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Bitcoin Is No Longer Considered an Ephemeral Investment Option

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The performance of Bitcoin over the last few months has given investors many reasons to be happy about. In less than four months, BTC went from being worth less than £10,000 to being worth over £40,000, and it does not seem like this upward momentum is going to stop any time soon. The interesting thing about Bitcoin’s performance is that its value increased during a period when everything else in the world of finance struggled to keep up with all the negative global economic developments.

The incredible performance of Bitcoin has naturally driven the market to an on-going phase of “cryptomania”, as investors use their funds to buy BTC and other cryptocurrencies, even if their values are no longer a bargain. The big difference between this period and the “pre-bubble” period is that this time, the investors backing cryptocurrencies are considered trustworthy and business-savvy. The most popular example is Elon Musk, a person with a lot of influence in the world of business and, of course, a person who can affect the opinions of average investors through his public statements and globally communicated investments.

If you are among the lucky ones who kept believing in Bitcoin’s potential, then you are probably in a position to sit back and to enjoy popular games of chance, such as the Who Wants to Be a Millionaire slot online at mansioncasino.com/uk. After all, the £40K value of every Bitcoin, gives BTC holders the ability to make the choices they want both in terms of having fun as well as in terms of reinvesting their profits in other financial assets showing potential for future growth. You can trade your Bitcoin and get a lot of cash, you can trade it and buy hundreds of stocks and commodities, or you can use it by investing in real estate properties.

Crypto

There are, of course, many who worry that Bitcoin and other traditional investment assets may be at risk because of the inflation that is expected to hit the economy the moment the transactional activities go back to normal. On the other hand, it is almost impossible to predict what the new normal will be like. The global economy has taken heavy hits repeatedly, and it has always found ways to come back stronger, offering unique investment opportunities and incorporating new financial assets.

What Is the Best Choice for the Average Investor?

It is no secret that the financial market comes with a lot of profit opportunities, but at the same time, it is important to remember that every investment comes with risks. Investing in Bitcoin right now might be a pricy choice for the average pocket. Many traders would not risk putting their money on an asset that is worth this much, even if BTC has the potential to go from £40K to £100K in less than six months. If you want to invest in cryptocurrencies, then it might worth considering investing your money in one of the other cryptos one can find in the financial market. Buying one of the other established crypto-coins like Ethereum and Ripple will require a much smaller investment amount. Additionally, there is nothing saying that their price cannot reach the price of Bitcoin if the assets are given enough time to mature. 


Binance Kicks off Issuance of Debit Cards

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Binance, the Malta-based cryptocurrency exchange unveiled its plans for a digital currency debit card back in April of this year. According to the recent updates, the exchange has now begun to ship its debit cards to customers in limited quantities after months of planning to carve a niche in the card payment sector.
Using the card, the holders of the crypto will be able to pay bills through Bitcoin or any other coin. Users would no longer have to exchange their cryptocurrencies on exchanges in order to make payments and the main benefits are; they can also use HODL while spending their digital assets. 

A previous report on the Binance card indicates an acid test for the issuance of the debit card in European regions. It was initially not clear what provider Binance was going to partner with for the debit card, but in July the company made it clear that it was going to acquire the Swipe Technology-a crypto-debit card project. According to the Exchange’s official blog, the Binance Card would be acceptable to 46 million merchants spread through both online and offline platforms in more than 200 regions.

Binance Debit Card Will Support Bitcoin and BNB

Binance CEO CZ revealed that the payment option had been tested, saying that the company had already started the project trial. By mid-July, the exchange revealed plans ahead of August ‘s launch and noted the card ‘s compatibility with at least four digital assets, including Binance’s BNB asset and Bitcoin. Nonetheless, the exchange had previously emphasized the beta version of its debit card and stated on the official blog that it was indeed a physical card.

Nonetheless, yesterday, CZ announced that the shipping was already in progress. He said : “This started shipping in limited quantities as of yesterday, I heard”

The Exchange’s blog states that one must register an interest in the Binance Card on the Exchange’s landing page and receive a notification once the card is available in their region.

Court Rejects Bitfinex-Tether Appeal over Lost $850 Million Client Funds

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Bitfinex, the popular digital currency trading platform, now faces state claims that it hid $850 million of corporate-client funds in a cover-up between itself and Tether. This comes after the exchange lost an appeal to the appellate divisions of the Supreme Court in New York arguing that tether (USDT) was not a traditional commodity or a security.

Last year in April, New York Attorney General Letitia James claimed that Bitfinex and other associated companies were involved in hiding the loss of the conflated funds and then using affiliated stablecoin Tether money to cover the loss. The charges were subsequently pressed, and the case was lately heard by the Appellate Division of the NY State Supreme Court.

iFinex, a company owned by both Bitfinex and Tether, argued that the state did not have the right to pursue the claims because the company was not based in US, and NY jurisdiction would also not apply.    However, the reminds it had all jurisdiction against Bitfinex since many of its employees work in NY and also considering the fact that several residents of the country use USDT.

Apparently, Bitfinex claims to have deposited the funds with a Panamanian firm-Crypto Capital. The firm is believed to have provided shadow banking services to digital asset exchanges prior to being seized by different authorities. The firm said the lost funds were under the control of the Polish, American and Portuguese Governments. Bitfinex said it was working to get the funds back.

Bitfinex-Tether Lawsuit Timeline

The lawsuit dates back to two years after New York Attorney General Letitia James initiated an investigation into the suspicion that Tether had inadequate funds and liquidity to allow users to redeem USDT at market value. The investigation would have cut across iFinex and several other trading companies.

In 2019, Letitia signed a subpoena seeking information on Tether ‘s operations. iFinex accepted the subpoena and submitted several documents at the request of the court. However, the court found that the company had not produced all the information within the scope of the lawsuit.

This move alarmed that the exchange might not have enough backing to support the supply of its stablecoin.

“Today’s decision validates our office’s ability to use its broad and comprehensive investigative powers to protect New Yorkers,” James said in a statement. “Not even virtual currencies are above the law. We are pleased with the court’s decision, and will continue to protect the interest of investors in the marketplace.”

Coinbase Plans Debut as History’s First Public Traded Crypto Marketplace

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Reuters reported on July 9 that Coinbase, a prominent U.S.-based cryptocurrency trading platform, started planning a stock market debut later this year, or early next year.

Coinbase is looking forward to the approval of the US Securities Exchange Commission in order to obtain a direct listing on the stock exchange market. While the marketplace has not yet rolled out its submissions to SEC, plans have been addressed with leading financial and investment firms.

This move marks a major milestone in crypto space, as Coinbase will be the first crypto marketplace to have a stock market listing.

Coinbase CEO Grand Vision for the Exchange

Brian Armstrong, Coinbase’s co-founder, and CEO was just an Airbnb software engineer when he read the Bitcoin manifesto published by Satoshi Nakamoto in 2010, which presented Bitcoin as an underground currency. Its transactions recorded on a ledger called the blockchain, and the arithmetic tasks of nodes and mining, etc., did not interest Armstrong. However, he saw an opportunity for businesses to protect the keys to coins and to set up transactions.

His employer at the time sent money to the Latin American landlord and used to describe the sending process as opaque, expensive, and time-consuming. As if this were to give birth to his aspirations in the financial system, Armstrong envisioned a global and open system that would drive growth, innovation, and freedom.

That year he bought Bitcoin for $1000, each selling at $9, and began his Coinbase project. Armstrong wrote code in Ruby and JavaScript for the buying and storing of digital coins on working on weekends and late evenings.

In January 2015, the startup received a major round of funding worth $75 million from the New York Stock Exchange, Draper Fisher Jurvetson, USAA and several other investment banks, its selling proposal being safety and secure storekeeping of private keys. Now the number of people using crypto has risen to about 100 million, and over 35 million of them trust Coinbase.

Going Public

Coinbase’s most recent funding was in 2018, putting the company at a valuation of $8 billion. The company is now planning a direct listing, which, unlike the traditional IPO, allows companies to go public without having to raise funds through stock sales. Apparently, shareholders will be able to trade their equity without having their stakes diluted by fresh issuances.