Bitcoin Now the Most Crowded Trade – Labeled a ‘Bubble’ in Bank of America Survey

According to findings of a recent Bank of America (BOA) survey, buying bitcoin has now surpassed tech stocks as the most crowded trade. This new ranking means tech stocks have been relegated into second place for the first time since October 2019. Bitcoin Bubble Ranking Still, a majority of the interviewed fund managers believe bitcoin “to be in a bubble.” Consequently, as the Reuters report notes, a majority of these respondents predict that the value of bitcoin will halve within 12 months. Since the start of 2021, the value of…

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Analyst Lyn Alden Says Ethereum Is Still an ‘Unfinished Project’

A bitcoin (BTC) strategist and investor remain skeptical towards the Ethereum protocol, considering it an “unfinished product.” Lyn Alden, an advisor for the dollar cost averaging BTC investing app Swan Bitcoin, believes the network lacks a concrete model, “other than just speculation.” Alden Prefers Bitcoin’s Modular Design From an Engineering Perspective In a blog post on her personal website, Alden pointed out that Ethereum protocol is an unfinished product “on the base layer, with a rather circular use-case so far that revolves around the trading, liquidity provision, and gamification, of…

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Major Darknet Marketplace for Stolen Cards Shuts Down After Making Over $1 Billion in Bitcoin

The longest-running marketplace for stolen credit cards on the darknet has announced the shutting down of its services. The administrator of Joker’s Stash, founded in 2014, stated that the site would be taken down in February. Site Generated Over $1 Billion in BTC ‘Over the Past Years,’ Claims a Security Research Firm According to the announcement made through its forum, the admin known as “Jokerstash” stated that “it’s time for us to leave forever.” Stash’s users could spend their account balances until Feb. 15, before the admin proceeds to “wipe…

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Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules

The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation. Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS) certification requirements. In South Korea, there…

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Rice-Based Stablecoin Is Being Launched in Indonesia

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…

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

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…

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

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…

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

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…

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xSigma Announces Its ETF-Like Decentralized Fund and Platform

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…

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Australian Bitcoin Trader Sues Banks for Systematic Discrimination

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…

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