January 19, 2021 - Smart Wealth Investments

Rice-Based Stablecoin Is Being Launched in Indonesia

January 19, 2021 SmartWealth

PRESS RELEASE. Penjaga Lilin Nusantara, an Indonesian Cooperative in Malang- East java is setting up Ricetron.com a Tron-based DeFi to tokenized rice-based stablecoin. The website aims to invite crypto enthusiasts to stake Tron and mint RET (Rice Economy Token), a governance token that will fund RIC (Rice Inventory Coin) stablecoin. RET token holders will benefit from 30% of all transaction fees and profit-sharing of RIC DeFi, where once the DeFi platform running will be distributed back as Protégé Dividend to RET token holder wallets. Total supply is 269,000 RET with…

Former Canadian Prime Minister Mentions Bitcoin Alongside Gold as Alternative Reserve Currencies

January 19, 2021 SmartWealth

Former Canadian prime minister Stephen Harper has mentioned bitcoin alongside gold as assets that can possibly act as alternative reserve currencies. However, the former premier still argues that despite the growing questions about the dollar’s reserve status, he does not see any real prospect of that changing anytime soon. Instead, he envisions these alternatives becoming part of a basket of reserves in which the dollar still dominates. Experiences From the 2008 Financial Crisis Speaking in an interview, the former premier uses Canada’s experiences in the aftermath of the 2008 financial…

Economist Slams ECB Chief Lagarde’s Bitcoin Remarks as Dangerous for Cryptocurrency Regulation

January 19, 2021 SmartWealth

Responding to European Central Bank (ECB) President Christine Lagarde’s recent remarks about bitcoin, the chief economist at investment firm Tressis said what Lagarde implied was “outrageous” and “dangerous” for cryptocurrency regulation. Economist Says Governments Would Be Happy to Implement Strict Crypto Regulations Daniel Lacalle, fund manager and chief economist at Tressis Gestion, commented on Christine Lagarde’s recent remarks about bitcoin and crypto regulation in an interview with NTD Business on Sunday. Tressis Gestion provides investment management, financial planning, investment strategies, and advisory services to customers in Spain. “Obviously, Ms. Lagarde…

Bitcoin Energy Consumption Is Far More Efficient and Greener Than Today’s Banking System

January 19, 2021 SmartWealth

While bitcoin and a variety of digital currencies have swelled in value, a number of critics have spread fear, uncertainty, and doubt (FUD) in regard to the energy consumption proof-of-work (PoW) cryptocurrencies leverage to produce new units of currency. Just recently the software engineer Stephen Diehl expressed his dissatisfaction over the environmental cost of bitcoin. However, cryptocurrency supporters believe Diehl failed to mention the amount of renewable energy used by a great number of mining facilities, alongside the insurmountable cost to operate today’s banking system. Bitcoin’s Waste of Energy Argument…

xSigma Announces Its ETF-Like Decentralized Fund and Platform

January 19, 2021 SmartWealth

PRESS RELEASE. ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN“, “ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce its ETF-like decentralized fund and platform, which is the second DeFi project in xSigma’s ecosystem. The project’s website: https://xsigma-etf.com. The announced ETF-like protocol will be a decentralized fund based on Ethereum blockchain, that will diversify between major crypto assets related to the DeFi space. In addition, it will…

With Record Bitcoin Buys, How Are Grayscale’s Investors Doing?

January 19, 2021 coinmaker

Grayscale’s Bitcoin Trust (GBTC) made headlines again yesterday with its record one-day addition of 16,244 bitcoin, adding to its stack of over 630,000 bitcoin and an assets under management (AUM) totaling about $23 billion. Evidently, business is good. So, who are Grayscale’s investors? Is GBTC’s premium an incentive, or a disincentive? And where will this fund move in the future? What Is GBTC? Grayscale owns bitcoin in its GBTC trust and investors buy shares that represent a number of those bitcoin. There’s a 2 percent per year management fee, in addition…

Australian Bitcoin Trader Sues Banks for Systematic Discrimination

January 19, 2021 SmartWealth

An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest commercial banks, accusing them of systematic discrimination when they closed his accounts on short notice. Allan Flynn is demanding compensation of AU$250,000 ($193,000) from ANZ and Westpac banks for closing his accounts immediately after they had been opened, the Australian Financial Review reported on Jan. 18. Flynn, who operates a registered bitcoin (BTC) exchange, has started proceedings against both banks at the ACT Civil and Administrative Tribunal. The trader alleges he is the victim of unlawful…

Tracing The Growth Of Bitcoin In Pakistan

January 19, 2021 coinmaker

Bitcoin is currently banned by the State Bank of Pakistan and it’s illegal for businesses, banks and other entities to trade bitcoin in the jurisdiction of Islamic Republic of Pakistan. But Pakistan is the world’s fourth-largest country by population, and about 50 percent of the population is between the ages of 15 and 40, and only about 4 percent is over the age of 65. So, bitcoin adoption in Pakistan is increasing at a fast pace, even though it’s banned by the State Bank of Pakistan. Many freelancers working in…

Interview: Cryptograffiti On “Bitcoin Vs. The Fed”

January 19, 2021 coinmaker

Listen To This Episode: Apple Spotify Google Libsyn Overcast I had the opportunity to sit down with legendary Bitcoin activist/artist cryptograffiti this week to discuss his latest project, “Bitcoin Vs. The Fed.” You have probably seen cryptograffiti’s art before. He’s well known for his mosaic pictures of Hal Finney and JPMorgan Chase & Co. boss Jamie Dimon, but he’s best known for his art piece “United Nodes Of Bitcoin,” which depicts a U.S. $1 bill with a hooded George Washington and subtle nods to Bitcoin propaganda throughout. Source In our…

Crypto Derivatives Surge, Bitcoin Options Open Interest Climbs to $9.6 Billion

January 19, 2021 SmartWealth

Bitcoin options open interest has reached $9.6 billion according to derivatives market data as the metric is nearing the high captured on January 7, 2021. Moreover, the aggregate open interest in bitcoin futures is steadily nearing all-time highs. While cryptocurrency spot markets have consolidated, bitcoin-based derivatives markets have seen continuous action. At the time of publication, both bitcoin futures and options open interest has been rising significantly. For instance, researchers at skew.com recently tweeted that “bitcoin futures open interest [is] quickly bouncing back to a new all-time high.” Skew also…