BitcoinBites: 5 BTC stories you should know – October 7th, 2021
Edward Snowden on how China's crypto ban has made Bitcoin stronger
Despite his recent supportive sentiments, of Bitcoin, Snowden has been critical of Bitcoin in the past, noting that Bitcoin needs to become “private by design” to counter efforts against “privacy coins”.
“Bitcoin is really failing comprehensively on the privacy angle. Now in 2021, everybody knows there’s a problem when we talk about digital surveillance.”
At the time of China’s cryptocurrency ban on September 24th, the crypto market went down by 6% to around $40,000. Previous government crackdowns in May had already affected the market, lessening the effects of the most recent ban.
Bitcoin jumps to nearly 5-month high, topping $55,000 on Wednesday
Bitcoin jumped to a nearly five-month high above $55,000 on Wednesday, extending its rally from the previous day as institutions jumped in to try to catch the wave.
The rally comes amid a series of small developments in Washington, D.C. that have provided some comfort to institutional investors keen to jump into cryptocurrencies.
“Regulatory uncertainty is what’s still keeping investors out of the market and every time we get a step closer to regulatory clarity, you see this kind of reaction,” Bitwise Asset Management chief investment officer Matt Hougan said. “It’s the primary driver of next great bull market in crypto.”
Canadian Bitcoin mining firm Link Global faces $5.6M penalty
Link Global Technologies, a Bitcoin (BTC) mining company listed on the Canadian Securities Exchange, is facing major potential penalties for operating unauthorized power plants in the province of Alberta.
The Alberta Utilities Commission (AUC), the province’s power utility regulator, issued on Sept. 24 another enforcement submission against Link Global, with enforcement staff recommending several penalties for violations of Alberta’s legislative requirements.
According to a document shared with Cointelegraph, the AUC’s enforcement staff recommended that Link Global should pay an economic disgorgement of about 2 million Canadian dollars ($1.6 million) for financial gains from unlawful electricity generation.
Bitcoin Has Already Effectively Replaced Gold, According To Billionaire Investor Chamath Palihapitiya
Billionaire investor and former Facebook executive Chamath Palihapitiya says that Bitcoin (BTC) has already effectively replaced gold as a store of value.
In a new CNBC interview, the founder and CEO of Social Capital shares why he believes the market share of the flagship cryptocurrency will continue to grow. He also predicts a swath of other crypto projects growing in prominence due to solid use cases.
Bitcoin is up 6.5 Billion Percent since it was First Priced in USD
Twelve years ago today, pseudonymous Bitcoin user NewLibertyStandard published what is likely the first pricing of Bitcoin in US Dollar terms.
On his website of the same name, NewLibertyStandard went on to describe how they formulated their 2009 exchange rate:
“During 2009 my exchange rate was calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.”
Bonus Bite: Banking Giant US Bank Launches Custody Services for Bitcoin
US Bank rolled out its crypto custody services for fund managers on Tuesday, as one of the country’s largest banks doubles down on its commitment to the space.
The custody services are intended for institutional investment managers with private funds in the US or Cayman Islands who would like to secure their bitcoin, according to the company. The Minneapolis-based bank has selected NYDIG as the first crypto sub-custodian announced in its network of providers.
US Bank Wealth Management and Investment Services had about $8.6 trillion in assets under custody and administration and $282 billion in assets under management, as of June 30.
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