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Decoding The New Web with SourceLess at Crypto Expo Milano 2023
1 day ago
CryptoPotato
CryptoPotato
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TL;DR Bitcoin (BTC) has risen above $38,000 as BTC’s supply on exchanges drops to 5.38%, the lowest since December 2017, amid declining trust in exchanges following events like FTX’s collapse and Binance’s legal troubles. The trend towards BTC self-custody is seen as bullish, contributing to Bitcoin’s significant rally of 130% since the year’s start. Analyst PlanB forecasts Bitcoin reaching $65,000 after the 2024 halving and soaring to $524,000 by 2027, anticipating a more robust bull cycle than in 2021. BTC Self-Custody on the Rise Bitcoin’s recent price uptrend above the $38,000 level has coincided with another interesting development surrounding the primary cryptocurrency. According to Sentiment, BTC’s supply on exchanges has plunged to 5.38%. Such a low mark was last observed in December 2017. The aforementioned trend might be a result of the undermined reputation of cryptocurrency exchanges. Recall that several marketplaces have collapsed in the past few years, with FTX being the brightest example. The trading venue, formerly spearheaded by the notorious Sam Bankman-Fried, filed for bankruptcy in 2022, prompting multi-billion dollar losses for investors. Most recently, the world’s largest cryptocurrency exchange – Binance – was also shaken after settling money-laundering charges against the US DOJ and agreeing to pay a whopping $4.3 billion fine. On top of that, its former CEO, Changpeng Zhao (CZ), departed from his position and was replaced by Richard Teng. Switching toward self-custody methods is usually considered a bullish move since it reduces immediate selling pressure.  The leading digital asset has indeed been on a significant uptrend, rallying 130% since the start of the year. Those curious to find out how high its price could go in the future (according to prominent figures) could take a look at our video below: One Super Bullish BTC Prediction Some cryptocurrency analysts have laid out quite optimistic Bitcoin forecasts. The X (Twitter) user PlanB recently claimed that BTC might spike as high as $65,000 shortly after the next halving (scheduled for the spring of 2024). In addition, the analyst believes BTC could explode to the astonishing $524K by 2027. PlanB thinks the next potential bull cycle would be more explosive than the one in 2021 (which was primarily fueled by the COVID-19 pandemic and the galloping inflation across the globe). The post This Hasn’t Happened to Bitcoin (BTC) in Six Years appeared first on CryptoPotato.

about 17 hours ago
Todayq News
Todayq News
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The recent regulatory crackdown on Binance by the United States regulatory agency has sent shockwaves through the cryptocurrency landscape. However, the ongoing legal battle between the US Securities and Exchange Commission (SEC) has emerged as another major challenge in the realm of cryptocurrency, following Binance’s troubles. Armstrong praises UK leadership amidst regulatory uncertainty Following this ongoing SEC battle, Coinbase CEO and Co-Founder Brian Armstrong attended Britain’s Global Investment Summit, joining some 200 global CEOs of major financial institutions and tech firms. Where he praised the UK government’s proactive approach toward cryptocurrency. However, in a recent social media post (X), Armstrong made a positive statement about the UK’s leadership: “Enjoyed my visit to the UK’s Global Investment Summit. Great leadership from @RishiSunak, making the UK a crypto and web3 hub, promoting science and tech as the backbone of economic and job growth for all citizens.” The post highlighted Sunak’s vision of science and blockchain technology as the backbone for economic and job growth for all citizens. Additionally, the UK government has passed several crypto-related bills to safeguard investors and attract businesses.  UK’s Crypto and Web3 ambitions Since the beginning of 2023, the UK has adopted a clear stance, positioning itself as a crypto and web3 hub. The goal is not only to boost economic growth but also to capitalize on the regulatory concerns faced by crypto businesses in the US. As the aftermath of the COVID-19 pandemic continues to impact the global economy, the UK aims to attract crypto businesses seeking a more favorable regulatory environment. In a recent interview with local media, Coinbase’s CEO expressed optimism about the crypto industry’s future, even in the wake of Binance’s historic $4 billion settlement with the U.S. Department of Justice. Armstrong views this enforcement action as an opportunity for the industry to move past a chapter of scandals and problems that have plagued its reputation. As the crypto landscape continues to evolve, the strategic moves by Coinbase highlight the growing influence of regulatory circumstances on industry players. Armstrong’s praise for the UK’s approach signals a potential shift in the crypto business landscape, as companies seek jurisdictions with more fair regulatory frameworks to navigate the challenges ahead. The post Coinbase CEO meets UK PM, Big announcement incoming? appeared first on Todayq News.

1 day ago
企业级靓仔
企业级靓仔
followers

The Land of the Thunder Dragon—The Kingdom of Bhutan’s Crypto Mining Road The only neighboring country that does not have diplomatic relations with China is the Kingdom of Bhutan, a small country sandwiched between the Asian countries of China and India. Because it is located at the foothills of the Himalayas, lightning and thunder occur frequently. The Bhutanese believe that thunder is a dragon. It is shouting with infinite power. Therefore, the Bhutanese call their country the "Dragon Kingdom" and use the dragon as the main pattern of their national flag. The national anthem is also named "Thunder Dragon Kingdom". It’s hard to associate cryptocurrencies with Bhutan, once one of the world’s least developed countries. The source of the news that exposed this strange combination came from the discovery of the name of Bhutan’s state-owned commercial holding company (DHI) from the public list of bondholders after the collapse of two well-known crypto lending institutions, BlockFi and Celsius, during this year’s bear market. DHI said that amid this thunderstorm among lending institutions, because it has loaned out other assets for investment, all funds have been repaid. And as early as 2019, when Bitcoin was worth US$5,000, DHI had already started investing in Bitcoin mining. Therefore, DHI did not incur any losses. If all this is true, then Bhutan is actually the first state-level institution to directly own a cryptocurrency as a sovereign fund. Why does Bhutan, known as the last Himalayan kingdom, have such a deep connection with cryptocurrency? Tourism is one of the main sources of GDP in the Kingdom of Bhutan, and the Bhutanese government even stipulates that the minimum consumption per person per day upon entry is US$200-250. However, the Kingdom of Bhutan’s tourism industry alone cannot afford free medical care and free education for its citizens. The biggest feature of the Kingdom of Bhutan is its abundant water resources. The melting snow from the 6,000-meter snow-capped mountains in the north of Bhutan and the large amount of rainfall brought by the annual monsoon flow into the large and small rivers in Bhutan, making Bhutan extremely rich in water conservancy resources. The entire country seems to be located in a huge hydropower station. As early as 2016, Bhutan achieved 100% electricity coverage, which even neighboring India has not achieved. In 2021, Bhutan's national power generation capacity was 10.82 billion kilowatt hours, exports were 8.075 billion kilowatt hours, accounting for 15.6% of GDP, and hydropower profits accounted for 60% of the Bhutanese government revenue.The current survey shows that the water conservancy resources available in the entire territory of Bhutan are ten times those currently developed. Such huge potential and resource-rich clean energy has laid the foundation for Bhutan’s crypto mining. Hydropower resources are tantamount to a gold mine for Bitcoin miners. This neighboring country with rich hydropower resources is undoubtedly a good choice for Chinese encryption miners who have been hit in recent years. Bhutan’s trade data shows that between 2020 and 2021, chip imports from China and Hong Kong exceeded US$220 million. In 2022, the import volume even exceeded 15% of the Bhutanese government’s annual budget. These data may indicate that Chinese miners and Bhutan has been linked to the growth of crypto mining in recent years. BitDeer x Kingdom of Bhutan On April 14, 2023, Bitdeer Technologies, founded by Jihan Wu who left Bitmain, completed its merger with Blue Safari Group Acquisition Corp and was listed on Nasdaq in the United States with the stock code "BTDR". Not long after its listing, BitDeer announced its cooperation with Bhutan's DHI to establish a closed-end fund (the "Fund") with an estimated scale of up to US$500 million. The first phase of the fund construction project will raise 80 million US dollars, with a converted computing power value of approximately 20EH/s (accounting for approximately 5.2% of the global total computing power) The Bitdeer Q3 report in November 2023 shows that the GeDu data center in Bhutan provides Bitdeer with 100 megawatts of power generation, supports the operation of 30,000 mining machines, and will provide 3.3EH/S computing power for Bitdeer, and is continuing to expand. Thanks to the launch of the GeDu data center in the Kingdom of Bhutan, the number of Bitdeer's own ASIC mining machines has increased to 92,000. However, due to the seasonal factors of hydropower generation in the Kingdom of Bhutan, during the dry winter, even Bhutan itself may need to import energy from neighboring countries. Therefore, an agreement was reached between Bitdeer and Bhutan DHI that domestic demand will be given priority during the winter. , when power generation declines, mining operations may be shut down. The Kingdom of Bhutan’s exploration of the cryptocurrency market is also partly due to the Covid-19 pandemic that caused a major blow to the Kingdom’s tourism industry in the previous two years. Not only that, young people and professionals from Bhutan are immigrating to countries such as Australia and Canada at an unprecedented rate. The stagnation of economic growth has forced the Kingdom of Bhutan to seek new growth points in the field of digital economy. The current results show that the Kingdom of Bhutan’s bet on cryptocurrency has achieved initial success, bringing income to the country while also providing local benefits. Citizens create jobs. We have reason to believe that more and more underdeveloped countries may benefit from this decentralized cryptocurrency-Bitcoin. In a sense, these signs prove that the development of Bitcoin is galloping in the direction Satoshi Nakamoto hoped. Some of the above data and content come from Bitdeer public reports and Forbes reports $BTC $BTDR

1 day ago
Cryptopolitan
Cryptopolitan
followers

Bitcoin begins a new week with its highest level in 18 months, leaving traders wondering what’s next. BTC price action has remained higher after peaking above $38,000 last week, but a challenging “micro-range” has kept bulls and bears at odds. The crucial short-term question for market participants is whether a deeper correction will occur or whether a trip above $40,000 will leave skeptics behind. Today’s Bitcoin (BTC) price is $36,964.16, according to CoinGecko, with a 24-hour trading volume of $15,920,551,489.04. This indicates a -1.47% drop in the last 24 hours and a -0.43% drop in the previous 7 days.  Bitcoin Continues the market bull rally momentum There are several potential catalysts for trend emergence for Bitcoin over the coming several days, while there are rising signals that the market is poised for a boost. Volatility is projected to hit later in the month, but several macroeconomic issues can potentially cause some unexpected price activity. The global crypto market cap is now $1.46 trillion, a -1.66% decrease from the previous day and a 66.12% increase from a year ago. Bitcoin (BTC) has a market cap of $723 billion as of today, signifying a 49.38% dominance. Meanwhile, the market cap of stablecoins is $130 billion, accounting for 8.87% of the total crypto market cap. Neither bulls nor bears have been able to remove BTC/USD from an increasingly narrow corridor, and new higher highs on daily timescales have been few and fleeting. A timely decline at the latest weekly close saw bids begin to be completed, with Bitcoin falling to lows of $36,700 before recovering. Market events to pay attention to this week As November comes to an end, Bitcoin traders should expect a traditional macro week with volatility triggers to match. The Federal Reserve of the United States will get some significant inflation data in the coming days, which will be used to make an interest rate policy decision next month. Following statements from senior Fed officials throughout the week, Fed Chair Jerome Powell will speak on December 1. The most important data releases for markets will most likely be the Q3 GDP and Personal Consumption Expenditures (PCE) prints for October, which will be released on November 29 and 30, respectively. Key Events This Week:1. New Home Sales data – Monday2. Consumer Confidence data – Tuesday3. Q3 GDP data – Wednesday4. PCE Inflation data – Thursday5. Fed Chair Powell Speaks – Friday6. Total of 10 Fed speaker eventsWe are two weeks out from the December Fed meeting. — The Kobeissi Letter (@KobeissiLetter) November 26, 2023 Previously, US macro data showed that inflation was slowing faster than markets expected, resulting in favorable reevaluations of risk assets. According to CME Group’s FedWatch Tool, the probability of the Fed keeping rates at present levels is nearly unanimous at 99.5%. The decline in Bitcoin exchange balances resumes. After a month of turmoil caused by withdrawal freezes and legal action against several of the largest cryptocurrency exchanges, BTC holdings are once again going downward. According to the most recent data from on-chain analytics firm Glassnode, the aggregate holdings of the major exchanges totaled 2.332 million BTC as of Nov. 26. This week's Chart of the Week focuses on Glassnode's 'accumulation trend score by wallet cohort,' which sheds light on the behavior of #BTC investors across different holding sizes. Gain insights into the varied responses to market shifts, aiding your crypto trading strategy. pic.twitter.com/6mnr90nsnS — glassnode (@glassnode) November 24, 2023 With the exception of recent lows in October, this is the lowest number of BTC accessible since April 2018. The total reached 3.321 million BTC, which was at its highest in March 2020, soon after the COVID-19 cross-market catastrophe. Investors look out for Grayscale’s GBTC  While Bitcoin is still waiting for US regulators to approve the country’s first spot price exchange-traded fund (ETF), markets indicate that sentiment is improving. This is most evident in the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle. GBTC, which is about to be transformed to a spot ETF, is rapidly approaching equivalency with its underlying asset pair, BTC/USD. According to CoinGlass statistics, the GBTC share price had a paltry 8% discount to net asset value, or NAV, as of Nov. 24. Bitcoin miners are devoting unprecedented processing capacity to the network ahead of the planned block subsidy halving in April 2024. The achievement not only signifies a psychological milestone but also demonstrates miners’ confidence in future profitability — even as BTC price performance remains 50% behind its own top. At the same time, outflows from known miner wallets to exchanges are at their lowest in seven years, according to data from on-chain analytics platform CryptoQuant.

3 days ago
Cryptopolitan
Cryptopolitan
followers

In a groundbreaking revelation, the Kingdom of Bhutan, known for its seclusion and pristine environment, has been discovered to be operating a series of undercover Bitcoin mining facilities. The surprising development in the cryptocurrency world was brought to light by a detailed investigation conducted by Forbes. Forbes’ investigation, which employed advanced techniques, including the analysis of satellite imagery from Planet Labs, Satellite Vu, and Google Earth, revealed the existence of these clandestine mining operations. Uncovering the hidden operations The investigation utilized a combination of satellite imagery from Planet Labs, Satellite Vu, and Google Earth, along with insider information regarding Bhutan’s investments in cryptocurrency. The approach led to the identification of what appears to be four crypto-mining facilities across the Himalayan nation, previously undisclosed to the public. These satellite images exposed the existence of long, rectangular mining units and sophisticated data center cooling systems. These facilities are strategically concealed amongst the dense forests and rugged mountainous terrain of Bhutan. Additionally, the imagery revealed high-capacity power lines and transformers extending from Bhutan’s hydroelectric plants directly to these mining sites. The locations of these covert operations are as intriguing as their existence. One facility was found near Dochula Pass, an area revered for its 108 memorial shrines. The other sites are situated in Trongsa, a central mountainous town; Dagana in the south; and an area known as “Education City,” a site of a failed $1 billion government project aimed at economic revival. Forbes’ investigation suggests that the construction of these sites likely commenced around 2020, inferred from the tracking of earth-moving and building activities in these areas. The impact of Bhutan’s crypto ventures The revelation of Bhutan’s involvement in Bitcoin mining, a process known for its high energy consumption, has significant implications. Bitcoin mining globally consumes about 91 terawatt-hours of electricity annually, a figure surpassing the energy usage of many countries. Bhutan’s energy imports and usage have seen a notable increase in recent years. Despite traditionally selling its surplus hydropower to India, the country purchased electricity worth $20.7 million in 2023, a move possibly linked to its new crypto-mining endeavors. King Jigme Khesar Namgyel Wangchuck, Bhutan’s monarch, has reportedly been fascinated with cryptocurrency for some time. His interest is driven by a vision to leverage the digital currency platform to avert potential economic crises in Bhutan. The strategic move into the realm of digital currencies is an effort to diversify the nation’s economic strategies in the face of various challenges. Bhutan’s economic landscape and the crypto solution Bhutan, often referred to as “The Last Shangri-la,” has faced its share of economic challenges in recent years. The COVID-19 pandemic severely impacted its tourism sector, a significant source of revenue for the country. Additionally, the nation grapples with rising youth unemployment and a worrying trend of brain drain due to increasing rates of emigration. The foray into cryptocurrency mining is an innovative, albeit unorthodox, approach to bolstering the nation’s economy. By tapping into the lucrative world of digital currencies, Bhutan could create new revenue streams and employment opportunities, addressing some of its pressing economic issues. However, the venture into Bitcoin mining is not without its controversies. The environmental impact of such operations, particularly in a country celebrated for its commitment to environmental conservation and being a carbon-negative nation raises questions. Moreover, the secrecy surrounding these facilities and the potential implications for Bhutan’s energy policies and international relations add layers of complexity to the development. Conclusion Forbes’ investigation into Bhutan’s secret Bitcoin mining operations opens up a myriad of discussions regarding the intersection of cryptocurrency, national economic strategies, and environmental sustainability. As the world increasingly embraces digital currencies, the actions of a small Himalayan kingdom could have far-reaching implications, both locally and globally.

4 days ago
Cryptopolitan
Cryptopolitan
followers

The World Innovation Summit for Education, WISE 11, is poised to assemble over 2000 stakeholders and 100 experts from local, regional, and international spheres. Taking center stage at the Qatar National Convention Centre from November 28-29, the summit will delve into the dynamic realm of artificial intelligence (AI) in education, exploring its potential and associated risks. This pivotal event under the theme ‘Creative Fluency: Human Flourishing in the Age of AI’ promises a transformative experience with an extensive program featuring core sessions, experiential activities, and the unveiling of seven research papers addressing diverse challenges in education. The summit’s core focus Under the guiding hand of Shahin Ammane, Director at WISE, this year’s summit aims to foster a deeper understanding of AI’s potential and challenges. Ammane emphasizes the need to empower stakeholders to navigate an AI-driven future and catalyze partnerships for research-based AI integration in global education. The summit’s key takeaways are expected to inform policy recommendations, guiding the development of education policies beyond the event. Ammane envisions a collaborative effort to collate these takeaways, establishing a working group to oversee policy recommendations developed during WISE 11. Thematic tracks and objectives The summit’s core lies in six thematic tracks, each featuring a panel discussion, a masterclass, and a policy roundtable. Addressing crucial topics such as the future of classrooms, digital sovereignty in education, ethical AI, rethinking higher education in an AI-driven world, scaling for equity and access, and system transformations in education, these tracks set the stage for a collective examination of AI’s role in educational settings. Ammane stresses the need to encourage key stakeholders to comprehend and leverage AI’s transformative power. Ammane expressed confidence that the interactive discussions and knowledge exchange at WISE 11 would serve as a catalyst, fostering connections and partnerships among innovators, educators, and decision-makers. This collaborative effort is geared towards devising AI-centered solutions to address the urgent challenges faced in the realm of education. The WISE prize for education and dynamic components of WISE 11 The summit also holds a promise of recognizing outstanding contributions to education through the WISE Prize for Education, with the laureate receiving not only the prestigious award but also a substantial $500,000. The impressive lineup of speakers, including Nina Schick, a pioneer in generative AI, and Jeffrey Sachs, Director of the Center for Sustainable Development at Columbia University, adds to the summit’s vibrancy. The Youth Studio, featuring sessions curated by young voices, and an open policy roundtable on EdTech testbeds, further contribute to the diversity and richness of the summit. Ammane notes that AI-centered tools can play a pivotal role in generating data, supporting decision-making, and strengthening education systems. This theme will be explored in-depth during the panel discussion titled “Breaking Boundaries: Is AI the Key to Ensuring Next-Gen Education Access?” Reflecting on challenges and opportunities Ammane also reflects on the impact of the COVID-19 pandemic on education, highlighting positive trends such as increased receptiveness to technology, a greater focus on mental health, and a reevaluation of structured education pathways. As WISE 11 brings together a diverse array of stakeholders, the question lingers: Can this collaborative effort truly unlock the potential of AI in education, paving the way for a future where technology complements human capabilities seamlessly? The summit’s rich and engaging program, coupled with the collective expertise and insights of participants, holds the promise of shaping the trajectory of education in the age of AI.

4 days ago
Cryptopolitan
Cryptopolitan
followers

With the U.S. debt soaring to a staggering $33.7 trillion, a figure that’s more than double what it was a decade ago and represents about 124% of the nation’s GDP, Congress is under increasing pressure to take decisive action. The situation has escalated to the point where Moody’s, a leading credit rating agency, has issued a warning about potentially lowering the U.S. federal government’s credit rating due to political gridlock. This alarming development has sparked a flurry of discussions and proposals in Congress about how to effectively tackle this fiscal behemoth. Exploring Solutions Amid Rising Concerns In response to this growing financial challenge, some lawmakers are advocating for the establishment of a commission to explore realistic solutions. The commission’s task would be no small feat, considering the U.S. Treasury Department reported a jaw-dropping $659 billion in interest payments on the national debt in fiscal 2023 alone. This staggering sum is a clear indicator of the dire need for a comprehensive strategy to manage the nation’s financial obligations. Senator Mike Braun, a Republican and a member of the Budget Committee, emphasized the urgency of addressing deficits and debt, predicting they could become a central issue in the 2024 elections. He pointed out the increasing burden of interest payments, which could start to overshadow funding for critical federal programs, from defense to homeland security. This debt issue stems from a combination of factors, including tax cuts that reduced revenue and increased spending by both political parties, partly in response to the COVID-19 pandemic. Democrats’ efforts to expand social safety net programs have also contributed to the escalating debt. A Bipartisan Approach to a Monumental Challenge Moody’s recent decision to downgrade the U.S. credit rating outlook from “stable” to “negative” underscores the urgency of the situation. This follows a similar action by Fitch ratings agency in August, which downgraded the U.S. government’s top credit rating due to Congress’s near-brush with defaulting on its debts. Recognizing the gravity of the U.S.’s fiscal challenges, Michael Peterson, CEO of the Peter G. Peterson Foundation, a non-partisan organization focused on long-term U.S. fiscal issues, supports the idea of a bipartisan commission. He and other experts have offered various recommendations for tackling the debt, such as implementing a new tax on greenhouse gas emissions and revising the government’s method for calculating cost-of-living adjustments for federal benefit programs. Economists Dana Peterson and Lori Esposito Murray of the Conference Board, a non-profit business research group, proposed a goal of reducing the debt-to-GDP ratio to 70% by 2043 through a blend of tax increases and spending cuts. Their recommendations also include taxing higher-income earners more for Social Security and gradually increasing the full retirement age to 69 from 67. In Congress, Democratic Senator Joe Manchin and Republican Senator Mitt Romney, both retiring at the end of next year, have sponsored a bill to create a bipartisan commission, with its conclusions expected in 2025. A similar bill is pending in the House. House Speaker Mike Johnson recently expressed support for the commission, signaling a potential shift towards a more unified approach to the debt crisis. Despite the bipartisan push for a commission, the proposal has met with skepticism from progressives. Independent Senator Bernie Sanders, who caucuses with Democrats, criticized the idea as a potential route to cutting Social Security. He suggested lifting the cap on taxable income to extend the Social Security trust fund’s life instead. Several lawmakers argue that for the commission to be effective, it must have the authority to compel Congress to act on its recommendations. This could force Republicans to either support the proposed measures or abandon their long-standing opposition to tax increases. As Congress grapples with this monumental task, the challenge will be to find a balanced, equitable solution that addresses the root causes of the soaring U.S. debt while ensuring the nation’s long-term financial health and stability. With the clock ticking and the stakes higher than ever, the need for decisive, bipartisan action has never been more pressing.

4 days ago
Sslowlybot
Sslowlybot
followers

Filmmaker Makes Millions After Risky Dogecoin Bet Pays Off — Facing Netflix Lawsuit. Carl Erik Rinsch, a US filmmaker who reportedly made more than $20 million in profits from dogecoin betting, is being sued by Netflix for allegedly breaching contract terms. The lawsuit accuses Rinsch of misappropriating millions of dollars intended to fund the production of a science fiction television series. Before betting on the meme coin, Rinsch was also accused of using production funds — about $11 million — to place risky bets on Gilead Sciences shares. At the time, the biotech company had begun testing a Covid-19 vaccine and Rinsch reportedly predicted Gilead Sciences stock would soar if the drug proved effective in suppressing the virus. The filmmaker was also said to have bet that the S&P 500 index, which was down 30% at the time, would continue to fall. However, neither bet worked and Rinsch lost $5.9 million in a matter of weeks. According to a New York Times report, in the following months Rinsch began behaving “more erratically.” Netflix executives only became aware of the extent of Rinsch's mental health problems after his wife came forward. This ultimately led to Netflix's decision on March 18, 2021 to stop funding the series. Despite this decision and subsequent exchanges between himself and Netflix and his attorneys, Rinsch still continued to use the remaining $4 million to purchase dogecoin. By the time he liquidated his dogecoin positions in May 2021, Rinsch's account on cryptocurrency exchange Kraken had a balance of more than $27 million. Pleased with the results, the filmmaker reportedly said, “Thank you and God bless crypto.” Afterward, Rinsch went on a shopping spree where he purchased five Rolls Royce luxury cars, a Ferrari, and a Vacheron Constantin watch worth $387,630 among other items. In all, Rinsch is believed to have spent as much as $8.7 million. #dogecoin #cryptonews

5 days ago
Coinstages
Coinstages
followers

El Salvador’s government is under scrutiny as an investigative report reveals that over $200 million of COVID-19 relief funds were diverted to finance the country’s Bitcoin infrastructure.Despite the government’s promotion, Bitcoin adoption remains low in the country, with less than 10% of Chivo app users actively using the platform, showcasing a disconnect between the administration’s crypto aspirations and the economic reality. When the world was grappling with the onslaught of the COVID-19 pandemic in 2020, El Salvador found itself on the edge of economic collapse. The nation’s Gross Domestic Product (GDP) plummeted by 8%, and stringent lockdown measures further strangled its economic vitality. Follow the Money: Unpacking El Salvador’s COVID-19 Aid Allocation In 2021, a glimmer of hope appeared when the Central American Bank for Economic Integration (BCIE) sanctioned a $600 million loan aimed at resuscitating small businesses. Nonetheless, an inquiry led by the Organized Crime and Corruption Reporting Project (OCCRP) revealed a starkly different reality; only a minimal portion of the funds reached the intended beneficiaries. President Nayib Bukele, a staunch Bitcoin advocate, rerouted over $200 million of the aid to fuel his vision of transforming El Salvador into a Bitcoin haven. The move attracted widespread criticism and admonishments from global financial entities like the IMF and the World Bank, all of which fell on deaf ears. The OCCRP report underscores a blatant defiance of the loan agreement, which explicitly forbade the use of funds for cryptocurrency acquisitions. BCIE President Dante Mossi conceded to these revelations, albeit downplaying the impact by stating that Bitcoin’s footprint in El Salvador’s economy is negligible. He argued that the investment would eventually benefit four million citizens by bolstering small businesses. Contrarily, the OCCRP disclosed that a mere $20 million had been allocated to small business loans by July 2021. Critics Weigh In: Questioning the Crypto Strategy Economists and experts have voiced their concerns regarding the gamble of pandemic relief funds on an inherently volatile Bitcoin. César Villalona, an economist, highlighted that El Salvador’s economy remains predominantly dollarized, showcasing the limited practical adoption of Bitcoin. This sentiment is echoed by a study from the U.S. National Bureau of Economic Research, revealing the low active usage of the government-backed Chivo app. The Salvadoran populace has also expressed their discontent, with a majority opposing the use of tax money for Bitcoin investments. Despite this, President Bukele’s approval ratings remain high, buoyed by his efforts against organized crime. In essence, the report by OCCRP sheds light on a precarious diversion of essential relief funds, leaving the Salvadoran people deprived of critical economic support. The Bitcoin venture, riddled with unmet promises and minimal adoption, stands as a stark reminder of the complexities and risks involved in intertwining cryptocurrency with national economic strategies. ⚠️Disclaimer: This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader. #Bitcoin #BTC $BTC

28 days ago
CoinChapter
CoinChapter
followers

Nayib Bukele Took a $600M Loan And Spent It on Bitcoin Shilling Read CoinChapter.com on Google News Key Takeaways: Nayib Bukele misused funds from the Central American Bank for Economic Integration to promote Bitcoin. The funds came from the $600 million loan CABEI gave to El Salvador during the COVID-19 pandemic. El Salvador became the first country to declare BTC legal tender in 2021. YEREVAN (CoinChapter.com) — El Salvador’s crypto-friendly president Nayib Bukele used a $600 million loan from the Central American Bank for Economic Integration (CABEI) to promote Bitcoin (BTC) as a legal tender in his country.  The damning allegation comes from a recent investigative report by the Organized Crime and Corruption Reporting Project (OCCRP). The global network of investigative journalists collaborated with media outlets to look into how the funds coming from the bank were spent. The results of the scrutiny do not look good for the self-dubbed “coolest dictator.”  El Salvador’s president Nayib Bukele has repeatedly bought the dip. Credit: NayibTracker In 2021, Bukele sent shockwaves after announcing El Salvador would make BTC legal tender. He subsequently embarked on a Bitcoin-buying frenzy.  He purchased almost every time the cryptocurrency’s price fell. However, in November 2022, he announced his intention to buy one BTC every day.  Nayib Bukele misused funds to promote Bitcoin In early 2021, El Salvador’s economy was struggling. The COVID-19 pandemic, which broke out at the end of 2019, had created havoc. By 2020, the country’s economy had shed around 8%. Constant lockdowns had made life hard for Salvadorans.  To help the Government cope, the Central American Bank for Economic Integration (CABEI) issued a $600 million loan.  This loan, the second-largest the bank has given to El Salvador, was meant as an assistance to small businesses. CABEI President Dante Mossi had announced the loan would benefit 4 million people. However, instead of using it for that purpose, Bukele misused parts of the funds to promote BTC.  According to Panama-based newspaper La Prensa, Bukele used only about $20 million of this loan as intended. The conservative paper was one of the media houses that participated in the investigation. Per its report, Bukele’s government diverted most of the cash to fund its own needs. It went ahead and allocated $425 million to “general state obligations.”  “Of that amount, more than $200 million went toward a pet project of El Salvador’s authoritarian leader Bukele: converting bitcoin into national currency,”  the paper wrote.  Funds from the Central American Bank for Economic Integration (CABEI) misused by politicians? The findings against Bukele are part of a larger investigation against the Central American Bank for Economic Integration.  According to reports, the CABEI has assisted politicians in its five founding states: Nicaragua, El Salvador, Honduras, Guatemala, and Costa Rica, to deepen corruption and authoritarianism.  Maybe Nayib Bukele’s pet project of saving El Salvador through Bitcoin (BTC) wasn’t as innocent or innovative after all? The post Nayib Bukele Took a $600M COVID-19 Loan And Spent It on Bitcoin Shilling appeared first on CoinChapter.

29 days ago
NFT
Corona Babies
Floor Price
N/A
Total Volume
30.40 undefined
Minted on 07 Mar 2020

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