Úno 22

Bitcoin Price Under $10k As Big Resistance Triggers ‘A Few Days Of Bears’

· February 22, 2018 · 10:30 am

Bitcoin price dropped below $10,000 again Thursday as analysis warns traders to prepare for “FUD” from detractors.


$11,700 The Target To Beat

Data from Bitstamp showed a sudden $500 dip over three hours, taking Bitcoin from around $10,300 to current lows of $9677.

Having traded as high as $11,762 this week, markets appeared to encounter a lack of support closer to $12,000 Wednesday, creating a rapid drop and reversing gains which began around February 17.

“We’re seeing some weakness; this is not good,” analyst Tone Vays told viewers during a Bitcoin weekly chart performance analysis Thursday.

Others mirrored the sentiment behind a temporary fresh downturn, with the altcoin trader known on Twitter as Squeeze forecasting that “bears are likely to take over for a few days.”

Bitcoin’s turbulence continues to have a more profound effect on altcoin markets. A glance at the top 50 assets tracked by Coinmarketcap shows declines in line with Bitcoin but around 30% steeper in the past 24 hours.

Ripple, Bitcoin Cash, Litecoin and others in the top ten all lost around 13%.

Sore Losers Wait For Cashout

“This rebound took a lot of pressure off of BTC owners, but we will start running into overhead resistance,” Jani Ziedins of Cracked.Market meanwhile said in a research note quoted by MarketWatch.

“Many premature dip-buyers jumped in between $12k and $15k and we should expect many of those regretful owners to sell when they can get their money back. Their selling will slow the assent over the near-term.”

The lackluster performance of Bitcoin so far in 2018 has also served to temper the outlook for some of the community’s most ardent proponents.

Ronnie Moas, who led the charge of the bulls during the all-time highs in December 2017, most recently stated the likely finishing point for BTC/USD at the end of this year would now be around $28,000 – nonetheless a record high in itself.

What do you think about Bitcoin’s price dip? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

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Úno 20

South Korea to ‘Support’ And ‘Encourage’ Crypto Transactions – Regulator Chief

· February 20, 2018 · 9:30 am

South Korea will “encourage” banks to interact with cryptocurrency exchanges, regulators have said in a surprising development in the country’s narrative.


Choe: We Want ‘Normal’ Transactions

As local news media outlet Yonhap News Agency reports Tuesday, Choe Heung-sik, governor of the Financial Supervisory Service, has announced government organs will “support” all legitimate transactions in the cryptocurrency trading space.

The comments were delivered during a meeting which included representatives from South Korea’s exchange industry.

The emphasis appeared to be on legal versus illegal transactions, with the promise of support “if normal transactions are made.”

South Korea Issues Ban on ICOsChoe’s hinting at a more open-minded stance from Seoul going forward forms part of a recent departure from lawmakers’ harsher words which caused public outrage in recent months.

Since December, talk of an outright ban on cryptocurrency exchanges had metamorphosed into a ban on anonymous trading. This was then joined by plans to create a Japan-style exchange licensing system, constituting an about turn in the space’s legal prospects.

Turbulence As Police Investigate Official Death

Despite the rapidly-changing landscape, however, Yonhap notes the general atmosphere of confusion and hesitation on the part of exchanges themselves to embrace the current market.

“Currently, local banks have been reportedly reluctant to open virtual accounts for cryptocurrency trading amid the government’s crackdown,” it adds commenting on the teething problems witnessed following the anonymous trading ban when it became law January 30.

On Monday, the government released data showing South Korea’s exchanges generated taxable revenues amounting to almost $650 million in 2017. Taxation, hastily enacted last month and worth 24.2% of that figure, is due for payment by the end of April.

At the same time, a more solemn development this week saw Jung Ki-joon, the official working on future cryptocurrency treatment plans suddenly die of a heart attack. Police investigating the event have since announced a more in-depth review will be carried out.

What do you think about Choe Heung-sik’s plans for cryptocurrency treatment? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

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Úno 19

Billionaire Calvin Ayre is Building a $100m Bitcoin Cash Resort in Antigua

· February 19, 2018 · 9:45 am

Soon, wealthy tourists looking to live large in the Caribbean will be able to reserve rooms at controversial billionaire Calvin Ayre’s resort in Antigua — if you’ve got the Bitcoin Cash.


A ‘Novel and Exciting Concept’

The billionaire founder of the Ayre Group and the Bodog entertainment brand, Calvin Ayre, is reportedly building a $100 million five-star resort on Antigua’s Valley Church beach — funded entirely by profits made from investments in digital currencies.

Antigua

The prime minister of Antigua and Barbuda, Gaston Browne, is excited by the news, as the islands have long been supportive of cryptocurrency. Browne says of the project:

We expect the resort’s novel and exciting concept to broaden Antigua and Barbuda’s tourism product and bring a new category of tourists to our islands. We look forward to working with Mr Ayre on this resort and the many other investments he has made in Antigua.

Calvin Ayre, officially known as “his excellency” on the Caribbean islands where he holds the title of special economic envoy, says:

This resort will attract a totally new market segment of tourism on the island — successful wellness-seekers who also want to have fun. The property will not be an all-inclusive destination. Instead, its amenities will be available to residents of Antigua and Barbuda and visitors alike.

Bring Your Bcash

Unsurprisingly, Ayre’s resort will accept Bitcoin Cash at point-of-sale terminals on the property.

Unaffectionately known as Bcash, the controversial cryptocurrency forked from Bitcoin on August 1st, 2017, and has sparked debate amongst cryptocurrency enthusiasts ever since — with some calling it a get-rich-quick scheme primarily profiting from the unnecessary confusion of others by co-opting the Bitcoin brand.

MillionBitcoinCash - Updated POW & POS Technology With Low Fees with limited Coins

Ayre and Bcash bull Roger Ver are arguably the two biggest proponents of the forked cryptocurrency, claiming the Bcash blockchain is vastly superior to all other blockchains — despite little evidence to support such a claim.

Of course, Ayre himself is no stranger to controversy.

In 2012, Ayre and three other individuals were indicted by the US Attorney for Maryland on charges of illegal gambling and money laundering, leading to the billionaire evading authorities for nearly a decade.

In 2017, however, Ayre got off easy by pleading guilty to a single misdemeanor charge, while the remaining felony charges against him were dropped. According to Forbes, Ayre never came to the US to face the charges.

Would you be interested in spending cryptocurrency while on vacation in the Caribbean? Would you prefer that such cryptocurrency wasn’t Bcash? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives.

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Úno 18

The New Normal: Cryptocurrency Goes Mainstream This Tax Season

· February 18, 2018 · 7:30 am

Until quite recently, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us.


[Editor’s note: This is a guest article by Mario Costanz, CEO of Happy Tax]

Virtual currencies exploded onto the investment scene last year, due in large part to the astronomical rise in the popularity of Bitcoin and its many successors. Interest in this exciting new investment shows no signs of slowing, and soon cryptocurrency will be as ubiquitous as the other traditional securities traded daily on Wall Street.

Until quite recently, however, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us.

The attention that virtual currencies are receiving from federal and state regulators is a positive sign that this innovative technology is heading towards the mainstream. Of course, it has a long way to go until it gets there. In the meantime, however, cryptocurrency investors need to accept the reality of growing government oversight.

Paying Cryptocurrency Taxes is Not Optional

Bitcoin emerged from an anonymous source far on the fringes of the internet nearly a decade ago. For a time, cryptocurrency traders enjoyed an investment environment free from government oversight. This has caused many investors to turn a blind eye to increasing regulation, particularly from the Internal Revenue Service.

Tax liability for virtual currency investments is still a bit of a gray area in many respects, and new laws and policies are sketching out the boundaries. However, one thing is absolutely clear: if you trade cryptocurrencies, you must report your activity to the IRS.

Internal Revenue Service (IRS) Asked to Provide a Clearer Cryptocurrency Tax Framework

To the great dismay of many early virtual currency investors, the IRS declared virtual currencies to be taxable capital assets back in 2014. Like other capital assets, cryptocurrencies are subject to the capital gains rules. The tax rate depends on how long you held your coins before you sold them, as well as the price you bought in and the price you sold out. If your capital losses on your cryptocurrency investments exceed your capital gains, you can claim the loss as a deduction on your income tax returns, up to $3,000.

In other words, the same rules apply to cryptocurrency investors as taxpayers who trade stocks and other securities. This sounds simple enough for any seasoned trader, but unfortunately, things in the cryptocurrency world tend to get complicated quickly.

Most securities are used only in straightforward buy-and-sell transactions. However, cryptocurrencies are also intended to be used to purchase goods and services. Contrary to the popular belief – and wishful thinking – of many cryptocurrency investors, cashing out of your virtual currency investments isn’t the only taxable event in the lifespan of your investment. Rather, tax liability arises whenever cryptocurrencies are traded for other coins, cashed out into fiat currency, or used to purchase goods and services. So, for example, if you buy a new couch on Overstock.com using bitcoin, your purchase will be subject to capital gains tax in addition to any sales tax that may apply.

Paying Crypto Taxes Using Cryptocurrency

This type of double-taxation poses a real challenge to the integration of cryptocurrency into retail payment systems. Fortunately, however, it isn’t all bad news. Just last week, the Arizona State Senate passed a bill allowing residents to pay their state income taxes using “Bitcoin, Litecoin, or any other cryptocurrency” allowed by the state revenue department. While the bill still needs to go through the Arizona House of Representatives before it becomes a law, it represents a landmark moment in the cryptocurrency world.

The Arizona bill has been received with a mix of enthusiasm and skepticism. On one hand, the inherent value of cryptocurrencies is still up in the air. Virtual currencies have become legendary for their volatility. The price of Bitcoin more than doubled in the last two months of 2017 before falling again to half its value in the first two months of 2018.

Bitcoin Taxes

Well-known cryptocurrency critics, like Warren Buffett and JPMorgan Chase CEO Jamie Dimon, claim that cryptocurrencies offer little to any market value and that current market prices are fueled entirely by speculation. On the other hand, the blockchain technology that supports the virtual currency market is a groundbreaking innovation that has the potential to change the way people use money entirely.

The fate of the Arizona law is now in the hands of state representatives, and it remains to be seen how the saga will unfold. It’s a bold legislative move that may be tossed aside by the state’s more conservative House of Representatives. However, it’s also a sign of the times. Arizona recognizes the potential value of virtual currencies as a technology, not just a security or replacement for traditional cash.

As a result, the state is posturing itself as a cryptocurrency-friendly market in anticipation of greater adoption of virtual currency technology and its derivatives. While the long-term viability of any virtual currency remains to be seen, the integration of cryptocurrency into government revenue streams is a positive sign for the future of this exciting new technology.

Will you be paying taxes on your cryptocurrency income this season? Let us know in the comments below!


Images courtesy of HappyTax, Shutterstock 

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Úno 17

Chicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency

· February 17, 2018 · 10:30 am

A Chicago trader is facing up to 20 years in prison for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer.


Most 24-year-olds would be quite happy to be attached to a new cryptocurrency unit for a major financial entity. That’s not a bad career path for someone who previously worked as a cryptocurrency trader in South Korea before joining Consolidated Trading LLC to become an assistant bond trader in July 2016. A new department looking to dive into the burgeoning crypto world is a great stepping stone for moving up. That is unless that person is a degenerate gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.

Chicago

Stealing Begins Almost Immediately

The cryptocurrency group was created by Consolidated in September 2017, and Joseph Kim joined the unit sometime during that month. He had his own personal cryptocurrency accounts, which he informed his employer of, and he was told to cease all personal trading to avoid a conflict of interest.

However, Kim transferred 980 litecoins (worth $48,000) on a weekend shortly after joining the new unit. When a supervisor found out, Kim said he transferred the coins to a “personal digital wallet for safety reasons” due to issues he was having with Bitfinex, the cryptocurrency exchange in Hong Kong. He then said that the coins had been transferred to a Consolidated wallet (which was untrue).

In November, the trader then sent 55 bitcoins (value of $433,000) from Consolidated into an unknown account. When confronted on this transfer, Kim said that the transfer had been blocked and that he was taking steps to unblock it. He later sent back 27 bitcoins into the corporate account, leaving 28 in his possession.

The Sizes Get Bigger

Eventually, Kim transferred 284 bitcoins (worth $2.8 million) from the company’s account into a personal wallet. He later sent back 102 of those coins into the Consolidated account, after which he then transferred the remaining 182 coins into a different account. Of that last amount, Kim lost a portion of it by personally trading.

Cryptocurrency gambling

When eventually confronted over all the transfers, Kim admitted to investing in short future positions using 55 bitcoins. He continued stealing cryptocurrency from the company to cover his margin calls, losses, and personal investments. After being arrested, Kim said that he was a degenerate gambler and admitted to converting the stolen Litecoin into Bitcoin for investment purposes.

Eventually, Consolidated managed to recover roughly 144 bitcoins from Kim’s various personal wallets. The financial company lost about $603,000 overall from the rogue trader’s gambling addiction.

In an email to his superiors at Consolidated, Kim said:

It was not my intention to steal for myself. I was perversely trying to fix what I had already done. I can’t believe I did not stop.

Investment gambling is real, and cryptocurrency is just a new avenue for some to indulge in the practice. The US Attorney has charged Joseph Kim with wire fraud, which could net him up to 20 years in prison. Kim has also made history, of a sort. He’s the first person in Chicago to be charged with wire fraud in regards to cryptocurrency.

Do you think that we’ll see more cases of traders pilfering cryptocurrency to fuel their gambling addiction in the future? Let us know in the comments below.


Images courtesy of Pixabay and Bitcoinist archives.

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Úno 16

Optioment Bitcoin Scam Triggers Europe-Wide Manhunt

· February 16, 2018 · 10:30 am

After possibly thousands of investors got burned by arbitrage-trading company Optioment last year, Austrian authorities have asked Interpol to help track down the fraudsters responsible for the Bitcoin scam.


Another Bitcoin Scam Burns Buyers

European authorities are on the hunt for criminals involved in defrauding thousands of individuals and losing over $100 million worth of investors’ Bitcoin.

According to reports, Optioment ran a now-defunct website while holding large-scale events in Austria — in which the company advertised itself as a “private Costa Rica-based Bitcoin fund” promising unrealistic returns. Law firm Lansky, Ganzger & Partner claims Optioment promised weekly interest payments upwards of 4 percent on long-term Bitcoin deposits, with the added incentivization of inviting new users.

Optioment apparently paid out returns on a timely basis at the beginning of its operation, which boosted investor confidence and encouraged users to reinvest in the scheme. Sometime around the massive bull run in November and December of last year, however, the returns stopped coming, and the fraudulent scheme collapsed.

Spokeswoman Christina Ratz told Bloomberg that prosecutors in Vienna are consolidating “hundreds of complaints” against the fraudulent company, and Die Presse originally reported that upwards of 10,000 individuals have been victimized, resulting in roughly 12,000 lost bitcoins — currently worth an estimated $118.5 million at the time of this writing.

Interpol

According to Bloomberg, no arrests have yet been made, but Interpol has been asked to investigate individuals in Denmark, Latvia, and Germany.

Reinforcing European Rhetoric

The hunt for Optioment’s operators comes at a time when some European countries are calling for a crackdown on cryptocurrency.

French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier have gone on record to state that cryptocurrencies are risky for investors and threaten long-term global financial stability.

British Prime Minister Theresa May has also expressed concerns over cryptocurrency’s criminal usage, stating that she is looking “very seriously” at cryptocurrencies “because of the way they are used, particularly by criminals.”

EU

Additionally, European Central Bank board member Yves Mersch has recently stated that cryptocurrencies are “not money, nor will they be for the foreseeable future.”

Most recently, the European Supervisory Authorities (ESAs) have also recently issued a press release warning consumers of the dangers associated with buying cryptocurrency.

Do you think scams like Optioment are permanently damaging the reputation of cryptocurrency in Europe and around the world? Let us know in the comments below!


Images courtesy of Wikimedia Commons/@Plani and Bitcoinist archives.

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Úno 10

France & Germany ‘Threatened’ by Bitcoin, Want Global Crypto Crackdown

· February 10, 2018 · 9:45 am

With Bitcoin and other cryptocurrencies finally bouncing back after a steep correction to start the new year, finance ministers in France and Germany are looking to shut down the party by calling for a crypto crackdown.


France and Germany ‘Threatened’ by Cryptocurrency

French and German finance ministers continue to call for strict regulation on Bitcoin and other cryptocurrencies.

According to reports, French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier signed a letter to fellow G20 finance ministers, in which they claim cryptocurrencies are not only risky for investors but also threaten long-term global financial stability. They write:

Given the fast increase in the capitalization of tokens and the emergence of new financial instruments … these developments should be closely monitored.

They also claim that cryptocurrencies “are currently largely mislabeled as ‘currencies’ in the media and on the internet,” creating a “lack of clarity” which “can only fuel speculation.”

Bitcoin Germany

The finance ministers additionally claim to be the good guys, looking out for newbie cryptocurrency investors who aren’t quite sure what they’re getting themselves into, writing:

… the buildup of individual exposures to such volatile tokens could have damaging consequences for misinformed investors who do not understand the risks they are exposing themselves to.

Of course, these sentiments can easily be interpreted as authorities from traditional financial institutions feeling the mounting pressure from a rapidly increasing and ever more popular cryptocurrency market, which very much aims to disrupt traditional financial structures.

FUD, FUD, and More FUD

Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier are not alone in expressing fears over Bitcoin and cryptocurrency. Other individuals from traditional financial institutions are also voicing their concerns.

European Central Bank board member Yves Mersch expressed his negative opinion on Thursday, stating that cryptocurrencies are “not money, nor will they be for the foreseeable future.”

ECB EU

Additionally, Bank for International Settlements head Agustin Carstens expressed his deep-rooted fears, begging central banks to shut down Bitcoin—claiming cryptocurrencies are “piggybacking” on established institutions and becoming a “threat to financial stability,” stating:

[Bitcoin is] a combination of a bubble, a Ponzi scheme and an environmental disaster.

Now that’s some serious FUD.

What do you make of French and German finance ministers calling for a global cryptocurrency crackdown? Does this worry from mainstream financial institutions signal their growing fear of Bitcoin? Let us know in the comments below!


Images courtesy of AdobeStock, Shutterstock, Bitcoinist archives.

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Úno 09

Shark Tank’s Robert Herjavec: ‘Cryptocurrency is the Future’

· February 9, 2018 · 9:30 am

Investor Robert Herjavec of Shark Tank fame is a big proponent of cryptocurrency, predicting that it will eventually replace cash.


One thing you can say about the principals on Shark Tank, it’s that they are pretty bold in going after what they want. Investor and cybersecurity expert Robert Herjavec is also not shy on where he thinks cryptocurrency will go in the future. He recently told MONEY that we’ll see cryptocurrency eventually chase away the concept of fiat.

Shark Tank

Big on Blockchain

One reason why Herjavec is bullish on cryptocurrency’s future is that he’s a big believer in blockchain technology. He says that this new technology is an absolute game-changer that will revolutionize how businesses verify transactions. This viewpoint is shared by his Shark Tank compatriot, Mark Cuban.

Herjavec then goes on to add:

It’s going to have massive benefits for humanity, in all kinds of transactions.

As for virtual currencies, he says:

To me, it’s the wave of the future. Fast forward 25 years from now, there will be some form of a cryptocurrency that we will pay for electronically, and the concept of cash will go away one day.

bitcoin

Crypto Still Too Wild

While his comments above suggest that Robert Herjavec has bought his ticket for the cryptocurrency train and is picking a seat, he’s actually still not fully on board. He thinks virtual currencies are still way too volatile. He notes:

There’s no base for it. When I buy a house and it’s overpriced, I can live in it. There’s some fundamental value. The challenge with cryptocurrency is, it could go to zero. There’s no one exchange that is making them. Exchanges that sell them now can be hacked. We recently saw the largest breach ever — $500 million in 24 hours. If you had bought that exchange, it’s not that you’ve gone down 20% or 40%, you’ve actually gone to zero.

The exchange breach he references is, of course, the recent Coincheck hack. It is understandable for a businessman to be wary of any type of currency that can swing wildly in value from one day to another. Still, the ups and downs of crypto is what makes it so exciting to many people.

As for cryptocurrency replacing fiat in 25 years, that’s probably a bit of a stretch. It’s highly likely that virtual currencies will become as everyday as debit and credit cards are now, but cold, hard cash will probably be sticking around for some time.

Do you agree with Shark Tank’s Robert Herjavec that cash money will vanish in the future, to be replaced with some form of cryptocurrency? Let us know in the comments below.


Images courtesy of Flickr/@Disney | ABC Television Group and Bitcoinist archives.

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Úno 08

Cameron Winklevoss Predicts 40x Increase for Bitcoin ‘Someday’

· February 8, 2018 · 9:00 am

Bitcoin has come a long way since the time 10,000 coins were allegedly used to buy a pizza— and if you ask Bitcoin bull Cameron Winklevoss, the gold standard of cryptocurrency still has a long way to go.


‘It’s Actually a Buying Opportunity’

Today, one Bitcoin is worth just over $8,000 USD. But according to Cameron Winklevoss, investors can expect it to go up 40x “someday.”

Cameron made the bold prediction on Wednesday this week to CNBC at the Milken Institute’s MENA Summit while claiming Bitcoin is better than gold. He stated:

Taking bitcoin in isolation […] we believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity. Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. Its sort of equals a better gold across the board.


By Winklevoss’ logic, the argument that digital gold is actually superior to physical gold means the total market capitalization of Bitcoin should match, if not surpass, that of gold. He explained:

So if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very under-appreciated asset.

Whether or not Bitcoin is better than gold has been an especially contentious debate as of late. The World Gold Council has even published a report which claims Bitcoin could undermine central banks.

Skin in the game

Of course, the twins’ view is not an unbiased one. Since both brothers hold a significant quantity of bitcoin, and recently became one of the first Bitcoin billionaires, they do have a skin in the game when it comes to the success of the world’s first cryptocurrency. 

Tyler Winklevoss has also come to Bitcoin’s defense against critics like J.P. Morgan CEO Jamie Dimon, Warren Buffett, and Goldman Sachs.

Dimon Nowhere To Be Seen

Dimon infamously called Bitcoin a “fraud,” while investing giant Buffett has claimed cryptocurrency “will come to a bad ending”—despite admitting he doesn’t really understand the technology. Goldman Sachs has even gone so far as to claim that most cryptocurrencies will drop all the way to zero.

“You know the criticisms are just a failure of the imagination,” said Tyler Winklevoss.

Do you agree with Camron’s prediction? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock

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Úno 07

This European Royal Family is Looking to Invest in Bitcoin

· February 7, 2018 · 9:00 am

The Crown Prince of Liechtenstein, a tiny country in central Europe, has expressed interest in investing in alternate asset classes, specifically Bitcoin.


Crown Prince Eyes King of Crypto

Nestled between Switzerland and Austria, Liechtenstein is a German-speaking micro-state headed by the Price of Liechtenstein, but most of the actual power is held by his son Crown Prince Alois. During the aftermath of the World War II, the once great family was forced to sell their stunning art collection to stay afloat.

Now, with their finances in check and the collection well into the process of being rebuilt, the family is looking to venture into new investments, something even as volatile as Bitcoin. He’s hoping that investing in this new digital economy will one day restore his family’s wealth.

Crown Prince Alois told CNBC:

Particularly with this whole new digital economy, it is something to look into more into in the future.

The Crown Prince acknowledged that cryptocurrencies were still extremely risky. However, the technology behind many cryptocurrencies, the blockchain, could be used to streamline some industries including Liechtenstein’s government operations.

He mentioned that the royal family did not have experts on hand to handle the murky waters of digital assets, but that could change in the future.

Big Players Stepping In

After Bitcoin’s insane bull run in the last few months, lots of companies and even some governments have started to take notice of Bitcoin and blockchain technology.

Several governments such as Japan and Venezuela have announced plans to develop their own state-sponsored digital currencies, while huge corporations like Facebook and Starbucks look to possibly integrate Bitcoin and other electronic currencies into their existing infrastructure for payments.

Registration Allows Access To 'Free-To-Use Cryptocurrencies'

People are quickly starting to realize that, despite the price swings, Bitcoin isn’t going away. And those who don’t pay attention to the revolution will be left in the dust.

The value of Bitcoin and distributed ledger technology is yet to be realized, and as more old money piles in we’ll be able to see where this goes.

What do you think about this announcement? Do you think other governments will follow suit? Let us know in the comments below!


Images Courtesy of Pexels, Wikipedia, teinteresa.es

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