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Swiss Canton of Zug to Accept Bitcoin and Ethereum for Tax Payments

Switzerland’s canton of Zug, home to the so-called “Crypto Valley,” will start accepting bitcoin and ether for tax payments, as the popularity of cryptoassets keeps on rising. According to Bloomberg, in a statement, the canton revealed residents will be able to use the top two cryptocurrencies for tax payments in February 2021, with a trial […]

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Switzerland’s canton of Zug, home to the so-called “Crypto Valley,” will start accepting bitcoin and ether for tax payments, as the popularity of cryptoassets keeps on rising.

According to Bloomberg, in a statement, the canton revealed residents will be able to use the top two cryptocurrencies for tax payments in February 2021, with a trial of the tax scheme set to come in the next few weeks. The statement added:

Tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670).

The region of about 127,000 will start accepting cryptocurrency payments via the Zug-based broker Bitcoin Suisse, which will convert the BTC and ETH to Swiss francs before transferring the funds to the state.

Zug is well-known for its low corporate taxes, and it has been accepting BTC payments for certain government services since 2016. Several cryptocurrency firms are based in the region. Bitcoin’s recent rally during the coronavirus pandemic and subsequent economic downturn has seen various experts suggest it may act as an inflation hedge.

Niklas Nikolajsen, founder and Chairman of Bitocin Suisse, said:

Everybody cares about a $0.5 trillion-market. There’s almost nothing controversial about trading Bitcoin anymore. It’s completely mainstream.

As CryptoGlobe reported, earlier this year the Swiss municipality of Zermatt started accepting bitcoin as a means of payment for “local taxes and official transactions.” Zermatt is also accepting bitcoin with the help of Bitcoin Suisse.

Featured image via Pixabay.

Source: https://www.cryptoglobe.com/latest/2020/09/swiss-canton-of-zug-to-accept-bitcoin-and-ethereum-for-tax-payments/

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Grayscale Now Owns More Than 3% of Total 21 Million Bitcoins That Will Ever Exist

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The leading digital asset manager Grayscale continues to tighten its grip on the bitcoin supply. According to recent estimations, the company now owns over 3% of all the 21 million BTC that will ever exist.

Grayscale’s BTC Domination

Launched in 2013, Grayscale is the largest cryptocurrency asset manager with over $27 billion in assets under management.

Somewhat expectedly, the company’s Bitcoin Trust (GBTC) is the most popular product that enables institutions to receive BTC exposure through a publicly-traded trust that reports to the US Securities and Exchange Commission (SEC).

Investors typically pay a premium to avoid worrying about storing and managing the assets.

GBTC’s popularity exploded in the past year as institutions have been more eager to join the space. Grayscale reported that its AUM skyrocketed by 10x in 2020. Moreover, the firm garnered more inflows in Q4 2020 alone than in 2013-2019 combined, and BTC has been on the forefront.

Investors allocating funds in GBTC buy shares in a trust, which Grayscale backs by owning bitcoins. And, the company has been purchasing massive amounts of BTC in the past year to keep up with the skyrocketing demand.

The asset manager wrote in its Q4 2020 report that “while the supply of newly-created Bitcoin has slowed as a result of the halving in May 2020, the inflows into Grayscale have accelerated meaningfully.” In fact, the firm said it bought nearly two times as many bitcoins as mined since the halving.

How Much Bitcoin Is In Grayscale’s Hands

Recent reports exemplified Grayscale’s BTC shopping spree. The monitoring resource Bloqport said that the asset manager had bought 16,244 BTC in the span of 24 hours. To put this considerable amount in USD perspective – it’s nearly $600 million.

Ultimately, Bloqport noted that Grayscale’s bitcoins under management is 3% of all BTC ever to exist. Company data confirmed this.

According to Grayscale’s website, GBTC has 666,675,200 outstanding shares with 0.00094919 BTC per share. Simple math shows that this amount equals 643,801 bitcoins – this is 3.013% of the total supply of 21 million. Moreover, it’s actually 3.40% of all 18,604,000 bitcoins in circulation as of writing these lines.

How Crucial Is GBTC For Bitcoin’s Price

Analysts from the giant US multinational investment bank, JPMorgan Chase & Co, have repeatedly emphasized the significance of the Grayscale Bitcoin Trust on the asset’s performance and adoption.

In its latest report, the strategists said that the cryptocurrency needs to overcome $40,000 to avoid a correction, which could drive institutions away from investing in GBTC.

Furthermore, they noted that the Trust has to sustain at least $100 million per day pace over the next few weeks to prevent such retracement.

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Source: https://cryptopotato.com/grayscale-now-owns-more-than-3-of-total-21-million-bitcoins-that-will-ever-exist/

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New ‘market fear’ index lets traders bet on crypto volatility

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COTI, a blockchain-powered fintech startup, has launched a new cryptocurrency index enabling traders to profit from the market volatility.

The new Crypto Volatility Index, or CVI, brings the traditional “market fear index” to the crypto market, allowing users to deposit and open positions with Tether (UDST).

Gibraltar-based COTI explained that the new index allows traders to open CVI positions for high and low volatility. “Users who expect volatility to increase can open a CVI position. If correct, they can take profit by selling their position once the index has risen,” COTI wrote.

In contrast, traders who expect volatility to remain low can provide liquidity to the platform. If correct, traders will profit by collecting fees paid by traders who have opened CVI positions.

CVI liquidity providers are required to deposit USDT for a minimum of 72 hours, while CVI traders must maintain an open position for at least 6 hours before selling or closing it. 

Users can link their accounts to major wallets including MetaMask or Trust Wallet. COTI plans to add Ether (ETH) and COTI token (COTI) as deposit tokens in the near future.

With the CVI mainnet launch, users can also stake and unstake GOVI, which is the native governance token of the CVI index. The token enables users to earn platform fees and participate in voting.

Source: https://cointelegraph.com/news/new-trading-index-lets-traders-bet-on-crypto-volatility

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UK hospitals use blockchain technology to track the temperature of COVID vaccines.

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According to the CNBC report, the National Health Service facilities in South Warwickshire, England, are using tech developed by U.K. firm Everyware and U.S. organization Hedera Hashgraph. Everyware uses sensors to monitor equipment in real-time, while Hedera is a blockchain consortium backed by the likes of Google and IBM. Originally intended as the digital ledger underpinning bitcoin, blockchain has since been adopted by various industries for applications outside the realm of finance.

Blockchain would help keep a tamper-proof digital record of temperature-sensitive vaccines.

These hospitals are using blockchain to keep a tamper-proof digital record of temperature-sensitive vaccines, like the ones developed by Pfizer and BioNTech. The U.K. hospitals would, in theory, be able to pick up on any irregularities in the storage of the vaccines before administering them to patients. Pfizer’s vaccine must be stored at subzero temperatures (-70 degrees Celsius). It can only last at two-to-eight degree Celsius conditions for up to five days, creating big hurdles for the logistics in distributing it. However, vaccines developed by Moderna and Oxford-AstraZeneca, however, can be stored at temperatures that are within reach of the average home refrigerator for longer.

Regulators around the world acknowledge the potential of blockchain tech. 

Singapore had reported that it witnessed a 30% growth in its blockchain sector. Not just Singapore, many other countries witnessed substantial growth in the blockchain industry. Regulators across countries have acknowledged blockchain tech’s potential, and many are onboard with its mass adoption. Blockchain tech, which was launched as a technology to underpin the leading cryptocurrency, bitcoin, is now being used in many sectors. The technology is currently being used in fields, including healthcare and logistics. South Korea recently revealed its plan to use blockchain in the healthcare sector. 

Source: https://chaintimes.com/uk-hospitals-use-blockchain-technology-to-track-the-temperature-of-covid-vaccines/

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