Category Archives: Cryptocurrency

Estimations about the rise or fall of theCAGR valuefor specific forecast period are evaluated in this report.Cryptocurrency custody software market is expected to grow at a rate of6.3% in the forecast period 2020 to 2027.Data Bridge Market Research report on global cryptocurrency custody software market analyses the growth of the industries constituting the application areas of the market, formulating this information in a market overview to help you in the provision of different market insights. Moreover, this business report combines all-inclusive industry analysis with precise estimates and forecasts to provide complete research solutions with maximum industry clarity for strategic decision making.

The GlobalCryptocurrency Custody Software Marketreport contains all the company profiles of theMajor players Are BitGo, COINBASE, Key Safe Technological Solutions LTD., Kingdom Trust, WatermelonBlock.io, FMR LLC, Ledger SAS, itBit Trust Company, LLC., Base Zero, Inc., Gemini Trust Company, LLC., Paxos Trust Company, LLC,and brands. Cryptocurrency Custody Software marketing document helps industry in deciding upon various strategies such as production, marketing, sales or promotion for a particular product in the market or the new product to be launched.

Get All Related Graphs & Charts With Exclusive Sample (350 Pages PDF) Report: To Know the Impact of COVID-19 on this[emailprotected]https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-cryptocurrency-custody-software-market

The report provides thecompany profile, product specifications, capacity, production value, and market sharesfor each company for the forecast period. In addition, the scope of this market report can be broadened from market scenarios to comparative pricing between major players, cost and profit of the specified market regions. Cryptocurrency Custody Software report is a trustworthy source of market information for the business which assists with the better decision making and outline better business strategies.

Crucial Cryptocurrency Custody Software Market Segment details-:

This report also explains market definitions, classifications, applications, and engagements in the industry. Businesses can accomplish key statistics on the market status of regional and global manufacturers along with valuable assistance which drives the business towards the growth.Being a quality market report, it comprises of transparent market research studies and estimations that supports business growth.

All the data and information included in the Cryptocurrency Custody Software business report is drawn from incredibly reliable sources such as websites, annual reports of the companies, white papers, journals, newspapers, and mergers. This market report assists industry by giving actionable market insights and comprehensive market analysis.SWOT analysis and Porters Five Forces Analysisare two of the most widely used techniques while generating this report. A large scale Cryptocurrency Custody Software market report also provides businesses with the company profile, product specifications, production value, contact information of manufacturer and market shares for company.

Focal Points of the Report:

For More Information or Query or Customization Before Buying, Visit @https://www.databridgemarketresearch.com/inquire-before-buying/?dbmr=global-cryptocurrency-custody-software-market

Some of the Major Highlights of TOC covers:

Chapter 1: Methodology & Scope

Definition and forecast parameters

Methodology and forecast parameters

Data Sources

Chapter 2: Executive Summary

Business trends

Regional trends

Product trends

End-use trends

Chapter 3: Cryptocurrency Custody Software Industry Insights

Industry segmentation

Industry landscape

Vendor matrix

Technological and innovation landscape

Chapter 4: Cryptocurrency Custody Software Market, By Region

North America

South America

Europe

Asia-Pacific

Middle East and Africa

Chapter 5: Company Profile

Business Overview

Financial Data

Product Landscape

Strategic Outlook

SWOT Analysis

Thanks for reading this article, you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

New Business Blueprint, Threat & Policies are mentioned in Table of Content, Request Detailed[emailprotected]https://www.databridgemarketresearch.com/toc/?dbmr=global-cryptocurrency-custody-software-market

Further, this report classifies the CRYPTOCURRENCY CUSTODY SOFTWARE market dependent on regions, application, end-user, and type.

Report can be customized to meet the clients requirements. Please connect with us ([emailprotected]), we will ensure that you get a report that suits your needs.

In this study, the years considered to estimate the market size of Cryptocurrency Custody Software Market are as follows:-

History Year: 2014-2018

Base Year: 2019

Estimated Year: 2020

Forecast Year 2020 to 2027

About Data Bridge Market Research:

An absolute way to forecast what future holds is to comprehend the trend today!Data Bridge set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market.

Contact:

US: +1 888 387 2818

UK: +44 208 089 1725

Hong Kong: +852 8192 7475

[emailprotected]

More here:
Cryptocurrency Custody Software Market Outlook 2020-In-Depth Insight Of Sales Analysis, Growth Forecast And Upcoming Trends Opportunities By Types And...

Topline

President Donald Trumps campaign website was briefly hacked on Tuesday night in what appears to be a crude effort to promote a cryptocurrency scam, but the campaign said no sensitive data was exposed.

President Donald Trump speaks at a campaign rally Tuesday, Oct. 27, 2020, in West Salem, Wis.

Just after 7 p.m. EST, the About page on Trumps campaign website displayed a message reading, this site was seized. the world has had enough of the fake news spreaded daily by president donald j. trump.

The website reverted back to normal shortly after, but its unclear how the hackers got access to the website.

The scammers claimed to have access to information proving the trump-gov is involved in the origin of the corona virus and is cooperating with foreign actors to manipulate the electionbut there is no evidence the hackers actually retrieved any classified or sensitive information.

The message linked to two Monero cryptocurrency addresses one to share the information and another to keep it secretand asked users to deposit money into the wallet corresponding to their desired outcome.

Its unclear if the hack was a state-sponsored effort or a desperate attempt by actors looking for a quick buck, but the grammar in the message points to hackers whose first language isnt English.

"Earlier this evening, the Trump campaign website was defaced and we are working with law enforcement authorities to investigate the source of the attack. There was no exposure to sensitive data because none of it is actually stored on the site, Trump communications director Tim Murtaugh said in a statement.

The breach resembles the infamous Twitter hack in July, where scammers accessed dozens of high profile accountsincluding Democratic presidential nominee Joe Bidento promote a different cryptocurrency scam. Though the hack affected some of the worlds most powerful people, the scammers were young, individual actors who wanted to sell coveted Twitter handles such as @y, according to theNew York Times.

Follow this link:
Trump Campaign Website Hacked In Cryptocurrency Scam - Forbes

By James H. Lee

The view is always better from the edge. In this new column for Delaware Business Now, Ill cover new technologies and growth investments. As a professional futurist, I keep my finger on the pulse of change. My background as a financial analyst helps me to distinguish between hype and opportunity.

This month, Id like to cover an emerging technology with an enormous generational divide cryptocurrency. Never before have I seen anything create such excitement for young traders while generating complete confusion amongst experienced investors.

When Bitcoin was introduced to the world in 2009, it was built on an entirely new technology known as the blockchain.

A blockchain is simply a distributed public history of transactions. Each new transaction adds another link to the chain. Those transactions are stored anonymously on thousands of computers. It is a secure network, because in order to break into it to change the records, you would need to hack all the nodes simultaneouslyprovided that you can even find them. New bitcoins were issued to miners for their services in verifying new transactions as they appeared on the blockchain. As the system grew in complexity, more bitcoins were gradually introduced into circulation. In this way, the blockchain paid for its own maintenance.

There are at least four breakthroughs that happened here:

Breakthrough #1: The introduction of an entirely new form of money

Cryptocurrencies are a computational store of value. Instead of being backed by gold or the taxing authority of a government, cryptocurrencies are only as useful as their software code. They have the advantage (or disadvantage) of being almost entirely unregulated. As such, crypto can also be transferred much more quickly than conventional money. Because the amount of currency being introduced into the system is predetermined via algorithm, some have a limited supply and may be better able to maintain value over time. Others may quickly become obsolete.

Breakthrough #2: The same technology used to track the movement of Bitcoin could be used as a secure means to track the change of ownership of any other asset, physical or digital

This means that the chain of ownership for anything could be tracked using blockchain technology as a way that is resistant to hacking and forgery.

Joi Ito of the MIT Media Lab says, My hunch is that The Blockchain will be to banking, law and accountancy as The Internet was to media, commerce and advertising. It will lower costs, disintermediate many layers of business and reduce friction. As we know, one persons friction is another persons revenue.

Some of the potential applications include:

Bitcoin was the first cryptocurrency to achieve major success. However, it also has some real limitations.

There are constraints to the number of bitcoin transactions that can be made per second. The platform also consumes remarkable amounts of computational energy to maintain. As more transactions are added to the blockchain, the amount of energy required to maintain records will increase.

Ethereum is a competing cryptocurrency that was designed from the ground up to compensate for Bitcoins limitations. While the focus of the Bitcoin is on the currency, the focus for Ethereum is on building a sustainable blockchain platform that could eventually be used as a decentralized world computer.

Perhaps most importantly, Ethereum opened the way for.

Breakthrough #3: Smart contracts

Think about what can happen with self-executing legal agreements written as software. In this way, legal contracts could be self-monitoring, with payments made automatically when certain conditions are met. Smart contracts work even better when 5G and the emerging Internet of Things are considered.

Something fascinating is happening at the intersection of finance, law, and software coding. Imagine everything that can happen with programmable money that can follow instructions using Boolean logic (if/and/or/then). This leads us to the most recent game changer for cryptocurrency

Breakthrough #4: Decentralized finance (DeFi)

The first killer app for cryptocurrency was being able to send money around the world in seconds versus twenty-four hours for a bank wire. Fast, cheap, no middleman required. This creates a financial world with no borders or regulations.

As the ecosystem evolves, smart contracts built on Ethereum are able to perform many other functions previously controlled by banks. But unlike banks, DeFi apps are open-source. Anyone can create DeFi apps, and anyone can use them, regardless of where they live. It is now possible to exchange currencies (via the Uniswap app), borrow and lend (Compound), create futures contracts (Synthetix), run a predictions market (Augur), or raise startup funds by going public via an initial coin offering (ICO).

Some stablecoins built on the Ethereum network (such as Tether and USD Coin) live in both worldsthey have their value pegged to the U.S. dollar, but they are compatible with DeFi apps and can be transferred easily between digital wallets.

Summary

The U.S. finance industry is ripe for revolution. Fees are too high, and settlements are too slow. Roughly 80 percent of all transactions are still processed in COBOL, a programming language that goes back to the days of cardboard punch cards.

Its time for a serious update.

Is Ethereum the next big thing in digital finance? Possibly. There are other smart contract platforms worth watching, too, including Cardano, EOS, Stellar, Tezos, Hyperledger, Chainlink, and Waves. It could be a wild rideand a whole new way of doing things by 2030.

James H. Lee, CFA, CMT, CFP, APF, is the founder of StratFI, Wilmington.

Disclosure: Information contained herein is for educational purposes only and is not to be considered a recommendation to buy or sell any security or investment advice. The securities listed herein are for illustrative purposes only and are not to be considered a recommendation. The author may personally hold positions in the securities mentioned.

Here is the original post:
Guest view: Technology, Hype, and the Future: Cryptocurrency - delawarebusinessnow.com

Introduction

On October 8, 2020, the U.S. Department of Justice (DOJ) released a Cryptocurrency Enforcement Framework (the Framework) authored by the Attorney Generals Cyber Digital Task Force. The Framework is the second detailed report authored by the Cyber-Digital Task Force addressing cryptocurrencies. The Framework provides a self-described comprehensive overview of what the DOJ considers to be emerging threats and enforcement challenges associated with cryptocurrencies. The Framework also details the collaboration that the Department of Justice has built with regulatory and enforcement partners both within the U.S. government and around the world. Further, the Framework outlines the Departments response strategies.

The Framework insinuates some skepticism about the cryptocurrency industry. While, the Framework mentions some of the potential or claimed legitimate uses of cryptocurrencies as avowed by proponents or advocates of cryptocurrencies, the Framework sets forth a more expansive discussion of the illegitimate uses of cryptocurrencies. Above all else, the Framework makes clear the DOJs intent to monitor and prosecute cryptocurrency-related crimes. This point is underscored by the October 1 indictment of founders and executives of off-shore cryptocurrency derivatives exchange, Bitmex, for violations of the U.S. Bank Secrecy Act, and the October 15 indictment of 20 members of the transnational criminal organization, QQAAZZ, involved in a money-laundering scheme that incorporated cryptocurrencies.

Who Should Pay Attention to the Framework

Within the Framework, the DOJ sets forth business models and activities that may facilitate criminal activities:

All of these business must consider, among other issues, licensing and registration requirements, and ensure compliance with anti-money laundering (AML) and know your customer (KYC) obligations. The Framework also specifically calls out cryptocurrencies Monero, Zcash and Dash, avowing that use of AECs is a high risk activity that is indicative of possible criminal conduct. Similarly, the Framework emphasizes that tumbler, mixing and chain hoping activities pose a high risk of liability for money laundering because they are designed specifically to conceal or disguise the nature, the location, the source, the ownership, or the control of a financial transaction.

The DOJ asserts that it has robust authority to prosecute [virtual asset service providers] and other entities and individuals that violate U.S. law even when they are not located inside the United States.

Crimes with Cryptocurrency

The DOJ stresses that criminals leverage cryptocurrencies for a variety of unsavory practices. The Framework identifies three different categories of criminal behavior that exploit the advantages of cryptocurrencies and the cryptocurrency marketplace:

What to Expect from the DOJ

The Framework sets forth in broad terms what the public can expect from the DOJ.

First, the DOJ emphasizes that it will aggressively conduct investigations and prosecutions of individuals who use cryptocurrencies to commit, facilitate or assist in concealing crimes. Exchanges currently in operation should expect to receive requests from the authorities for transaction records or other types of data. It is critical that exchanges have a functioning and up-to-date compliance program in order to facilitate these requests and also demonstrate active due diligence measures. Again, the DOJ avows broad authority to prosecute individuals and businesses located outside the U.S.

Second, the DOJ will be training law enforcement about cryptocurrency technology. The DOJ states that it has already dedicated resources to existing initiatives and is considering proposals to legislatures to close gaps in enforcement authority.

Third, the DOJ will also increase cooperation with U.S. state-level and federal law enforcement and regulatory agencies such as the FBI, Financial Crimes Enforcement Network, the Securities Exchange Commission, the Internal Revenue Service, and the Office of Foreign Assets Control. The DOJ will also continue to pursue additional partnerships with non-U.S. law enforcement and regulatory agencies. These partnerships will facilitate sharing of information as well as support regulatory measures that promote adoption of consistent regulations across jurisdictions in order to prevent criminals from arbitraging inconsistent regulatory schemes. The DOJ is intent on repeating recent successes with international coalitions that traced bitcoin transactions leading to the recent takedown of the largest child abuse material website in the world and arrests of over 300 users.

What Should Operators of Crypto-Related Businesses Do?

The Framework is a clear expression to the world that the DOJ is focused on cryptocurrencies-related crimes and, through its various partnerships, will investigate and seek enforcement actions regardless of where an individual or company is based. Individuals and companies that engage in cryptocurrency-related businesses or use AECs (e.g., Monero, Zcash and Dash), tumblers or mixerswherever they are locatedmust assess the extent to which their activities involve U.S.-based customers or otherwise fall under the purview of U.S. federal and state-level laws and regulations. If a U.S. nexus exists, these individuals and companies need to consider whether they are obliged to register or obtain a license for their activities. Furthermore, implementation and maintenance of proper AML programs may be necessary among other compliance obligations. To the extent that individuals and companies have not fulfilled their obligations, they should act swiftly to rectify those deficiencies. Ignorance of these obligations will not be an acceptable defense.

Excerpt from:
US Department of Justice Releases Cryptocurrency Enforcement Framework Avowing Authority to Prosecute Individuals Located Inside and Outside of the US...

According to GSMA, the Mobile Economy report, the adoption of smartphones is anticipated to rise from 52 percent in 2018 to 74 percent in 2025 in the Middle East and North Africa (MENA) region.

CRIFAX added a report onMiddle East and Africa Cryptocurrency Market, 2020-2028to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.

TheMiddle East and Africa Cryptocurrency Marketis estimated to grow at a moderate rate, owing to various factors driving the growth of the market in the region such as prevalence of uneven growth rates that vary between nations and also within each nation. The opportunities to grow in the region are immense, considering the fact that only very few business have digital presence in the region. The rise in oil prices and improved external demand is aiding the growth of the market in the region. Investments in ICT infrastructure has been high in some of the countries in the region such as Saudi Arabia, Qatar, Kuwait and United Arab Emirates (UAE). The outsourcing sector in Egypt and Turkey is anticipated to create an additional 80,000 jobs in each of these regions. The region also is home to a significant young population that forms almost half of the population present in the region. Growing literacy levels and improvements in average schooling is anticipated to drive the growth of the market in the region over the forecast period.

The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).

Download a Sample Report with Table of Contents and Figures:-https://www.crifax.com/sample-request-1005585

With mobile internet and cloud technology ranked second in the order of those drivers for change during 2015-2020, the market is anticipated to observe noticeable growth over the next few years. The MENA region is estimated to attain better growth, owing to the presence of online talent platforms which could prove beneficial by shifting the jobs which are informal towards formal sector, which would improve the skills that are to be acquired to perform their work. According to GSMA, the number of subscribers is anticipated to grow from 64 percent in 2018 to 69 percent in 2025. Additionally, the number of smartphone connections is predicted to rise from 54 percent in 2018 to 74 percent in 2025. The opportunity for improving skills and learning new skills is comparatively better, as the population is comparatively a young population which can adapt quickly to the new technologies that are being introduced in the region.

The Final Report will cover the impact analysis of COVID-19 on this industry

Get Exclusive Sample Report Copy Of This Report:-https://www.crifax.com/sample-request-1005585

To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the Middle East and Africa Cryptocurrency Market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porters five force model, absolute $ opportunity and anticipated cost structure of the market.

About CRIFAX

CRIFAX is driven by integrity and commitment to its clients and provides cutting-edge marketing research and consulting solutions with a step-by-step guide to accomplish their business prospects. With the help of our industry experts having hands on experience in their respective domains, we make sure that our industry enthusiasts understand all the business aspects relating to their projects, which further improves the consumer base and the size of their organization. We offer wide range of unique marketing research solutions ranging from customized and syndicated research reports to consulting services, out of which, we update our syndicated research reports annually to make sure that they are modified according to the latest and ever-changing technology and industry insights. This has helped us to carve a niche in delivering distinctive business services that enhanced our global clients trust in our insights and helped us to outpace our competitors as well.

Contact Us:

CRIFAX

Email: [emailprotected]

U.K. Phone: +44 161 394 2021

U.S. Phone: +1 917 924 8284

More Related Reports:-

Video Converter Software MarketMiddle East and Africa Cloud Eln Service MarketWi Fi Test Equipment MarketLegal AI Software MarketShort-Form Video MarketPower Mosfet MarketVisitor Management System MarketEurope Edge Data Center MarketMiddle East and Africa Automotive Business Process Management MarketPhysical Identity and Access Management Market

See the article here:
Middle East and Africa Cryptocurrency Market to 2028 -Global Market Size, Development Status, Top Manufacturers, and Forecasts - The Think Curiouser

According to a recent research survey, cryptocurrency investment is a touch more popular than gold in Russia. An organization called the World Gold Council surveyed 2,023 investors and cryptocurrency turned out to be the fifth-largest investment next to gold.

The World Gold Council (WGC) is considered an authority on the gold industry as the market development organization works with all types of industry leaders in the precious metals field. WGC also manages the very popular web portal gold.org and it often publishes research studies concerning safe-haven investments.

Just recently, WGC published a report concerning gold investments in Russia and the study also touched upon cryptocurrency investments as well.

The WGC surveyed 2,023 Russian investors that stem from all around the country. 68% of the surveyed participants said gold is seen as an effective store of value.

Most Russian investors believe [gold] holds its long-term value and protects against currency and inflation fluctuations, the WGC study details. In a chart that highlights the investments in Russia over the past 12 months, cryptocurrency investment vehicles represent a higher percentage than gold.

Cryptocurrency is listed as the fifth-most popular investment vehicle with a percentage rating of around 17%. Meanwhile, gold is roughly 16% among the 2,021 WGC survey participants.

Ahead of cryptocurrency investments include things like savings accounts, foreign currencies, real estate, and life insurance respectively. Below cryptocurrencies and gold on the WGC list are investments like collectibles, gold coins, stocks, and government-issued bonds.

Additionally, the WGC authors wrote that crypto investment is taking place in Russia even though regulations are quite gray in the region.

The rise of cryptocurrencies demonstrates that there is a desire for choice and appeal among retail investors. As the Russian investment market takes shape, opportunities for different investment products will emerge and gold will need to respond, the WGC authors said.

What do you think about the WGC report which shows cryptocurrencies as being Russias fifth-most popular investment? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, WGC report

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

Continue reading here:
World Gold Council Survey Shows Cryptocurrency Investment the 5th Most Popular in Russia - Bitcoin News

VANCOUVER -- The Better Business Bureau is issuing a warning to Canadians after a rise in cryptocurrency scams. In the first six months of this year, nearly a million Canadians have filed related complaints, and many have lost money.

Were seeing victims losing $2,500, $8,400, $6,000, $3,000 - these are not small quantities, said Karla Laird with the BBB of Mainland British Columbia.

There have been many victims in the provice and right across the country, and the scams can take many shapes.

Cryptocurrency trading scams

We reached out to 90-year-old pensioner Richard Wear of Windsor, Ont. who got caught up in a cryptocurrency investment scam.

I thought, well, this might be a way to make some quick cash, he told McLaughlin On Your Side.

Wear couldnt have been more wrong. He got hooked by the flashy ads, seemingly real celebrity and political endorsements, fake reviews and promises of high returns.

Once he signed up, he deposited money into the so-called "trading platform," but when he wanted to cash out, he says, he couldnt get his money out.

I got in there to about $1,250, said Wear.

And Laird says anyone could be at risk.

Many people are still not quite aware of how it works, whats required, the dangers, the risks, the advantages, the disadvantages, she said.

Cryptocurrency job scams

You can also get hooked into cryptocurrency fraud with false promises of job opportunities.

Last year McLaughlin on Your Side investigated two websites that were seemingly offering jobs. Both had fake Vancouver addresses listed on their websites. Once victims had applied to the jobs, they were convinced to make hotel reservations for a youth group supposedly traveling to Canada on an exchange program.

They received thousands of dollars in e-transfers and were told to put the money into bitcoin machines to make the hotel payments. Then - the e-transfers turned out to be fraudulent, and the victims were on the hook for all that money.

"I feel like I should have listened to my instincts at first," said Osibwe Erua, who lost $2,000 before CTV News Toronto reporter Pat Foran intervened and confronted the culprits on the phone.

Laird believes Erua and others who got involved were unwilling partners in fraudulent activity, used to launder money.

Cryptocurrency scam calls

And then there are the scam calls that scare consumers into depositing money into cryptocurrency to help clear their name.

Leona Han of Vancouver got such a callfrom culprits who had somehow gained access to her social insurance number, pretending to be with law enforcement. The fraudster claimed her name and SIN were being used to set up accounts to launder money. Han was convinced to prove otherwise by "testing" her bank accounts - withdrawing the money and depositing it into bitcoin with a promise to have it returned.

'Youll be arrested,' a lot of threats, I got really panicky, Han said. She lost more than $8,000.

Pandemic sees increase in cryptocurrency scams

The BBB has received 914,000 complaints in the first six months of this year about negative experiences and encounters with fraudulent companies involving cryptocurrency schemes. And the scams ranked fourth on the BBBs national list of top 10 riskiest scams across Canada last year, with victims losing an average of $3,617.

These schemes are very sophisticated, Laird explained.

Red flags

Cryptocurrency is very complicated for most people to understand, but if you find yourself in a situation where you're not sure, there are a few things you can look out for.

First, always ask yourself, is this too good to be true? Promises of easy money can be a red flag.

Second, be wary of giving out account information or any personal details to a person you don't know or haven't thoroughly researched.

And third, beware of cryptocurrency investment and trading opportunities that promise high rates of return. The Canadian Securities Administrators warns of little regulatory oversight and a lot of risk. Cryptocurrency is not backed by banks or government and is not insured. You dont have legal protections when you pay with it if something goes wrong, like you would with a credit card.

Continue reading here:
COVID-19 in BC: Cryptocurrency scams on the rise during pandemic - CTV News Vancouver

I advised subscribers to my weekly newsletter that BTC-USD was looking to make a move towards $12,000 this week and the data suggested a big move ahead. This may be the start of another leg higher in the coin.

Bitcoin has rallied $1,000 in the last 24 hours after payments platform PayPal (PYPL) announced that it would begin accepting payments in digital currency.

PayPal has over 26 million merchant accounts and 345 million users on its platform that will soon be able to buy, hold, and sell Bitcoin. The announcement also stated that Ethereum, Litecoin, and Bitcoin Cash would also be supported with the full rollout coming in 2021.

PayPal's President and CEO Dan Schulman said in the press release:

"The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly".

The move has reverberated around the financial markets and excited the cryptocurrency enthusiasts, who have waited patiently for signs that cryptocurrency payments would enter the mainstream.

I noted at the beginning of this week that data showed Bitcoin could be ready for a big move.

Last week's Commitments of Traders report from the Commodities and Futures Trading Commission (CFTC) showed institutional traders had built up a record number of futures positions in BTC. While institutions were at record-long open interest, leveraged funds were near record shorts, and one of them was set to be wrong.

(Source: Skew)

While the futures positioning was moving to extremes, the implied volatility of BTC at-the-money options was also at levels not seen since 2019, ahead of the rally which topped in summer of that year.

The low volatility expectation meant that a move in either direction could be sharp and lead to the unwinding of positions that were caught in the wrong direction. The blast through $12,000 has set up that dynamic, and short-covering will have helped to drive BTC towards $13,000, with the key resistance only $1,000 above that level. If the price gets above there, then a move to the all-time highs is possible.

The increasing interest from professional investors is one sign of Bitcoin maturing as an asset class. Another sign is that the coin is now being taken more seriously as an inflation hedge and anti-dollar play, with the coin moving with the swings in the U.S. dollar that have accompanied market fears over inflation and the levels of debt and spending in the U.S. economy.

Another sign of Bitcoin's increasing status was its ability to shake off the turmoil at the BitMEX and OKEx exchanges. The former was charged over un-registered trading, while the latter saw one of its key holders going "out of contact" after assisting authorities with an investigation. September also saw a $281 million hack of the KuCoin exchange.

These events used to shake Bitcoin's price and send it lower, but it may actually be doing the opposite by confirming Bitcoin as a safe haven.

(Source: Glassnode)

Recent data by Glassnode has confirmed that, showing holdings on exchanges are plummeting to lows not seen since 2019.

Legendary Wall Street investor Paul Tudor Jones boosted the price of Bitcoin earlier in the year when it was retesting the $10,000 level by saying he had a small investment as an inflation hedge. Tudor Jones suggested then that the coin would likely outperform the returns of gold in that aspect.

Following the PayPal news, the Hedge Fund guru has said he likes Bitcoin "even more than I did then.

He added, Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it. Its like investing with Steve Jobs and Apple or investing in Google early.

His final statement was that Bitcoin's rally could be in the "first inning", and it is hard to argue with that statement in light of the PayPal news.

The risks to the bullish thesis in Bitcoin are largely from the growing desire for the world's largest economies to pursue central bank digital currencies (CBDCs).

The world's largest economies are in the advanced stages of developing their own CBDCs. China has been a leader on this front with its digital yuan, but the U.S. and Europe are also exploring the move.

European Central Bank President Christine Lagarde commented earlier this month that a digital euro should be issued to trade alongside the fiat version, but it is possible that the latter would be phased out rather quickly.

As the world's central banks and large corporations continue to make moves into digital currency, the path to digital currency looks inevitable, but some currencies may be left behind. Global central banks will want to continue their control over the issuance of the money supply, and regulation from governments to clamp down on decentralized forms of money can't be ruled out.

This could mean that cryptocurrency projects, which are pure methods of payments, may see their freedoms curbed. Bitcoin would be one of these, but the coin is seeing a growing status as a store of value, and this may protect its valuation going forward.

I am now providing a larger selection of ideas exclusively to Seeking Alpha readers through my own Marketplace service. Global Markets Playbookis suitable for both active and long-term investors. Get involved now with a 14-day free trial.

Disclosure: I am/we are long BTC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

See the rest here:
Bitcoin Moves Closer To Mass Adoption With PayPal Addition - Seeking Alpha

North Island Chairman and Co-founder of Silver Lake Partners Glenn Hutchins and his son James, Co-founder of North Island Ventures, speak with Yahoo Finance editor-in-chief Andy Serwer about the cryptocurrency market as well as how the U.S. economy is doing months into the COVID-19 pandemic.

- Glenn Hutchins co-founded Silver Lake in 1999, and it has become one of the world's largest private equity firms investing in technology companies. It is invested in some of the biggest names in Silicon Valley, including Airbnb and Twitter. Hutchins serves on several boards and is a part owner of the Boston Celtics. He now runs North Island with his son James. It invests mainly in financial companies and the crypto space.

ANDY SERWER: Hello, everyone. I'm Andy Serwer, editor-in-chief of Yahoo Finance, and I'm joined by Glenn Hutchins, chairman of North Island-- He was the co-founder of Silver Lake and part owner of the Boston Celtics-- and his son James, who runs North Island ventures. Gentlemen, great to see you. Thanks for joining us.

GLENN HUTCHINS: Hello, Andy.

JAMES HUTCHINS: Hi, Andy. Thank you.

ANDY SERWER: So James, I have to start with you. I'm going to ask you, tell us how you guys work together and what's that like a little bit.

JAMES HUTCHINS: You know, it's actually been one of the most amazing experiences of my life. Growing up, my dad was just my dad. He was my little league coach. He was the guy that I sat and watched sports with. I kind of knew, off to the side, that he was this respected member of the private equity community, but he bring that home.

So it's been really nice to kind of see him in a work setting. And you know, he's just a fount of wisdom. He pulls on 30 years of experience IN investing this to help me and my partner Travis be better investors. And it's been a really amazing experience so far.

ANDY SERWER: Well, Glenn, that must make you feel pretty good, some nice words there from your son. And talk about--

Story continues

GLENN HUTCHINS: I think we can just stop right there, Andy.

ANDY SERWER: OK, we're done.

GLENN HUTCHINS: We're done.

ANDY SERWER: It's all downhill from here. Is that what you're suggesting?

GLENN HUTCHINS: Exactly.

ANDY SERWER: No.

GLENN HUTCHINS: Exactly.

ANDY SERWER: Anyway, that must be nice to hear. And talk a little bit more specifically about how you worked together and what James is doing right now. We're pretty familiar, I guess, with your career, but tell us what James is up to.

GLENN HUTCHINS: Yeah, so I would-- the first thing I would say, Andy, is this is not a family business. This is one of the early movers in the crypto venture capital space. James and his partner Travis both bring a very-- top-shelf investing experience. James was the head of research at Coatue, which is the world's largest tech hedge fund, I think. Travis had been the head of investments for Digital Currency Group, which is one of the leading cryptocurrency companies, where I sit on the board and I'm a shareholder. And so the first thing this is is these are two of the best investors kind of in the space, independent of, in my view, kind of our family relationship. That's kind of point one.

I think the second thing is that-- people need to understand is that James and Travis are the managing partners, and I'm just in the general partner. They're the ones really doing all the work and making the investments, doing the due diligence, working with the companies.

And my role has largely been to do two things. One is to help them think about investments and particularly, portfolio construction. And the second is to help turn these companies that we're investing in-- these projects that we're investing in-- into companies.

The cryptocurrency world is at the time period in which you're going from building products to forming business models around products. That's the stage of its development. And unlike other investors in this space that are focused primarily on the coins and the tokens, like Bitcoin or Ethereum or other things like that, we're overwhelmingly focused on building companies. And so that's my second contribution.

ANDY SERWER: Hey, James, I'm curious about the back and forth between you guys when it comes to crypto. And you know, I know your dad knows a lot about crypto. I mean, he was explaining it to me years ago. So at first, maybe the learnings came from him. But at this point, are you telling him stuff about crypto that he doesn't know?

JAMES HUTCHINS: Well, I mean, I'd say, you know, we both collaborate. You know, he brings this 30 years of investing in finance and technology. And I would say, you know, I'm taking what he taught me about crypto and kind of expanding it. So we've taken his view of how this is the next great kind of payments technology, and we're thinking about, how can you build new types of businesses, new types of online communities around that. So at the end of the day, we're kind of standing on his shoulders at all times, really.

GLENN HUTCHINS: So I came at this, Andy, as a-- out of fintech. And when you and I probably first talked about this many years ago, my view was this was the place that we could transform the cost and convenience of payments, which is a still undisputed part of the financial services accounting-- particularly credit cards, but also remittances, foreign exchange transactions, those sorts of things.

What James has done, together with Travis, is really extend my understanding, first of all, that this technology can address anything of value, not just the conventional payments world. And second, that it actually points in the direction of a brand new computing paradigm, which is really transformative.

ANDY SERWER: Glenn, let me shift gears a little bit and pick your brain about the recovery-- the US recovery right now. Where do you think we are at this point?

GLENN HUTCHINS: Well, so third-- second quarter was down 1/3. Third quarter was up 1/3, which means you're still about 17% short of where you started, right? Because you need to go back up 50% to get back to the-- get the 1/3 back that you lost. So we're starting out down about 17%.

And so the way I put it is the depression is over, and now the recession is setting in. We're not in a period of recovery. You shouldn't confuse the bounceback as one of recovery, in my view. And the long-term consequences of the damage done to the economy by the fundamental mismanagement of the pandemic are what we're dealing with right now. So I would say we're in-- we've gone from-- the good news is we're no longer in depression-like circumstances. The bad news is we're in pretty severe recession-like circumstances.

ANDY SERWER: And what about a stimulus here, Glenn, and why has Congress struggled so mightily to get this done?

GLENN HUTCHINS: Well, stimulus is absolutely vital. I mean, there's a piece of analysis up on the Brookings website right now that demonstrates we need about $2 trillion of stimulus to get back to trend growth. And it almost certainly needs to be heavily tilted toward unemployment insurance because that's what's clearly has had the most amount of impact, given the nature of this problem, which was a sudden shock to employment.

The political experts can explain to you why we're not getting anything done. Look, from my perspective, it's some combination of the Senate Republicans decided to focus on a Supreme Court nomination rather than stimulus. They clearly prioritized that, so valuable time was wasted there.

And according to the new, most recent analyses, they actually are-- you need 13 Republicans to team with the 47 Democrats to get something done. And there is such an ideological opposition to spending more money that they're actually having trouble getting-- rounding up-- getting consensus around those 13 Republicans to get things done. So I-- but I-- but that's just what I read in the newspapers. It's really too bad because the economy vitally needs it.

If we had had the OECD the average, the 38 most wealthy countries in the world performance with respect to management of the pandemic, we would've had about-- there's another Brookings report on this. We would have about 100,000 less people die and nearly 9 million fewer people unemployed. So we're in a-- you know, you saw the China economy starting to grow again. We're in a very bad place with respect to how we managed the pandemic. And the economic consequences that are manifest, and they're going to be long term and they need to be addressed.

ANDY SERWER: James, over to you, I want to ask you about crypto in the time of COVID. How has the pricing and the markets gone during this time? I mean, and it speaks to this larger issue of what is crypto in the world of crypto writ large correlated to? But why don't you take the first part of that first.

JAMES HUTCHINS: Sure. So like everything at the beginning of the pandemic in March, there was this risk-off period where there were some large drawdowns and selldowns both in the Bitcoin and Ethereum markets. However, you know, as people started to realize that, you know, cryptocurrencies are this global permission in this financial system where anyone can kind of access these markets, anyone can send money around the world, there has actually been a huge rebound. And actually, for the last three or four months, we've seen an enormous explosion in decentralized financial applications built on Ethereum. And so we've actually seen a huge boom time during the COVID crisis because people have started to understand the power of digitally-native finance in a time of kind of lockdowns and everyone stuck inside.

ANDY SERWER: And what do you think crypto-- you know, when will it sort of become-- hit-- become a mass thing, in terms of financial services? So right now, you keep saying it's sort of on the edges of things, and JPMorgan kind of says this-- yup, we're all-- we love crypto too, but you know, we're not really-- that's not mainstream for us. Talk to us about the future evolution of this world, if you will.

JAMES HUTCHINS: Sure, happy to. So we're starting to reach kind of mainstream adoption in the stablecoin space. So stablecoins are dollar-denominated crypto assets that live on these networks like Ethereum. And they allow anybody to kind of access the US dollar market. And this year, we're going to see about $800 billion of transactional value in stablecoins, which is about half of the percentage of kind of the annual global transaction volumes. So I would say we're getting pretty close to kind of real usage at a large scale in stablecoins.

And then the other place that we see kind of the beginnings of mass adoption is in crypto collectibles or video games. And so taking a step back, crypto networks are the first place where you can have provable digital ownership of items. For the first time, I can prove that I own a trading card, I own a piece of a video game. And companies like Flow are starting to build video games with large brands, like the NBA, in this game calle NBA Top Shot where you can buy, sell, and trade NBA trading cards. And I think that might be the first place where we see kind of real mass adoption of kind of crypto.

GLENN HUTCHINS: And the trading card isn't a conventional trading card like you'd think of it.

JAMES HUTCHINS: No.

GLENN HUTCHINS: Right? It's a unique video clip of your player doing something important as a trading card.

ANDY SERWER: It's all new stuff. Hey Glenn, how much of a existential threat is crypto to legacy financial services companies, ultimately?

GLENN HUTCHINS: Well, I-- look, I think that the important thing about crypto is that it worked inside the regulatory framework for various countries. So there will always be a role for deposit-- regulated deposit-taking institutions that operate inside the AML, KYC, deposit insurance, all that kind of heavy capital-invested type of framework.

The-- I think the primary place where crypto is addressable is all the other products and services that don't relate directly to deposit-taking and lending, for the technology associated with the infrastructure and the payment system, the custody system, the clearing, all the kind of stuff which turns out to be the high profit-margin business for a lot of these banks but aren't at the center of their regulated kind of mission. I think that's the kind of most important piece of it.

But the-- I think later on, what we will see is this new form of computing, which is decentralized, will eliminate the need for large hierarchical institutions, like big banks, to be the owners of the truth about who owns what. And as a consequence of which, that takes a massive amount of cost out of the system and revolutionizes the cost basis of finance. And that'll challenge the business model of some of the largest institutions. That could take time. But don't forget, in technology, we always overestimate what can happen in a year and underestimate what can happen in a decade.

ANDY SERWER: Right, sure enough. Hey, let me switch over to politics, Glenn. I remember you telling me early on in this campaign season that the candidate should be Joe Biden for the Democrats until proven otherwise. And I think that the way you actually framed that, it actually came to pass. In other words, there was no proving otherwise, and we have Joe Biden. How do you feel about him as a candidate right now, and what do you think his chances are to win very soon?

GLENN HUTCHINS: So Andy, one of my rules in investing is only fools predict interest rates, stock prices, and elections. So I'm not going to do that. But I will tell you, from a business person's perspective, I think the main point here is that the centrist-- centrists consistently have won in the Democratic party in '18 and '20.

And the kind of policies that Joe Biden is putting forward is those that he will adopt that he used-- that he ran on in the primaries and that he says he will adopt as president have been reviewed by, you know, places like Goldman Sachs and Moody's and Penn Wharton and all those and all are ones that will promote economic growth. So I think, from the business perspective-- business community's perspective, there should be nothing to be concerned about with respect to a Biden presidency, if it comes to pass.

ANDY SERWER: If it comes to pass, one of his proposals is an increase in taxes for corporations and Americans making more than 400k. That doesn't concern you?

GLENN HUTCHINS: Well, not-- it's a return to tax policy very similar to what happened during the Obama and Clinton administrations in which there was booming economic growth, terrific stock market performance. The reason why the analyses of those plans turn to be positive is that money turns around and gets reinvested in a variety of initiatives that are growth promoting.

And you know, you have to remember that the Trump tax cut was largely used for stock buybacks. It did not have-- generate significant increase either in investment or in employment. And so as a result of which, it didn't generate any economic growth. The economic growth of the four quarters preceding the Trump tax cut is identical to the economic growth in the four quarters following it.

ANDY SERWER: Right.

GLENN HUTCHINS: And so we need to have an economic policy that promotes growth and also that protects the balance sheet of the American government.

ANDY SERWER: Yeah. Back in May, you told me that many retail stores were likely to go away permanently after the pandemic. Still feel that way?

GLENN HUTCHINS: Well, look, I think there's a whole host of economic arrangements, largely around the bricks-and-mortar economy, that are going to have a very tough time. Well, you've seen the number of retail bankruptcies there've been, right? You know, and the weakest of those-- Penney, Sears, et cetera-- are kind of laboring mightily.

But also, I think commercial real estate will be significantly resorted, right? Plus other fundamental changes in commuting and all the infrastructure around that. So I think that the-- as we said earlier, the pandemic will cause-- accelerate a bunch of changes that are already in place plus promote some new ones, like the Zoom economy. But I think the weak wildebeest at the back of that herd it's probably the physical retail companies are were already laboring entering the crisis.

ANDY SERWER: James, does it matter for crypto if there is a Biden presidency or Trump second term?

JAMES HUTCHINS: No. I mean, we're very early in the life of crypto, and it's about just enabling developers to keep building. And I don't think politics really factor into how crypto will do in the next couple of years.

ANDY SERWER: Let me ask you both about LL Cool J, who is on our program. And I understand that you guys have maybe both a personal and business relationship with him-- or I guess I should say business and personal relationship with him. James, why don't I start with you?

JAMES HUTCHINS: Sure, so I call him Todd. So I met LL Cool J as Todd, in his business capacity. And he was beginning to start Rock The Bells, and I had done a lot of research in the digital media space. And you know, we really hit it off. He's a really exceptional person. And I helped him think through his business model on Rock The Bells, and it was just-- it was a really special experience. Todd was an incredibly gracious host to me in LA, and I'm really excited to-- about what he's building.

ANDY SERWER: Glenn, what's your take on this?

GLENN HUTCHINS: Well, look, I think it's great. Todd is a-- as James said-- is a really great human being. You know, he-- in addition to being kind of one of the people who created-- really invented rap, he had been very successful as an actor, in addition to being a performer, and a business person in the business space. He owns the franchise for "NCIS-- I guess-- Los Angeles," as well as "Lip Sync Battle," as well as having his own Sirius XM channel. So this is a-- he's a real entrepreneur and a polymath.

I had the good fortune of meeting him when we gave the award at Hutchins Center for African and American Research at Harvard. We got to know each other. I introduced him to the venture capitalists, Jeff Yang, who kind of put-- with whom he created Rock The Bells. And then they hired James to write the business plan with him. So it's been-- and we're all investors in it. So it's great. So we wish Todd nothing but the best.

ANDY SERWER: I still can't get used to calling him Todd, but I'll let you guys keep doing that. Hey, last question here for both of you-- Glenn, I'll start with you. What advice do you have for a father and son looking to work together?

GLENN HUTCHINS: All I say is James, what is your advice?

JAMES HUTCHINS: Oh man. You know, it's just all about, you know, leveraging the foundation that you have as a father and son. Don't try to be anything that you're not, and just go from there. I think that's the power of the relationship-- the business relationship that my dad and I have is that we don't try to be anything other than father and son, and I think that really makes us special and unique.

GLENN HUTCHINS: And I think the other thing I would say, Andy, is I think I would recommend this to a lot of parents who were thinking about this-- fathers and mothers-- is it's very important for the kids to go out into the real world and prove themselves first for two reasons. One is because they gain enormous experience and credibility. And the second is because then they have-- it's an addition to their self-confidence, that they know they were tested in the real world first before we did this thing together.

ANDY SERWER: We're going to leave it at that. Glenn Hutchins and James Hutchins, thank you both so much for your time, and best of luck to you.

GLENN HUTCHINS: Thank you, Andy.

JAMES HUTCHINS: Thank you, Andy.

Read the original post:
Glenn and James Hutchins on cryptocurrency and economic recovery - Yahoo Finance

Cashaa, a London-based online cryptocurrency platform, has tied up with the United Multistate Credit Cooperative Society to provide savings accounts and loans to its customers and crypto investors in India. The society has 56,000 customers and branches in Rajasthan, Delhi and Gujarat. The joint venture called Unicas will offer interest on crypto deposits and the society will also give out loans against cryptocurrency.

Cashaa provides clearing services and offshore bank accounts to cryptocurrency exchanges in India. "For rupee loans against crypto, since the cryptocurrency has to be deposited in our wallet as collateral, the approval is instantaneous. The deposit acts as lien in case of default. This is much easier than taking loans against real estate where title deeds and other documents have to be verified.

Customers can also maintain crypto savings accounts with Unicas and get interest in the same cryptocurrency as the deposit. For instance a bitcoin deposit will get interest in bitcoin, said Kumar Gaurav, CEO, Cashaa.

"We have 56,000 customers and 16 of branches. 90% of our branches are in Tier 3 cities and mostly in Rajasthan, Delhi and Gujarat. Through this tie up, we will open up a new market and also open up cryptocurrency savings accounts and loans for our customers. We are very excited to take this forward," said Dinesh Kukreja, CEO, The United Multistate Credit Cooperative Society Ltd.

Multistate Credit Cooperative Societies are regulated by the Central Registrar of Cooperative Societies rather than the RBI. No specific permission from the registrar is required for this, said Kukreja.

We will also be tying up with other cooperative credit societies in the coming months. We will modernise and digitise their operations. Their branches will act as lounges where people will be given information about cryptocurrency. Our strategy will also rescue a struggling cooperative credit sector which has been forced to close branches and lay off staff due to Covid 19," added Gaurav.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Continued here:
Crypto platform makes banking entry in India with co-op credit society tie-up - Mint