MicroStrategy’s crypto holdings may be paying off more than its business

Business intelligence firm MicroStrategy’s Bitcoin investment is paying off in a big way, with an estimated $100 million in profit.  According to data published Oct. 27 by independent crypto researcher Kevin Rooke, MicroStrategy has earned more from its Bitcoin (BTC) investment than it did through its actual business for the last three years, from Q1 2017 to Q2 2020. Rooke’s data shows that the business intelligence firm’s 38,250 BTC holdings — worth roughly $425 million at the time of purchase in August and September — were valued at more than…

Bitcoin becoming less-risky as an investment, Novogratz says

Bitcoin (BTC) has gained significant notoriety in the decade since its 2009 launch. Big mainstream players such as MicroStrategy have recently begun to invest large sums of money into the asset, normalizing its viability as an investment for some. Mike Novogratz, CEO of Galaxy Digital, said Bitcoin is now an obvious financial play. “On a risk-adjusted basis, BTC is an easier bet today than it has ever been,” Novogratz said in an Oct. 27 tweet. “It’s being de-risked daily.” Cointelegraph reached out to Novogratz for additional details, but received no…

VC calls Ethereum killers ‘toothless’ based on token allocation to insiders

Mythos Capital founder Ryan Sean Adams called Ethereum killers “toothless” based on initial token allocation schemes that often prioritize insiders: Source: Twitter. Adams was referring to a recent Messari report, which summarized the token distribution for some of the most popular Ethereum (ETH) alternatives launched in the last couple of years. There are four main distribution categories: public presale, community allocations, insiders, and each project’s respective foundations. Source: Messari. The report’s authors suggest that the proportion of tokens allocated to insiders (which includes team, company and VCs) is crucial when…

New Siberian Bitcoin mining center set to provide 100 jobs to locals

The governor of the Republic of Buryatia, Russia signed a decree allowing for the construction of a 13.6 acre data center in Southeastern Siberia. The facility will become home to a number of hi-tech activities, including a Bitcoin (BTC) mining operation. The facility will be built by BitRiver and is expected to create up to 100 local jobs. It will be equipped with the latest generation of ASIC miners and will take about a year to complete. In addition to cryptocurrency mining, the facility will be used for Big Data and…

BoE hasn’t ‘made any decision’ regarding a CBDC, says fintech director

At the 2nd Bund Summit held on Oct. 25, Bank of England fintech director Tom Mutton stated that while a central bank digital currency, or CBDC, was “a focus” for the Bank of England, the position the bank had taken this past March hadn’t changed.  “We haven’t made any decision on whether or not to launch a retail CBDC,” said Mutton. “But we are exploring the pros and cons with interest.” Specifically, the BoE exec stated the central bank was looking into payment options for people in the U.K. who…

Bitcoin investing interest up 19% compared to 2019, Grayscale report says

Crypto investing firm Grayscale recently released its 2020 Bitcoin Investor Study. The report used data from a survey which digitally polled a sizable number of individuals in the U.S. between June and July. Grayscale found the majority of the surveyed people were keen on buying Bitcoin (BTC). “In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products,” Grayscale wrote in its October 2020 report. “This marks a significant increase from the 36% of investors who said they were interested in 2019.” The numbers in Grayscale’s report come…

Cuban freedom fighters launch underground Bitcoin remittance network

Cubans are finding new ways to circumvent the embargo sanctions imposed by the U.S. government back in 1962. According to an October 26 report by Cuba’s AFP news agency, remittances sent from the U.S. to Cuba often pass through a clandestine network of “crypto enthusiasts” before being converted into Cuban pesos. Erich García, a 33-year-old programmer and local YouTuber, told AFP that anyone who wants to send remittances to the island must buy Bitcoin and send it through a Cuban crypto exchange called BitRemesas. Crypto users on the island then bid…

Why traders say $13,875 will be the next ‘logical’ Bitcoin price resistance

The price of Bitcoin (BTC) has surpassed $13,745 and is now en-route to the next major resistance level. Traders have suggested that $13,875 is the nex key short-term area for BTC for two major reasons. First, Bitcoin peaked at $13,970 on Jun. 26, 2019. Technically, the previous peak achieved more than a year ago still serves as an important area for sellers. Second, technical analysts say that the weekly candle chart of Bitcoin shows $13,875 as the next “logical resistance.” The major factor will be how Bitcoin price responds to tapping…

Bill Hinman, who spearheaded the SEC’s early crypto policies, is leaving the commission

On Wednesday, the Securities and Exchange Commission (SEC) announced the departure of William Hinman by the end of this year.  Hinman joined the commission in 2017 and is currently the director of the SEC’s Division of Corporate Finance. He also spearheaded the SEC’s early work with digital assets, in which role he has made critical contributions to the discussion of which cryptocurrencies qualify as securities. The announcement says: “Mr. Hinman led efforts regarding the rapid innovation in digital assets, including by providing a framework that market participants could use to evaluate…

COVID-19 made Bitcoin more appealing to investors

A survey by Grayscale Investments indicates that the COVID-19 pandemic has increased investor appetite for Bitcoin (BTC). Source: Grayscale Investments. The firm surveyed 1,000 U.S. consumers between the ages of 25 and 64 that were involved in personal investments of $10,000 or more in household investable assets. The survey was conducted in June-July 2020. 63% of the respondents who had invested in Bitcoin in the previous four months said that the pandemic had an impact on their decision. Moreover, 39% found Bitcoin to be more appealing because of the pandemic.…