Crypto Pirates

According to new research, adding "crypto" to a dating profile makes you more desirable, but the crypto community has reservations about online dating.

Cryptocurrency has emerged as one of the year's most hotly debated topics. As a result, it's not surprising that mentioning "crypto" in an online dating profile may attract more attention.

According to a new study conducted by the brokerage firm eToro, 33 percent of Americans polled would be more likely to go on a date with someone who mentioned crypto assets in their online dating profile. Out of the 2,000 adult residents in the United States between the ages of 18 and 99 polled, more than 40% of men and 25% of women said they are more interested in a potential date when crypto is mentioned on a dating profile.

What does love have to do with cryptocurrency?

According to Callie Cox, U.S. investment analyst at eToro, the findings of eToro's inaugural "Crypto & Culture" survey demonstrate the intersection of money, culture, and identity. "In the survey, we talked a lot about identity and how important it is in the crypto community." "The idea behind this campaign was to better understand how people think about big life projects and finding the right partner," Cox explained.

With this in mind, Cox explained that one of the report's most notable findings was that 33% of respondents would be open to dating someone who mentioned cryptocurrency in their profile. "This demonstrates that there is a link between money, love, and identity when people look for a partner on a dating app," she said. Cox went on to say that it was also interesting to see that nearly 74% of survey respondents said they would go on a second date with someone who paid the first date's bill in Bitcoin (BTC). "We also wanted to put the environment through its paces to see how people felt about using cryptocurrency as a currency." We were surprised to see such a high percentage, which speaks to identity."

While these findings suggest that publicly open crypto holders and enthusiasts may attract more attention on dating apps, Cox stated that the majority of survey respondents were Millennials and Gen Z. "Everyone was required to self-identify, and the majority of respondents were from the younger generation," she explained. Regarding the use of cryptocurrency as a currency, Cox added that eToro's findings show that paying a bill in Bitcoin is more appealing to men than to women.

Cryptocurrency and online dating

Although eToro's survey suggests that crypto terminology may make daters more desirable, some members of the crypto community believe that mentioning the trait is a double-edged sword.

For example, Hailey Lennon, a law partner at Anderson Kill and the founder of Crypto Connect, told Cointelegraph that she didn't have "Bitcoin" anywhere in her online dating profile at first, but that she eventually added it because the digital asset has long been a passion of hers. While Lennon did not notice an increase in responses to her profile as a result of adding Bitcoin, she has had some matches who have piqued her interest due to shared interests:

"People who are interested in Bitcoin have a lot in common." For example, if I post a photo of myself wearing a Bitcoin hat, it is likely that it will pique the interest of others who are interested in the subject. I've also jokingly tweeted that if I find someone with the word "Bitcoin" in their dating profile, I've found my soulmate. But it does demonstrate a shared interest and the ability to connect and discuss a shared passion."

However, Lennon cautioned that using crypto terminology in your online dating profile could be detrimental. "Sometimes, I'll reframe things and say that I'm an attorney in financial technology, without mentioning Bitcoin or cryptocurrency, so that the entire conversation doesn't turn into Bitcoin and what I do for a living." "There are also those who continue to associate cryptocurrency with the false narrative that it is only used for criminal activity and money laundering, so it can be interesting to try to explain how you are a lawyer in the digital asset space," Lennon said.

Furthermore, while Lennon finds eToro's survey results interesting, she points out that many people in the crypto community are so focused on digital assets in their daily lives that they may want to have non-crypto-focused conversations in romantic settings. "When people find out what you do for a living, sometimes a date can only consist of wanting to talk about Bitcoin and how it works." That can get old and detract from the romance or fun of the date."

Ivan Perez, the owner of Multiplied, a crypto-focused public relations firm, told Cointelegraph that since adding "investing and working in crypto" to his online dating profiles, he's met three women who also work in the cryptocurrency space. While Perez acknowledged that commonalities can be advantageous, he also stated that each date he had with someone in the crypto sector felt more like work than pleasure. "All we did was talk about crypto," Perez explained.

Perez went on to say that having "crypto" in his online dating profile attracted the wrong kind of attention at times:

"Some girls will look at my profile and say, 'You work in crypto, how cool.' When we go on a date, the first 10–20 minutes are usually spent discussing how crypto works and what I do. Some women are only concerned with money. I've had a number of dates where the topic of cryptocurrency dominates the conversation."

Perez, for his part, explained that working in crypto can make dating difficult. "Now that NFTs are gaining mainstream attention, I've noticed that women at conferences are looking for crypto-rich individuals." This is infuriating because it causes you to doubt yourself. "Are these women interested in me or the industry in which I work?" Perez inquired.

Adding cryptocurrency to a woman's online dating profile can also pose difficulties. Jessica Salama, community lead at GoodDollar Foundation, a non-profit initiative focused on financial education in digital assets, told Cointelegraph that while adding cryptocurrency to her profile has increased her desirability, it hasn't always been for the right reasons:

"I did get more matches, but then there were the'mansplainers.'" Working in Web3 — which still feels like a man's world — is fraught with difficulties. It's exhausting avoiding mansplainers at work and on Tinder."

According to Salama, "mansplainers" are men who assume women don't understand the fundamentals of the blockchain industry. Unfortunately, the crypto space is still heavily dominated by men, which can be frustrating for some women. On the plus side, Salama is aware that she is a part of a transformative industry, which can be advantageous when it comes to finding love. "At a friend's dinner, I met a great guy who is a crypto day trader and took a genuine interest and respect in my work and passion for Web3. We talked the entire night. "I can't say it was love because the relationship gradually fizzled out (we forked?) but he gave me that extra push to speak up for and own what I do and love," Salama explained.

NFTs: Digital-Age Personalised Love

Aside from cryptocurrency and dating, eToro's survey found that 8% of respondents would be interested in receiving a nonfungible token (NFT) as a Valentine's Day gift this year. This statistic, according to Cox, came as no surprise given the growth of the NFT market. Cox, on the other hand, noted that this finding was intriguing because it demonstrated that Millennials and Generation Z value identity-themed products. "The younger generation wants to own something in real life or in the Metaverse that reflects their personality — NFTs represent this."

As a result, there are a number of identity-themed Valentine's Day NFTs available this year. MYKA, for example, has created a limited edition NFT collection comprised of digital drawings on three of their best-selling jewellery pieces.

According to Ronnie Elgavish, vice president of global marketing at MYKA, more couples will give NFTs this Valentine's Day due to the rise of the Metaverse and desire for a digital identity.

Elgavish is supported by Ivan Sokolov, the founder of Mintmade, a platform that provides programmable templates for NFTs. According to him, more couples will send tokenised Valentine's Day cards this year, according to Cointelegraph.

Mintmade, according to Sokolov, allows users to mint a pair of custom NFTs with their and their partner's names on them. "These NFTs are user generated, which means they were created by the buyer." "The buyer enters two names on the platform and can mint the NFT with these names on it," Sokolov explained.

Aside from NFT Valentine's Day gifts, eToro's research discovered that nearly 20% of singles would be more interested in dating someone if they used an NFT as a profile picture on a social platform or dating site. "So, if your gift of an NFT doesn't work out, you can always use it to find a new March date," Cox joked.

Although cryptocurrency is appealing, there are still safety concerns

Although eToro's findings suggest that crypto terminology and features may make online dating profiles more appealing, safety is an important factor to consider when publicly mentioning cryptocurrency. As the industry matures, keeping a user's crypto safe has become a top priority.

To put this in context, according to a recent report from blockchain analysis firm Chainalysis, the intersection of cryptocurrency and crime will be a $14 billion industry by 2021. To avoid becoming a target, Justin Maile, manager of investigations at Chainalysis, told Cointelegraph that it's best not to flaunt that you own crypto — especially investing or holdings — on your dating profile. Scams aren't limited to dating apps, according to Maile. "Scammers use Meta (Facebook), Instagram, LinkedIn, Quora, Discord, WeChat, and other platforms to find their victims," he said.

Maile went on to say that while he thinks it's fine to publicly express an interest in cryptocurrency, no further details should be revealed. "Just as you wouldn't publicly share that you have a savings account and how much money is in it, it's best not to publicly share that you own crypto to avoid becoming a target."

Furthermore, Cox stated that eToro's findings show that adding the term "crypto" to a dating profile aids in determining a user's identity, but that online daters must be cautious about what they reveal. "Because there are good and bad actors everywhere, individuals must exercise caution when mentioning 'crypto' in their profiles."

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Cryptocurrencies always find a reason to hit headlines, thanks to a flurry of fresh developments frequently stirring up the crypto space. With cryptocurrencies getting more mainstream by the day, using crypto to pay for products and services is getting popular.

Moreover, a rising number of corporations across industries are adopting cryptocurrencies and permitting consumers to pay for their products and services using them.

If you're wondering which well-known companies are accepting cryptos as payment, below is the list of five such companies. 

Overstock 

Overstock is a technology-driven online retailer based in the United States. Overstock has grown from a fledging firm to a multibillion-dollar internet retailer since its inception in 1999.

Overstock began taking Bitcoin as payment in 2014, making it the first major US retailer to accept the digital currency as a medium of payment. Bitcoin is a digital coin that enables secure and speedy online payments. Overstock has collaborated with Coinbase, a cryptocurrency exchange that allows its clients to trade in cryptocurrencies.

Overstock also struck a partnership with ShapeShift, a cryptocurrency exchange, in 2017. ShapeShift enables consumers to purchase online from Overstock’s almost 4 million products, including DIY, furniture, rugs, accessories, décor, bedding, using all the major cryptos like Monero, Ethereum, Dash, Litecoin, etc.

Travala 

Since its inception in 2017, Travala has evolved from a small start-up to become the world’s premier blockchain-based travel booking platform.

The company has succeeded in creating a frictionless trip booking experience using tokenised incentives and next-generation blockchain technologies. The firm offers a variety of cryptocurrency and traditional payment alternatives as well as an innovative user experience.

Travala has quickly shot to prominence as a leading crypto-friendly hotel booking platform, which accepts a variety of cryptos such as BTC, ETH, BNB, ADA, DOGE, SHIB, FTM, etc. 

Microsoft

In 2014, tech giant Microsoft began accepting Bitcoin as a payment method for purchasing games, applications and other digital content from Xbox Video Stores, Windows, Xbox Games and Window Phone.

In addition, Microsoft announced the launch of ION in 2021 to help feed crypto growth. ION is a permissionless, public and open, layer 2 decentralised identifier network built on Bitcoin’s blockchain. 

PayPal

Customers in the United States, who have premier and personal PayPal accounts, now have an opportunity to use their cryptocurrency holdings to pay for certain purchases with millions of online companies.

Moreover, PayPal does not charge for storing cryptocurrency in the account, but there is a transaction fee that users need to pay while selling and purchasing cryptos. 

Starbucks 

Coffee retail chain operator Starbucks announced in 2021 that consumers would be able to pay for their coffee in cryptos via the Bakkt app, which converts Bitcoin into US dollars.

The Bakkt app is a platform that combines Bitcoin and other forms of digital assets. Through the Bakkt App, customers can manage their digital assets however they want. Be it converting participant rewards points to cash or paying with Bitcoin – customers can do all using one simple app.

Final thoughts

Companies have jumped into the race to embrace cryptos to reach a broader audience. Apart from the companies listed above, many other firms like – AT&T, Twitch, Newegg, airBaltic, etc – also accept cryptos as a form of payment for their products.

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If you've been looking for a way to invest your money that is as cutting-edge as Bitcoin, look no further. Bitcoin has grown in popularity among individuals who enjoy investing in new technologies and alternatives. Bitcoin is the world's first decentralised digital currency, enabling individuals from all over the world to send money instantly and without incurring any fees. The Bitcoin community has previously processed over 100 million transactions and is now processing over 300,000 transactions each day.

You're probably wondering what makes Bitcoin so unique in comparison to Euros or Dollars. While there are numerous distinctions between Bitcoin and conventional currencies, one of the primary advantages of Bitcoin is its global nature, which enables it to be sent from any area of the world without incurring costly international transaction fees. Additionally, Bitcoin Revolution transactions are faster than those of traditional financial institutions, and Bitcoin is supposed to be completely secure.

There are numerous reasons why Bitcoin has become such a popular subject recently. To begin, Bitcoin's value has increased by more than 100% over the last 12 months. The second reason Bitcoin is so popular today is that it has the potential to completely replace inefficient and insecure cash transfer mechanisms. The third reason for Bitcoin's popularity is that Bitcoin mining is becoming increasingly difficult on a daily basis, which means that new Bitcoins will become increasingly scarce while their value will continue to increase over time.

After quickly defining what Bitcoin is good for, we'll discuss another critical aspect of investing in Bitcoin: security and privacy. Purchasing Bitcoin anonymously does not appear to be as secure and safe as Bitcoin users would expect. Due to the traceability of Bitcoin, Bitcoin transactions may be easily traced by Bitcoin authorities. Each Bitcoin user's Bitcoin address is visible to anyone who wishes to see it, and Bitcoin wallets are not completely anonymous either, as they can be traced via online methods that we will discuss in the following article. However, we should always bear in mind that Bitcoin has extremely robust encryption and privacy policies, which means that Bitcoin transactions and information remain confidential throughout their time on the network.

The final section of our post discusses Bitcoin mining, which is likely why the majority of people invest in Bitcoin in the first place, aside from the security and privacy benefits.

This Bitcoin funding information should provide you with sufficient data to determine whether or not Bitcoin funding is a good fit for you. However, before we discuss the advantages and disadvantages of earning money through Bitcoin mining, we want to emphasise that the Bitcoin market is unlike any other market on the planet. Bitcoins are mined when individuals from all over the world compete against one another using their computer systems to solve mathematical problems. The miners who address these issues first, frequently referred to as block era, get transaction fees and recently minted Bitcoins (12.5 in the mean time).

The number of Bitcoins that can be minted each year diminishes until they are all mined. Bitcoin miners can swap their currency for conventional currency, and Bitcoin is purchased and sold on markets similar to those used for other commodities. Bitcoin's value also fluctuates daily, so investing in Bitcoin may not be the best option if you're looking to make a short-term investment.

If you're still interested in Bitcoin, there are numerous ways to earn money with it. However, we must always bear in mind that Bitcoin mining is becoming more difficult each year, which means that earnings will decrease over time until Bitcoin prices increase or more people begin using Bitcoin mining software.

Conclusion

Bitcoin is a digital currency that has grown in popularity recently due to the fact that its value has been increasing and it has the potential to easily replace costly and insecure cash transfer methods. Bitcoin mining is becoming increasingly difficult on a daily basis, which means that new Bitcoins will become increasingly scarce over time, but their value will continue to rise. Bitcoin authorities will monitor all Bitcoin transactions, implying that Bitcoin clients' identities will not be as secure and safe as they wish. Nonetheless, Bitcoin features an extremely effective encryption policy that ensures that data remains private during its time on the network. For resolving mathematical problems, Bitcoin miners are compensated with freshly minted Bitcoins and transaction fees.

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Igor Telyatnikov and Vadim Telyatnikov, co-founders of the crypto firm, shared their thoughts on blockchain taxation and digital coin restrictions.

Currently, cryptocurrencies are not fully regulated by the United States and other countries. As a result, people who invest in the burgeoning blockchain industry are exempt from paying taxes.

However, the founders of AlphaPoint, the crypto software company hired by El Salvador's government to support the backend and frontend infrastructure of the Chivo wallet, believe that taxes are preferable to prohibitions.

Taxation, according to the founders of cryptocurrency firms, is beneficial

According to the most recent NDTV report, the two founders stated that taxation is not ideal for cryptocurrencies. They did, however, add that taxes are still far more beneficial to consumers than outright restrictions.

"When we hear tax on transactions, we assume those are not illegal transactions," they explained.

As of now, the rising digital coins are still volatile. As a result, it is not advised to invest all of your money in the blockchain market, as the value of Bitcoin, Ethereum, and other cryptocurrencies can still fluctuate.

Aside from that, the blockchain industry is attracting an increasing number of cybersecurity attackers. In 2021, Next Advisor reported a massive crypto scam that resulted in a $2.8 billion cryptocurrency theft.

Are Cryptocurrencies Still Banned?

Cryptocurrencies are still not widely accepted in many countries at the moment. Recently, China, Qatar, Egypt, and other countries decided to prohibit cryptocurrency transactions in their respective jurisdictions.

Despite this, some governments are now considering regulating the growing number of digital coins. This is due to their belief that cryptocurrencies will benefit their respective countries in the long run.

In other news, Uber's CEO remains hesitant to accept cryptocurrencies on the ride-hailing app platform. He did, however, state that they would begin accepting digital coin payments in the near future.

Meanwhile, Bitfinex's massive fraud results in a massive cryptocurrency collection. The FBI was able to seize digital coins worth more than $3.6 billion.

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The Securities and Exchange Commission has charged Australian Craig Sproule, as well as the two startups he founded, Crowd Machine, Inc. and Metavine, Inc., with misleading investors about how he intended to use the proceeds of a $41 million preliminary coin offering (ICO) in 2018.

The SEC's lawsuit, which was filed in the United States District Court for the Northern District of California, charges Sproule and Crowd Machine with violating antifraud and registration provisions of federal securities laws. 

According to the SEC, Sproule has taken to calling himself the "Man Behind the Machine," and claims to have raised $40.7 million through his corporations, collectively known as "Crowd Machine," in an initial coin offering of Crowd Machine Compute Tokens between January and April 2018.

The SEC claims that Sproule initially told investors that the ICO proceeds would be used to develop a new technology that would allow Metavine's current application-development software to run on a decentralised network of customers' computers.

However, the SEC alleges that Sproule and Crowd Machine spent over $5.8 million in ICO proceeds on gold mining entities in South Africa, which was not disclosed to buyers.

Furthermore, the SEC claims that Crowd Machine and Sproule failed to correctly register their offers and gross sales of CMCT tokens with the Fee and knowingly offered the tokens to groups of buyers, together with individuals in the United States, with out first determining whether or not the tokens had been accredited.

According to the SEC, this amounts to "materially false and deceptive statements in reference to an unregistered supply and sale of digital asset securities."

In a press release, Kristina Littman, Chief of the SEC Enforcement Division's Cyber Unit, stated, "As alleged, Sproule and Crowd Machine misled buyers about how they were utilising ICO proceeds, spending funds on a wholly unrelated scheme." "We will continue to hold accountable issuers of digital asset securities who fail to provide comprehensive and truthful disclosure to the general public."

Sproule is ordered to pay a $195,047 civil penalty as a result of the grievance. Sproule and Crowd Machine have agreed to judgments completely enjoining them from violating these provisions and prohibiting them from participating in future securities transactions without admitting or denying the allegations. They also agreed to investigate the removal of CMCT tokens from crypto buying and selling platforms.

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The Argentine Tax Authority, AFIP, has indicated that they would be entitled to take any assets held by taxpayers in digital wallets if tax arrears are not paid. The organisation approved the law last year but delayed implementation until early 2022, during the Covid-19 pandemic.

The organisation now has a policy in place for seizing digital assets contained in these accounts. This update will enable authorities access to not only bank accounts and loans made by third parties, but also to the homes and vehicles owned by individuals who may have been involved in cryptocurrency transactions decades ago! According to official sources cited by local media:

The agency's decision to include digital accounts on the list of assets seized to collect debts is explained by the rise of electronic payment methods and their widespread use.

When compelled by law, financial organisations must divulge client information. Argentina's Tax Authority has declared that it will seize the digital accounts of 9800 taxpayers.

Cryptocurrency-Based Tax Collection

Argentina's tax authorities are pursuing digital wallets such as Bimo and Ualá that handle the country's fiat money. The primary target of these tax agents is Mercado Pago, an e-commerce platform with bitcoin-friendly policies that allow debtors to store their savings safely away from annoying collectors seeking a portion of their earnings.

When a person or business owes taxes, the organisation will target more than just their digital wallet. Initially, the organisation seeks out more liquid assets such as cash; it only turns to other assets such as bitcoin investments when these funds become unavailable.

Argentina's government has a strict stance on cryptocurrency. Sebastián Domnguez of SDC Tax Advisors acknowledged in a recent interview with local media that they can seize even bitcoins if the custody of these assets is held by an organisation based in Argentina.

He clarified;

While the novelty indicates that digital wallets are being targeted in the procedure as a result of their rise, this does not mean that the remaining assets are not subject to possible embargoes.

How Does the AFIP Program Work?

The AFIP is Argentina's federal tax authority, and it has the exclusive authority to audit any return filed by a taxpayer throughout its allotted time period.

The AFIP is in charge of ensuring the accuracy of an individual's tax returns. As a result, they may audit the individual at any moment and in a variety of ways.

The government collects taxes in a variety of ways. To begin, they may run your revenue via a database. If there is sufficient evidence that you are concealing something, all bets are off in terms of return visits. Random sampling is the second technique. Finally, an inspector may pay a visit just for the heck of it or conduct the inspection using computerised screenings.

Argentina's Tax Authority has the authority to issue information requests to any sector of the economy. And anticipate a response within 15 days of notification.

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Economists had forecast a 7.3 percent increase in January prices, but these predictions were shattered when the report was revealed on Thursday. This news comes as the United States' January inflation data revealed a 7.5 percent increase in prices, the fastest increase since February 1982.

The present tightening of monetary policy may have a further influence on a number of speculative markets, including equities and cryptocurrencies.

The Federal Reserve in the United States is likely to raise interest rates next month, which might result in a gradual decline in inflation levels.

Bitcoin recently beat the bulk of other cryptocurrencies in terms of price. However, it is natural for investors to place a greater emphasis on bitcoin during bear markets due to its reduced risk profile compared to altcoins.

Taking a deeper look at the numbers, BTC declined by 1.25 percent, ETH decreased by 4%, and SOL decreased by 6%.

Stocks also fell sharply on Thursday, with the S&P down as much as 2% in the last 24 hours. Meanwhile, Treasury yields surpassed 2%.

Despite the present environment, Fundstrat has maintained its strong support for crypto and recommended clients to continue buying despite volatile market movement and macroeconomic uncertainty.

"There is additional upward potential for government bond yields over the next year, although a pause is likely imminent," MRB noted.

MRB Partners, an investment strategy business, stated this week that stocks and bonds will continue to struggle in the coming year as a result of the global monetary policy shift.

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Will it rise and begin its day, or will it yawn and return to sleep for a few more years?

Since early November 2021, when it reached an all-time high of $69,00o, bitcoin's price has been declining. Since then, it has fallen as low as $33,503 on January 24th. However, the price has continued to rise since then. Today, on the 8th of February, it is priced at $44,155.

So, will Bitcoin's price continue to stabilise (or increase)? Is Bitcoin about to plummet even further (to say, $10,000 per Bitcoin, as one prominent investor predicted last year)? Or is this all in good fun in an infamously unpredictable market?

To begin, let us consider why it may have declined. To begin, it should be noted that crypto has a natural cycle in which investors tend to sell shortly after assets reach record highs (which Bitcoin did in November).

Even before this new decline began to take hold, the market displayed warning flags in hindsight. Forbes reported on December 3rd, 2021, that Bitcoin and other cryptocurrency prices had plummeted, wiping off over $300 billion USD from the total crypto market in just two days.

Bitcoin had recently reached a high of $69,000. As a result, it lost around 30% of its worth at that point, and about half of its value over the next few weeks, until January 11th.

Following Bitcoin's decline, other popular tokens experienced significant declines, including Ethereum, Binance's BNB, Solana, Cardano, and Ripple's XRP.

However, why did Bitcoin's value plummet?

The December 2021 Bitcoin price collapse coincided with some significant stock market dips, as well as a warning from prominent investor Louis Navellier that Federal Reserve tapering could burst the Bitcoin and crypto bubble.

"The Fed is tapering, which should result in a correction in risk assets, including Bitcoin," Navellier stated in a December essay published by Business Insider.

"The more tapering the Fed does, the more volatility we should see in stocks and bonds—and, yes, bitcoin as well."

Following a sharp rise in inflation and a strengthening labour market, the Fed is now beginning to "taper" its monetary policy.

While some believe that there is still enough of money flowing around, even as the Fed begins to taper, and doubt that the Fed will ever allow markets to fall too far, others are more pessimistic.

Navellier, for example, claimed that Bitcoin may collapse to $10,000 per coin, a shocking 80 percent drop from its all-time high of nearly $70,000 set last month (Bitcoin hasn't been that low since September 2020).

"I would consider a decline below $46,000 (the 200-day moving average) as a yellow flag, and a decline below the spring low of $28,500 as a completed massive double top, implying a decline to below $10,000, which coincidentally would match many of the stock's multiple 80%+ declines throughout its illustrious history," Navellier wrote, according to Business Insider.

According to Forbes, "the Bitcoin price has experienced similar drops in the past, while bullish bitcoin and cryptocurrency investors remain hopeful that the price of Bitcoin will skyrocket in the next years."

According to Business Insider, "While Navellier's projection is dramatic, Bitcoin has previously experienced several 80 percent declines, the most recent of which began in December 2017 and lasted the most of 2018. Numerous factors contributed to this, including the government's rejection to approve the trading of a Bitcoin ETF, concerns about hacking, and warnings from notable investors such as Warren Buffett."

According to The Sun, Bitcoin's quick decline in price occurred as a result of China "intensifying its crackdown on Bitcoin mining, which contributed to the last crash earlier this year."

"The omicron variant has also contributed to risk aversion because to concerns about the implications for the global economic outlook in the coming months," The Sun stated.

Bitcoin's crash also comes only a few weeks after Twitter's CFO Ned Segal stated that he was not in favour of investing the company's capital in crypto at the moment.

Segal stated in an interview with The Wall Street Journal in November that "we would have to adjust our investment philosophy and choose to acquire more volatile assets," noting that Twitter prefers to maintain less volatile assets (such as securities) on its balance sheet.

Additionally, The Wall Street Journal said that Twitter is "forming a team dubbed Twitter Crypto to investigate methods to assist producers on the platform in earning money or accepting cryptocurrencies such as bitcoin as payment, as well as other ways to leverage blockchain technology."

Additionally, the Wall Street Journal listed a number of other technology businesses that have revealed their ownership of crypto assets, including Tesla and Square.

On that note, while there is still a long way to go before taming this wild west, certain aspects of the crypto world have recently achieved some legitimacy milestones, leading many to become frustrated with the hype surrounding shitcoins giving the industry a bad name and calling for increased regulation to propel the space forwards.

With this in mind, if you feel Bitcoin will recover and are a long-term believer, now may be an excellent moment to invest (so long as you are prepared for volatility and worst-case scenarios and can afford to lose everything you put in).

However, if you are a short-term investor, you are venturing into the unknown with not even a semblance of a compass (i.e. gambling). This is because there is no way to predict whether Bitcoin would continue to plummet or rebound in the following days and weeks.

Some were particularly bullish in January, at one of the brief periods when Bitcoin appeared to be reviving (before, ironically, it fell even lower again).

One of them – Hong Fang, the CEO of a cryptocurrency exchange – recently told CNBC that, despite the uncertainties surrounding Bitcoin at the moment, "I continue to feel that the $US100,000 price range is reasonable."

Even among crypto believers, there is considerable disagreement regarding the likely winners of the future. Certain individuals believe Bitcoin and Ethereum will always remain the gold standard and stores of wealth (Bitcoin more so than Ethereum), even if newer tokens outperform them in certain aspects (like speed and environmental bonafides). Meanwhile, others are looking further afield for less-proven disruptors such as Nano, Solana, and Cardano.

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The world of NFTs has been upended! As I publish this story, the largest Crypto Punk buy in history has just completed!

Crypto Punks are one of the most precious NFT collections available, and one was recently sold for a record-breaking 8,000 ETH, which equates to more than $23,700,000 at the time of this press.

Who Purchased CryptoPunk Issue 5822?

Crypto Punks is a collection of 10,000 one-of-a-kind digital art characters, each one unique. The buyer of Crypto Punk #5822 is the CEO of Chain – also known on the blockchain as Deepak.eth.

The CryptoPunks Bots on Twitter reported the record-breaking NFT purchase. The CryptoPunks Bot is being built by the same business that created Crypto Punks. It will publicise all Crypto Punks sales and significant bids on the Ethereum blockchain.

Deepak.eth also announced the news on his own Twitter account. Prior to paying a record price for the Crypto Punk NFT, the Chain CEO also did a 3..2..1 countdown on his Twitter handle... and the rest is history. That is the course of history.

Sale of a Historic NFT

The previous record for a valid CryptoPunk sale was $11.7 million, however that record has been shattered by a significant amount.

Since around a year ago, Crypto Punks have been the centre of attention. Crypto Punks, like the BAYC NFT collection, are owned by a slew of celebrities.

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That is why some are fearful of it — while others embrace it.

One month into 2022, the cryptocurrency debate is already raging, with proposals for regulation creating a schism between countries that are "crypto friendly" and those that are not. Which party will determine the market's future?

Dmitry Chernyshenko, Russia's Deputy Prime Minister, reportedly signed a roadmap for regulating cryptocurrency businesses in the country. The development follows the publication of a consultation paper by Russia's central bank proposing a blanket ban on crypto-related activity in the nation.

According to the research, titled Cryptocurrencies: Trends, Dangers, and Regulation, "aggressive adoption of cryptocurrencies poses major risks to the Russian financial industry." It asserts that non-state-based currencies endanger citizens' well-being by causing investment losses due to market instability, scams, and cyber assaults.

Jurisdictions have wrestled with the notion that decentralised digital currencies offer an alternative to sovereign money — and hence undermine central banks' ability to conduct monetary policy.

Although Russia has refrained from entirely suffocating activities within its borders, the recent events reflect a broader trend of states grappling with cryptocurrency adoption. Destiny prohibitions or laws will influence the industry's future.

Cryptocurrency prohibition or pro-cryptocurrency?

China has repeatedly prohibited bitcoin trading. Last year's outright ban on crypto mining was a big blow to the sector, given the majority of crypto mining occurred in China.

Mining is a process that involves the execution of software on computer servers in order to solve cryptographic algorithms. This procedure verifies transactions and creates a shared record of them for the whole blockchain network. Participants, referred to as "miners," are automatically paid in cryptocurrency.

Mining is a global sector, and significant capital investment is required to establish mining warehouses.

The Chinese mining embargo compelled miners to sell or export their equipment abroad and invest in more hospitable jurisdictions, most notably the United States. As a result of diversifying mining operations, one of the consequences was the strengthening of the network. As a result, future prohibitions may have a smaller impact on the market.

At the moment, the majority of Bitcoin mining takes place in the United States, Kazakhstan, Russia, Canada, Malaysia, and Iran. Certain networks confront significant obstacles. For example, in Kazakhstan, power has reportedly been rationed away from miners in order to conserve energy during periods of energy scarcity, prompting miners to flee the nation.

According to reports, Kazakhstan's economy will suffer a cost of US$1.5 billion (or A$2.14 billion) over the next five years, including US$300 million in lost tax revenue.

Cryptography is not completely 'anonymous.'

Since the initial introduction of Bitcoin in 2009, cryptocurrency has gone a long way. There are currently thousands of cryptocurrencies, with a combined market capitalisation of over US$1.66 trillion (almost A$2.36 trillion).

It is frequently argued, particularly in a recent report by Russia's central bank, that the anonymity provided by cryptocurrencies facilitates unlawful activities such as money laundering, terrorism financing, and drug trafficking.

This statement is not totally accurate. Indeed, the history of transactions on public blockchains such as Bitcoin and Ethereum (the two largest in terms of market capitalisation) are public.

Numerous governments (including Australia's and the United States') partner with huge private blockchain analytics corporations to monitor citizens' crypto wallet addresses and transactions. They do so in order to mitigate money laundering and tax evasion threats.

Contrary to popular opinion, the majority of cryptocurrencies are pseudonymous. If a person's identity is associated with their wallet address via a central point of contact, such as a cryptocurrency exchange or an email, the wallet address can be traced back to the individual.

According to research conducted by the Rand corporation on behalf of Zcash, there is no widespread criminal use of "privacy coins" that protect users' anonymity.

Future directions will be determined by policy

Cryptocurrency is gaining traction as a financial asset class, technological infrastructure, and social experiment in decentralised infrastructure.

As a result, crypto communities are gaining clout in public policy debates. For instance, cryptocurrency proponents were able to stall a significant federal government infrastructure plan in the United States last year.

Nonetheless, jurisdictions pursue distinct paths in terms of policy and legislation. China and Russia, for example, perceive it as a fiscal and ideological threat to national currencies. Others see it as a chance for economic growth, innovation, and investment.

As new ways emerge, 2022 may be a watershed year for both the cryptocurrency business and those vying to ban or embrace it.

Historically, countries that embrace crypto networks have reaped economic benefits in the form of innovation, investment, jobs, and taxation. The business benefits of embracing cryptocurrency as a digital asset include increased access to new demographics and more technological efficiency in treasury administration.

At the same time, the industry's response to policy and regulation reveals that cryptocurrency is not a wholly decentralised entity existing just on the blockchain.

Australia's stance

Australia has emerged as a prospective destination of "crypto friendliness" in the fight to limit yet gain from cryptocurrencies. A Senate Select Committee on Australia as a Technology and Financial Centre report issued in October takes a favourable view on cryptocurrencies.

It proposes market regulation of cryptocurrency exchanges, simplified taxation, and a regulatory framework for "decentralised autonomous organisations," or DAOs. These operate on the same self-governing principle as decentralised cryptocurrency networks, managing participation and enforcing regulations through the use of blockchain technology and cryptocurrency tokens.

Australia's choice is to seize the immense economic opportunity presented by decentralised digital assets. It remains to be seen how this will affect the national economy. However, if history is a lesson to be learned, we can anticipate policies influencing outcomes.

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