Category: Bitcoin

Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin SoonBack in mid-February, News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner Danielle Cohen Higgins […]

Crypto Markets Lose Hot Air, DOGE and BCH Skyrocket, 46% Chance ETH Hits $2,600 by May

Crypto Markets Lose Hot Air, DOGE and BCH Skyrocket, 46% Chance ETH Hits $2,600 by MayDigital currency markets have seen some slight losses on Friday morning, as a great number of cryptocurrencies saw significant gains the day prior. Bitcoin dropped to a low of $60,042 during the early morning trading sessions shedding 3% during the last 24 hours. Crypto Markets Shed Some Value After Heating Up the Day Prior Bitcoin […]

Jim Cramer cashes out half his ‘phoney money’ Bitcoin to pay off mortgage

CNBC host Jim Cramer says he’s “won,” cashing out half of his Bitcoin portfolio to pay off his mortgage, stating that it’s “phoney money paying for real money.”

Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “phoney money” Bitcoin portfolio to pay off his mortgage.

During Thursday’s broadcast of “Squawk on the Street,” co-anchor Jim Cramer revealed that he’s “decided to become an apostate,” by selling off half of his Bitcoin holdings to pay off his home. 

Cramer, who also hosts Mad Money, said that he bought a lot of Bitcoin at $12,000 because he thought it was a currency, and finally decided to take profits.

“I know people are going to be angry with me, but I paid off a mortgage yesterday with it.”

“It was like, kind of, phoney money paying for real money,” Cramer laughed. “I now own a house — lock, stock, and barrel — because I bought this currency. I think I won!”

Twitter user “SZ BeatzCoin” likened Cramer selling to the infamous pizza purchase for 10,000 BTC.

Once a Bitcoin critic, Cramer told his CTO to put $500,000 into Bitcoin after speaking to Morgan Creek Digital co-founder Anthony Pompliano in September last year. He even considered putting 1% of his $150 million net worth into the digital asset.

At the time, BTC was hovering between $10,000 and $12,000 but is now sitting at $63,000, up 425% in only six months.

Famous NFL player Russell Okung, called to Pompliano to pull Cramer back onto the straight and narrow:

In December, Cramer said he bought more around the $17,000 price range, although he didn’t reveal how much.

The TV personality returned to Pompliano’s podcast on March 22 to thank-him for the encouragement, explaining that he has since pulled out his initial investment and is now playing “with the house’s money,” and that he’s “never going to touch it.” That obviously hasn't lasted.

Although he didn’t reveal how much his Bitcoin portfolio was worth, according to the cryptocurrency’s performance, it could have been around $2.4 million.

During the brief discussion on “Squawk on the Street” Cramer also reaffirmed his opinions regarding Coinbase’s listing yesterday, stating that a $600 price target for Coinbase’s COIN stock is still right.

“This is all a scarcity, we don’t have any other way for mutual funds to be involved with crypto.”

By investing in Coinbase stock, he added, you not only get crypto but also “honest management.”

‘Weird Coins Like DOGE and XRP Spike’- Galaxy Digital’s Mike Novogratz Warns of a Crypto Market ‘Washout’ 

'Weird Coins Like DOGE and XRP Spike'- Galaxy Digital's Mike Novogratz Warns of a Crypto Market 'Washout' Bitcoin bull and billionaire investor Mike Novogratz has warned about cryptocurrency market volatility in a recent interview stemming from the Barron’s and Marketwatch’s “Investing in Crypto” virtual event series. In general and over the long term, Novogratz is bullish about bitcoin and companies like Coinbase remaining prosperous. Novogratz Warns of a Crypto Market ‘Washout’ Shares […]

World’s Largest Asset Manager Blackrock: Cryptocurrency Could Become a ‘Great Asset Class’

The CEO of Blackrock, the world’s largest asset manager, says that he is fascinated by cryptocurrency, believing that it could become a “great asset class.” However, he said that Blackrock has not received many inquiries from its institutional clients about having bitcoin in their portfolios. Blackrock’s CEO ‘Fascinated’ About Crypto Following Coinbase’s IPO via a […]

Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press Foundation

Edward Snowden Plans to Auction an NFT, Proceeds Will Go to Freedom of the Press FoundationThe whistleblower and former Central Intelligence Agency (CIA) employee and subcontractor Edward Snowden has revealed he is stepping into the world of non-fungible token (NFT) assets. Moreover, 100% of the NFT sale proceeds will be donated to the Freedom of the Press Foundation. American Whistleblower Edward Snowden Mints an NFT Edward Snowden is a well […]

Over 10,000 blacklisted BTC from 2016 Bitfinex hack on the move

While the hacker will find selling their BTC difficult, the transfers may be contributing to a volatile day in the markets.

A tranche of long-dormant Bitcoin seized in the 2016 hack of the Bitfinex cryptocurrency exchange are on the move today, an over $620 million sum that has some market participants spooked and may be contributing to a downward slide for Bitcoin. 

Blockchain analytics bot Whale Alerts was the first to raise the alarm, calling attention to a series of over five dozen transactions from wallets that have largely been inactive since the 2016 hack:

The largest transaction was for 1,241.3672 BTC, worth well over $78 million (for which the hacker paid a 0.00072910 BTC fee, or roughly $45), though other transactions were for as little as 1.5 BTC. Cointelegraph counted 63 transactions in all, moving just over 10,050 BTC worth over $620 million. 

While the hacker has a spotty history of intermittently moving their coins between wallets, the transfers today comfortably account for the largest transactions of hacked Bitcoin since the attack itself. Throughout the years the hacker has moved between 1 and 2% of their coins, and today they moved 8.3% of their nearly 120,000 BTC worth over $7.4 billion.

2016 Bitfinex hack summary as of June 2020. Source: Crystal.

The purpose of the transactions are difficult to augur. Some of the transfers were between wallets known to be associated with the hacker, though many were to newly-created wallets. Multiple observers have pointed out that it’s near-impossible for the hacker to sell their BTC, as no major exchanges will accept the tainted coins. The hacker tried to sell some 736 BTC in 2020 via a Russian darknet market, with some ironically ending up back on Bitfinex.

The hacker’s inability to sell their coins prompted some Twitter traders to speculate that the point of the transfers is simply to spook the market, possibly in tandem with a short position:

The hunt for the hacker is still ongoing, as in August last year Bitfinex offered up to $400 million as a reward for information on the attacker. The case seemed to have a breakthrough in 2019, when two Israeli brothers were accused of involvement in the attack, but police recovered wallets containing far less than the nearly 120,000 BTC lost in the hack. 

The Bitfinex whale breaching adds to an already tumultuous day for markets. After a surge to over $425 per share, Coinbase is struggling to find a price floor at $350/share. While still well above the reference price of $250 per share, traders have nonetheless interpreted the trading as a negative signal as Bitcoin has dropped to $61,000.

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved TodayOn Wednesday, after bitcoin prices touched a new all-time high, thousands of bitcoins from the August 2, 2016, Bitfinex hack were transferred to unknown wallets. The exact count of BTC moved from the hack is not entirely clear, but one blockchain parser shows that over 12,208 BTC from the 2016 Bitfinex breach worth $754 million […]

Popular Nightclub E11even Miami Reveals Cryptocurrency Payment Acceptance

Popular Nightclub E11even Miami Reveals Cryptocurrency Payment AcceptanceWhile crypto assets have seen monumental gains this week, the popular nightclub in Florida, E11even Miami will accept bitcoin and a slew of other digital assets for merchandise, beverages, and tables. Following the pandemic, E11even Miami will be reopening on April 23 and will have crypto asset support when the nightlife establishment reconvenes services. 24-Hour […]

Bitcoin Price Captures a $64,895 High, Pantera CEO Says ‘BTC Rally Exactly Like Previous Halvings’

Bitcoin Price Captures a $64,895 High, Pantera CEO Says 'BTC Rally Exactly Like Previous Halvings'Cryptocurrency markets have been surging during the last 24 hours, as billions of dollars have flooded into the crypto-economy. Bitcoin’s value touched an all-time high (ATH) once again on Wednesday morning (EST), reaching $64,895 per unit. The latest price rise is leading up to the upcoming Coinbase direct listing on Nasdaq. Crypto-Economy Surpasses $2.2 Trillion […]

Toddler hodler: 3-year-old Bitcoin educator interviews Michael Saylor

Three-year-old Lily Knight interviewed Michael Saylor on April 13 about his thoughts on Bitcoin and his plans for the future.

Three year old Lily Knight, “the world’s youngest Bitcoin educator,” interviewed billionaire MicroStrategy founder Michael Saylor for her YouTube channel in a video that dropped April 13.

In the interview, Lily noted that Saylor’s accumulation of more than $2 billion worth of Bitcoin since August 2020 had been a “ballsy move.”

The toddler and unconfirmed "hodler" became something of a vial sensation in the crypto space in mid February after she (aided by her parents) published a video explaining Bitcoin’s dynamics using Skittles candy.

The video caught the attention of Saylor and fellow crypto billionaire Tyler Winklevoss and both retweeted the video. Winklevoss added that “Lily, a 3-year-old, understands Bitcoin better than most central bankers.”

Lily’s father noted in a Reddit thread that the “ridiculous idea” to interview Saylor had come after he reached out to thank the corporate world's biggest Bitcoin cheerleader for retweeting the video. Saylor was responsive to the idea. Her father revealed that the video required a lot of editing, as he had to “plead and bribe” Lily to sit still, as they pre-recorded the questions for the MicroStrategy founder to answer later:

“We recorded her side of the interview and then zoomed with him and played her questions, pausing after each one for him to answer. I wish we could do it live, but she’s so unpredictable at this age .. she just might break out into a Frozen song or something lol Maybe when she’s a little older.”

The first question Lily asked was: “When did you first buy Bitcoin? What convinced you to buy?”. Saylor said that he'd been searching for new treasury strategies to preserve shareholder value in March 2020, due to a “gnawing suspicion that the money was broken”. Saylor added that:

“I went on a mad quest to find a solution. And I was delighted to discover Bitcoin, a store of value over long periods of time. So once I discovered Bitcoin and understood all of its characteristics as a digital monitoring network, I started buying it and I haven't stopped.”

The young “crypto educator” said that, “A lot of people are confused by Bitcoin” and asked Saylor “What do you think is the biggest misconception?”. The billionaire said people often characterize Bitcoin as purely an investment idea or speculative asset, however, he describes it as the “world's first monitoring network”:

“Bitcoin is the world's first digital monitoring network, and it's a technology. And when you start thinking of it as a better technology for money, then you realize that it's not just a trade. It's actually a way to think about the world.”

This may have gone over Lily’s head.

She finished up by asking: “What’s next for you?” with Saylor responding that that he’s looking forward to doing everything he can to spread Bitcoin to billions of people and also to educate the world on the benefits of Bitcoin”

“And when I get some free time, I'm going to buy myself some more Bitcoin,” he added.

Novogratz’s Galaxy Digital Jumps Into the Bitcoin ETF Fray

The investment company Galaxy Digital Holdings has revealed it is joining the growing list of firms looking to sponsor a bitcoin exchange-traded fund (ETF). Novogratz’s crypto firm applied with the U.S. Securities Exchange Commission (SEC) on Monday to launch a product called the “Galaxy Bitcoin ETF.” Galaxy Digital Wants to Provide a Bitcoin ETF Galaxy […]

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. Cryptos Narrowing Financial Exclusion Gap Therefore, in their effort […]

Bitcoin Price Taps New All-Time High, Analyst Says ‘Fertile Grounds for BTC to Take a Fresh Leg Up’

The price of bitcoin has crossed a new all-time high (ATH) on Tuesday, as the leading crypto asset has jumped to $63,275 per unit during the early morning trading sessions (EST). At the time of publication, the entire market economy with over 9,203 cryptos is valued at $2.153 trillion with $164 billion in global trade […]

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