El Salvador Bitcoin pump failed to attract smart money, for now

Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet. The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax payments. Meanwhile, Bukele clarified that his government would not impose capital gains tax on…

BoE tackles ‘difficult and pertinent’ questions about digital money

The Bank of England, or BoE, is continuing to devote significant resources to researching digital money in both private and public forms. With an eye on both the domestic and international context, the central bank’s latest discussion paper, published June 7, outlines the role and possible developments of both in the ongoing evolution of money. Commenting on the paper’s publication, BoE governor Andrew Bailey said that “the prospect of stablecoins as a means of payment and the emerging propositions of CBDC have generated a host of issues that central banks,…

Bitcoin is money and should be taxed the same

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed. Paul is a staunch libertarian and author of the Bitcoiner favorite “End the Fed,” who has advocated for the legalization of Bitcoin and other cryptocurrencies in the past. The former congressman has also regularly taken aim against the Federal Reserve for its unchecked money printing since the pandemic began. Ahead of his appearance at the Miami Bitcoin conference on June 3, the 85 year-old spoke with  streaming financial news provider…

DeFi growth helps push crypto’s share of the global money supply above 2%

This year decentralized finance (DeFi) has proven to be a transformative sector for the cryptocurrency ecosystem and it is also making waves in among global financial markets as institutional investors become entranced with the potential to earn high yields on stablecoins, altcoins and Bitcoin.  While the price action from Dogecoin (DOGE) has dominated the headlines in recent weeks, Delphi Digital has been chronicling the growth of the DeFi ecosystem on the Ethereum (ETH) network which has steadily been gaining strength over the past month. Ethereum DeFi performance year-to-date. Source: Delphi…

DOGE as internet money? TikTokers and sports fans see a use case for Dogecoin

In recent weeks, it has been hard to get through a day without running into a headline, or 50, referencing Dogecoin (DOGE). The meme cryptocurrency has seen its price appreciate exponentially on the heels of a series of celebrity endorsements, including billionaire Mark Cuban, Kiss member Gene Simmons and entertainment icon Snoop Dogg. It is easy to dismiss what is going on with DOGE amid another round of hype-fueled frenzy — like the ones seen before — especially with “The Dogefather” Elon Musk workshopping ideas ahead of his Saturday Night…

Money Legos keep stacking! Finance Redefined 4/21-4/28

Happy Wednesday fellow DeFi degens!  I was expecting to spend a large portion of this edition of Finance Redefined analyzing Aave’s liquidity mining program. There was some anxiety from investors that the emission of 2,200 $AAVE per day (which would translate to roughly 5% of the ecosystem reserve fund of 2.8 million AAVE per year) might end up dragging down the token’s price as farmers earn and dump.   I would feel very uncomfortable holding an asset if the governance token of a very important protocol ends up in the hands…

Irish crypto firms must comply with money laundering laws for the first time

Ireland’s crypto businesses have become subject to regulatory oversight for the first time, with local digital asset firms now observing anti-money laundering guidelines set out by the European Union, or EU. The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish Law on April 23, via the Criminal Justice Money Laundering and Terrorist Financing Amendment Act of 2021. The legislation requires firms that operate with crypto assets and custodial wallet providers — dubbed Virtual Asset Service Providers, or VASPs — and the businesses that service VASPS, abide by…

Jim Cramer cashes out half his ‘phoney money’ Bitcoin to pay off mortgage

Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “phoney money” Bitcoin portfolio to pay off his mortgage. .@jimcramer discloses that he bought a lot of bitcoin when it was around $12K. He says he sold half of it to pay off his mortgage yesterday. “It was like phony money paying for real money… I think I won.” https://t.co/L909N1g6x0 pic.twitter.com/hfkzTmIdWl — CNBC (@CNBC) April 15, 2021 During Thursday’s broadcast of “Squawk on the Street,” co-anchor Jim Cramer revealed that he’s “decided to…

Mick Jagger is using NFTs to raise money for indie music venues

The Rolling Stones lead singer Mick Jagger is jumping into the nonfungible token craze to help independent music venues that have been adversely affected by the pandemic.  In an announcement from the music legend on Thursday, Jagger said he had started a 24-hour auction on Nifty Gateway featuring a nonfungible token, or NFT, based on a new song with Foo Fighters frontman Dave Grohl. The digital piece designed by artist Oliver Latta, also known as Extraweg, features a loop of a figure running through two human heads, with Grohl and…

Terrorists still raise money through crypto, but the impact is limited

We’re living today “amidst an explosion of risk related to fraud, money laundering, terrorist financing, and data privacy,” said United States Treasury Secretary Janet Yellen in February — and she specifically cited cryptocurrencies as a “tool to finance terrorism.” Yellen appeared to be flagging an important new turn in the war against terror, and it begged some questions: Is crypto in the hands of terrorists a real, present danger to governments and society? If so, should the cryptocurrency and blockchain industry be worried? Recent evidence suggests that crypto’s role as…