Recent News

Buffett Buys Gold Not Stocks!

REUTERS FRI AUG 14, 2020 / 4:35 PM EDT Berkshire reduces Wells Fargo, JPMorgan, Goldman stakes; adds Barrick Gold   (Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Friday it has reduced its investments in some of the largest U.S. banks, lowering its stakes in Wells Fargo & Co and JPMorgan Chase & Co and eliminating a stake in Goldman Sachs Group Inc In a regulatory filing detailing its U.S.-listed investments as of March 31, Berkshire also disclosed a new 20.9 million share investment in Toronto-based Barrick Gold Corp,…

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Gold to Stay Above $2,000

FX Empire Gold Prices Expected to Stay Above $2,000, on Growing Global Geopolitical Uncertainty Adesina Olumide August 9, 2020, 12:09 AM The precious metal prices, however, remained above $2,000 a critical support level, showing the pullback in prices recorded recently might be for the short term. Gold traders are still relatively bullish on growing global geopolitical uncertainty on what will follow in the months ahead. President Trump is likely to increase more pressure on the Chinese ahead of the US Presidential election scheduled to hold in November. China presently has…

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Investors Move 10% of Their Gold From Hong Kong Amid Financial Censorship Fears

Hong Kong investors are moving their gold offshore as China’s new national security law prompts fears of financial censorship. Some 10% of private holdings have been moved to safer jurisdictions such as Singapore and Switzerland since the beginning of protests in Hong Kong last year. In a recent interview, Joshua Rotbart, head of Hong Kong-based gold dealer and storage provider J Rotbart & Co, said the new legislation has revived the bullion flight. “Many clients now perceive Hong Kong as riskier than other jurisdictions,” Rotbart said. The development comes as…

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Nasdaq-Listed Company Sued for Backing $2 Billion Loans With 83 Tons of Fake Gold

The Nasdaq-listed company that allegedly used 83 tons of fake gold bars as collateral to secure loans worth about $2 billion from multiple financial institutions in China is now in default and facing several class-action lawsuits. $2 Billion Fake Gold Scheme Unravels The gold industry was recently shaken when it was discovered that a U.S. publicly-traded company was allegedly using 83 tons of fake gold bars to secure loans worth $2 billion in China. Kingold Jewelry Inc. is based in Wuhan, China, but it is listed on Nasdaq in the…

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Germany Begins Closing Down All Bitcoin Unlicensed ATMs

Germany’s Federal Financial Supervisory Authority (BaFin), the country’s top financial regulator responsible for regulating crypto service providers, has begun actively closing down unauthorized bitcoin ATMs, a BaFin spokesperson has confirmed to news.Bitcoin.com. All Unauthorized Bitcoin ATMs to Shut Down German financial regulator BaFin has begun actively closing down all unlicensed bitcoin ATMs in the country. This followed Germany’s new regulation that went into effect in January, requiring crypto service providers to obtain authorization from BaFin. A spokesperson for BaFin told news.Bitcoin.com: Currently, BaFin is taking action to shut down all…

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Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project. Goldman Sachs’ Cryptocurrency Plan Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on…

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Square’s Cash App Bitcoin Revenue Surges 600% to $875 Million in Q2, Profit Up 711%

Square Inc. has reported a significant bitcoin revenue increase in the second quarter. Its Cash App generated $875 million in revenue, a 600% increase from the previous year. In addition, Square’s bitcoin gross profit jumped 711%. Square Cash App’s Bitcoin Revenue Square released its performance report for Q2 2020 on Tuesday. The company’s net revenue, including bitcoin revenue, was $1.92 billion, an increase of 64% year over year. Its gross profit, including from its bitcoin business, rose 28% year over year to $597 million. Cash App, Square’s popular payment service,…

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Report: Meta and Instagram Are Exploring an ‘Early Stage’ NFT Feature

Meta Platforms, Inc., formerly known as Facebook, Inc., is reportedly experimenting with non-fungible token (NFT) technology, according to unknown sources speaking with the Financial Times (FT). Allegedly, Meta is “readying” an NFT feature but it is “at an early stage and could yet change.” Meta and Instagram Are Reportedly Experimenting With NFT Tech A report stemming from the financial news outlet FT says that Meta and the firm’s subsidiary Instagram are currently exploring NFT technology. FT quotes unnamed sources familiar with the matter, that claim Meta and Instagram are conversing…

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Bitcoin Company Voltage Raises $6M In Seed Round

Voltage said it would leverage the round’s proceeds to expand and improve its Bitcoin and Lightning offerings. Bitcoin and Lightning infrastructure company Voltage has raised $6 million in a seed funding round led by early-stage venture capital firm Trammell Venture Partners, the company said in a statement sent to Bitcoin Magazine. Craft Ventures, GV, Stillmark, Cavalry Asset Management, Strategic Cyber Ventures, Fulgur Ventures, and Tenzing.vc also participated in the round. “At Voltage, we are building the tools and services needed to take Bitcoin into its next phase of adoption,” Voltage…

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Celebrating A New Year In Bitcoin With A Roundtable Of Influencers

Bitcoin luminaries like Peter McCormick, Justine Harper, Charlie Lee, Jimmy Song and more joined a New Year’s “Bitcoin Bottom Line.” Watch This Episode On YouTube Listen To This Episode: Apple Spotify Google Libsyn Overcast Host of the “Bitcoin Bottom Line” podcast and Valkyrie CIO, Steven McClurg, met via live stream with five special guests, all experts in the Bitcoin space in this latest episode. Bitcoiner C.J. Wilson began the roundtable discussion about the hopes and expectations of the new year. Wilson gave a short recap of the terrible flood attacks,…

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Crypto.com Reveals 483 Accounts Compromised in Recent Hack — $34 Million in Bitcoin, Ether Stolen

Crypto.com has revealed that 483 user accounts were compromised in the recent hack that resulted in unauthorized withdrawals of about $34 million in cryptocurrencies, including bitcoin and ether. Nonetheless, the company stressed that customer funds were never at risk. Crypto.com’s Hack Postmortem and CEO’s Comments Crypto.com revealed Thursday the number of users affected by the unauthorized crypto withdrawals that occurred on Jan. 17 and the cryptocurrencies stolen. The company wrote: The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies. At…

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How Will The Latest Powell Pivot Impact Bitcoin?

Discussing macroeconomic trends and their impact on bitcoin, including Jerome Powell’s latest pivot, U.S. austerity and conflict in Kazakhstan. Watch This Episode On YouTube Listen To This Episode: Apple Spotify Google Libsyn Overcast In this episode of Bitcoin Magazine’s “Fed Watch” podcast, Christian Keroles and I sat down with Dylan LeClair to talk about all Federal Reserve news, rate hikes, balance sheet normalization (QT), U.S. government austerity and world news. LeClair is the head of market research for Bitcoin Magazine and produces the Deep Dive, a series of daily, monthly…

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I Saw The Problems Bitcoin Solved Before It Was Invented

If you’re curious about networking at Bitcoin 2022, explaining bitcoin to boomers, or whether or not you have scurvy, read on. Watch This Episode On YouTube Listen To This Episode: Apple Spotify Google Libsyn Overcast The last time I talked to a lawyer, it wasn’t this fun. Mark Maraia, author, contributor and now contributor liaison here at Bitcoin Magazine, has incredible insight into various industries that are all impacted by Bitcoin. As he explained, there was a nagging feeling of looming problems and inefficiencies in many of the industries he’d…

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Spellfire Oversubscribed Twice, a Staggering $3.8M Raised

Spellfire Re-Master the Magic, a modern take on classic collectible card games, has completed its private funding round, raising a staggering $3.8 million. Leading investors DAO Maker and Shima capital, are joined by Genblock, IBC group, Faculty group, IBA, Maven Capital, Autonomy Capital, Terranova ventures, x21 Digital and others who initially funded the project, and interest has since skyrocketed past all initial funding goals. The project is now close to being oversubscribed twice, marking a huge success for Spellfire’s development team, and leaving many of the industry’s top VC investors…

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Opensea Acquires Dharma Labs, Co-Founder Is Named New CTO

Opensea, one of the biggest NFT marketplaces globally, recently announced it is acquiring Dharma Labs. The price is believed to be between $110 million and $130 million. As a result of the new agreement between the two companies, Nadav Hollander, a co-founder at Dharma Labs, will become the new chief technology officer (CTO) at Opensea. Opensea’s New Valuation One of the leading marketplaces for NFTs globally, Opensea recently confirmed it is acquiring the defi crypto wallet startup Dharma Labs. The acquisition of Dharma Labs for a price thought to be…

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Regulator Reiterates Call for EU Ban on Proof-of-Work Mining

The EU should prohibit proof-of-work crypto mining, an executive at the European securities watchdog has insisted. Coins relying on the energy-intensive method of minting pose a risk to efforts aimed at meeting climate change goals such as those set in the Paris Agreement, the regulator says. Bitcoin Mining Now Attacked in EU for Burning Too Much Renewable Energy A high-ranking financial regulator has reiterated a call for an EU-wide ban on cryptocurrency mining based on the proof-of-work concept. The power-hungry model employed in the minting of major cryptocurrencies like bitcoin…

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Main Opposition Candidate for President of South Korea Pledges Support for Crypto Tax Exemptions

The leading presidential candidate of the opposition in South Korea has promised voters to ease the tax burden on crypto-related profits through exemptions. In a recent statement, Yoon Suk-yeol indicated that crypto investors will be treated like those who put money into stocks. Presidential Candidate Looks to Attract Young Voters With Crypto Tax Cuts Yoon Suk-yeol, the nominee of South Korea’s conservative People Power Party for the upcoming presidential elections in March, has announced his intention to back the raising of the threshold for the tax on gains from crypto…

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