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Author: StanNordFX   |   Latest post: Wed, 20 Oct 2021, 10:57 AM

 

CryptoNews of the Week

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- The United States will hold a meeting with representatives from 30 countries to jointly fight cybercrime and the illegal use of cryptocurrencies, US President Joe Biden said. It is not specified which specific states are in question.
The Biden administration has identified tracking cryptocurrency transactions as a possible option to combat ransomware. This happened after several cyberattacks on major US companies.

- ESET has released a list of countries with the highest rate of cryptocurrency related cyber threats. Russia comes first, accounting for 10% of all cases detected. Peru comes second with 6.8% of threats, third is the United States responsible for 5.3% of threats.
At the same time, the total number of cryptocurrency threats detected by ESET has decreased by 23.6%. Experts have noticed that this dynamic is directly linked to cryptocurrency prices: the threats have decreased significantly since the collapse of the quotes last May.
In addition to mining malware, cryptocurrency investment fraud schemes are gaining popularity, where scammers lure their victims to fake investment sites or impersonate governmental bodies or celebrities.
Victims of such schemes lost at least $80 million from October 2020 to May 2021, according to the Federal Trade Commission of the United States. Meanwhile, according to Chainalysis, the financial pyramid Finiko with Russian roots alone collected $800 million worth of cryptocurrency from Eastern Europeans.

- Well-known Canadian entrepreneur, investor and TV show host Kevin O'Leary said that he now has more cryptocurrency in his portfolio than gold. “Gold takes 5% in my portfolio and cryptocurrency has bypassed it for the first time. But this does not mean that I will sell all the gold, since I do not see the point in this yet. The crypto sector offers not only speculation on the BTC rate now, but there are many other ways to invest as well. And I plan to become an investor in this field.”
Cryptocurrencies currently account for 7% of his portfolio, O'Leary said. At the same time, he said that while gold and bitcoin are often opposed, having both assets in your portfolio is a good idea.

- Chivo public cryptocurrency wallet users in El Salvador will receive a discount on their car fuel if they pay in bitcoin. The announcement was made by the country's president, Nayib Bukele.
“State-owned Chivo negotiated with major fuel companies to sell every gallon of gasoline through a crypto wallet for $0.20 cheaper from October 1," he wrote. According to Bukele, the measure “reverses several increases in global fuel prices.”
Users expressed their doubts about the usefulness of such a step in their comments: “These 20 cents will come from all of us, right? The filling stations will not lose, they will be reimbursed from the taxes we paid, including the taxes of those who walk. "

- Former CIA and US National Security Agency official Edward Snowden, who escaped to Russia, said the Chinese government's crackdown on the cryptocurrency industry “has only strengthened bitcoin."
Snowden recalled his own entry from March 2020 about the desire to buy the first cryptocurrency and noted the tenfold growth of the asset since then. “It [bitcoin] has grown about tenfold since then, despite a coordinated global campaign by governments to undermine public understanding and support of cryptocurrencies,” wrote the former special agent.

- Chief strategist at CoinShares Meltem Demirors investment company said in a comment to CNBC that the rate of the first cryptocurrency will soar to $100,000 by the end of 2021. A lot of cash remains untapped, she said, so investors plan to include digital gold in their portfolio.
She also named the buy-on-rumor, sell-on-fact model as one of the catalysts for price changes in the first cryptocurrency. “We are now seeing a lot of hype around the potential approval of the Bitcoin ETF,” explained Demirors. She said “certain movements” on long-term options with six-digit figures will begin at the end of Q4 2021 and early Q1 2022.

- Anthony Pompliano, an avid bitcoin supporter and co-founder of the Morgan Creek Digital venture capital firm, has identified the most serious risks to the coin's growth. “Unlike the sentiments of bitcoin supporters, it will not turn into a currency, which means its market will be quite limited. The maximum for bitcoin is the capitalization of gold, which is essentially a store of value. Bitcoin is not used for day-to-day shopping, and while its upside potential may be slightly higher, it is still limited. "
Pompliano also highlighted several factors that may have undesirable consequences for the main cryptocurrency: “It may be revealed who Satoshi is and if it turns out he is not a very good person, this could have a negative impact on bitcoin itself. In addition, no one uses it for specific purposes, such as making international payments, as it is slow and expensive. There is also an option that governments will decide to tighten measures against bitcoin in the future, for example, they will begin to regulate it, impose heavy taxes or even ban and outlaw it. "
A particular risk, according to Pompliano, is that “bitcoin is still in development. It is still being updated, and although the process includes many filters, security checks and more, there may be a bug in the code that is introduced that will cost a lot.”

- Most of the surveyed cryptocurrency investors from Africa stated that their main motivation is to ensure their family well-being. According to Luno's research, almost half (48%) of respondents are willing to save and invest their salary in cryptocurrencies to pay for their children's education, while 43% are willing to create a starter capital for children and grandchildren, 39% for saving.

- Galaxy Digital crypto bank founder Mike Novogratz told CNN that bitcoin will make fundamental changes to the financial system. He has also urged investors not to pay attention to the volatility of digital gold, but to look at the big picture of the market. “Bubbles and manias are happening around things that change our thinking fundamentally,” Novogratz stressed.
According to the banker, cryptocurrency investors are not just interested in profit, they believe in fundamental changes in the financial system, and the growing interest in bitcoin is associated with the underlying technology.
The head of Galaxy Digital predicted the price of bitcoin to rise to $500,000 in ten years. He believes that 75% of altcoins will disappear from the market over the same period.


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