Trader Takes a Risk With Bitcoin, Becomes Cryptocurrency Billionaire

Trader Takes a Risk With Bitcoin, Becomes Cryptocurrency Billionaire
A mysterious investor who had recently purchased astonishing $400 million in bitcoin has just become a cryptocurrency billionaire.
Earlier this year, Bitcoin investors pressed the panic button when the cryptocurrency saw as much as 50 percent of the market lost amidst fears of growing regulations within the community.
Taking advantage of the collapse Bitcoin experienced over the first two months of 2018, the unnamed trader with the Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased almost $400 million of the currency, apparently making a smart move, with the market now regaining momentum once again.

"Not sure who that big buyer was," founding partner of Tetras Capital Alex Sunnarborg told MarketWatch. "But many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia".

Bill on "Cryptoruble" Introduced in Russia's Lower House of Parliament
The trader reportedly purchased about 41,000 bitcoins between February 9 and 12, increasing his balance from 55,000 coins to over 96,000. During that period Bitcoin's price was trading between about $8,600 and $9,000.
Cryptocurrencies nosedived at the beginning of 2018, weeks after bitcoin reached an all-time high of around $19,500. According to Fundstrat Global Advisors LLC's Tom Lee, Bitcoin may be well off its mid-December peak of $19,511, but it will be touching new highs again by July.    

Source Sputnik News

Posted by David Ogden Entrepreneur

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

A NEW cryptocurrency backed by gold is set to be made by Australia’s largest gold refinery after the Chief Executive announced plans to increase investment in the country’s metals.

Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges.

Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.

“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”

He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”

Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.

However, the value of bitcoin has plunged since then and last week saw its value drop to just £8,300.

Mr Hayes argued the decision of the mint to develop a gold-backed currency, similar to how physical currencies have previously been linked in the past, would help bring greater price stability to those investing in the digital money.

He claimed his plans would mean people could trust that the cryptocurrency was actually worth a physical amount.

He said: “With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it.

“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

The Perth Mint are not the first to announce their intentions of creating a currency linked to gold.

Last year a cryptocurrency linked to gold called Onegram was announced by finance firm Shariah-compliant , leading to significant media attention.

However, sale of the currency flopped, with less than 0.14 per cent of the company’s target being sold in the first phase of the initial coin offering.

Venezuela has also announced plans to launch a cryptocurrency, called the Petro, that will be supported by gold.

 

Author DAN FALVEY UPDATED: 02:09, Sun, Jan 28, 2018

 

Posted by David Ogden Entrepreneur
David ogden cryptocurrency entrepreneur

Changes in European regulations may impact Bitcoin

Changes in European regulations may impact Bitcoin

Some researches were stating that nearly a half of the bitcoin transaction is somehow related to various gambling activities. The reasons behind this are quite simple, the bitcoin provides a greater anonymity for the players and low transaction costs. However, the popularity of the bitcoin in the iGaming sector seem to become even greater this year.

Considering the fact that Poland, the Netherlands, Czech Republic and a few other major European markets are making it unfavourable for the operators to serve the customers via a locally regulated company and illegal to operate without one, the bitcoin casinos may become the best possible substitution in such markets. You may already see some of the popular Bitcoin casinos being listed at the various rating websites. While these websites are still listed in the bitcoin category, BTC casinos may soon take the largest slice of the market share. Let’s check a few European countries one by one to see the possible arguments.
 

Over 250 domains are banned in Poland

Polish government has set a deadline to ban all of the domains of the unregulated gambling companies by the 1st of July 2017. Now over 30 days have passed since then and we can conclude that this practice has been quite effective in terms of cleaning up the Polish market. Until now, it was announced that such gambling giants as 888 casino and poker, Pinnacle betting, Bet365, William Hill and other well known betting and casino operators have stepped out from Poland. Historically, some of the countries were putting such harsh restrictions on the gambling operators that only the richest ones could stay, yet this is not the case in Poland. The government has simply put a very high tax rate (12% on turnover), which already makes it quite risky for any gambling company to operate. And as a cherry on top, the Polish Ministry of Finance requires a company to apply for the local license with its locally established entity that employs local staff too. As a result, only a few unregulated operators are continuing serving the Polish players by offering their services while some subdomains.

We can clearly see an opportunity here for the bitcoin. While the number of competitors have decreased dramatically, generating profits is still not so easy for the locally regulated companies. Also, regulated companies are less likely to compensate their affiliates well or even at all. This is where bitcoin casinos and betting operators may take action and serve Polish customers with having no fears of being blocked by the payment system provider.
 

Czech Republic taxes the highest

Similar to Poland, Czech Republic has introduced a way to the gambling operators to get regulated and has required Internet Service Providers to ban the IPs of the unregulated entities. Instead of taxing the turnover, Czech Republic has decided to implement two types of taxation. Firstly, each of the games that uses randomly generated way of identifying a winner will be taxed at the 35% from the grosh gaming revenue. Even though such a tax rate is already one of the highest in Europe, Czech authorities will still charge a 19% income tax on top of that.

Again, most of the online gambling operators have decided to quit their operations. Needless to say, the bitcoin casinos and betting companies will be able to serve the clients in Czech republic without any local regulation, and this way they could save up quite a lot when compared to the regulated companies.

 

Summing it up

The EU governments are looking into tightening the screws in the iGaming sector. Ultimately, the government has two preventing measures in its disposal: blocking the operator’s IP address and requiring the payment systems to block the operator’s accounts. While the first block can be easily bypassed by various subdomains, avoiding the block on the deposits may be very challenging for the gambling companies that use fiat currencies. However, the bitcoin here seems to be the ultimately answer, and such a large forecasted demand on the cryptocurrencies may send the Bitcoin to the new heights.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur

 

 

Author: Nick James