El Salvador First Country to Make Bitcoin a National Currency

Amidst political turmoil and economic struggle, El Salvador has announced it is adopting Bitcoin as its national currency, becoming the first country in the world to do so. But things got off to a rough start this week as the Bitcoin e-wallet went offline for several hours as consumer download demand overwhelmed government servers. El Salvador President Nayib Bukele said the country will spend more than $225 million to launch Bitcoin. Global Bitcoin enthusiasts supported the initiative by buying $30 of Bitcoin, but that didn’t prevent the currency from declining 9.9 percent Tuesday evening. Continue reading El Salvador First Country to Make Bitcoin a National Currency

Bitcoin Experts & Advocates Lobby Congress Over Tax Rules

Faced with new tax rules for cryptocurrencies, Ashton Kutcher, Elon Musk and Square chief executive Jack Dorsey were among those who brought the fight to Washington. They and others in the industry including lobbyists, executives and trade group officials reached out to Congress over a provision in the massive new infrastructure bill that would “expand and strengthen tax enforcement of crypto transactions.” Dorsey “brought the Twitter heat” over the issue, igniting a grass roots reaction among thousands of crypto enthusiasts. Continue reading Bitcoin Experts & Advocates Lobby Congress Over Tax Rules

AMC Opens New Theater Locations, Plans to Accept Bitcoin

AMC Entertainment Holdings is in the midst of changes intended to appeal to its Reddit investors. In addition to opening new locations, chief executive Adam Aron said the company would start accepting Bitcoin at U.S. locations by the end of 2021. After AMC was brought to the verge of bankruptcy by COVID-19 lockdowns, its revenue tripled in the June quarter compared to the previous 2021 quarter. In the wake of that news, share prices rose 4.6 percent to $35.36 in after-hours trading. Its stock ended in 2020 at $2.12. Continue reading AMC Opens New Theater Locations, Plans to Accept Bitcoin

Chip Shortage Continues to Have an Impact Across Industries

Intel chief executive Pat Gelsinger revealed it may take two years to ramp up chip production, while Advanced Micro Devices chief executive Lisa Su noted that her company is prioritizing high-end chips found in a PlayStation 5 game console or Nvidia GeForce RTX 3080 graphics card over “lower-powered parts.” The auto manufacturing sector has been hit hard by the semiconductor shortage — with some indicating no end in sight. At John Deere, chief technology officer Jahmy Hindman said that he expects “we’re into this for the next 12 to 18 months.”  Continue reading Chip Shortage Continues to Have an Impact Across Industries

Andreessen Horowitz Debuts $2.2 Billion Cryptocurrency Fund

Andreessen Horowitz launched a $2.2 billion cryptocurrency fund focused on blockchain and digital asset startups. The venture capital firm’s first crypto-focused fund was introduced three years ago, during the last bear market dubbed “crypto winter,” when cryptocurrency’s value plummeted 80 percent from a 2017 high. Andreessen Horowitz partners Katie Haun and Chris Dixon, who run the company’s cryptocurrency group, stated that they “believe that the next wave of computing innovation will be driven by crypto.” Continue reading Andreessen Horowitz Debuts $2.2 Billion Cryptocurrency Fund

Bitcoin Ransom Recovery May Impact Cryptocurrency Status

Bitcoin is touted as a secure, decentralized and anonymous way to conduct financial transactions, one reason why cybercriminals use it or some other cryptocurrency when conducting illegal business, whether it’s drug trafficking or ransomware. But this week the Justice Department revealed that it traced and recovered 63.7 of the 75 Bitcoins ($2.3 million of the total $4.3 million) that Colonial Pipeline paid in ransom to release its computer systems. The feds declined to detail how they recouped the Bitcoin. Meanwhile, El Salvador has become the first nation to formally adopt Bitcoin as legal tender. Continue reading Bitcoin Ransom Recovery May Impact Cryptocurrency Status

Coinbase Becomes First Cryptocurrency Startup to Go Public

Startup Coinbase, a secure exchange platform that helps people purchase, sell and store cryptocurrencies, has become the first such startup to go public. Shares traded at $381 each, up 52 percent from a reference price of $250, and eventually closed at $328.28, for a company valuation of $85.7 billion, ten times higher than its last private valuation. The San Francisco-based company’s IPO is a landmark for long-time crypto advocates. In its wake, Bitcoin’s value soared to $64,829 and Ether traded at a record-high of $2,487 (which also followed news about upgrades to the Ethereum network). Continue reading Coinbase Becomes First Cryptocurrency Startup to Go Public

PayPal, Visa Enable Streamlined Cryptocurrency Transactions

PayPal announced the launch of Checkout with Crypto, which allows customers to purchase certain items online via cryptocurrencies. The new feature is part of the company’s new unit focused on blockchain and crypto/digital currencies and adds to its current capability for customers to buy, sell and hold cryptocurrency. Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the cryptocurrencies accepted, which are processed with clear conversion rates and no additional fees but only one type of cryptocurrency is accepted for each purchase. Continue reading PayPal, Visa Enable Streamlined Cryptocurrency Transactions

Fidelity Reveals It Will Launch Bitcoin Exchange-Traded Fund

Fidelity Investments plans to launch the Wise Origin Bitcoin Trust, an exchange-traded fund (ETF) that tracks the price of Bitcoin via the Fidelity Bitcoin Index. Fidelity Digital Assets will store Wise Origin’s holdings. The Securities and Exchange Commission, which blocked nine applications for Bitcoin ETFs in 2018, must approve the plan. Fidelity Investments chief executive Abigail Johnson has long advocated the market potential of cryptocurrencies, and Fidelity was one of the first big financial firms to embrace them as an asset class. Continue reading Fidelity Reveals It Will Launch Bitcoin Exchange-Traded Fund

Digital Collage Sells for a Record $69.3 Million at NFT Auction

Non-fungible tokens (NFTs) have been generating headlines, most recently when graphic designer and self-taught artist Mike Winkelmann (also known as Beeple) sold a digital image online at Christie’s auction house for $69.3 million. It was also the most expensive digital asset to ever sell with a “digital certificate of authenticity,” otherwise known as an NFT. The blockchain-based assets differ from cryptocurrencies such as Bitcoin in that each NFT is a “singularly unique marker for the digital asset it tags.” Hence the uproar in the art world over Beeple’s record-breaking sale. Continue reading Digital Collage Sells for a Record $69.3 Million at NFT Auction

Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Bitcoin’s price surged above $50,000 for the first time yesterday as companies including Tesla, Mastercard, PayPal and BNY Mellon showed support for the cryptocurrency. Tesla bought $1.5 billion worth of Bitcoin and plans to accept it as payment for its cars, while Mastercard added that it too would accept Bitcoin as payment for “some of its products.” Coin Metrics reported that Bitcoin broke the $50,000 metric by rising 3 percent on Tuesday to $50,487, and hitting a fresh record high of $51,715 earlier today. Meanwhile, SEC commissioner Hester Peirce has called for crypto regulation. Continue reading Bitcoin Tops $51,000 in Value as Major Firms Support Crypto

Bipartisan Efforts Underway to Regulate Big Tech Companies

Senator Amy Klobuchar, once an avid supporter of Big Tech companies and now Senate antitrust panel leader, is expected to play a role in bipartisan efforts to impose regulations on those companies’ market power and data privacy policies. Facebook and Google face federal and state allegations of anticompetitive behavior and Amazon and Apple are under investigation for antitrust violations. President Biden and others in his administration have vowed to hold Big Tech accountable for users’ speech on their sites. Continue reading Bipartisan Efforts Underway to Regulate Big Tech Companies

CES: Industry Experts Discuss the Cryptocurrency Landscape

Cryptocurrency entrepreneurs convened in early December to record The Cryptocurrency Landscape session that CES 2021 released today. Panelists discussed how Wyoming has established legal and regulatory protocols for Bitcoin to make cryptocurrency activities compatible with existing banking regulations. They also discussed how institutions and businesses are getting more comfortable with cryptocurrency investments, how online payment services such as PayPal and Venmo have added Bitcoin to their transaction options, and how cryptocurrency’s provable scarcity makes it more attractive to investors and the general public as countries issue more currency to prop up their economies during the COVID shutdown. Continue reading CES: Industry Experts Discuss the Cryptocurrency Landscape

Investments in Bitcoin Increase During the COVID Pandemic

Cryptocurrency Bitcoin is on a roll, rising to a record high since the advent of the global coronavirus pandemic. In March it had skidded to below $4,000. This time, however, its growth is not being driven by the same speculative forces that led to its peak of $19,783 in 2017. Instead, American companies and other traditional investors are gravitating to Bitcoin as an alternative asset, similar to gold, that enables them to place part of their financial portfolio outside the influence of governments and the traditional financial systems. Continue reading Investments in Bitcoin Increase During the COVID Pandemic

FTC to Fine Twitter for Using Consumer Data for Targeted Ads

Twitter revealed that the Federal Trade Commission may hit it with a fine up to $250 million for using consumers’ email addresses and phone numbers — collected for “safety and security” purposes — to target ads, something it said it did “inadvertently” between 2013 and 2019. This is a violation of its 2011 agreement with the FTC, in which Twitter agreed that it would no longer mislead consumers by not disclosing other potential uses. Twitter has already received a draft complaint from the FTC. Continue reading FTC to Fine Twitter for Using Consumer Data for Targeted Ads

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