Chiliz $CHZ Growth Continues With Trio of New Listings

• Chiliz $CHZ – the digital currency for sports and entertainment – has announced listings on the Bitcoin.com Exchange, HitBTC and Changelly platforms.
• Chiliz is the on-platform currency of fan engagement platform Socios.com, which is built on the Chiliz blockchain infrastructure. Socios.com allows sporting and entertainment organisations to monetize their global fanbases through digital assets known as Fan Tokens.
• 23 major sporting organisations have partnered with Socios.com to launch Fan Tokens including FC Barcelona, Juventus, Paris Saint-Germain and AC Milan. Many more major clubs will launch Fan Tokens in 2021.
• Several Fan Tokens have already been listed on major exchanges, with the Fan Token market cap currently exceeding $194M USD.

PRESS RELEASE. Chiliz ($CHZ) – the leading digital currency for sports and entertainment, will be listed on the Bitcoin.com Exchange on March 03rd at 10am UTC. CHZ will be listed on Changelly in one week’s time. In addition to these two listings, CHZ also went live on HitBTC recently. Chiliz will be available on all three platforms in BTC to CHZ and CHZ to USDT pairs.

Chiliz $CHZ is the on-platform currency of fan engagement platform Socios.com, which enables sporting organisations to engage with and monetize their global fanbases through digital assets called Fan Tokens.

23 major sporting organizations have partnered with Chiliz to launch Fan Tokens on Socios.com, including FC Barcelona, Juventus, Paris Saint-Germain, AC Milan, AS Roma, Atlético de Madrid, Galatasaray and Trabzonspor. Leading esports organizations Team Heretics, NAVI, OG and Alliance have all launched Fan Tokens on the platform, while UFC have signed a global fan engagement agreement and fellow MMA organisation the Professional Fighters League will launch a Fan Token in the coming months. More major clubs are set to launch Fan Tokens in the near future.

Socios.com is one of the most active non-financial, consumer-facing, mainstream blockchain products in the world and in just over a year it has been downloaded by more than 500,000 people.

Fan Tokens generated over $30M USD in revenue in 2020 that was shared with Socios.com clubs and partners. In late December and early January several Fan Tokens were listed on major global exchanges driving significant activity, with Paris Saint-Germain ($PSG) and Juventus ($JUV) trading volumes hitting a 24 hour high of $300M in late December.

Founded in 2018 Chiliz ($CHZ) is a fintech blockchain company that provides sports & entertainment entities with tools to help them engage & monetize their global audiences. The company has multiple office locations around the world, including Malta, France, Turkey, Korea and South America and employs nearly 100 staff. In 2021 the company will open new Madrid and New York based offices.

Alexandre Dreyfus, CEO and Founder of Chiliz and Socios.com, said: “We’re delighted to further increase the liquidity of Chiliz $CHZ with these three key listings.

“This is just the beginning of what we believe will be very strong partnerships with all three platforms.

“We look forward to more exciting announcements in the future as we continue our mission to build a $1 billion Fan Token ecosystem, drawing participation from the world’s biggest sports and entertainment properties.”

 

About Chiliz

Chiliz ($CHZ) is a fintech blockchain company that provides sports & entertainment entities with tools to help them engage & monetize their global audiences. The company’s consumer facing app Socios.com launched in late 2019. To date, 21 major sporting organisations, including FC Barcelona, Juventus, AC Milan and Paris Saint-Germain have partnered with Socios.com to launch Fan Tokens. Leading esports organizations Team Heretics, NAVI, OG and Alliance have all launched Fan Tokens on the platform, while UFC have signed a global fan engagement agreement and fellow MMA organisation the Professional Fighters League will launch a Fan Token in the coming months. More major clubs are set to launch Fan Tokens in the near future. All of these projects are fueled by the Chiliz token ($CHZ), a chain-agnostic digital currency which is currently available on leading crypto exchanges around the world. Fan Tokens generated $30M for clubs and partners in 2020, while in December of the same year Fan Tokens for Juventus and Paris Saint-Germain were listed on the world leading exchanges, driving trading volumes of $300M in 24 hours. Chiliz has multiple office locations around the world, including Malta, France, Turkey and Asia. In 2021 the company will open a new Madrid based office.

 

For Further Information:

Chiliz / Socios.com

Andrew Clarke – Head of PR

andrew@chiliz.com

For more information please visit www.socios.com / www.chiliz.com

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Online Retail Giant Rakuten Allows People to Load Payment App With Cryptocurrencies

The firm Rakuten Inc., often referred to as “the Amazon of Japan,” announced customers can now load up Rakuten Pay accounts with cryptocurrencies like bitcoin, ethereum, and bitcoin cash. In order to commemorate the latest crypto service, Rakuten is also offering bonus points to people leveraging “Rakuten Cash” via crypto assets.

Crypto Can Pay for Rakuten Goods and Services, Alongside Mister Donut, Familymart, and McDonald’s

The massive Japanese electronic commerce and online retail company based in Tokyo is now allowing crypto users to leverage the company’s Rakuten Pay service in order to load up on Rakuten Cash. The payment service with crypto asset support provides clients with access to a wide range of Rakuten’s services and products including the firm’s travel services, Kobo e-books, and mobile.

Moreover, users can load their Rakuten app with BCH, BTC, or ETH in order to purchase items at Familymart, McDonald’s, 7-11, and Mister Donut to name a few. Digital currency proponents, particularly from Japan, we’re extremely happy about Rakuten’s new crypto support.

“This news is huge for Japan,” explained one individual on Twitter. “You can now pay at McDonald’s and 711 and perhaps hundreds of thousands of other stores with Crypto.”

Rakuten’s announcement details that crypto users can also top up funds with digital assets via their Rakuten Cash-buying function. However, users need to also leverage Rakuten’s crypto wallet in order to access Rakuten Cash via digital currencies. Moreover, the company is offering a bonus point gift to customers using the Rakuten Cash-buying function with cryptocurrencies.

Rakuten Group Wants to Provide Convenient Crypto Asset Management

The press release also notes that there is a minimum charge amount of 1,000 yen ($10) and a one-time upper limit at around 100,000 yen ($1,000) per month. The loads can be done 24 hours a day and seven days a week via the Rakuten Pay app and the company’s crypto wallet. There is no fee for conversion, but “it is necessary to open a physical trading account using the Rakuten Wallet and install a smartphone app dedicated to trading,” Rakuten says.

The Tokyo-based firm further adds:

[The company] will utilize the synergies of the Rakuten Group to provide convenient and profitable cryptocurrency asset management and new usage methods to improve customer satisfaction.

Rakuten Group has been into crypto solutions and blockchain technology for quite some time, as it launched the Rakuten Blockchain Lab (RBL) in Belfast, UK, back in 2016. Then in 2018, the company acquired the crypto exchange project “Everybody’s Bitcoin Inc.” for 256 million yen (~US$2,305,484). On August 19, 2019, Rakuten continued to move forward and launched its crypto exchange.

“Through the smartphone app, customers can make transactions for crypto asset trading accounts, such as depositing/withdrawing Japanese yen and depositing/withdrawing crypto assets, 24 hours a day, 365 days a year,” the Japanese company said at the time.

The latest Rakuten crypto support that allows people to pay for goods and services with ETH, BTC, and BCH, is another forward move for Rakuten in the crypto industry since jumping in back in 2014.

What do you think about Rakuten’s latest announcement about crypto support for Rakuten Pay and Rakuten Cash? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Mad Money’s Jim Cramer Has a Plan to Save Gamestop With Bitcoin

Mad Money host Jim Cramer thinks he has a solution to save troubled video game retailer Gamestop with the help of bitcoin. He suggests that Gamestop should raise money to buy the cryptocurrency, then convert its 5,000 locations into bitcoin stores. He believes his idea will work.

Jim Cramer Has Idea to Use Bitcoin to Save Gamestop

Mad Money Jim Cramer said on CNBC last week that he believes he has come up with a viable plan to help video game retailer Gamestop (GME). He said his idea will fix the company’s valuation. The Gamestop stock surged by over 100% last week after the company announced that its CFO Jim Bell would resign.

His idea is for Gamestop to “become a dealer in crypto.” He noted that it is what Square and Paypal are doing, which he initially thought “seemed ridiculous” but then it “was ok.” Cramer is the host of Mad Money on CNBC and a former hedge fund manager who co-founded the financial website Thestreet.com.

Cramer also pointed out that Nvidia is coming up with graphics cards for crypto. “Last night on the unbelievably good Nvidia call, as a side note, they talked about March. [They’re] going to have some actual cards just for crypto. It really won’t be important for Nvidia, but it could be important for a place like Gamestop,” the Mad Money host described. He continued:

If Gamestop were to turn itself into a 5,000-store introduction to crypto, make it so that they sell $1 billion worth of stock … and buy crypto with it, and then make it so it’s an international gaming place where you win bitcoin, I think you can justify the stock price.

“And it doesn’t have to be bitcoin. We can make it crypto,” he clarified. “But turn it into a crypto information palace and you have worldwide games, no latency, you play it.”

He tweeted telling Gamestop board member Ryan Cohen to tell “the board to sell 10 million shares of Gamestop at $200 and buy bitcoin and say Gamestop is now a bitcoin store that also sells games.”

Cramer has floated the idea of turning Gamestop stores into a bitcoin empire before. On Feb. 5, he tweeted:

Gamestop needs to be a 5,000 store bitcoin palace. I cannot believe how brilliant that would be … They can sell stock, buy a ton of bitcoin and just hold on. Call it Bitstop. Or Gamecoin.

“I have not been able to come up with anything else, but this works,” he concluded. “I have a feeling that this is the way to get this stock higher. I can’t come up with another way.”

Do you think Jim Cramer’s idea will be good for Gamestop? Let us know in the comments section below.

via Kevin Helms

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Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has begun investing in bitcoin. Having previously called the cryptocurrency “garbage,” he has now changed his mind and believes that cryptocurrencies are here to stay. He is also getting used to the volatility of bitcoin and believes that institutional investors are willing to hold through price fluctuations.

Kevin O’Leary Now a Bitcoin Believer

Canadian investor and television personality Kevin O’Leary has changed his mind about bitcoin. He previously called the cryptocurrency “garbage” and a “giant nothing burger,” but now he has invested in bitcoin and thinks that it is no longer a fad.

“I actually think that digital currencies are here to stay,” he said in an interview with CNBC last week. “Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility.” O’Leary elaborated:

I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it.

“And, finally, I’m starting to think about how do I invest in the infrastructure of mining bitcoin,” Mr. Wonderful added.

Commenting on bitcoin’s volatility, O’Leary shared: “Given the volatility of cryptocurrencies, the main decision you have to make after you decide to participate in the first place is what % of your portfolio do you allocate. For me, 5% is the maximum.”

Morgan Creek Digital partner Anthony Pompliano, who had been trying to convince O’Leary to invest in BTC for years, responded to the Shark Tank star’s 5% allocation statement. “You forbid me to have 50% and you called it all ‘garbage,’ but now you think 5% is acceptable. Eventually, you will be 50% yourself.”

O’Leary replied, “Correct, I change when facts change.” He emphasized:

Canadian, Swiss and many other regulators have done a 180% on BTC. This is a game changer for many investors including me.

O’Leary had always been worried about regulators coming down hard on bitcoin. In December, he warned that “Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal.” Nonetheless, he said that if a bitcoin ETF is approved, he would be willing to put 5% of his portfolio in it. Recently, Canada’s securities regulator approved two bitcoin ETFs.

Do you think Kevin O’Leary will keep putting more money in bitcoin? Let us know in the comments section below.

via Kevin Helms

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Stone Ridge’s Open-End Mutual Fund to Invest in Bitcoin — SEC Filing Opens the Door for Other Mutual Funds to Add BTC

Asset management firm Stone Ridge has filed with the U.S. Securities and Exchange Commission (SEC) for its open-end mutual fund to invest in bitcoin. “This is a big deal. Stone Ridge filing opens the door for every mutual fund to add bitcoin,” said a fellow asset manager.

Stone Ridge Wants Its Mutual Fund to Invest in Bitcoin

Stone Ridge Trust filed Form N-1A with the U.S. Securities and Exchange Commission (SEC) last week. The filing, which is expected to become effective on April 26, relates to the Stone Ridge Diversified Alternatives Fund.

The fund “seeks to generate total returns from diverse investment strategies that we believe have the potential for attractive returns and are diversifying from stocks and bonds,” the filing details. “These strategies include reinsurance, market risk transfer, style premium investing, alternative lending, single-family real estate, healthcare royalties, and bitcoin.”

For the bitcoin investment strategy, the filing explains:

[The fund] seeks to generate returns by gaining exposure to the price of bitcoin by selling put options on bitcoin futures contracts. This strategy may also invest in pooled investment vehicles, such as registered or private funds, that themselves invest in bitcoin.

Anthony Scaramucci, founder of another asset management firm Skybridge Capital, which itself has about half a billion dollars worth of bitcoin in its bitcoin fund, commented on the filing last week. “Important development in bitcoin. Stone Ridge filed with the SEC to become the first open-ended mutual fund to buy bitcoin,” he wrote. Scaramucci also sees heavy demand for bitcoin from his clients and expects the BTC price to reach $100K by year-end.

Noting that “Stone Ridge will be able to start buying bitcoin on April 26 (when their prospectus goes effective),” he opined:

This is a big deal. Stone Ridge filing opens the door for every mutual fund to add bitcoin (if they want to).

Stone Ridge founder Ross Stevens also founded the New York Digital Investment Group (NYDIG), a bitcoin-only financial services firm. Early this month, the firm filed for a bitcoin exchange-traded fund (ETF) with the SEC. Stevens recently said that he sees “a wall of money” coming into the asset class. NYDIG already has over $6 billion in bitcoin and the firm expects to have over $25 billion in the cryptocurrency by the end of the year.

What do you think about mutual funds investing in bitcoin? Let us know in the comments section below.

via Kevin Helms

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Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

Digital currency markets have been bearish in recent days as prices have continued to sink lower. The entire market capitalization of all the crypto assets in existence is down over 8% on Sunday at $1.25 trillion. Bitcoin has plummeted from its all-time high (ATH) of $58,350 last Sunday to today’s low of $43,189 per unit.

• Bitcoin (BTC) prices have dropped -25.98% since last Sunday and today the crypto asset has touched a new low. At 10:48 in the morning, New York time, BTC prices touched a low of $43,189 per coin. BTC is down over 7% today but is still up 28% during the last 30 days and 122% for the last three months.
• BTC dominance or the market valuation in comparison to the rest of the crypto economy’s valuations is around 61.23% today.

Bitstamp BTC/USD 3-minute interval chart on February 28, 2021. At the time of publication, BTC has been trading hands at prices between $43,600 to just above the $44k handle.

• The second-largest crypto asset by market valuation is ethereum (ETH) which is swapping for $1,318 per coin on Sunday. ETH prices have dipped over 10% today and lost 31% during the last week.
• Cardano (ADA) currently commands the third-largest market cap, and each ADA is exchanging hands for $1.20 per unit. ADA has been a coin that has notably outperformed other crypto assets during the last two days while most markets have been down. ADA is down 12% today but seven-day stats show cardano is up over 10%.
• Cardano (ADA) is expected to upgrade on March 1, 2021, which introduces native token functionality to the Cardano network.
• Meanwhile, tether (USDT) now holds the fourth position and behind it is binance coin (BNB) trading for $197 per coin. The Binance-created token is down 11% on Sunday and 31% for the last week. Behind BNB is polkadot (DOT) trading for a touch over $30 per DOT.

Bitstamp BTC/USD 4-hour candle chart on February 28, 2021.

• XRP has been pushed down to the seventh position and is down 10% today. Each XRP is trading for $0.39 per unit. Litecoin (LTC) is swapping for $155 a coin and is down a touch over 9% this weekend.

• The stablecoin USDC that’s managed by the crypto firm Circle has made it into the top ten crypto market cap positions. Currently, USDC is the eighth largest market valuation with $8.97 billion worth in circulation.
• Lastly, stellar (XLM) holds the tenth top position amongst the 8,000+ crypto tokens in existence. A single XLM is currently trading for $0.39 per unit and interestingly, is roughly the same value as XRP, as the Stellar network blockchain was designed in a similar fashion.

Want to check out all the crypto asset prices and market movements in real-time? Check out markets.Bitcoin.com today!

What do you think about all the market action on Sunday, February 28? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

On Saturday, February 27, 2021, news.Bitcoin.com reported on the great number of 2010 and 2011 block rewards being spent this year. In that report, it was said that the mysterious whale entity we’ve been hunting “did not move a major string of bitcoin’s” since January 25. Following the publishing of that study, on Sunday, the old-school whale miner moved another 20 block rewards from 2010, as 1,000 bitcoins that sat idle for well over a decade were spent.

9,000 Decade-Old Bitcoins Spent Since March 11, 2020

Since mid-March, news.Bitcoin.com has been on the trail for an old-school bitcoin (BTC) miner that has been spending large strings of 2010 block rewards. A block reward is an incentive a bitcoin miner gets for finding a block on the Bitcoin blockchain and before 2012, all rewards were 50 BTC per block. Further, the technical term “spend” or “spent,” simply means the owner moved the coins, but it doesn’t necessarily mean the bitcoins were “sold” to another owner.

On Sunday, February 28, 2021, the mysterious whale miner that always spends in patterns of 20 block rewards from 2010, moved 1,000 decade-old bitcoins. There are no other published studies that have caught the number of blocks found by news.Bitcoin.com’s Jamie Redman, Btcparser.com team members, and Issak Shvarts since the infamous ‘Black Thursday’ 20-block spend from 2010 in mid-March 2020.

Our report on Saturday, had shown that there were 80 block rewards from 2010 that were spent this year. Interestingly, 40 block rewards from the 2011 days also got spent in 2021 as well. On Sunday, February 28, 2021, following our last report, the whale miner once again spent another 20 block rewards from 2010 at block height 672,501. It’s assumed the mystery miner is seeking attention.

Our last study also mentioned the mega-whale or group of whales that have been spending these 2010 blocks in strings of 20 blocks per transfer since mid-March. Our team alongside researchers from Btcparser.com and the Russian blockchain researcher, Issak Shvarts, have discovered a total of 9 spending strings from 2010.

All of the strings use the same exact pattern of spending in concessions of 20 consecutive decade-old blocks. 20 block reward string spends from 2010 happened on March 11, 2020, October 11, November 7, November 8, December 27, January 3, 2021 (Bitcoin’s anniversary), January 10, January 25, and today (Sunday, February 28, 2021) as well.

That’s a total of 180 block rewards and each and every one of them contained 50 BTC per block. The person(s) always consolidates the bitcoins into a single BTC address and then the coins are dispersed thereafter in fractions. Usually, all the strings of spent blocks stem from July 2010 up until November 2010, and the coinbase dates are always the same months.

The block explorer oxt.me also shows the 2010 whale’s pattern of spending habits are always the same. One researcher discussing the subject with our newsdesk yesterday said: “Maybe they have some special application, a script, which is not really flexible and may get only 20 private keys at a time, but a list of receiving addresses.”

Either Spending Solutions Are Not Flexible or the Whale Is Flexing and Wants Attention

Blockchair’s privacy-o-meter shows the mystery miner’s first spends are always susceptible to heuristics and transaction tracing tools. The 2010 string spends always have a “rare fingerprint,” “co-spending,” “same address in inputs,” and “sweep” techniques.

After the first consolidation, the transactions ‘go dark’ from here, and privacy is increased from 0 to 100 points according to Blockchair stats. Issak Shvarts believes that numerous 2010 strings that have followed this exact same spending pattern have likely been sold to the San Francisco-based exchange Coinbase.

The (Not) “Satoshi’s Bags” Tracker (When: 2009-2011 mined bitcoin Was Spent/Unspent).

Moreover, except for the one specific mid-March 2020 decade-old string spend, the mysterious miner or miners always spend the corresponding bitcoin cash (BCH) as well. Furthermore, the mining entity never moves the corresponding bitcoinsv (BSV), except for the one time on March 11.

Whatever the case may be, the old-school whale or whales spending the strings of 2010 block rewards seem to want attention. Unless the whale is forced to use a non-flexible spending script or weird spending habit, our deduction so far is that the whale is a show-off and definitely wants the public’s attention.

It is quite a coincidence that after our newsdesk writes: “So far, this particular entity or entities have not moved a major string of bitcoins since then” yesterday, and then the whale spends another string of 20 block rewards from 2010 (1,000 BTC). We also know on October 11, the entity or entities did send 9.99999943 BTC ($114k worth at the time) to the Free Software Foundation and another 9.999 BTC to the American Institute for Economic Research (AIER).

The whale has spent roughly 180 decade-old block rewards to-date, adding up to approximately 9,000 BTC. That’s over $400 million worth of bitcoin using exchange rates on Sunday, February 28, 2021.

What do you think about the 9,000 bitcoins from 2010 spent since March 11, 2020? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asia’s cryptocurrency landscape in-depth, as 60% of the world’s population resides in the region. Christanto’s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem from Asia.

Asia’s Financial Landscape Is Ripe for Disruption

When it comes to cryptocurrencies, Asia accounts for a huge number of crypto users, companies, miners, traders, and more. The cryptocurrency and blockchain researcher from messari.io, Mira Christanto, explains that Asia has a “history of dictators, currency depreciation, [and] capital controls – all ripe for disruption.” This has likely led to Asia being the most active cryptocurrency markets, according to Christanto’s recent findings.

Her recently published study called “Asia’s Crypto Landscape” covers the “key exchanges, funds, and market makers that define crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, with commentary on regulatory and investment trends.” Countries like China, Japan, Hong Kong, India, South Korea, Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia, and more are covered in the 98-page study.

“Leading crypto countries, such as China, Japan, Korea, Hong Kong, and Singapore, have deep pools of liquidity, while other countries have a great potential to scale,” Christanto’s report says. “The nature of traditional finance has played a key role in the adoption of crypto: capital controls pushed investors towards cryptocurrencies in China and South Korea while low-yields pushed adoption in Japan,” she added.

“By the end of 2019, six of the top ten largest crypto firms in the world were located in Asia,” Christanto’s data further shows. “As of January 12, 2021, of the top 20 token projects with headquarters, 42% of the market capitalization is based in Asia. Asia has an outsize role in the crypto markets due to a variety of reasons.”

Christanto’s report continues:

Each country has its own nuances, but factors include high penetration of public market investing, high-technology pedigree, the prevalence of WiFi, deep penetration of e-payments, propensity for gambling, and high percentage of computer- science graduates. Furthermore, Asia’s development as a finance hub has helped contribute to fintech progress. Japan, Shanghai, and Hong Kong are among the top five largest stock markets in the world.

Asia’s Thriving Crypto Landscapes

A few key factoids from Christanto’s study show:

• Binance, Huobi, and Okex combined have about the same bitcoin holdings as Coinbase.
• Hong Kong is home to some of the largest crypto derivatives companies in the industry.
• Japan is a unique market with the largest retail foreign exchange industry, representing a third of total global foreign exchange (FX) and Contract for Differences (CFD) retail volume.
• South Korea has the highest penetration of crypto investors with a third of workers invested in crypto.
• Singapore is one of the more lax Asian markets for crypto-specific regulations, though strict on AML, KYC, fit-and-proper controllers, and FATF Travel Rule compliance.
• The Philippines has one of the largest overseas foreign workers populations in the world, ranking fourth in global remittance recipients.

Asia’s Crypto Landscape findings also indicate that a great number of countries in Asia have thriving landscapes and all for different reasons. For instance, Vietnam’s capital controls “means the crypto spot market operates somewhat in isolation,” Christanto says. Vietnam’s market is retail driven, the report notes and “when bitcoin prices are volatile, the Vietnam market lags by a couple of days.”

In Malaysia Luno is the top exchange in the country as the firm founded in 2013 in Cape Town, South Africa is dominant there alongside Singapore. Christanto and messari.io’s research also saw help from the independent blockchain infrastructure platform Blockdaemon.

Mira Christanto’s messari.io research report on the Asian crypto landscape can be read in its entirety here.

What do you think about Christanto’s 98-page study covering the Asian crypto landscape? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It a Poor Hedge

After saying that cryptocurrencies “rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits,” JPMorgan says investors can put 1% of their portfolios in cryptocurrencies. This can help “achieve any efficiency gain in the overall risk-adjusted returns of the portfolio,” the firm’s strategists explained.

Investors Can Allocate 1% of Portfolios to Bitcoin, Says JPMorgan

JPMorgan Chase now sees benefits in adding a small percentage of bitcoin to a multi-asset portfolio. The firm’s global head of research, Joyce Chang, and vice president of strategic research, Amy Ho, wrote in a note to clients Wednesday:

In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.

However, the strategists clarified: “Cryptocurrencies are investment vehicles and not funding currencies. So when looking to hedge a macro event with a currency, we recommend a hedge through funding currencies like the yen or U.S. dollar instead.”

While many analysts believe that bitcoin is a way to hedge against significant fluctuations in traditional asset classes, including stocks, bonds, and commodities, JPMorgan has doubts. It was only last week that the investment bank claimed bitcoin was an “economic sideshow,” adding:

Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed.

JP Morgan also said that the recent prices of bitcoin are well above the cryptocurrency’s fair value estimates. The firm further asserted that mainstream adoption increases bitcoin’s correlation with cyclical assets, which rise and fall with economic changes. This reduces bitcoin’s benefits of diversifying portfolios. Nonetheless, its most recent report recommends that investors can add a small percentage of bitcoin to their portfolios.

The investment bank has come a long way since its CEO Jamie Dimon called the cryptocurrency a fraud back in September 2017. Earlier this month, JPMorgan’s co-president Daniel Pinto said that he is certain the demand for bitcoin “will be [there] at some point.” The executive confirmed: “If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved.” Moreover, the firm’s analysts have predicted that bitcoin’s price could reach $146,000 as the cryptocurrency’s competition with gold heats up.

What do you think about JPMorgan’s view on bitcoin? Let us know in the comments section below.

via Kevin Helms

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Harvard Professor Kenneth Rogoff Warns Central Banks Will Never Allow Bitcoin to Go Mainstream

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says that central banks won’t allow bitcoin and other cryptocurrencies to become mainstream. “Eventually over the long course of history, the government first regulates and then it appropriates, and I think we can see that happening here,” he warned.

Harvard Professor’s Warning About Bitcoin

American economist Kenneth Rogoff shared his views on the future of bitcoin, its regulation, and the recent bull run in an interview with CNBC TV18 last week. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He also served as chief economist at the International Monetary Fund (IMF) from 2001–2003.

“Zero interest rates can produce a lot of funny asset valuations. So that is certainly part of it,” he responded to a question about the rise in popularity of bitcoin and its recent bull run. “Clearly, there are a lot of wealthy people and well-known financiers, often very senior, who publically said they are investing in it [bitcoin] and that has given confidence.”

Nonetheless, the professor of economics cautioned: “But I have to say, regulation is in its early innings – if there is no final use case for bitcoins, [and] I don’t think it’s going to be, [then] ultimately this bubble will pop, but it could take a decade.”

Given the recent BTC price surge and the subsequent spike in its market capitalization, Rogoff was asked why central banks and governments have not passed strict regulations to control its trading or even banned it. “I think they are all over it,” the professor replied, pointing out that the Bank for International Settlements (BIS), the G7, and the G20 are all closely watching the cryptocurrency. “Every central bank is looking at this and trying to decide what to do,” he emphasized.

“The real issue is that for the moment it is not really used for a lot of meaningful transactions, except in war-torn states, where I think people use it to get money in and out. That’s certainly a good use,” Rogoff opined.

The economist proceeded to predict: “As it really starts to compete with ordinary, fiat currencies, government currencies, I think they’ll clamp down on it like a ton of bricks. They are not going to allow that to happen.” Comparing bitcoin to modern art, the economist elaborated:

Right now it is an asset class and I suppose in the way modern art is, but it doesn’t necessarily mean that it is in the mainstream. I think that is extremely misleading. Central bankers will never ever allow that.

A growing number of companies are investing in bitcoin, such as Elon Musk’s Tesla, which recently put $1.5 billion in the cryptocurrency, and Jack Dorsey’s Square, which invested $170 million more in BTC. Tesla will also be accepting bitcoin as a means of payment in the near future. Citing bitcoin’s rising adoption and a growing acceptance as a legitimate means of payment, such as what is happening in the U.S. city of Miami, Rogoff was asked if regulating bitcoin would become more difficult for governments.

“I don’t think regulating it is all that difficult,” he replied. “I think that there has been a hesitation to move too quickly because there has been a lot of innovation in the cryptocurrency space and governments want to allow that to proceed.”

In conclusion, professor Rogoff warned:

But make no mistake, the governments need to retain control over taxation, controlling crime, etc. They need to maintain control over the unit of account — the currency. Yes, private innovation can come out for a while, but eventually over the long course of history, the government first regulates and then it appropriates, and I think we can see that happening here.

What do you think about professor Rogoff’s bitcoin warning? Let us know in the comments section below.

via Kevin Helms

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Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month

The total assets under management across all crypto exchange-traded products (ETPs) worldwide have risen 50% this month to nearly $44 billion. Among listed products, Grayscale’s bitcoin trust tops the list with the most assets under management while Bitwise’s fund was the best performing bitcoin product by market price over the last 30 days.

• Cryptocompare published its “Digital Asset Management Review” for the month of February on Friday. The report states that the total assets under management (AUM) across all exchange-traded products (ETPs) increased 50% to $43.9 billion from mid-January to Feb. 23.

• The price of bitcoin was above $50K on Feb. 23. It has since fallen to $46,876 at the time of writing, based on data from markets.Bitcoin.com.

• The crypto exchange-traded product with the most AUM was Grayscale Bitcoin Trust (GBTC) with $35 billion in assets under management, according to the report. As of Feb. 26, GBTC’s AUM has dropped to $30.72 billion due to the lower BTC price. Other listed crypto products with the most AUM include Grayscale’s Ethereum Trust, Litecoin Trust, and Bitcoin Cash Trust. The bitcoin fund by 3iq (QBTC) also made the top five list with $1.27 billion under management.

• Most of the investments into crypto exchange products are made by institutional investors, particularly hedge funds. In its Q4 2020 report, Grayscale wrote that “Institutions are here,” noting that institutions accounted for 93% of all its capital inflows during the period.

• As for exchange-traded notes (ETNs), ETC Group’s BTCE has the largest AUM with $1.01 billion. Wisdomtree’s BTCW came second with $314.8 million and 21shares’ ABTC with $257.8 million.

• The report also ranks exchange-traded certificates. XBT Provider by Coinshares’ Bitcoin Tracker Euro holds the highest AUM with $1.72 billion, followed by Bitcoin Tracker One with $1.06 billion.

• The best performing bitcoin exchange-traded product by market price over the last 30 days was Bitwise 10 Crypto Index Fund (BITW) with 156%, the report notes. Its performance exceeded both Cryptocompare’s CCCAGG BTC/USD Index performance (64%) and MVIS’ MVDA Index performance (48.9%).

• Furthermore, North America now has two bitcoin exchange-traded funds (ETF): Purpose Bitcoin ETF and Evolve Bitcoin ETF. The former accumulated $165 million on its first day of trading.

What do you think about investing in crypto exchange-traded products? Let us know in the comments section below.

via Kevin Helms

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The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up This Year

On February 25, onchain analysts noticed two 2010 block rewards that were transferred after sitting dormant for over a decade. A lot of old blocks have been spent in 2021, and after the large strings of 2010 block rewards spent on January 3rd and 10th, another massive string of 20 block rewards from 2010 were moved on the 25th. In addition to these old bitcoin moves, block rewards from 2011 have started to wake in great numbers as well.

80 Block Rewards from 2010 Spent This Year, 4,000 Bitcoin Worth $188 Million

For a good portion of 2020 and into 2021, news.Bitcoin.com and a small group of onchain researchers have been combing the Bitcoin (BTC) network for old-school spends. The technical term “spend” or “spent” simply means the bitcoins moved from one address to another single address or group of addresses. It doesn’t necessarily mean the person has relinquished ownership of the bitcoins, but most of our 2020 and 2021 discoveries look as though they have been sold on exchanges.

Some old coins moved today (100 BTC from June 2010).

It's very rare to see pre-GPU era bitcoins move, it only happened dozens of times in the past few years.

And no, it's probably not Satoshi. pic.twitter.com/0jZXnmWUes

— Antoine Le Calvez (@khannib) February 24, 2021

At block height 671,986, a group of two 2010 block rewards with 100 BTC was spent on February 25, and a number of publications reported on the movement. What hasn’t been noticed formally, is the massive amount of 2010 spends this year, and the large amount of 2011 movements as well. Although members of news.Bitcoin.com, Btcparser.com, and Russian blockchain researcher Issak Shvarts have been investigating these old-school spends thoroughly.

Following the reports of the decade-old, 20 block reward spend on the 12th anniversary of the Bitcoin network, news.Bitcoin.com also noticed a massive 20 block spend from 2010 spent on January 10. Fifteen days later, and possibly the same suspect, another 20 rewards from 2010 on January 25, 2021, was spent. So far, this particular entity or entities have not moved a major string of bitcoins since then. But there have been plenty of single 2010 block reward spends and an increasing number of 2011 rewards.

$94 Million Worth of 40 Block Rewards from 2011 Wake from Slumber in 2021

In 2021, there were 80 block rewards from 2010 moved to-date that held 4,000 BTC total. Currently, using today’s BTC exchange rates that’s more than $188 million worth of old-school coins. Leveraging Btcparser.com, news.Bitcoin.com has counted 40 block rewards from 2011 spent this year as well. That’s 2,000 BTC born in the year 2011 worth around $94 million today. The last massive spend from January 25, 2021, can be seen on the “Satoshi’s bags tracker” at theholyroger.com.

The two 2010 block rewards spent on February 25 at block height 671,986 saw the BTC spent, but the corresponding BCH and BSV remain intact. Similarly, a number of the 2011 blocks that were spent this year have also seen only the BTC move. Many of the 2011 addresses combed during our research still have the corresponding BCH and BSV unspent as well. The individual or group who has been spending the consecutive strings of 2010 block rewards has been spending the bitcoin cash (BCH).

Whatever the case may be, the sky-high BTC price jumping over the $58k handle last Sunday, and even where the price rests today, has caused old-school mining whales to wake bitcoins from slumber.

What do you think about all the old-school bitcoin block rewards spent in 2021? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Arca to Join the Bitcoin Trust Race Competing Against Numerous Crypto Fund Rivals

Another firm is joining the bitcoin trust sector, as the California fund manager Arca has filed a registration with the U.S. Securities and Exchange Commission (SEC) for its Arca Accredited Investor Bitcoin Trust. The trust will compete with a number of competitors including Grayscale’s popular bitcoin investment vehicle GBTC.

Arca Files With the US SEC to List Its Accredited Investor Bitcoin Trust

The finance manager Arca has filed a Form D registration with the U.S. SEC in order to provide investors with a new bitcoin trust offering. The fund will be called the “Arca Accredited Investor Bitcoin Trust” and it will be taking investments of $25k or more, according to the Arca filing. This is half the value of Grayscale’s GBTC minimum investments set at $50k.

Arca has other crypto fund products and the Arca U.S. Treasury Fund. The fund is “a closed-end fund registered under the Investment Company Act of 1940 issuing shares as digital securities that are transferable using blockchain technology,” according to the company. The Arca U.S. Treasury Fund dubbed “arcoin” was launched on July 6, 2020. The Arca Accredited Investor Bitcoin Trust will focus on bitcoin (BTC).

Arca Will Compete With Grayscale, Bitwise, Crosstower, Osprey Fund, and Blockfi

Arca will compete with the Grayscale Bitcoin Trust, a popular investment vehicle that commands more than 3% of the entire BTC supply. Grayscale purchased $350 million worth of BTC this past week as the trust now has around 690,000 BTC held in custody. Arca’s Form D registration does not disclose the issuance size and will use the federal exemption Rule 506(c). The California-based firm will be competing with not just Grayscale but a number of other funds joining the bitcoin trust race.

News.Bitcoin.com recently reported on the Bitwise fund and the offering from the financial services firm Blockfi. But the Arca bitcoin trust will also compete with trusts stemming from Crosstower, and the Osprey Fund as well. All of the trusts have different frameworks for fees that are different from Grayscale’s fee structure.

What do you think about the Arca Accredited Investor Bitcoin Trust? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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