Crypto Pirates

Despite a recent halt in price activity, El Salvador's President, Nayib Bukele, is bullish on Bitcoin BTC. Bitcoin was trading at $37,227 at the time of publication, down 1.96 percent in the last 24 hours. Bitcoin is currently 45.89 percent lower than its all-time high of $69,000.

Bukele said on Monday that Bitcoin (BTC) will eventually see a "gigantic price surge" due to the digital currency's restricted quantity of only 21 million coins.

The president noted Bitcoin's scarcity, noting that the globe had "more than 50 million millionaires," and there is insufficient Bitcoin to go around if each of them desired to hold at least one BTC.

"Not even half of them will fit. A massive price hike is inevitable," Bukele wrote.

There are around 50 million millionaires worldwide.

Consider when everyone of them decides to acquire at least ONE Bitcoin, but there will never be more than 21 million Bitcoin.

Not even half of them will fit.

A massive price hike is inevitable.

El Salvador's President, Nayib Bukele, made some Bitcoin-related forecasts on Twitter earlier this year. Bukele expects that at least two additional countries will follow El Salvador's lead and legalise BTC, forecasting a top asset price of $100,000.

El Salvador has added 410 Bitcoin for $15 million to its cache of at least 1,801 BTC—worth around $67 million at the current market rate.

El Salvador's Bitcoin reserves have suffered significant dollar-denominated losses as a result of the recent Bitcoin crash. On Sept. 6, when Bitcoin was trading at around $52,000, the Salvadoran government made its first purchase of 200 BTC. On Oct. 27, when Bitcoin's market price was above $58,000, the government purchased 420 BTC. El Salvador later purchased some Bitcoin at a price of roughly $54,000 in November and further BTC at a price of $49,000 in mid-December.

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Binance has dedicated $1 billion to its insurance fund following a wave of multimillion-dollar cryptocurrency exchange breaches.

Binance has disclosed the fund's wallet addresses in an effort to increase openness.

The Binance Secure Asset Fund now exceeds $1 billion in size.

Binance is taking significant precautions to safeguard itself from a breach.

The world's largest cryptocurrency exchange announced that its Secure Asset Fund, or SAFU, had reached $1 billion in size. SAFU was founded in 2018 as a means of ensuring the exchange's users' protection. The firm initially contributed 10% of all trading costs to the fund but recently split it into two wallets.

Binance revealed the two wallet addresses in an effort to increase openness, as the coin was worth $1 billion at its Jan. 29 launch price. Currently, the fund has 7,952 Bitcoin, 1,036,269 Binance Coin, and 300 million USD-pegged Binance Coin. Although around 30% of the fund is dollar-denominated, its value varies in response to market conditions due to the volatility of Bitcoin and Binance Coin.

Changpeng Zhao, CEO of Binance, discussed the fund's ten-figure valuation in a statement. According to him,

"At Binance, we've always maintained the mantra 'funds are safe,' and the Binance Secure Asset Fund's current size serves as an effective safeguard as well as protection for consumers from such improbable concerns."

The update comes in the aftermath of a spate of significant hacks and security breaches on cryptocurrency exchanges. Hackers routinely target platforms that trade cryptocurrencies such as Bitcoin and Ethereum by getting access to Internet-based hot wallets, leaving users stranded while exchanges cope with the aftermath. Typically, exchanges bear the brunt of such attacks in order to protect users' cash.

Crypto.com lost approximately $34 million earlier this month when its exchange was breached by hackers. It halted withdrawals the following day before announcing the incident three days later, however it did not provide details on how it occurred. Both BitMart and AscendEX had their hot wallets compromised last month, resulting in losses of $196 million and $76.7 million, respectively. In 2019, Binance itself was hacked for $40 million.

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Here are some of the reasons why long-term investors interested in cryptocurrencies should look into Ethereum (ETH) right now.

Is cryptocurrencies just a fad? Or will this industry continue to climb in the long run? This is a critical question for many investors in top-tier cryptocurrencies like Ethereum (ETH).

The recent price volatility of Ethereum has undoubtedly been difficult for investors to stomach. ETH reached all-time highs late last year, only to fall by half in less than three months due to volatile swings. Many investors are undoubtedly concerned about the current downward pressure.

That being said, let's take a look at two reasons why investors might want to consider Ethereum during this recent downturn.

Ethereum is a cryptocurrency that generates real-world value.

As the lifeblood of the decentralised finance (DeFi) revolution, Ethereum's blockchain is frequently regarded as the mega-cap ecosystem upon which the majority of intelligent life in the crypto universe exists. Other blockchains are now trying to emulate Ethereum's success. But, for all intents and purposes, this crypto darling is still the top dog for a reason.

Over 4,000 developers are actively working on this blockchain network in the Ethereum ecosystem. Furthermore, Ethereum serves as the foundation for more than 40 popular cryptocurrencies. By far the largest developer and use case ecosystem in the world is represented by this cryptocurrency.

This is due in large part to the blockchain's early adoption of smart contracts. Those who are bullish on the continued rise of DeFi should start with Ethereum before looking at other options.

This blockchain isn't going to lie down.

As previously stated, Ethereum is not the only game in town. Other blockchains are innovating to deliver comparable value in a faster and less expensive manner.

These competitors are gaining ground in some ways, which should worry Ethereum investors. The Ethereum network's congestion has resulted in skyrocketing fees and slowing transaction speeds. Indeed, there are flaws that many investors correctly point out could deter developers from building on top of the Ethereum network.

Having said that, Ethereum is currently working on a series of updates that will bring its main nett 2.0 online in the near future. Ethereum 2.0 promises to be lightning fast, low-cost, and address the majority of the problems with its current network. Much of this is due to the network's transition from a proof-of-work validation model to a proof-of-stake validation model.

Apart from being better for the environment, Ethereum should maintain its position as the DeFi top dog if these updates go as planned.

Ultimately,

There are few mega-cap tokens in the crypto world that currently offer the risk and reward that Ethereum does. This top token is my largest crypto holding and a long-term bet for me. If the Ethereum 2.0 update goes well this year, I believe investors will see a significant rebound in the second half of 2022.

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A cafe in north-east Thailand has been transformed into a haven for cryptocurrency traders, with the addition of banks of screens showing the latest market movements and offering financial advice alongside coffee and cake.

Behind a serene façade of cherry blossom trees, customers of HIP Coffee & Restaurant stare at their laptops, cautiously sipping iced coffee - part of a growing interest in digital assets in Thailand that has regulators concerned.

"Being here is interesting for me because I get to meet individuals who share my interests," said Detnarong Satianphut, a 35-year-old cryptocurrency trader.

"We (traders) exchange information since we are up against millions of people in the trading industry."

Thailand's cryptocurrency market has been gaining traction, with up to 251 billion baht ($7.62 billion) worth of digital assets moved in November, according to the latest government figures.

Thailand announced earlier this month that it would begin regulating the use of digital assets as payment methods, citing potential threats to financial stability and the wider economic system.

The HIP cafe, which opened in 2013, received a crypto makeover in 2020.

According to workers, its consumer base has grown since then. According to manager Oakkharawat Yongsakuljinda, the cafe gives alternative investment prospects for residents of the neighbouring province of Nakhon Ratchasima.

It provides free investment advice and is considering launching its own digital coin.

Its users claim that trading at the café provides them with the best chance of success in a turbulent market, in which the most well-known cryptocurrency, bitcoin, just hit six-month lows.

"Having so many screens is quite beneficial... We instantly recognise and begin analysing crash factors and whether we should buy," said Apakon Putnok, a 23-year-old trader.

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Solana cryptocurrency is in free fall. Should you invest in it or stick with the Purpose Ether ETF?

Solana (SOL) has dropped 45 percent in the last month, falling from US$174 on December 30 to US$94 on Sunday. There were no specific catalysts to explain the period's bearishness in SOL. January was a rough month for the markets in general, with stocks and cryptocurrency both plummeting precipitously. The NASDAQ fell 13% in the first 28 days of January, and crypto fell even more. For the month of January, Bitcoin fell by 19%. Solana appears to have fallen primarily as a result of worsening sentiment towards the markets as a whole. Cryptocurrencies are all correlated with one another, and have recently been correlated with tech stocks as well. As a result, it's not surprising that Solana sold off in January. The asset class to which it belonged was also liquidated.

That still begs the question:

Is Solana a good investment?

Solana is a cryptocurrency with numerous built-in benefits. It is one of the most talked-about cryptocurrencies, thanks to its fast transaction times, low fees, and active developer community. It is currently the seventh largest cryptocurrency by market cap, and fifth if stable coins are excluded. So, on paper, it appears to have a lot of potential. Is that enough to convince you to buy it?

The benefits of Solana

Solana has several advantages over other cryptocurrencies that may make it appealing. These are some examples:

* Rapidity.

* Low "gas" costs.

* The ability to build smart contracts.

Because of the benefits listed previously, Solana has frequently been compared to Ether (ETH), a cryptocurrency that offers some of the same benefits as Bitcoin. Indeed, among its supporters, Solana is frequently referred to as a "Ethereum killer." However, there is one obstacle it must clear if it is to legitimately claim that title.

ETH will quickly catch up

One issue with Solana at the moment is that its transaction time advantage will not last long. Ethereum developers are currently working on a series of enhancements that will allow for "thousands of transactions per second." The official documentation does not specify how many transactions will be permitted, but some online sources put the figure at 100,000. That would outperform Solana's current transaction rate of 65,000 per second, eroding the main advantage it has over Ethereum.

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The White House is thinking about ways to boost national security. This will include developing a cryptocurrency regulatory framework.

Regulation would devastate the value of bitcoin and other cryptocurrencies. Layers of checks and balances would be added. Furthermore, cryptocurrency exchanges will be subject to increased regulatory reporting requirements. While this will improve national security, the uncertainty may have an impact on cryptocurrency prices.

There is no need for regulations.

Bitcoin and other cryptocurrencies have outperformed all other assets over the last decade. A sudden need to regulate them could put an end to their outstanding performance. Crypto investors may view the regulatory proposal as a diversion. Government regulations, on the other hand, could lead to the currency's legitimacy. Countries will have another way to facilitate transactions in addition to worldwide acceptance.

Risks

Crypto's purpose would be undermined by regulations. Cryptocurrency is unregulated, anonymous, and simple to use. It would take time to create new regulations. It will add to the confusion surrounding cryptocurrency. Platforms must already assist customers in distinguishing between the thousands of crypto currency options.

If the government legalises a few cryptos, their prices will rise. Those prohibited by the government would lose value.

For the time being, expect the government to devote more time to researching the platform, miners, and value of each cryptocurrency before putting in place a regulatory framework.

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For many years, and likely for many years to come, bitcoin has been the number one digital asset for investors, particularly those looking to invest long-term. When big money first entered the crypto space, bitcoin was the first stop before diversifying into other assets. However, as time passes and more Altcoins gain popularity, bitcoin's position as the number one choice for investors is slipping.

According to a recent survey of ultra-wealthy respondents, bitcoin is not their first choice. Rather, they chose an Altcoin whose growth has rivalled, if not surpassed, that of bitcoin since its inception.

Ethereum is the winner

According to Crypto.com, the wealthy are gradually moving away from bitcoin. Their obvious choice, aside from the leading cryptocurrency, is Ethereum, which is currently the second-largest cryptocurrency by market cap.

According to the data provided by the cryptocurrency exchange, Ethereum has made an impression on the wealthy. The value of cryptocurrency has increased exponentially due to its wide range of use cases and applications, such as decentralised finance (DeFi) and NFTs. As a result, investors are more confident.

According to Crypto.com, Ethereum outnumbers bitcoin by 1% in terms of the number of high-value investors entering the crypto market. Bitcoin came in at 33%, while Ethereum topped the list at 34%, demonstrating that it is the preferred digital asset for investment purposes. Crypto funds came in third place with 23%, followed by other Altcoins with 15%, and Dogecoin, surprisingly, made the list with 2% of investors wanting to invest in the meme coin.

The crypto exchange also stated that by 2022, approximately 1 billion people are expected to be invested in the cryptocurrency market. By the looks of things, Ethereum may have a larger share of investors than bitcoin.

But why ETH?

There could be a number of factors for those considering investing in the cryptocurrency space. One is the low interest rates offered by banks, as well as the low returns from traditional investment avenues such as stocks and bonds, which are insufficient to combat the inflation rate. As a result, in order to keep inflation from eroding their wealth, these investors have turned to the crypto market.

Bitcoin had been the preferred inflation hedge for many years prior to now. But all of that is changing now that the Ethereum network has taken significant steps towards becoming deflationary. According to Michael Sonnenfeldt, President and Founder of TIGER 21, high inflation rates are driving uber-wealthy investors to crypto, and by extension, Ethereum.

"Like all investors, the super-rich are concerned about inflation and want to preserve their wealth in 2022," Sonnenfeldt said.

Similarly, another TIGER 21 member stated that investors are beginning to prefer Ethereum over bitcoin. Similar projects, such as Solana and Avalanche, are also benefiting from this funding.

"I am very bullish on both Bitcoin and Ethereum. My personal opinion is that the tide is turning in favour of ETH. I also like Ethereum alternatives such as Solana and Avalanche." – Andy Sack, TIGER 21 member.

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Uquid.com has entered the metaverse with a Web3 smart online shopping experience that includes staking points, shopping mining, merchant token airdrops, earning rewards, and more. Uquid's eCommerce and decentralised finance (DeFi) platform accepts approximately 100 tokens, and the company is considering expanding the reach of its DeFi shopping network beyond the Ethereum blockchain. Uquid.com also provides customers with "Buy Now and Pay Later (BNPL) by Crypto," which allows them to divide their payments into instalments with no additional fees.

According to the report, the eCommerce platform also plans to increase its physical product sales from 2 million to more than 5 million this year, and is looking to expand its payment solutions to DeFi networks such as Binance Smart Chain and Cardano.

Meanwhile, Binance wants to expand its cryptocurrency exchange in Russia, despite the country's central bank's proposed nationwide ban on digital tokens.

Binance Eastern European Director Gleb Kostarev stated that the company hopes Russia will take a progressive approach to regulating cryptocurrencies, a stance that could influence the actions of its neighbours when it comes to digital currency.

Meanwhile, Binance has resumed accepting deposits from the Single Euro Payments Area (SEPA), breaking a months-long freeze. Customers in Belgium and Bulgaria were the first to be reinstated, with the rest of the world to follow in the coming weeks.

According to a Binance spokesperson, the company is collaborating with London-based payments platform Paysafe to ensure that SEPA payments will be available "for the foreseeable future." Paysafe stated that the partnership will include the company's digital wallets technology.

SEPA enables users to make cashless euro payments to payees in the European Union as well as a number of countries outside the EU. Binance announced in July that it was suspending euro bank deposits from the SEPA network due to "events beyond our control."

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Propy is currently assisting in the sale of an investment property in Gulfport, Florida, near St. Petersburg. The five-bedroom, 2,164-square-foot home is currently listed for $650,000. An international real estate startup is launching a method to store U.S. home titles in a cryptocurrency wallet, with the hope that this process can be scaled to drive a large number of blockchain-based real estate transactions.

Buyers will be able to purchase these NFTs — and, by extension, their LLCs and the properties themselves — using cryptocurrency in this setup.

Propy establishes a limited liability company to own the property in order to facilitate this type of transaction. The LLC's ownership will be linked to the owner of a unique blockchain token known as an NFT.

According to the Propy listing, the seller is a real estate and cryptocurrency investor named Leslie Alessandra. Heckler Realty Group has been hired to represent her. Propy claims it has been tasked with creating the NFT and auctioning it off.

According to its Zillow page, the house is also on the MLS. The NFT process or Propy are not mentioned in the overview, which refers to the home as a "auction property."

According to Techcrunch, the company intends to hold an auction for this property on February 8. Signups for the auction are being accepted on Propy's website's listing page.

To participate in the auction, prospective buyers must sign up on Propy's website from the listing page.

Propy anticipates that if these NFT-assisted transactions take off, the early use cases will focus primarily on so-called "collectable" properties.

The home's list price of $650,000 is on the higher end of the neighborhood's price range. Estimated home values on similar sized lots on the same block on Zillow range from $250,000 to $640,000.

"Trophy real estate owned by celebrities, in prime locations, or with unique digital art and architecture can be considered collectable," Propy stated on the listing page. "The level of pride of ownership is very high, and the purchased price is almost irrespective of the property's trading potential, just like with other collectibles."

Propy had previously used a similar method to sell an apartment in Ukraine.

Propy CEO Natalia Karayaneva stated at an Inman Connect Now session in June that she wanted to include agents in this process.

"In the company, we're very ambitious that this can potentially transform the industry and the paradigm of home ownership," Karayaneva said at the time. "We see that we can empower agents to transact faster and make their customers look more satisfied at the agent."

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The vast majority of those polled said they do not intend to invest in Bitcoin because it is a "bad investment." 

While debate over the fate of cryptocurrencies continues in Russia, a new poll provides insight into the general opinion of residents. 

The majority of Russians are aware of Bitcoin. 

According to a survey conducted by the Russian Public Opinion Research Center (Vtsiom), 64 percent of Russians have heard of Bitcoin, while only 19 percent are unfamiliar with the cryptocurrency. Of those who are aware of cryptocurrency, 32 percent support and oppose a ban, while 33 percent are unsure. 

This poll is being conducted in response to the disagreement between the Central Bank and government agencies over what to do with cryptocurrency. 

While the central bank wants the industry to be prohibited, some government agencies would prefer that it be regulated. Even the Ministry of Finance has proposed a regulatory framework for the crypto industry. 

The survey makes it easier to understand Russians' attitudes towards cryptocurrency. While there is more awareness of Bitcoin and other assets, the level of acceptance isn't very high. 

Only 17% of those polled have a thorough understanding of crypto assets. The majority of young people aged 18 to 34 are opposed to a crypto ban. When it comes to people aged 60 and up, however, only 15% oppose the ban. 

Despite their exposure to Bitcoin, the majority of Russians are unwilling to invest in the asset. 

Furthermore, 81 percent of those polled have no plans to purchase cryptocurrency, while only 16 percent intend to do so. Sixty-six percent of those polled believe Bitcoin is a bad investment as well. This is significantly higher than the 22% who believe it is an excellent investment tool. 

Even those who understand what cryptocurrency is don't have a lot of money invested in it. 71 percent of respondents who are aware of cryptocurrency have never purchased it and do not know anyone close to them who has. While 21% know a friend or family member who has purchased it, only 4% have purchased it themselves. 

According to the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain, over 17 million Russians have crypto wallets. Russians have also invested more than 5 trillion roubles in cryptocurrency assets. 

However, this survey is unlikely to have any impact on the country's final decision on cryptocurrency. Already, Russian President Vladimir Putin has urged the country's relevant agencies to discuss and compromise on the next steps.

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