Anthony Scaramucci says holding Bitcoin as safe as owning bonds and gold

Anthony Scaramucci, the head of SkyBridge Capital and former White House communications director, believes Bitcoin’s (BTC) value proposition has strengthened significantly now that governments have addressed many of the risks associated with the digital asset.  In an opinion article published on CNN, Scaramucci and fellow SkyBridge executive Brett Messing argue that Bitcoin has become a viable option for long-term investors seeking refuge from inflation. The authors also claim that holding Bitcoin is far less risky today than it was a few years ago when regulations and infrastructure were still underdeveloped. …

Empty stadiums get blockchain and soccer to play together

In a first for professional soccer, Spanish team DUX Internacional de Madrid has used crypto to buy a new player. Ex-Real Madrid player David Barral is a new acquisition for the club facilitated by the cryptocurrency trading company Criptan. Although technically this is not the first recorded Bitcoin (BTC) transfer, amateur Turkish club Harunustaspor bought 22-year-old player Omer Faruk Kiroglu back in 2018 for 0.0524 Bitcoin and 2,500 Turkish Lira. This move was performed to gain attention for the club in international media for doing “something new” but not necessarily…

Why one Bitcoin on-chain analyst is short-term bearish on BTC price, for now

Ki Young Ju, the CEO at CryptoQuant and an on-chain analyst, says Bitcoin (BTC) is neutral to short-term bearish for the time being. There are two major indicators that have been useful in spotting trend reversals in the ongoing bull cycle. First, whenever the Coinbase premium appeared, which means BTC is trading higher on Coinbase than on Binance, for example, BTC saw bullish momentum. Second, the momentum of Bitcoin strengthened when it saw large outflows from Coinbase. In the past several days, however, neither of these two indicators have shown any…

Ultra-rare alien CryptoPunk NFT sells for 605 ETH, or $750,000

Amid a wild market-wide bullrun for non-fungible tokens (NFTs), an ultra-rare “alien” CryptoPunk has sold today for 605 Ether, worth over $750,000 at today’s prices.  CryptoPunks are widely considered to be the original NFT project, released even before Cryptokitties, the blockchain-based collectibles project that propelled NFTs to mainstream consciousness. CryptoPunks developers Larva Labs report that Punks have accounted for $26 million in lifetime sales on their native marketplace, and the average sale price for Punks over the past year has been $6,199. Each Punk has unique attributes, such as background…

Senate committee votes unanimously in favor of Yellen as Treasury Secretary

Janet Yellen, the former Chair of the Federal Reserve, is one step closer to earning the nomination of Treasury Secretary.  The Senate Committee on Finance voted unanimously to approve Yellen’s nomination Friday morning, setting the stage for a full Senate vote. Republican Senator Chuck Grassley said he hoped the GOP’s backing would signal “bipartisan” support under the new Democratic administration. Fellow Republicans said they backed Yellen despite disagreeing on several of her policy stances. The general consensus was that she was exceptionally qualified for the job. Committee members hoped for…

Bank payments going global with stablecoins and CBDCs, Jan. 15–22

Editor’s note It may be too late for resolutions and too early for Lent, but lacking any discrete occasion I would still like to give up U.S. political news for a while, or at least for the duration of one Law Decoded.  Fortunately, in the spirit of going international and leaving the bonkers election cycle of the U.S., blockchain technology and stablecoins are playing a major role in the latest developments in cross-border payments and settlements. It’s long been one of the most talked-about applications of blockchain technology. Diplomatic scheming…

Bitcoin as a last resort? Murmurs of crypto as reserve currency abound

Reserve currency is money held by central banks or treasuries usually for international transactions. Argentina is not going to be able to purchase a Boeing 737 MAX passenger jet, for example, with its highly inflationary peso; it will have to pay with U.S. dollars, which is why Argentina keeps dollars on hand — i.e., in “reserve.” A second basic function is to support the value of a national currency. If the Brazilian real, for instance, plummets during an economic contraction, Brazil’s central bank could bid it up again by purchasing…

What the Brazilian market can expect for 2021

2020 will be remembered as one of the most difficult years for contemporary societies: Countries and entire populations have faced lockdowns and economic crises, financial markets still suffer from the severe impacts of the economic recession, and more than 2 million lives have been taken by COVID-19. Despite this, other sectors have been impacted in other ways during the severe global health crisis — which still seems far from over, even though vaccines are beginning to be distributed in wealthy countries. Economies have radically digitalized, hedge assets have attracted mistrust,…

Alleged ‘ghost’ Bitcoin mining firm traded on Nasdaq faces class action lawsuit

Bit Digital (BTBT), a Bitcoin mining company traded on the NASDAQ stock exchange, is the subject of a class-action lawsuit that alleges the company fabricated the extent of its Bitcoin (BTC) mining operations. According to the lawsuit which was filed in the Southern District New York court on Jan. 20 by plaintiff Anthony Pauwels, Bit Digital misled investors and made materially false claims about the extent of their Bitcoin mining business, causing significant financial harm for investors. Specifically, the plaintiffs reference an investigative report by J Capital Research which claims…