Author: StanNordFX   |   Latest post: Wed, 21 Oct 2020, 10:48 AM


CryptoNews of the Week

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- The creator of the well-known McAfee antivirus has been detained in Spain and is now to be extradited to the United States. In addition to tax evasion, the US authorities also accuse John McAfee of intentionally failing to file tax returns from 2014 to 2018. The indictment alleges that the businessman received millions of dollars in revenue from cryptocurrency promotion, consulting services, speeches and the sale of the rights to a documentary about himself.
The US authorities are confident that McAfee evaded tax in many ways, channeling money into bank and cryptocurrency accounts, investing in real estate, yachts and other luxury goods registered in other people. And the businessman himself, being the candidate for the US presidency from the Libertarian Party, admitted in his election video that he had not paid taxes for many years. Now he faces a prison sentence of up to 5 years on each of the charges of tax evasion and another year in prison for each of the five episodes of failure to file a tax return.
Recall that John McAfee became famous in the field of cryptocurrencies after he made a bet in the summer of 2017 that the price of bitcoin will reach $500 thousand by 2020.
- Bitcoin capitalization could exceed $5 trillion. According to experts from one of the shareholders of Tesla, the ARK Invest fund, this will take еру coin up to 10 years, but massive investments may begin earlier.
The ARK Invest report says that over the next five years, the capitalization of bitcoin will approach $1 trillion. After that, growth will occur at a faster pace, which will be reflected in the value of the asset. So, according to Bobby Lee, a member of the board of directors of the Bitcoin Foundation Foundation, by 2028 the price of the main coin can reach $500 thousand.
Еhe capitalization of bitcoin is about $ 200 billion now. According to the analytical service CoinGecko, it has remained practically unchanged over the past two months, although there were prerequisites for this. “Some investors still doubt the prospects and merits of bitcoin. Because of this, the main coin cannot exit the narrow frame. This has a particularly negative impact on the activities of traders who cannot open long-term positions, fearing serious drawdowns of the coin,” CoinGecko experts explain.
- The American Chamber of Digital Commerce has launched the Crypto for Congress campaign, under which it will donate $50 in bitcoins to each of the election campaigns of the members of the US Congress. This educational initiative should increase the attention of the people's representatives to blockchain and digital assets. In addition to bitcoins, congressmen will have the opportunity to complete relevant online training.
At the same time, overseas, British politician Godfrey Bloom added bitcoins to his investment portfolio for the first time in his life. At the same time, the 70-year-old aspiring crypto-investor admitted that he would like to learn more about digital assets. Godfrey Bloom was an MEP from 2004 to 2014. During this time, he distinguished himself with harsh statements against the traditional financial system, claiming that the banking structure is built on fraud.
- According to Chainalysis data, Latin America's share of the global cryptocurrency economy is about 7%. The largest activity is in the remittance sector, where Mexico leads (11% of total transfers).
According to Daniel Cartolin, a spokesman for Chainalysis, traditionally the volume of remittances between this country and the United States is very large. And cryptocurrency allows to reduce transaction costs and facilitate the process of sending and receiving funds. "One doesn't need to go to websites like Western Union or Moneygram to carry out a transaction. It can be done over the phone,” said the expert in an interview for El Economista.
- Bloomberg analyst Mike McGlone said In the monthly issue of the cryptocurrency market digest that the bitcoin rate could exceed $100 thousand within 5 years. Judging by the document, the logic of analytics is very simple: in 2011 BTC was worth about $10, in 2013 - $1,000, and it took four years to reach the $10,000 mark in 2017. That is, the growth rates are slowing down, and it will take not four, but eight years to conquer the next peak. Given that three of them have already passed, BTC will reach $100K by 2025.
Mike McGlone also expects BTC to return to 2019 highs of $14,000 by the end of this year.
- Another scam is unfolding on Twitter, aimed at siphoning bitcoins and ethereums from gullible users. The protagonist of the deception was again Elon Musk. Although it is clear that neither he nor his company have anything to do with this scam.
The message being circulated states that any registered user can receive bitcoins or ethereums by leaving their address. In addition, the one who sends a certain amount of cryptocurrency to Musk's company will become a participant in the draw with the main prize — the Tesla Model S car.
- A report from the CoinMeitrcs analytical service team says that against the background of weak volatility in the crypto market, investors prefer to keep coins, rather than sell them. The build-up intensified after the March collapse. Investors have been transferring bitcoins from exchanges to so-called cold wallets in recent months, reflecting their desire to switch to long-term storage of cryptocurrency.
The researchers found that the number of addresses holding BTC for more than one year reached its highest level in a decade last month - 63.5% of bitcoins have not moved anywhere since the autumn of 2019.
- The CEO of the venture capital company Social Capital, Chamat Palihapitiya, gave an interview to CNBC, during which the topic of cryptocurrencies was raised. He said he has held investments in bitcoin since 2012 and continues to build them up. When asked what he thinks about bitcoin, given the increased interconnection of the cryptocurrency market with the stock market, the investor replied that he still sees bitcoin as a hedge against the modern financial system.
“At a fundamental level, BTC does not correlate with traditional markets because it is based on a set of beliefs that are exactly the opposite of the attitudes that govern the modern world. This is the insurance I use to sleep well at night, in case the central banks and world authorities come across a bomb,” Palihapitiya said.
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