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Bitcoin Value Soars to $38,250 as Basel Committee Takes Note

Bitcoin Basel Committee

Rate this post Bitcoin prices have surged to $38,250, as the world’s most influential banking regulator Basel Committee proposed stringent capital controls for institutions with exposure to the flagship digital currency. The Basel Panel is looking to assign crypto assets to the highest risk category with a risk weight of 1,250%. The development comes at a time when consumer interest in the exploding crypto scene is rising with many financial firms offering transaction services in digital assets. Bitcoin Up by 5.1% in Light of Basel Committee Proposal Headquartered in Switzerland, the committee suggested dividing crypto assets into two categories: assets and stablecoins eligible for treatment under existing rules and cryptocurrencies like Bitcoin that cannot be treated under existing rules. While the panel hasn’t defined a timeline for the rules to take effect, it has invited stakeholders to offer their comments till Sep 10. The news pushed Bitcoin prices up by 5.1% to nearly $38,250 from $36,440. Millennial Millionaires Have 25% of their Wealth in Crypto Almost half of millennial millionaires have at least 25% of their wealth invested in cryptocurrencies. According to CNBC’s Millionaire Survey, nearly 47% of the respondents had more than a quarter of their entire worth parked in crypto assets. The results underlined the role played by the generation gap in investment decision-making. Young millionaires had spotted the potential in crypto markets at an earlier stage and capitalized on the burgeoning demand later. Meanwhile, older millionaires were unlikely to place their trust in cryptocurrencies.  Overall, 83% of American millionaires had none of their wealth tied to crypto assets. In fact, older investors and boomers, in general, remain skeptical about the legitimacy of the crypto ecosystem. George Walper, president of Spectrum group, which helped conduct the survey said, “The younger investors were more intellectually engaged with the idea even though it was new. Older investors and the boomers were largely saying ‘Is this legit?’” Wealth management firms are expected to evolve their approach to clients, as younger millionaires riding the crypto wave, choose digital assets over traditional options like stocks, bonds, private equity, and mutual funds. The two generations also differ starkly in their opinion of NFTs. Around 40% of the millennial millionaires surveyed, don’t own a non-fungible token but are willing to consider it, whereas, 98% of boomer millionaires don’t own any NFTs and aren’t considering buying them. Walper suggests “NFTs have only recently started to be part of the media coverage, so the older generations are further behind on the understanding.”

The post Bitcoin Value Soars to $38,250 as Basel Committee Takes Note appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Bitcoin prices have surged to $38,250, as the world’s most influential banking regulator Basel Committee proposed stringent capital controls for institutions with exposure to the flagship digital currency. The Basel Panel is looking to assign crypto assets to the highest risk category with a risk weight of 1,250%. The development comes at a time when consumer interest in the exploding crypto scene is rising with many financial firms offering transaction services in digital assets.

Bitcoin Up by 5.1% in Light of Basel Committee Proposal

Headquartered in Switzerland, the committee suggested dividing crypto assets into two categories: assets and stablecoins eligible for treatment under existing rules and cryptocurrencies like Bitcoin that cannot be treated under existing rules.

While the panel hasn’t defined a timeline for the rules to take effect, it has invited stakeholders to offer their comments till Sep 10.

The news pushed Bitcoin prices up by 5.1% to nearly $38,250 from $36,440.

Millennial Millionaires Have 25% of their Wealth in Crypto

Almost half of millennial millionaires have at least 25% of their wealth invested in cryptocurrencies. According to CNBC’s Millionaire Survey, nearly 47% of the respondents had more than a quarter of their entire worth parked in crypto assets.

The results underlined the role played by the generation gap in investment decision-making. Young millionaires had spotted the potential in crypto markets at an earlier stage and capitalized on the burgeoning demand later. Meanwhile, older millionaires were unlikely to place their trust in cryptocurrencies. 

Overall, 83% of American millionaires had none of their wealth tied to crypto assets. In fact, older investors and boomers, in general, remain skeptical about the legitimacy of the crypto ecosystem. George Walper, president of Spectrum group, which helped conduct the survey said, “The younger investors were more intellectually engaged with the idea even though it was new. Older investors and the boomers were largely saying ‘Is this legit?’”

Wealth management firms are expected to evolve their approach to clients, as younger millionaires riding the crypto wave, choose digital assets over traditional options like stocks, bonds, private equity, and mutual funds.

The two generations also differ starkly in their opinion of NFTs. Around 40% of the millennial millionaires surveyed, don’t own a non-fungible token but are willing to consider it, whereas, 98% of boomer millionaires don’t own any NFTs and aren’t considering buying them. Walper suggests “NFTs have only recently started to be part of the media coverage, so the older generations are further behind on the understanding.”

READ  Surge in Bitcoin Whale Holdings Indicates Another BTC Rally

#Basel Committee #Bitcoin #Bitcoin Millionaire #Bitcoin price

Source: https://www.cryptoknowmics.com/news/bitcoin-value-soars-to-38250-as-basel-committee-takes-note/

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MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC

MicroStrategy Bitcoin

Rate this post Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury. Michael Saylor Announces New Bitcoin Purchase For MicroStrategy Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets. In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500.  As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance.  Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000.  MicroStrategy Raised $500M to Procure Its Current BTC Investment Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million.  Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin. Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

The post MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury.

Michael Saylor Announces New Bitcoin Purchase For MicroStrategy

Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets.

In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500. 

As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance. 

Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000. 

MicroStrategy Raised $500M to Procure Its Current BTC Investment

Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million. 

Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin.

Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

READ  MicroStrategy’s Bitcoin Stack Up: Brilliant Moves or Risk?

#Bitcoin #CEO Michael Saylor #MicroStrategy #MicroStrategy BTC Investment

Source: https://www.cryptoknowmics.com/news/microstrategy-acquires-more-bitcoin-holds-more-than-105000-btc/

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Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Local exchanges in Thailand had been given a deadline until July 11 to submit their new rules for listing tokens that complies with the new guidelines from the Thailand Securities and Exchange Commission (SEC).

“The Securities and Exchange Commission (SEC) Board has approved the new rules that prohibit digital asset exchanges from providing services in relation to utility tokens and certain types of cryptocurrencies. The rules also specify that the exchanges set a requirement to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange. In this regard, the token issuer who fails to comply with the white paper and relevant rules in substance could risk having such tokens delisted from the exchange. This new regulatory guideline aims to enhance protection of digital asset traders’ interest.”

The Thai SEC also added that listing rules prohibits local exchanges from providing services that have these following characteristics:

(1) Meme Token – having or no clear objective or substance or underlying, and whose price runs on social media trends.

(2) Fan token: tokenized by the fame of influencers.

(3) Non-Fungible Token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount.

(4) Digital tokens which are utilized in blockchain transactions and issued by digital asset exchanges or related persons.

Along with this move is their previous announcement of regulating Decentralize Finance (DeFi) projects in the country, including the issuance of digital tokens.

In the previous announcement, liquidity provider tokens, governance tokens, or tokens issued to those transacting in DeFi projects “must be licensed and must abide by the specified rules”.

The new regulation stipulates crypto exchanges, digital-asset brokerages, digital asset-dealers, private fund managers and investment advisors must be licensed by the Ministry of Finance.

Thai SEC states that, “For traders, it is best to study the DeFi project before getting involved in both technical and security aspects.” They also added that traders “should check whether the service provider is a digital-asset business that is licensed and regulated by the SEC or other regulatory agencies under law.”

This article is published on BitPinas: Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Source: https://bitpinas.com/regulation/thailand-sec-ban-meme-tokens/

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After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

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According to Reuters, the Central Bank of Nigeria (CBN) plans to launch a digital currency pilot as soon as the end of this year.

Last month, the CBN Governor, Godwin Emefiele, made a U-turn on Bitcoin and other cryptocurrencies by saying he will “allow” them. Previously, the CBN had sought to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced cryptocurrency exchanges.

In a turn of fortunes, it now looks as though Nigerian officials are embracing blockchain technology. All the same, in what may well turn into a showdown between private and public cryptocurrencies in the future, arguments against central bank offerings remain as pertinent as ever.

The Nigerian Central Bank Digital Currency Has Been Years In The Making

Despite Nigeria’s purported aversion to fintech, it’s emerged that the central bank has been working on a digital currency for the past two years.

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN’s previous anti-Bitcoin position was a need to protect its citizens. In 2018, the CBN said that there is no legal redress if things go wrong in an unregulated market. There was also the usual spiel of links to illicit activity such as money laundering and terrorist financing.

Mohammed sells the idea of a central bank digital currency on it bringing financial inclusion and having the backing of the Nigerian government.

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

Is This The End For Privacy?

As previously mentioned by billionaire investor Ray Dalio, governments will do all they can to maintain monopoly control of their money, even if that means outlawing the competition.

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano rubbished this idea saying governments cannot ban Bitcoin. But he concedes that a scenario of coordinated global action could make life difficult for Bitcoin users.

And as cryptocurrencies continue to make their mark in the world of finance, regulators and policymakers may soon be forced to show their hand on the matter.

Unlike private cryptocurrencies, which operate on decentralized networks, central bank digital currencies would be issued and controlled by a central bank. This enables them, and by extension national governments, to track every transaction in their economies.

Liberal commentators view this situation as a significant blow to privacy. What’s more, as noted with several U.K banks refusing crypto transactions recently, central digital currencies have the potential to bring about a dystopian future in which transactions deemed “against the state” also get refused.

Source: https://bitcoinist.com/after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year

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