Daily Archives: July 15, 2021

Paypal Raises Weekly Cryptocurrency Purchase Limit to $100K, Removes Annual Limit

Paypal Raises Weekly Cryptocurrency Purchase Limit to $100K, Removes Annual Limit

Payments giant Paypal has increased its weekly purchase limit for cryptocurrencies and has removed the annual limit altogether. The company said, “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

Paypal Increases Buy Limit for Cryptocurrencies

Paypal Inc. announced Thursday that it has increased purchase limits for cryptocurrencies. The company explained that since the U.S. launch of Paypal Crypto in October 2020, it has been actively engaging with customers “to better understand their needs,” with the aim to provide “a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.”

The payments giant detailed:

As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible Paypal customers in the U.S. to $100,000 per week with no annual purchase limit.

This is a five-fold increase from the previous weekly limit of $20,000 and a substantial increase from the annual purchase limit of $50,000. The minimum crypto purchase is still $1 and the platform currently supports bitcoin, ethereum, litecoin, and bitcoin cash.

“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” Paypal noted.

The company said in the first quarter that its crypto service showed “really great results.” In April, CEO Dan Schulman said the demand for cryptocurrencies on the Paypal platform was “multiple-fold” initial expectations.

Following the launch of Paypal Crypto, the company rolled out a similar crypto service on Venmo for 70 million users to trade cryptocurrencies. In March, Paypal launched “Checkout with Crypto” to allow cryptocurrency payments at millions of stores. Paypal automatically converts cryptocurrency into the U.S. dollar or other currency at the time of purchase. In May, Paypal announced that it will allow withdrawals to third-party wallets.

What do you think about Paypal increasing cryptocurrency purchase limits? Let us know in the comments section below.

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

Financial Report Shows Bit Digital Is Transferring 14,500 Bitcoin Miners From China to the US

Following the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America.

Bit Digital Publishes Unaudited Report

On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the U.S. after China’s recent crackdown. The migration information stems from its unaudited report which explains the firm’s bitcoin production and mining operations during Q2 2021.

As of June 30, Bit Digital reported that it owned approximately 32,500 miners which produce roughly 1.92 exahash per second (EH/s) of hashpower. Bit Digital emphasized that during the first quarter, the company participated in fleet repositioning and sold specific older mining rig models, and made opportunities to buy newer machines.

Bit Digital made a “small gain on miner sales” and expects to leverage $5.4 million in funds toward “newer vintage miners.” Utilizing the spot market during Q2, Bit Digital purchased 3,515 mining rigs and aims to buy more miners with additional capital.

“The company earned 562.9 bitcoins in the second quarter of 2021,” Bit Digital wrote in the unaudited report. “The reduction from the first quarter was due to the accelerated migration program, in which more miners were offline while in transit to or awaiting installation in North America, as well as miner sales and disposals. Treasury holdings of bitcoin increased to 588.4,” Bit Digital’s finance report adds.

Bit Digital Dislcoses Migrating 14,500 Bitcoin Miners From China to the US

At the end of the report, Bit Digital explains that it has been migrating miners to North America and has been since October 2020. “As a result, a greater proportion of the company’s fleet was offline than in the prior quarter, due to more miners being in transit to or awaiting installation in North America,” Bit Digital disclosed. The firm’s statement continued:

During the quarter, the company shipped 14,500 miners to the United States. The company expects to complete the migration of its remaining China-based miners to North America early in the third quarter of 2021.

The news follows the Cambridge Bitcoin Electricity Consumption Index (CBECI) project’s recent update, which shows 46% of the Bitcoin hashrate resides in China. The estimate is much lower than 2020 statistics that had shown China captured roughly 65% of the network hashrate. The CBECI bitcoin mining map, however, only records data up until April 2021. Nevertheless, statistics clearly show, similar to Bit Digital saying it started migration plans in October 2020, many others seemingly did the same.

What do you think about Bit Digital migrating 14,500 bitcoin miners from China to the U.S.? Let us know what you think about this subject in the comments section below.

University of Cambridge Bitcoin Mining Map Shows China’s Hashrate Dropped to 46%

University of Cambridge Bitcoin Mining Map Shows China's Hashrate Dropped to 46%

After the researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project said that the website’s “Bitcoin Mining Map” had not been updated since April 2020, the map has finally been updated. Current data from the mining map shows the coverage goes all the way up until April 2021, and the estimate of China’s hashrate dominance is much lower than previous estimates.

New Estimates Show China Has Less Hashrate Than Previous Statistics

University of Cambridge data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) indicates that China has a lot less hashrate dominance than once thought. On June 19, Bitcoin.com News reported on how difficult it was to estimate how much hashrate is actually residing in China.

While writing that specific report, the CBECI project explained on its website that the Bitcoin Mining Map had not been updated since April 2020. Furthermore, in December 2020, Bitcoin.com News was told at the time the “CBECI map hasn’t been updated for some time now” by a University of Cambridge researcher.

Today, that has changed and the CBECI map has a lot more updated information at least up until April 2021. So this means the CBECI map won’t account for the mass migration of Chinese bitcoin miners that followed the month of April.

Cambridge Bitcoin Mining Map Shows China's Hashrate Dominance Dropped to 46%
The bitcoin mining map hosted on the Cambridge Bitcoin Electricity Consumption Index (CBECI) website.

However, the updated CBECI map does show China’s hashrate dominance in April was around 46%. That figure is a lot lower than the older estimate before the update which was 65%. The U.S. captures 16.8% and Kazakhstan follows behind America with 8.19%, according to CBECI’s “Evolution of country share” statistics.

Cambridge Bitcoin Mining Map Shows China's Hashrate Dominance Dropped to 46%
The “Evolution of country share” bitcoin mining map hosted on the Cambridge Bitcoin Electricity Consumption Index (CBECI) website.

The University of Cambridge researchers leverage sample data from geolocational mining facilities and several bitcoin mining pools. Partners that help contribute to the CBECI map include Poolin, Viabtc, Btc.com, and Foundry.

The CBECI map also highlights the “Evolution of Chinese provinces share” in another chart dedicated to these statistics. The dominance of Chinese provinces stem from areas like Sichuan (16.4%), Xinjiang (54.4%), Yunnan (8.7%), Nei Mongol (3.7%), Gansu (1.3%) Zhejiang (0.2%), Beijing (4.8%), Qinghai (2.3%), and unknown regions (8.1%).

Cambridge Bitcoin Mining Map Shows China's Hashrate Dominance Dropped to 46%
The “Evolution of Chinese provinces share” bitcoin mining map hosted on the Cambridge Bitcoin Electricity Consumption Index (CBECI) website.

As far as other countries besides China, the U.S., and Kazakhstan, the CBECI map shows the Russian Federation has around 6.84% of the global hashrate. This is followed by unknown regions capturing 5.92%, Iran 4.64%, Malaysia 3.44%, Canada 3%, Germany 2.81%, and Ireland 2.27%.

After not updating the data for quite some time, the CBECI research team notes that updates are now “scheduled on a monthly basis and are subject to data availability (generally with a delay of one to three months).”

What do you think about the latest update on how much hashrate is located in China? Let us know what you think about this subject in the comments section below.

New York Giants’ Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin

New York Giants' Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin

Another pro athlete in the National Football League (NFL) is planning to convert some of his earnings into bitcoin. The 24-year-old running back for the New York Giants, Saquon Barkley, discussed converting his endorsement revenue into bitcoin during a recent interview with the Morgan Creek Digital co-founder Anthony Pompliano.

Inflation Concerns Push Saquon Barkley Toward Bitcoin

Saquon Barkley is taking his marketing money and transferring it into bitcoin (BTC) according to an interview he had with Anthony Pompliano on the show “The Best Business Show.” Barkley’s interview also featured the CEO of the company Strike, Jack Mallers, and the NFL running back said Mallers helped educate him on the technology. The football player said he will be directly depositing his marketing money into his Strike account in order to convert to BTC.

New York Giants' Saquon Barkley Plans to Convert Endorsement Revenue to Bitcoin
Saquon Barkley says he got into bitcoin after researching inflation.

It is estimated that Barkley makes around eight figures ($10 million) annually from his marketing endorsements. The NFL player has endorsement deals with Toyota, Pepsi, Campbell Soup Company, Nike, and Panini America, according to NJ.com data. Barkley told Pompliano that he studied how inflation was affecting the economy and that because of inflation’s negative effects on wealth accumulation, he’s moving toward bitcoin.

“We’re seeing inflation and we’re learning you can’t save wealth. That’s why I am going to be taking my marketing money in bitcoin,” Barkley said on the show. “When you see the KDs, the Lebrons, and [Tom] Bradys of the world, and you want to create generational wealth, you can’t do that with the sport that I play…and coming off of injuries. When you sit out of football for a whole year, you realize that this game could be taken away from you,” the NFL running back stressed.

Giants’ Running Back Follows a Great Number of Professional Athletes Turning to Bitcoin

Barkley is not the only NFL player who has converted funds into bitcoin (BTC) as the Carolina Panthers offensive lineman, Russell Okung, turned half of his salary into bitcoin. When BTC was nearing all-time highs it was estimated that Okung was the highest-paid player in the NFL. Other professional athletes are also looking into getting paid in cryptocurrencies as a myriad of announcements has been made this year.

England’s Premier League soccer team, the Southampton Football Club, now has the option to get bonuses paid in BTC. The American professional stock car racing driver, Landon Cassill, told the public in June that for the remainder of the NASCAR season he was going to be paid in crypto.

No. 1 NFL Draft Pick Trevor Lawrence claimed he converted his entire signing bonus to cryptocurrencies according to reports. The Kansas City Chiefs NFL player, Sean Culkin, also said he would convert all of his salary to bitcoin this year. The American professional basketball team, the Sacramento Kings, recently detailed it will offer everyone in its organization the option of having their salary paid in bitcoin.

Saquon Barkley was named the NFL’s Offensive Rookie of the Year during his first season and he’s also been doing commercials for the multimedia streaming firm Hulu. Last year, Barkley and the Cleveland Browns’ Baker Mayfield appeared in a Hulu advertisement together.

Barkley said he understands that an NFL career could be hurt by things he can’t control like an injury, and bitcoin can help his wealth avoid erosion from other circumstances he also cannot control like inflation.

What do you think about Saquon Barkley taking his marketing money and turning it into bitcoin? Let us know what you think about this subject in the comments section below.

Compass Mining Partners With Oklo to Power Bitcoin Mining Operations With Advanced Fission

Compass Mining Partners With Oklo to Power Bitcoin Mining Operations With Advanced Fission

Bitcoin mining firm Compass Mining announced the company has entered a 20-year partnership with Oklo Inc., a California-based firm that produces clean, emission-free energy via advanced fission. Oklo explains the company is committed to providing 150 megawatts (MW) of clean power to Compass in order to drive bitcoin mining operations.

Advanced Fission and Bitcoin Mining Connect

In recent times, all types of renewable and sustainable energy sources have been applied to bitcoin mining processes as miners worldwide leverage excess flare gas, hydropower, solar energy, and geothermal solutions.

Just recently, the Bitcoin Mining Council published a report that estimated around 56% of Bitcoin’s SHA256 hashrate was powered by clean energy. In recent times, a great number of operations have also shifted to carbon-neutral methods of acquiring energy to mine bitcoin.

On Wednesday, the bitcoin mining company Compass Mining announced that it is partnering with Oklo Inc. in order to acquire clean energy to fuel its operations. The announcement on Wednesday details that Oklo will provide 150MW of power to Compass for the first phase of the partnership.

Compass Mining Partners With Oklo to Power Bitcoin Mining Operations With Advanced Fission
A rendered image of Oklo’s first advanced fission power plant. The plant is called Aurora and is located at the Idaho National Laboratory (IDL) managed by the Battelle Energy Alliance.

Oklo highlights that the firm’s advanced fission process can produce power for Compass for 20 years. Furthermore, there’s never a need to refuel with advanced fission processes and Oklo’s advanced fission powerhouses also leverage “capabilities to turn nuclear waste into clean energy.”

Basically, advanced fission is a form of nuclear fission in which an atom’s nucleus is split into either two or many smaller nuclei. The process produces an output of neutrons and gamma photons which can be leveraged for all types of energy purposes.

The fission of heavy elements was first discovered in 1938 by Otto Hahn and Fritz Strassmann. Fission does not depend on fossil fuels but the elements needed to create advanced fission processes are hard to find since elements like uranium and plutonium are used. People have also taken issue with the toxic waste left behind as it’s an extremely difficult waste product to dispose of.

Oklo’s Advanced Fission Method Is Different Than the Traditional Nuclear Fission Formula

Oklo’s advanced fission method uses a different approach and doesn’t utilize moderators like water to slow neutrons. Oklo foregoes this process as doing so allows neutrons to move much faster through the use of a smaller facility. The company also deploys a refined form of the uranium-235 isotope compared to the traditionally used uranium-238.

By using uranium-235, Oklo’s reactor can run substantially longer than traditional nuclear fission sites that need to refuel more often. Jacob DeWitte, the cofounder and CEO of Oklo, detailed on Wednesday that the company looks forward to working with Compass Mining.

“We are proud to blaze new trails on the commercialization of our powerhouses by partnering with Compass in decarbonizing Bitcoin,” DeWitte said in a statement. “Cryptocurrency mining offers promising pathways to accelerate the deployment of clean energy technologies, and Oklo is positioned to respond to commercial demands by offering end-users the convenience of buying clean, reliable, and cost-effective power that they can depend on,” the Oklo executive added.

Whit Gibbs, the cofounder and CEO of Compass, believes that partnering with Oklo will help “redefine the energy landscape for cryptocurrency mining.” Earlier this year, Oklo also became the first company in its sector to get an application accepted by the U.S. Nuclear Regulatory Commission (NRC) to construct and operate an advanced fission plant.

“Compass is thrilled to partner with a cutting-edge team like Oklo,” Gibbs added. “Together we can push the Bitcoin mining industry forward into a new phase of cheap and reliable power from advanced fission. Every bitcoin miner understands the need for cheap, reliable power.”

What do you think about the partnership between Oklo and Compass Mining? What do you think about bitcoin miners leveraging advanced fission processes? Let us know in the comments section below.

Fed Chair Jerome Powell Says ‘You Wouldn’t Need Cryptocurrencies if You Had a Digital US Currency’

Fed Chair Jerome Powell Says 'You Wouldn’t Need Cryptocurrencies if You Had a Digital U.S. Currency'

Federal Reserve Chairman Jerome Powell believes that there is no need for cryptocurrencies if there is a digital dollar. “I think that’s one of the stronger arguments in its favor,” he said. The Fed chair also insists that the U.S. is not in danger of losing its reserve currency status.

Fed Chair Powell Thinks Cryptocurrencies Aren’t Needed When There Is Digital Dollar

Federal Reserve Chairman Jerome Powell talked about cryptocurrencies, stablecoins, and a digital dollar during a congressional hearing before the U.S. House of Representatives Financial Services Committee Wednesday.

During the hearing, Rep. Stephen Lynch from Massachusetts asked if a “swift action” on the Fed’s digital currency would “calm” the markets and whether a digital dollar would be a more viable alternative than having thousands of cryptocurrencies or stablecoins emerge in the payments system.

“I think that may be the case. I think that’s one of the arguments that are offered in favor of digital currency,” Powell replied, elaborating:

In particular, you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency. I think that’s one of the stronger arguments in its favor.

Responding to a different question, Powell noted that stablecoins are a lot like money market funds or bank deposits “but without the regulation.” He opined: “We have a tradition in this country where the public’s money is held in what is supposed to be a very safe asset. We have a pretty strong regulatory framework around bank deposits, for example, or money market funds. That doesn’t exist really for stablecoins.”

Rep. Lynch also raised concerns about the “slowness” of digital dollar development citing that many central banks worldwide are progressing faster than the U.S. in this area.

Powell replied: “I think this is the beginning of an accelerating decision process. We have a lot of work left to do on the technical side and on the policy side, but a critical part of it is just public consultation.” He emphasized: “I’m really concerned about getting this right … I think it’s way more important to get it right than it is to get it fast.”

The Fed chairman also addressed Lynch’s concerns about the U.S. losing its reserve currency status. “On reserve currency, the U.S. is the reserve currency,” Powell insisted:

There really isn’t a good competitor out there. All the things you need to be a reserve currency, the United States has it … We are not in danger of losing it, certainly not to China.

What do you think about the comments by Fed Chairman Jerome Powell? Let us know in the comments section below.

Italian Regulator Warns Binance Crypto Exchange Not Authorized to Provide Investment Services in Italy

Italian Regulator Warns Binance Crypto Exchange Not Authorized to Provide Investment Services in Italy

Binance’s regulatory troubles grow with Italy being the latest country to issue a warning on the global cryptocurrency exchange. Other countries that have issued similar warnings include the U.K., Japan, Thailand, and the Cayman Islands.

Crypto Exchange Binance Unauthorized in Italy

Italy’s financial regulator, Commissione Nazionale per le Società e la Borsa (Consob), published a warning on cryptocurrency exchange Binance Thursday. The regulator wrote:

Consob warns savers that the companies of the ‘Binance Group’ are not authorized to provide investment services and activities in Italy.

Consob clarified that activities through binance.com are also unauthorized, noting that the website’s “sections called ‘derivatives’ and ‘Stock Token,’ relating to instruments related to crypto-assets, were previously also written in Italian.”

The regulator proceeded to caution the public when investing in cryptocurrency or crypto-related investments, “for this may imply the total loss of the sums of money invested.”

The Italian financial watchdog concluded: “It is important that savers are informed that transactions in instruments related to crypto-assets may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as for malfunctions and cyberattacks to which the IT infrastructures used for such operations may be subjected.”

Recently, regulators in the U.K., Japan, Cayman Islands, and Thailand issued similar warnings on Binance. The exchange subsequently suspended GBP withdrawals and EUR deposits via SEPA bank transfers.

A number of banks in the U.K. have suspended fund transfers to Binance following the Financial Conduct Authority’s warning on the exchange, including Barclays and Santander Bank. Furthermore, Faster Payments and Clear Junction have also stopped processing payments for Binance.

What do you think about Binance’s troubles with regulators worldwide? Let us know in the comments section below.

LABS Enters the NFT Market – The Real Estate Market Game Changer

LABS Group, the first end-to-end crowdfunding service in the blockchain and real estate industry, has launched the world’s first community-powered and owned resort – Kunang Kunang Glamping Resort. LABS Group fractionalised the entire resort into 365 Rewarding Timeshare (RTS) NFTs, providing successful bidders with benefits never seen before in the traditional timeshare market. The RTS-NFTs will be sold via an auction on Refinable NFT marketplace starting from 1PM UTC July 15th, 2021.

Project Introduction Video

What is Kunang Kunang RTS-NFT and How Does It Work?

 

How to Join?

The Auction will be starting from July 15th 1pm (UTC) to July 28th.

The 365 RTS-NFTs will be sold off via an auction held on the Refinable marketplace with a starting price of 9999 USDT.

To participate in the auction, users must first understand the details of the project on LABS Group’s project site. Potential bidders can then visit the Refinable marketplace, search for “LABS Group”, and place a bid for the listed property.

The auction in particular will provide the top 3 highest bidders and the top bidder each month with a one-time benefit of resort rooms naming rights. On top of that, there will be one separate NFT that gives the winner the right to name the resort that comes with 10 free nights of staying benefit per year for 10 years.

 

What is RTS-NFT?

RTS-NFT, aka Rewarding Timeshare NFT, is a revolutionary NFT invented by LABS. Bringing applicability of NFTs to the real estate industry, RTS-NFT makes resort investment possible for everyday investors. Each RTS-NFT represents 1/365 of the total profit share, where holders will enjoy their token rights for 30 years.

These token rights are designed to combat certain issues that arose with the traditional timeshare market by conferring various benefits, such as:

  • Profit Backed Rewards — Actual profit backed rewards of the property generated from the resort operations will be shared to RTS-NFT Holders. The projected return on investment is 10-15% per year, which means that investors could break even in year 7. There is also a guaranteed minimum 10% return per year in the first 2 years based on the nominal price.  
  • Staying Right — RTS-NFT will each represent a specific day in the calendar and the corresponding staying right (on that day) on the best room available basis with a penalty clause to compensate for unavailability for whatever reasons. 
  • Trading Right — NFTs would be tradable on marketplaces based on Binance Smart Chain (BSC) and Ethereum. 
  • Swapping Right- RTS-NFT holders would be able to swap the days, the incentive point, and the location (of other resorts) later either among themselves, on the marketplace, or within the LABS ecosystem. 
  • Voting Right — Built-in voting content (80%+) for major operational decisions (if applicable), such as selling off the resort at a high value.

By tokenizing and fractionalizing the property, RTS-NFT allows investments to become more accessible, eliminating the barrier of a high minimum investment. Anyone will be able to invest in real estate products worldwide in fractional shares.

 

What is Kunang Kunang?

Named after “firefly” in Indonesian, Kunang Kunang is the first ever community-owned glamping resort and the first RTS-NFT on Binance Smart Chain. Sitting on 6,800 square meters in a lush green forest surrounded by paddy fields in Banyuwangi, it is only a 30-minute drive away from Banyuwangi Airport and a 30-minute flight from Bali.

According to the Indonesia Statistics Department, in 2020 the average occupancy rate of all hotels in Banyuwangi is 65% despite the pandemic, with occupancy numbers hitting 80-90% for most hotels.

The development is designed by award-winning architect Willy Sandy Ekaputra to create a special wilderness atmosphere while keeping all the comforts of home, and luxury of a hotel.

Its soft opening will be in December 2021, with a grand opening slated for February 2022.


More high resolution images for the project can be seen in the following link.


Kunang Kunang Resort marks as a major first step for LABS Group to make real estate accessible for everyone. With the project, LABS Group will not only revolutionize the real estate sector by alleviating traditional timeshare issues and fractionalizing real estate, but also revolutionize the blockchain industry in the near future. To know more about the details of Kunang Kunang or LABS Group themselves, follow their social media channels listed below.

keep an eye on the auction and connect your wallet to the Refinable marketplace to join!

 

About LABS Group

LABS is a digitized real estate investment ecosystem that is powered by blockchain and community. The ecosystem, which aims to redefine the real estate investment sector, includes a Crowdfunding and Trading Platform, a Collateralized Lending Platform, and NFT reward solutions on Resorts and Hotels. Using the LABS platform, developers can easily tokenize and fractionalize their real estate, allowing them to sell or trade it.

Website: https://labsgroup.io/
Telegram: https://t.me/labsgroupio
Twitter: https://twitter.com/labsgroupio
Discord: https://discord.gg/3pYb3MTg
Instagram: https://www.instagram.com/labsgroupio/
LinkedIn: https://www.linkedin.com/company/labs-group/


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Poland, Romania Rank in Top 10 for Number of Bitcoin ATMs, World’s Total Exceeds 23,000

Poland, Romania in Top 10 by Number of Bitcoin ATMs, World’s Total Exceeds 23,000

Two East European nations, Poland and Romania, are now among the top 10 countries hosting the most cryptocurrency ATMs. The global number of teller machines supporting crypto transactions has increased exponentially over the past months, now reaching over 23,000 devices.

Poland Ranks Among Leading Crypto ATM Destinations

The growth in popularity and market prices of cryptocurrencies in the past year has led to a spike in the number of locations around the world offering crypto holders automated teller services. Most Bitcoin ATMs let you buy coins with cash and cards, while some devices facilitate two-way transactions allowing users to also sell cryptos. Major currencies such as bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH) are typically supported.

Poland, Romania in Top 10 by Number of Bitcoin ATMs, World’s Total Exceeds 23,000

Quoting data compiled by Crypto Head, the Warsaw Business Journal recently wrote that Poland has entered the top 10 nations having the highest number of cryptocurrency ATMs. According to this ranking, the country is seventh with 112 crypto teller devices, placing behind Hong Kong and ahead of Switzerland.

The United States tops the chart. The U.S. has a rapidly growing network of Bitcoin ATMs (BATMs) that has exceeded 17,000 machines supporting deposits and withdrawals of cryptocurrency across the country. Its northern neighbor, Canada, ranks second with almost 1,500 ATMs, followed by the U.K. with around 200, the report details.

Over 23,000 Cryptocurrency ATMs Globally

According to Coin ATM Radar, the global number of locations with cryptocurrency ATMs and tellers has reached 23,386 as of July. Its data covers 74 countries and more than 600 operators. The tracking website has its own ranking, according to which Poland is eighth with 83 locations.

Poland is followed by another East European nation, Romania, which already has 78 ATMs and teller machines exchanging fiat and crypto. The U.S., Canada, and the U.K. are again the three leading BATM destinations with 20,603, 1,618, and 194 locations respectively.

Poland, Romania in Top 10 by Number of Bitcoin ATMs, World’s Total Exceeds 23,000

The Warsaw Business Journal remarks that the growing network of crypto ATMs has sparked concerns among authorities about whether they might be used for illicit purposes. The report provides examples such as the moving of large amounts of money across the U.S. and Mexico border during the coronavirus pandemic and a discussion in Vancouver on a possible ban on coin ATMs allegedly used for money laundering.

According to Poland’s Financial Supervision Authority (KNF), no provisions in the Polish legislation currently ban or restrict Bitcoin ATMs in any way. However, the companies that install and operate devices buying and selling cryptocurrencies are subject to the country’s anti-money laundering (AML) regulations, the Polish publication notes.

What are your thoughts on the growing number of cryptocurrency ATMs around the world? Tell us in the comments section below.

World’s Largest Asset Manager Blackrock Sees ‘Very Little’ Demand for Cryptocurrencies

The world’s largest asset manager with $9.5 trillion under management, Blackrock, sees “very little” demand for cryptocurrencies, including bitcoin, according to CEO Larry Fink.

Blackrock’s CEO Talks About Crypto Demand

Larry Fink, the CEO of Blackrock, the world’s largest asset manager, talked about bitcoin on CNBC Wednesday as his firm announced a better-than-expected quarterly profit. Blackrock’s assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier.

Reiterating his previous stance on cryptocurrency, Fink said: “Again, in my last two weeks of business travel, not one question had been asked about that. That is just not part of the focus on retirement and long-term investors.” The CEO added:

We see very little in terms of investor demand on those types of things. But, quite frankly, they may not come to Blackrock for those types of demand.

He continued: “But, I would say for all the pension funds and the insurance companies, for all the RIAs that we are talking to for their clients on behalf of their retirement, the dialogue is about how should I navigate my portfolio, how should I think about my portfolio over a long horizon.”

While the Blackrock CEO has repeatedly said that his asset management firm does not see demand for cryptocurrencies among its clients, he is not bearish on the future prospects of cryptocurrency.

In December last year, Fink said that bitcoin makes the U.S. dollar less relevant and “can evolve into a global market.” In November, Blackrock’s chief investment officer said that cryptocurrency is here to stay and bitcoin could replace gold. In March, another Blackrock representative said that gold is less effective as a hedge against inflation than bitcoin and in April, Fink said that crypto could become a “great asset class.”

Blackrock started investing in bitcoin in February. An SEC filing in April showed that Blackrock held bitcoin futures contracts worth $6.15 million.

What do you think about the comments by Blackrock’s CEO about bitcoin and cryptocurrencies? Let us know in the comments section below.