, thing, data model, abstract entity, etc.) that the controller of the DID decides that it identifies,” according to one of the drafts published on the World Wide Web Consortium’s website.



Buchner added that ION was designed from the start to “operate independently of centralized parties and trusted intermediaries,” including Microsoft. As such, the network doesn’t rely on special utility tokens, trusted validator nodes or additional consensus mechanisms since “Bitcoin’s linear block chronology is the only consensus” ION requires, he continued.


Since the keys for your DIDs never leave your hands, and all ION operations are signed locally on your device, you have the assurance that only you can modify the state of your DIDs, no matter how you choose to interact with the ION network,” he noted.


Currently, ION’s users can already create their own DIDs and use OpenID Self-Issued DIDs to authenticate with sites, apps and services that support the corresponding specification. Additionally, companies and other entities could use ION to issue digital verifiable credentials to their users.



In the coming months, ION developers plan to grow the network’s community and garner additional feedback and contributions, including new use cases and hackathons. Users can track the project’s progress in Sidetree’s and ION’s repositories on GitHub. This all leads up the launch of the final version, this fall.

##Binance goes live with quarterly Bitcoin futures

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Crypto exchange Binance has expanded its futures offering to support quarterly Bitcoin futures. But it warns, it could be risky.



In brief


Binance has launched quarterly futures contracts.


This marks its latest expansion into the derivatives market.


Binance has quickly gained market share.




Crypto exchange Binance today launched quarterly Bitcoin futures.  The addition marks Binance’s latest expansion into the crypto-derivatives market, an area in which the firm is quickly gaining market share. 


Futures trading allows traders to bet on the expected price of Bitcoin at a moment in the future. Traders can go "long," expecting the price to go up, or "short," for it to go down.



Binance has offered futures contracts since 2019, but these were perpetual contracts that can mature (end) at any point. By comparison, quarterly futures end on the last Friday of the corresponding three-month period.



Just like the perpetual contracts, the quarterly Bitcoin futures contracts offer leverage of up to 125x. This allows traders to amplify their trades—increasing their potential winnings and losses.



Binance gets into derivatives


“We are a late-comer to derivatives,” Binance CEO Changpeng Zhao told Decrypt. But the giant crypto exchange has quickly muscled its way to the front. A report by CryptoCompare last week showed that derivatives volumes on Binance are the third-largest in the industry, behind Huobi and OKEx. In the last 24 hours, $2.42 billion was traded on its futures exchange, also ranking third in the market, according to data from Skew Analytics.



In May, Binance’s derivatives share increased by 58% compared to the previous month, according to CryptoCompare, and Binance reports a 217% increase in institutional client volumes compared to the previous quarter. 



Zhao said that Binance offers institutional investors its big name brand, security and lower fees. “Binance is one of the strongest brands in the industry already, and also has the highest number of VIP and institutional investors in the market,” he said, adding, “We invested heavily in security to prevent risks of hacking and also have a SAFU fund to ensure funds are safe in Binance.” SAFU is one of Zhao’s favorite phrases. It means that funds are insured in case of a hack. 



Zhao also touted Binance’s stability, both “in terms of both system stability and available liquidity.” In "high volatility days where other platforms suffered from system stability and/or liquidity crunches, Binance performed with little issues," he said.


In February, Binance's spot exchange struggled with performance issues when Bitcoin's price rose, even though the exchange was "stress-tested...like crazy in our test environments,” Zhao said at the time. Binance suffered no such problems later in the year, even though peak trading volumes have surpassed levels observed at the time of the performance troubles.

#New film to show how the Winklevoss twins became Bitcoin Billionaires

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Cameron and Tyler Winklevoss are co-financing a film based on Ben Mezrich's Bitcoin Billionaires—the follow-up to the book that became The Social Network.



In brief


The Winklevoss twins are co-financing a film based on Ben Mezrich's book Bitcoin Billionaires.
Bitcoin Billionaires continues on from Mezrich's The Accidental Billionaires, which was adapted into 2010 film The Social Network, directed by David Fincher.



The new film will explore how Cameron and Tyler Winklevoss used money from a settlement with Facebook to make early investments in Bitcoin.


The Winklevoss twins will return to the silver screen in a film adaptation of Bitcoin Billionaires, author Ben Mezrich's follow-up to The Accidental Billionaires—the book that became 2010 film The Social Network.


According to a report from Deadline, Cameron and Tyler Winklevoss will co-finance the film, which picks up the story where The Accidental Billionaires left off—with the twins receiving a $65 million settlement from Facebook, which they went on to invest in Bitcoin during the early years of the cryptocurrency boom.




"Bitcoin is coming to the silver screen," Tyler Winklevoss tweeted as the news broke.



After The Social Network


Mezrich's The Accidental Billionaires, and the subsequent film adaptation, The Social Network, focused on Mark Zuckerberg's creation of Facebook. Cameron and Tyler Winklevoss took on Zuckerberg in a legal battle over code that he worked on for their rival Harvard social network, ConnectU; the twins subsequently won a $65 million settlement from Facebook, paid in cash and shares.


Bitcoin Billionaires, a New York Times bestseller, follows the Winklevoss twins as they're ostracized from Silicon Valley due to their public battle with Facebook, struggling to find firms who'll accept them as investors—before finally betting it big on Bitcoin.



The pair invest in the risky new venture of cryptocurrencies, encountering figures from the early days of Bitcoin such as Charlie Shrem and Erik Voorhees, and enduring shocks such as the Mt.Gox hack and subsequent crash of Bitcoin. Their perseverance pays off when Bitcoin's price surges and they launch their own venture, the crypto exchange Gemini.





Mezrich described Bitcoin Billionaires as a "second act" for the twins, with The Accidental Billionaires and The Social Network having cemented a view of them as privileged jocks that was "in need of revising." With Facebook now dominating the Internet and embroiled in scandals, Mezrich argued, "Zuckerberg's and the twins' roles as rebels and Evil Empire seem to have been reversed."



Who's making Bitcoin Billionaires?



The Winklevoss twins will team up with production company Stampede Ventures on the adaptation. In a twist worthy of Hollywood, Stampede Ventures is backed by former Facebook CFO and San Francisco 49ers co-owner Gideon Yu, who was CFO of Facebook at the time the company settled with the Winklevoss brothers.




The Winklevosses subsequently contested the settlement in court, asking a judge to undo their settlement with the company, arguing that they deserved more money. Although their initial settlement was worth $65 million, it appreciated in value to nearly $200 million as Facebook secured more funding rounds including from Asia’s richest man Li Ka Shing. After "careful consideration," however, the twins abandoned their attempt to undo the settlement.



Who could play the Winklevoss twins?

In The Social Network, director David Fincher cast Armie Hammer as both Winklevoss twins opposite Jesse Eisenberg as Zuckerberg; visual effects were used to enable Hammer to play both Tyler and Cameron.

##US Crypto Exchanges Are Booming Despite Economic Fallout

         

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Several crypto exchanges are seeing a massive growth in retail and institutional investors, particularly in the US.
The crypto industry is persistently moving forward despite the current situation. Several exchanges have been seeing a relentless growth in retail investors.



US-based Square’s Cash App reported its record-breaking financial quarter at the beginning of the year. A quarter of the company’s revenue was generated by the purchases of Bitcoin alone. Many other exchanges also saw the influx of retail investors. London-based financial services firm eToro started offering crypto trading services in April last year. Since then, the platform has gravitated a larger customer base comprising of crypto-investors, particularly from the US. eToro reported a 300-400% increase in crypto trading volume in the US since December, followed by a 270% increase in revenue. eToro’s Managing Director (USA), Guy Hirsch told Decrypt:

“We see [legitimization] across the board. The entire industry has seen a boom since the beginning of the year. Everything that’s happened with COVID-19, we see very strong resilience in cryptoassets, particularly Bitcoin, and an increase in interest from web searches, family and friends asking about it. I wouldn’t be surprised to see similar growth across the industry.”




The rising interest of retail investors seems to have created a ripple effect on institutional investors. Binance has seen steady growth in the institutional investors trading on the platform, with a 47% upswing of clients since 2019

##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.’

##Charlie Shrem: Bitcoin is a better bet than the Dollar

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A halving event along with a potent US stimulus package will only serve to lift the price of bitcoin, says the early Bitcoin advocate.



In brief


In 10 days, the bitcoin mining reward will drop to 6.25 BTC.


At the same time, the US is pumping trillions into the economy.


Combined, both these events could drive up the price of BTC, says Charlie Shrem.





The Bitcoin halving is mere days away and Bitcoin prices have been surging. Meanwhile, US dollars are getting pumped into the economy. So what's the better investment: Bitcoin or dollars? If you ask Charlie Shrem, he’ll tell you Bitcoin.


“The dollar is going down,” Shrem, one of the earliest of the Bitcoin entrepreneurs, said at Virtual Blockchain Week last night. 


“Therefore, the value of Bitcoin has to go up. So it is the people holding dollars who are the ones who are getting screwed.” 




What’s he talking about? Recently, the US government signed an unprecedented $2 trillion stimulus package to keep the economy afloat during the novel coronavirus pandemic. All that money is arguably backed by nothing, beyond the good graces of the United States of America.  



At the same time, the Bitcoin halving, an event that happens every four years, is around the corner. And by Shrem's reckoning, it's a signal feature of Bitcoin—a capped money supply—that makes the digital currency truly valuable.


On May 12, the Bitcoin mining reward—what people who run the system get paid for their computing efforts—will drop from 12.5 BTC to 6.25 BTC, to reduce the amount of new Bitcoin entering into the supply. Ahead of the halving, the price of BTC has shot up 30% in the last month to its current price of $8,700.


Mainly, Shrem believes, that's due to the sinking value of the dollar. “The value of Bitcoin has to go up, in relation to the dollar,” he said. “The ones who are holding bitcoin, now have double the purchasing power.” 



The argument for Bitcoin



Shrem is generally considered by Bitcoin maximalists to be one of the community's icons, pioneers, and martyrs. In 2014, when he was 24, he was charged with money-laundering criminals' Bitcoins on Silk Road, a black market for illicit goods, among other things. Silk Road was one of the first popular uses of Bitcoin.




More recently, he founded cryptocurrency “intelligence service” CryptoIQ. He also hosts a crypto podcast “Untold Stories.” 



Now, Shrem is popular on the speaking circuit, where he continues to evangelize for Bitcoin. During his appearance last night, he was more bullish than ever, thanks to the perfect storm of the pandemic and the pending halvening.


“It is crazy we have a halving during coronavirus,” he said at the virtual conference last night.



Since mid-March when the lockdowns began, 30 million Americans have filed unemployment claims. “All these people are starting to get their unemployment benefits, probably when they are going back to work, anyway,” Shrem speculated, suggesting that plenty of extra cash will soon be sloshing around in the system.



He thinks it could lead to a bull run. 


Stock market is for gamblers


In Shrem's eyes, the stock market is a metric for the government to manipulate, so people will think that everything is okay. “I don’t own any stocks for that reason,” he said.


As evidence, he finds it ludicrous that at a time when so many people are out of work, the stock market is hitting all-time highs. “How is this something we can correlate to how the economy is actually doing?” he asked.  


When one of the virtual conference hosts pointed out to him that the Bitcoin market is also manipulated, his response was basically, yes, but most Bitcoin traders are largely aware of the problem. After all, stories of whales manipulating BTC’s price are rampant.


Plus, he said, whenever anyone asks him about investing in crypto, his mantra is: Be careful. It’s crazy. "If someone tells me they want to get into crypto, I tell them it is a high risk, crazy, volatile," Shrem said.  



By contrast, if you call a friend about the stock market, they are likely not going to tell you that, he said. That’s because the stock market is generally pitched as a level-headed investment. 





Memories of house arrest


After pleading guilty to aiding and abetting the operation of an unlicensed money-transmitting business in 2014, Shrem spent 18 months in house arrest, unable to leave his parent’s Brooklyn home without a judge's permission. He also spent time in federal prison.




When asked how he was dealing with the current lockdown, Shrem, who is now married, and living in sunny Florida, compared it to that period of being under house arrest.




“My wife and I had to adjust to eating at home more often, not being able to go out,” he said. “When it first happened, we went into a full house-arrest mode. You can’t look at it as being stuck at home.”



He has been taking notes on peoples’ reactions to the lockdown around the country. Some states are pushing for more personal liberty and freedom, he said. (In Michigan, hundreds of people have broken the emergency orders to protest.)


And then, he said, reflecting back on his old stomping grounds, “you have places like New York where they love the government. They love Big Brother.” 

##Coronavirus: What Is The Impact On Cryptocurrencies?

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Since the outbreak of the global epidemic Coronavirus (COVID-19), It has become unclear the medium and long term impact it will have on crypto markets. To some end, we have seen a massive resurgence in crypto markets, where prices of ethereum, stablecoins, and bitcoin have shot up well over 30% in the past couple of weeks. The rise comes right off the heels of one of the worst crashes in the digital currency’s history where cryptocurrency value was being sold at half the price in a series of panicked sell-offs.




As we keep a close watch on cryptocurrency news and bearing in mind that the global epidemic is slowly reaching its peak, it is crucial to consider what impacts Coronavirus has had on crypto markets so far.




The Rise and Fall in Cryptocurrency Prices


A glance at the cryptocurrency trading over the past 4 months shows that the market has been highly volatile. Crypto markets have seen a boost as a result of the tensions between the U.S. and Iran and then gained arising from the fear of the coronavirus outbreak.




Notwithstanding its latest bull run at about $9, 620, it is yet to match its $20, 000 all-time high in late 2017. While it may be true, if we consider the dismal BTC trader deals early December 2019 up until late January this year, bitcoin’s recovery witnessed a 50% jump in price from $4, 000 to $6,000.




Similarly, other major cryptocurrencies, such as XRP, Ethereum, and bitcoin cash, made significant price gains as investors returned capital into digital assets. Still yet, analysts are cautious about attributing the benefits to the global outbreak. These fears are justified given that in late February, the price of bitcoin soared to about $8,000, and within a matter of hours, it had fallen more than 25% to $6,000.




Thus it remains questionable if cryptocurrency’s pandemic status eventually will appeal as a “safe haven” asset.




Cryptocurrency Conferences Cancelled


With the rapid spread of the virus, it became clear that COVID-19 had grown beyond being an internal problem in China. To this end, the first few blockchain conferences were immediately canceled against the backdrop of the Ethereum conference, where several prominent representatives in the cryptocurrency circle were “infected.”



Fast forward to early March of 2020, almost all blockchain conferences have been canceled or postponed until late summer/fall 2020 and some until further notice. Fortunately, with the aid of modern technology, some of these events can be held within the virtual space. In short, this is precisely the mood of communication agreed on by a majority of industry leaders even after the COVID-19 pandemic.



Raising Funds Becomes Difficult


With the declining prices in the IOC market, blockchain start-ups are now switching their focus to attract venture capital. Conversely, given the spread of the Coronavirus and the blanket of uncertainty over the global economic space, this method of attracting investors has suffered challenges. This is because private meetings have been curtailed, and investors are more careful in the investments they make now more than ever.




Gustav Christopher Wagner, founder, and CEO of market data provider Blockfacts emphasizes it aptly when he spoke on the difficulties blockchain start-ups are currently facing in raising investment funds. He states that as the Coronavirus becomes a global epidemic, interaction with potential investors has been reduced to virtual calls. Although venture capitalists are pleased to hold virtual meetings and provide close-range financing, there has been a decrease in money circulating the niche markets.



Remote Work Becomes Commonplace



Most start-ups, cryptocurrency projects, and their clients have interacted remotely from the beginning. In other words, the global need for working remotely has not caused any significant changes to the blockchain industry. Interactions have continued seamlessly without compromising the quality of communication between the parties.




Also, irrespective of variation in time zones, productivity input/output, and management of remote command crypto markets maintains effective communication. Even if the virus has hard-hit your workforce, the beauty of working remotely is that you can get a ton of useful services online.



For example, if you are in France (one of the hardest-hit countries) and run a cryptocurrency blog, the spread of the virus might have impacted on your work. You can get the best writing services from sites such as Pick The Writer or Writing Judge to keep your crypto blogs up and running.



Effect on Crypto Mining Hardware Supply Chain



Another impact the Coronavirus has had on the crypto market is the supply of crypto mining. More customers have experienced delays in shipment from crypto mining hardware manufacturers due to the coronavirus lockdown in China.




These crypto mining operations primarily require hardware and energy to operate, so they require spars management or human activity. However, mining manufacturers are limited by the need to either self-isolate or quarantine to curb the spread of Coronavirus. What this means is that since crypto mining is not considered as an essential service, the supply chain in getting equipment to consumers has been struck due to the factory and border closures.




The Stablecoins Benefit


One class of crypto that has greatly benefited from the spread of Coronavirus is Stablecoins. This class of cryptocurrency has witnessed an increased interest after the outbreak of the virus. The reason behind this is not far fetched from the fact that stablecoins have less price volatility in comparison to digital coins.




Also, people have more confidence in the future value of Stablecoins than in bitcoin or other digital currencies. Amid the growing pandemic, consumers across the globe are patronizing stablecoins. These stablecoins are used for trading in the crypto market activities, in addition to accomplishing a variety of tasks.



Conclusion


As events unfold, most analysts warn that the full impact of the coronavirus outbreak is yet to be felt. By both the traditional financial markets and cryptocurrencies markets. Despite these projections, there is the certainty of recovery.



While the possibility of an immediate recovery may disappoint many looking for quick riches, cryptocurrency digital asset class is here to stay. However, whether you are out to make some quick buck or wait till the market stabilizes, don’t forget to #StaySafe.