Daily Archives: July 19, 2021

Grayscale Investments Launches Defi Fund — Now Offers 15 Crypto Investment Products

Grayscale Investments Launches Defi Fund — Now Offers 15 Crypto Investment Products

Grayscale Investments has launched a decentralized finance (defi) fund. The new defi fund is the crypto asset manager’s 15th investment product and its second diversified product. “The emergence of decentralized finance protocols provide clear examples of technologies that can redefine the future of the financial services industry,” said the Grayscale CEO.

Grayscale Debuts Decentralized Finance Fund

Grayscale Investments, the world’s largest digital currency asset manager, announced Monday the launch of its newest diversified investment product, the Grayscale Decentralized Finance Fund.

The announcement explains that the Grayscale Defi Fund “provides investors with exposure to a selection of industry-leading defi protocols,” adding:

The Grayscale Defi Fund is Grayscale’s fifteenth investment product, and its second diversified fund offering.

Its other diversified fund, the Grayscale Large Cap Fund, recently became a reporting company with the U.S. Securities and Exchange Commission (SEC). The fund also recently added cryptocurrency cardano (ADA) as its third biggest component.

The newly launched defi fund has a market capitalization-weighted portfolio designed to track the Coindesk Defi Index, also launched Monday. The index’s “methodology includes liquid defi assets on a market cap-weighted basis,” the announcement notes. The fund is now open for daily subscription by eligible individual and institutional accredited investors.

As of July 14, the fund consisted of uniswap (UNI), 49.95%; aave (AAVE), 10.25%; compound (COMP), 8.38%; curve (CRV), 7.44%; makerdao (MKR), 6.49%; sushiswap (SUSHI), 4.83%; synthetix (SNX), 4.42%; yearn finance (YFI), 3.31%; UMA protocol (UMA), 2.93%; and bancor network token (BNT), 2.00%.

Grayscale Investments Launches Defi Fund — Now Offers 15 Crypto Investment Products
Components of the Grayscale Defi Fund. Source: Grayscale Investments.

Grayscale Investments CEO Michael Sonnenshein commented:

The emergence of decentralized finance protocols provide clear examples of technologies that can redefine the future of the financial services industry.

The company currently has nearly $30 billion in assets under management. It is currently considering 31 crypto assets for investment products.

Besides the new defi fund, Grayscale’s 14 other investment products are the Bitcoin Trust, Basic Attention Token Trust, Bitcoin Cash Trust, Chainlink Trust, Decentraland Trust, Ethereum Trust, Ethereum Classic Trust, Filecoin Trust, Horizen Trust, Litecoin Trust, Livepeer Trust, Stellar Lumens Trust, Zcash Trust, and the Digital Large Cap Fund.

Last week, the asset manager announced that the oldest bank in the U.S., BNY Mellon, will provide its flagship product, the Grayscale Bitcoin Trust (GBTC), with asset servicing and exchange-traded fund (ETF) services.

What do you think about Grayscale launching a defi fund? Let us know in the comments section below.

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours.

Axie Infinity Down More Than 40% Since All-Time High

Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days.

The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin.

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors
AXS/USD on July 19, 2021.

Another token that’s used within the game is a coin called smooth love potion (SLP) and the crypto asset has also seen its value drop since tapping an all-time high (ATH). However, SLP tapped an ATH two days before AXS did when it reached $0.39 per unit.

While battling in Axie Infinity’s adventure mode, players can earn SLP as rewards. SLP has lost 4.3% during the last week and 24-hour statistics show SLP is down 8.6%. SLP has a market capitalization of $133 million on Monday while AXS commands a market valuation of around $922 million.

Axie Infinity’s protocol revenue Towers Over Competition, Tether Is Axie Infinity Token’s Biggest Pair Capturing 83% of AXS Trades

Meanwhile, statistics from tokenterminal.com indicate that as far as protocol revenue is concerned, Axie Infinity towers over the competition. Axie Infinity’s protocol revenue eclipses projects like Pancakeswap, Metamask, Maker DAO, Sythetix, and Sushiswap.

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors
Statistics from tokenterminal.com during the last 30 days.

While the second-place position Pancakeswap’s 30-day statistics show $11.9 million in protocol revenue, Axie Infinity’s is 84.9 million. Seven-day records show Axie Infinity’s protocol revenue was 38.3 million while Pancakeswap saw $2.3 million. AXS is 42.8% down from the coin’s ATH and SLP is down 38.4% from its ATH.

The biggest pair with AXS on Monday is tether (USDT) as it commands 83.88% of all AXS trades according to cryptocompare.com stats. Tether is followed by BUSD (7.71%), BTC (6.41%), USD (0.97%), and BNB (0.84%). While SLP is down more than 38% today, the token is still up 93.6% during the last three months. AXS has done a lot better as the token is up 87.5% in just two weeks, and three-month data shows AXS is still up 281.4% despite this week’s losses.

What do you think about the Axie Infinity blockchain gaming universe and the project’s associated tokens? Let us know what you think about this subject in the comments section below.

As the Stock Market Dives Report Shows ‘US Households Now Have Record High Exposure to Stocks’

While inflation has kicked up in the U.S., following the massive stimulus issued by the Federal Reserve, investor and financial writer Lyn Alden Schwartzer published a report that shows “U.S. households now have record high exposure to stocks.” The news comes at a time when many analysts and economists believe equities markets are in a colossal bubble.

Dow Sheds 900 Points, Financial Expert Lyn Alden Schwartzer Publishes Report on US Household exposure to Stocks

Stock markets saw some significant carnage on Monday as the Dow Jones Industrial Average lost 900 points in the morning (EDT) or 2.3% as it was the largest decline in value this year. Similarly, the Nasdaq Composite came awfully close to losing 1% and the S&P 500 index shed 1.5% on July 19. Mainstream media reports are blaming the market downturn on the recent surge of Covid cases worldwide and the delta variant.

Meanwhile, Travis Kling, the crypto proponent and executive at Ikigai Asset Management shared a tweet from the financial expert Lyn Alden Schwartzer that said: “U.S. households now have record high exposure to stocks.” Kling also spoke about the issue at hand and stressed that the Fed could make this a national security problem.

“Been saying for over a year now- the SPX going up is a matter [of] national security for the United States. The Fed has the ability to make that happen (for now). What do you think they’re going to do?” Kling asked.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

Schwartzer didn’t just tweet about the equities U.S. households own, as the investor also published a blog post about the subject on Seeking Alpha. The financial analyst said that last May, the researcher published a report that highlights how the United States is currently fueled by “fiscal-driven inflation.” In the latest report, the analyst says that this “is what the U.S. is experiencing at the moment.”

“Due to stimulus effects and a rapid growth in the broad money supply,” Schwartzer’s report notes. “Consumers have more money in their pockets to spend, while the production of certain supplies and services remains constrained in various ways. That combination results in prices going up for whichever goods and services are constrained, until those prices go up enough to curtail demand.”

Schwartzer: ‘Treasuries Are Not Keeping up With Inflation, and Thus Are Losing Purchasing Power’

Schwartzer further explains that the “effects of fiscal-driven inflation are still occurring, with 5.39% year-over-year average price increases.” Meanwhile, bank account interest rates and Treasury notes (T-bills) are considerably low.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

While showing a St. Louis Fed 3-month T-bill chart, Schwartzer remarks: “If we zoom out, here’s the real interest rate of 3-month T-bills over the long run, meaning the interest rate that T-bills pay minus the prevailing consumer price inflation rate.” Schwartzer’s analysis adds:

Those T-bills tend to be a pretty good proxy for bank account interest as well. Basically, whenever that blue area is below zero, it means that interest rates for bank accounts and short-duration Treasuries are not keeping up with inflation, and thus are losing purchasing power.

In addition to the U.S. household allocations of equities, Schwartzer remarks that a big risk facing markets right now is “this new wave of delta-variant virus cases.” The economist also highlights that this “is the first time that the U.S. stock market reached 200% the size of U.S. GDP.”

The investor is bullish on the energy sector but sees Covid cases and “government lockdown responses to it as a near-term risk factor for a correction in the industry.” This means the energy market could stop swelling for a brief period of time, Schwartzer explains. While Schwartzer is bullish on the energy sector, the investor has also mentioned diversifying in bitcoin (BTC) as well in a recent video published by the Youtube channel Financial Monster.

In addition to the fiscal-driven inflation, the number of U.S. homes allocating stocks is also driven by rising prices and speculative investing, Schwartzer’s report details. “U.S. household allocations to stocks are currently at a record high percentage of total US household assets, from a combination of high valuations and speculation.”

What do you think about Lyn Alden Schwartzer’s assessment and U.S. households’ current record exposure to stocks? Let us know what you think about this subject in the comments section below.

Despite Negative Press, Binance Is Still the World’s Largest Crypto Spot and Derivatives Exchange

While Binance has had a few issues with payment service providers and regulators from a few countries, the centralized cryptocurrency exchange is still the largest trading platform in terms of trade volume. During the last 24 hours, Binance has recorded roughly $8.6 billion in swaps and the trading platform commands the highest trade volume out of all the derivatives exchanges worldwide.

Binance’s Trading Platform Towers Over Competitors

The cryptocurrency exchange Binance is the largest crypto trading platform in the world, in terms of trade volume on both spot and derivatives markets. Binance has been in numerous headlines in recent times as it has been dealing with regulatory complaints from government entities and financial institutions like Barclays and Santander.

Despite all the negativity, the crypto asset exchange still dominates the pack in regard to the myriad crypto trading platforms worldwide. Binance holds the highest 24-hour crypto trade volume and at the time of writing, it commands $8.6 billion in swaps. The trading platform deals with 320 cryptocurrencies in total and 1,150 pairs.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The top crypto spot markets in terms of 24-hour global trade volumes on Monday, July 19, 2021. Statistics via Coingecko.

The $8.6 billion doesn’t account for the United States either, as Binance also operates a separate trading platform for U.S. residents. At the time of writing, Binance US captures $202 million in global trade volume with 53 cryptocurrencies and 110 pairs.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The top crypto derivatives markets in terms of 24-hour global trade volumes on Monday, July 19, 2021. Statistics via Coingecko.

Binance also commands the most trade volume in crypto derivatives markets as the platform’s cash-settled cryptocurrency futures has $35 billion in global volume on Monday. In terms of 24-hour trade volume, there are not that many exchanges that even come close to Binance.

Where cryptocurrency spot markets are concerned, Hitbtc commands the second-largest position in terms of daily trades. However, Hitbtc’s $2.1 billion is 75% less than Binance’s spot market volume. Hitbtc’s spot volume is followed by Upbit ($2B), Huobi ($2B), Changelly ($1.93B), Bitcoin.com Exchange ($1.92B), and Okex ($1.87B).

Binance Derivatives Commands $35 Billion in Volume, Transparent Exchange Balance Rankings Show Binance Holds $14 Billion in Reserves

Moving on to cryptocurrency derivatives exchange volumes, Binance once again takes the lead. With a whopping $35 billion in 24-hour futures volume and $6.4 billion in open interest, no other exchange comes close to Binance. Following Binance in derivatives exchange volume is Okex with $8.5 billion in 24-hour volume and $2.4 billion in open interest. Binance and Okex are followed by Huobi ($7.9B), Bybit ($6.1B), Cointiger ($5.5B), Bitz ($4.2B), and FTX ($4.1B).

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The company’s decentralized exchange (dex) platform captures $3.5 million on Monday, July 19, 2021. Statistics via Coingecko.

Binance’s cash-settled derivatives exchange offers 43 futures and 138 perpetuals in comparison to Okex’s 139 perpetuals and 1,408 futures products. The cryptocurrency exchange Binance doesn’t stop with just crypto spot and derivatives offerings either, as the company also operates a decentralized exchange (dex). While Binance is the largest centralized crypto spot exchange and derivatives platform, the company’s Binance Dex holds the 32nd position among the top dex platforms today.

Binance Dex pulls in $3.5 million in global trade volume between 105 coins and 158 trading pairs. The firm’s dex also saw 12,869,668 unique visitors on Monday and the top trade is currently BNB/BUSD. Still, by market share by volume, Binance only captured 0.1% of all the dex trade volumes during the last 24 hours.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
In terms of crypto reserves held, Binance holds the second-largest crypto reserves just below the trading platform Coinbase. Statistics via Bituniverse.

Despite Binance having numerous issues over the last few weeks and all the negative headlines, the company is still a major force to be reckoned with in terms of crypto spot and derivatives volumes. Another thing people may not know about Binance is that the platform is the second-largest crypto exchange in terms of reserve balances.

Only Coinbase towers over Binance with $34.75 billion in BTC and ETH reserves. However, between BTC, ETH, and BUSD, data from Bituniverse shows Binance holds a massive $14.66 billion in crypto reserve assets on July 19, 2021.

What do you think about Binance and the platform’s performance while it has been scrutinized by regulators and financial institutions? Let us know what you think about this subject in the comments section below.

Bitcoin’s Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto

Digital currency markets have slipped in value this week as bitcoin has shed more than 8% of its value over the last seven days. The entire market capitalization of all 10,000+ crypto assets has also dropped 3.4% in value to $1.25 trillion on Monday. Crypto markets are following the trend of large drops seen across stock markets on Monday morning, as equities have significantly decreased in value.

Crypto Markets Follow Monday’s Stock Market Rout, Entire Crypto Market Cap Sheds Over 3%

Bitcoin dropped to a low of $30,400 on July 19, losing approximately 8.64% during the last week as the leading crypto asset slid 3.3% in 24 hours. Bitcoin’s market valuation is $575 billion at the time of writing and there’s $19 billion worth of BTC trade volume on Monday.

The top five trading pairs with BTC include USDT, USD, BUSD, JPY, and EUR. The stablecoin tether (USDT) commands over 56% of today’s BTC trades. Out of the $1.25 trillion, BTC captures 46.4% of the overall valuation, while ethereum (ETH) commands 17% of the entire crypto economy.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto
BTC/USD on Monday, July 19, 2021.

The second-largest crypto asset, in terms of market capitalization, is ethereum (ETH) and ether has lost over 13% this week. ETH is also down over 6% during the last 24 hours and has around $14 billion in global trade volume.

The biggest seven-day losers on Monday include thorchain (RUNE) which is down over 40% and synthetix (SNX) down over 37%. The top three leading crypto assets on Monday include nem (XEM) up 6.8% this week, unus sed leo (LEO) up 1.9%, and hedera hashgraph (HBAR) which is up 1.4%.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto
ETH/USD on Monday, July 19, 2021.

In a note sent to Bitcoin.com News, Pankaj Balani, CEO of the crypto trading platform Delta Exchange, explains the risk of dropping below $30K is now higher.

“Bitcoin failed above $33,000 and is trading around $31,800 on the spot market,” Balani said. “Bitcoin has been in a consolidation phase and is trying to settle in the $30,000-$40,000 range. Having said that, BTC has found it challenging to move higher and the upper end of this range has been converging gradually.” The Delta Exchange executive further added:

Bitcoin failed above $36,000 last week and $33,000 this week. We have also continuously tested the bottom end of the above range which shows weakness in price and opens up the risk of a breakdown below $30,000. Overall, the risk of downside below 30,000 on Bitcoin is much higher now than what it was in the months of May and June.

Equities Correction Could Impact Crypto Markets Negatively Short Term, Long-Term Confidence Remains High

Alex Kuptsikevich, the Fxpro senior financial analyst, told Bitcoin.com News that an S&P 500 correction could negatively affect the overall crypto economy. At the time of writing, the Dow Jones Industrial Average is down 700 points, while Nasdaq, NYSE, and tech stocks have also shed significant value on Monday.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto
Stock market carnage on Monday, July 19, 2021.

“The Bitcoin network’s hash rate has never recovered to its peak and is currently at levels of late October 2019,” Kuptsikevich said. “An automatic decline should soon follow this in complexity. It is accepted that Bitcoin’s price follows the hash rate/complexity of mining, so the investment outlook is deteriorating for now.” Kuptsikevich’s analysis continued:

A correction in the S&P 500 could negatively contribute to the short-term dynamics of the crypto market. In this case, a correlation of the benchmark equity index and Bitcoin may well show its full potential, as similar cautionary sentiment prevails in both markets.

Etoro’s senior analyst, Simon Peters, says that despite short-term corrections, long-term outlooks are still quite positive.

“Recent harsh conditions for bitcoin and ether continued last week as both crypto assets saw significant sell-offs continue,” Peters explained to Bitcoin.com News on Monday. “Bitcoin’s recent woes deepened as the crypto asset slumped across the week, starting trading above $34,000 before losing ground. Likewise, ether has come down heavily from recent highs. ETH began the week above $2,000 but saw a quick sell off to trade below $1,900 at times,” the Etoro analyst added.

“With yet another poor performing week,” Peters added, “speculation on the short-term price direction of major crypto assets is rife, with mixed opinions on price depending on what metric/indicators analysts are looking at.” Peters’ investors note to Bitcoin.com News concluded: “Long-term confidence remains high, however, with a recent survey of Fintech experts revealing more than half believe bitcoin is capable of becoming the global reserve currency by 2050.”

What do you think about the crypto economy’s recent downturn? Let us know what you think about this subject in the comments section below.

Candidate for Kenyan Elections Body Says Adopting Blockchain Will Reduce Ballot Costs by 300%

An aspirant to the post of commissioner with the Kenyan Independent Electoral and Boundaries Commission (IEBC) has urged the elections body to consider adopting blockchain technology. According to Justus Abonyo, a former official with the Social Democratic Party of Kenya, doing this will help Kenya reduce the cost of “running an election by up to 300 per cent.”

Enhanced Transparency

As the breakdown of the costs shared by Abonyo suggests, using an electoral management system based on a blockchain will see the cost of the ballot going down to as low as $0.50. The candidate explained:

The cost of a ballot in Kenya ranges between US$7 US$25 (Sh700-Sh2,500). If we use blockchain technology, this cost will go down to US$0.5 (Sh50). This is an area I would explore as a commissioner.

In addition to significantly reducing the running costs, one local media outlet, the Star, also quotes Abonyo detailing other benefits that could be realized and these include “greater security and transparency.” Further, improved transparency could increase trust in election systems and help to prevent a repeat of the post-election violence seen in 2007. The violence, which resulted in a serious humanitarian and economic crisis, had been sparked by allegations of electoral manipulation.

Credibility Enhanced With Blockchain

In his comments before the selection panel for the appointment of IEBC commissioners, Abonyo used the opportunity to highlight the extent of his confidence in blockchain technology. Still, the aspiring commissioner suggested he will step down if the credibility of elections he presides over is questioned. He said:

I will listen to what observers are saying and other stakeholders like the voters themselves and if they are unanimous that the elections were not credible, I will step down.

However, Abonyo says he still expects any aggrieved party to follow due process. This according to Abonyo means he will only move to act once someone has lodged a complaint with the court. He explained:

“People are taken to court. I will not take myself to court. I will not go to court and accuse myself.”

Do you agree that blockchain technology can help enhance the credibility of elections? Tell us what you think in the comments section below.

Infinity8.io and Sacha Jafri Make NFT History at amFAR 2021

As cameras flashed at tonight’s 27th amFAR gala at the Cannes film festival in the south of France, one-star continued to shine, the world’s second highest-selling living artist, Sacha Jafri. The lavish gala celebrated its 27th edition with host Sharon Stone as Alicia Keys gave a dazzling performance in a continued effort to raise money for AIDS returned.

One of the most anticipated nights of the festival, the 27th edition was a smaller, more intimate affair than previous years, with the exclusive guest-list slimmed down from 900 to 400 people with COVID-19 protocols in place.

After the performance, came Sacha’s live painting and a presale of his open edition NFT. As some buyers left to head back to their penthouse suite, the auction kicked off what would be the grand finale of the event. Even though some had already left, with less than 5 minutes to go Sacha alongside Billionaire philanthropist Javed Fiyaz, co-founder of Infinity8.io, sold just over 1,500 units for a total of 750,000 euros ($950,000.) in less than one minute.

Tech Entrepreneur and Crypto investor Scott Fletcher did not just purchase all 1,500 editions, but also took the winning bid for the artist’s live painting for over 1,000,000 euros. In total, Sacha raised over 1.75M euros, with 100% of the proceeds from the NFT sale and physical print going to Aids and Covid 19 research.

What is interesting to note is the NFT sale, which in collaboration with Javed Fiyaz and his charity focused NFT platform, infinity8.io, outsold an Andy Warhol Mickey Mouse piece which raised 375,000 euros ($442,702), a Chopard 18-karat white gold diamond, and a Michael Kagan Astronaut that sold for 400,000 euros ($472,215.60). Not only did Sacha take home the number one slot for the amount raised, but this open edition NFT was just the pre-sale.

What is set to be one of the biggest NFT launches this year, Fans of the artist will have the opportunity to get their hands on one starting July 22nd to Monday the 27th. The price will start at 635.30 Euro for the first 30 minutes, 1,000 euros per unit after the first hour, and continue to increase regularly until the end of the auction.

About Infinity8

Infinity8.io is the first-ever Philanthropic NFT Marketplace, creating a bridge between fine art and digital art, by supporting great masters as well as showcasing up-and-coming talent.

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Former Heavyweight Boxing Champion Mike Tyson Asks Fans if They Prefer Bitcoin or Ethereum

On Saturday, former heavyweight boxing champion, Mike Tyson, asked his 5.6 million followers on Twitter which crypto asset they prefer: bitcoin or ethereum. Tyson is no stranger to the world of crypto and just recently stepped into the realm of non-fungible token (NFT) collectibles.

Iron Mike Asks His Fans: ‘Which do you prefer, Bitcoin or Ethereum?’

The former professional boxer, otherwise known as “Kid Dynamite” and “Iron Mike,” tweeted about bitcoin and ethereum on Saturday and asked his followers which crypto asset they preferred. Tyson is quite familiar with bitcoin and on July 25, 2015, he tweeted about a bitcoin automated teller machine (ATM) that featured his image. He also shared a website called miketysonbitcoin.com which is now offline. At the time, Tyson connected with a firm called Bitcoin Direct LLC but the venture was quickly forgotten after some drama.

In more recent times, Tyson has teamed up with the full-service creative agency, NFT studio 1ofone. According to the announcement, Tyson will drop his first official NFT collection with 1ofone this August and it will be available via opensea.io. The former heavyweight champion collaborated with digital artist Cory Van Lew and the NFT collection will present “iconic moments from his career,” unlockable content, and a limited release as well.

“The more I learn about NFT’s the more excited I am to be a part of the crypto/tech community,” Tyson said in a statement about the NFT project. “It’s the future and I chose to partner with 1ofone to help me navigate through the NFT community with something truly innovative and creative that tells a story about who I am.”

Tyson’s tweet on Saturday not only got attention from a great number of crypto supporters but also legendary rapper Busta Rhymes. Rhymes has been intrigued by cryptocurrencies as well recently and tweeted about his curiosity to his Twitter followers. After Tyson asked: “Which do you prefer, BTC or ETH?” Rhymes replied and said: “Mike, I’m right there with you. Spent the last 30 min reading the comment section.”

In the comment section of Tyson’s tweet, there’s a myriad of responses from the crowd. Microstrategy’s CEO Michael Saylor responded and said: “Mike, I spent more than a thousand hours considering this question and chose bitcoin. So far, I have purchased $2.9 billion in BTC because I think it’s the future of digital property.” Even Twitter’s Jack Dorsey replied to Tyson and shared a website called hellobitco.in.

Tyson’s Question Sees a Number of Responses

Of course, a number of people shilled other crypto assets and a wide variety of cryptocurrencies are mentioned in Tyson’s thread. The official Baby Doge Coin Twitter account said: “Mike let’s talk #BabyDoge” with a boxing glove and dog emoji. Paxful executive Ray Youssef also responded to Tyson’s question. “Great to have you with us Mike,” Youssef remarked. “Bitcoin is halal and peaceful, honest money.”

Youssef further added:

[Ethereum] is a platform for defi which is permissionless protobanking. Both have their place but I hold most in bitcoin and the people of Africa are using it everyday as a way out of economic apartheid.

Others simply implied that Tyson didn’t have to choose if he owned both crypto assets. Of course, the Tyson tweet also led to a number of bitcoin fans and ether supporters battling. Most of which stemmed from the bitcoin maximalist crowd, while other crypto asset fans claimed there are superior coins Tyson didn’t mention.

Another individual said: “ETH is an entire decentralized secure economy. BTC is [a] decentralized secure orange coin. So I prefer ETH.” The number of replies to Tyson’s question is very large and like Busta Rhymes said, one could easily spend thirty minutes reading them.

What do you think about Mike Tyson’s recent tweet about bitcoin and ethereum? Let us know what you think about this subject in the comments section below.

Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia in Mining Volume

Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia by Mining Volume

An industry association representing the Russian crypto sector has launched a project to entice bitcoin miners. Despite its abundant sources of cheap energy, Russia is now lagging behind Kazakhstan, another Eurasian Economic Union member, in terms of cryptocurrency production.

Russian Project Aims to Expand Country’s Crypto Mining Capacity

The Russian Association of Crypto Industry and Blockchain (Racib) has unveiled a project to bring a larger portion of the global computing potential engaged in cryptocurrency mining to Russia. The Russian Federation, Racib noted in an announcement, ranks among the top five nations by total electricity production. What’s more, the country’s energy system features unique characteristics that can benefit enterprises involved in the minting of digital coins.

Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia in Mining Volume

Racib has listed a number of them, including the large surplus of power-generating capacity which reaches 50% in certain regions. The colder Russian climate is another advantage as it allows the cooling of mining equipment at little cost, thus improving the efficiency of data centers. Add to that the wide availability of traditional fuels and other energy resources, as well as the low population density in many areas that makes it possible to deploy large-scale facilities and infrastructure. Racib emphasizes:

All this … provides the best conditions for the formation of specialized clusters in the country to support the global cryptocurrency networks and the infrastructure of the global digital economy.

The crypto association says it will implement the project in close cooperation with central and regional Russian authorities and state-run corporations. Several working groups have been established already with the participation of the energy industry and public institutions. The organization claims its main foreign partner in the project is a “consortium of the largest mining companies in China.”

Amid an ongoing crackdown on crypto miners in the People’s Republic, Racib hopes some of them will transfer their computing power to the Russian Federation to increase Russia’s share of the global hashrate.

Kazakhstan Overtakes Russia as Crypto Mining Destination

Environmental concerns are believed to be a major motive behind Beijing’s squeeze on crypto mining and Racib thinks Russia has an answer. Eco-friendly hydro and nuclear energy sources form around 40% of the country’s energy balance. And as far as Bitcoin is concerned, Russia’s involvement in the miners’ migration from China should “provide a more decentralized network format of the main digital currency” and help “avoid another concentration of mining resources in one region, in this case North America.”

Chinese miners are already on the move, however, and Russia should hurry up if it wants to lure some of them to its territory. Others have been quicker to take advantage of the shift, including Kazakhstan, another former Soviet Republic, and a member of the Russia-led Eurasian Economic Union (EEU).

Russian Crypto Industry Scrambles to Attract Miners as Kazakhstan Overtakes Russia in Mining Volume
Evolution of country share in global hashrate (monthly average). Source: University of Cambridge.

In less than two years, the Central Asian country has increased its share in the global bitcoin extraction by almost six times, from 1.4% to 8.2%, according to a study conducted by the University of Cambridge. By crypto mining volume, Kazakhstan is now third in the world, the data quoted by RBC (a major Russian business news portal) shows, overtaking Russia which ranks fourth with 6.8%.

During the same period, between September 2019 and April of 2021, China’s share has dropped from 75.5% to 46%, while the United States has climbed to second place, increasing its share from 4.1% to 16.8%, the report details. According to the research, the Islamic Republic of Iran is now fifth with 4.6%. Still, Russia has a chance to improve its position as Kazakhstan recently introduced a surcharge for electricity consumed by miners despite opposition from the local crypto industry.

Do you think Russia will be able to attract cryptocurrency miners to its jurisdiction? Share your thoughts on the subject in the comments section below.

Paraguayan Lawmakers Present a Very Different ‘Bitcoin Bill’ Than Expected

paraguayan

A group of Paraguayan lawmakers presented a ‘Bitcoin bill’ in the National Congress last week, but it turned out to be a very different proposal than what crypto followers expected. The bill seeks to control and regulate cryptocurrency transactions and establish taxes. There is no mention of declaring bitcoin or any other cryptocurrencies as legal tender anywhere in the proposal.

“Bitcoin Bill” Presented in Paraguay

The long-hyped ‘Bitcoin bill’ was at last presented in Paraguay to the National Congress by two lawmakers last week, but it was not what some had anticipated. The project presented by deputy Carlos Rejala and the liberal senator Fernando Silva Facetti doesn’t aim to declare bitcoin as legal tender, as El Salvador did last month. In fact, it states the opposite. An early draft states:

“Digital assets are not legal tender currencies used by the Paraguayan State, and for this reason they are not backed by the Central Bank of Paraguay”

Instead, the proposed law seeks to regulate crypto transactions for the state to collect taxes for trading and other use cases. The law proposes the Central Bank of Paraguay as the comptroller of all the entities related to cryptocurrencies. Facetti, when consulted about the direction of the proposed law, stated:

This is not a legal tender, this is a commodity and the purpose of the law is to regulate and control this industry. That is the base project that we really have today.

Mining and Trading Also Regulated

The law also mentions bitcoin mining and trading as activities under its scope. Mining-related imports will be taxed with 5% corresponding to an aggregated value tax if the project gets approved. Also, cryptocurrency traders will have to be licensed annually and to-be-created state institutions will carry a record of these. The project states:

“Any person whose main activity is that of trader must have an authorization issued by a competent authority, which enables him to carry out consultancies or transactions through a mandate or administration contract.

The law describes sanctions for not complying with these mandates, but it doesn’t specify the forms these sanctions would take. If approved, the law would give a period for miners to register with the government and get operational licenses. To conclude, the law mentions the creation of the Digital Securities Fluctuation Reserve Fund, which would aid traders that lose digital assets in the market.

What do you think about the newly proposed Paraguayan “bitcoin bill”? Tell us in the comments section below.