Category: News

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

US’ bitcoin ETF has broken all records in surpassing $1 billion of assets under management (AUM) within two days, faster than the decades long held record by Gold’s ETF which surpassed $1 billion within three days as pictured above.

“The Proshares BITO ETF is the fastest ETF ever to get to $1 billion dollars (two days). The second fastest was the first gold ETF (GLD) which got to $1 billion in five days. 3 years after the GLD ETF launched in 2004, the AUM was $10 billion. 5 years after launch it was at $75 billion,” Bitwise’s CIO said.

There’s going to be competition however with another futures ETF, Vaneck’s Bitcoin Futures ETF, expected to start trading this Monday.

While in Paris we’re goin to get the world’s first bitcoin mining ETF. Approved in August, the Melanion BTC Equities Universe UCITS ETF is listed to start trading tomorrow, Friday 22nd of October, on Paris’ NYSE Euronext stock exchange, which has some €5.6 trillion in listed assets.

It will trade under the ticker of BTC FP with a management charge of 0.75%, lower than the above ETFs.

The Exposure index is made up of primarily bitcoin miners like Argo Blockchain, Hut 8, or Bitfarms with this effectively being a way to invest in part of the mining sector in one go.

This is a fairly direct way of investing in bitcoin as a number of these stock traded miners hold their coins. Mara for example announced a further increase in their bitcoin holdings to 7,035 bitcoin as of October the 1st, now worth $450 million.

As they can raise funds from the stock market itself, they tend to have less pressure to sell their coins to fund business operations, so increasing bitcoin’s effective scarcity.

The ETF scene thus is becoming more diverse and more competitive as bitcoin enters the world’s biggest markets.

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Digital currency asset manager Grayscale Investments is announcing plans to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF).
Grayscale says it wants to transform the 2013-launched Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The value of GBTC’s assets under management is close to $40 billion, according to Grayscale.
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Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.
In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.
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Competition and Hype Drive Young Crypto Investors, UK Watchdog Finds

Competition and Hype Drive Young Crypto Investors, UK Watchdog Finds

A sizable majority of young investors seeking high-risk opportunities are motivated by competition and hype, a new survey has indicated. They often turn to cryptocurrency and forex products, according to the poll conducted by the U.K.’s financial regulator.
FCA Launches ‘Investsmart’ Campaign Targeting Risk Prone Investors
The U.K.’s Financial Conduct Authority (FCA) has carried out new research into the attitudes of young investors towards high-risk products. The watchdog has surveyed 1,000 respondents, aged between 18 and 40, as it launches a 5-year campaign to reach out to inexperienced investors that could cost the British taxpayer £11 million ($15 million).
Through the poll, the regulator has been able to establish that many of these investors are driven by competition with friends and family members when investing in cryptocurrency and forex. Three-quarters of the surveyed, 76%, said they felt a sense of competitiveness while two-thirds, or 68%, likened the experience to gambling.

At the same time, only a fifth of all respondents, 21%, were considering holding their most recent investment for more than a year and just 8% were expecting to keep the assets for at least five years. That’s despite a prevailing preference (60% of the polled) for long-term investments providing more stable, albeit lower, returns.
Hype in the news and on social media has been another driving force for new investors looking into acquiring high-risk products. Well over half of the participants in the study, 58%, said they felt encouraged to put funds into investments they were constantly hearing about in the news coverage, through social media channels, and from other people.
FCA’s new research also shows that most of the young investors who bought cryptocurrencies, a staggering 69%, believed these were regulated by the FCA and another 57% thought the same is valid for the forex products they purchased. The financial watchdog has concluded that these people were unable to understand the lack of adequate protection for them and their money.

The financial authority also notes that the survey has been conducted after around a million U.K. investors increased their holdings or made a high-risk investment between April and October 2020, during the height of the Covid-19 pandemic. Announcing the results of its research, the FCA further emphasized:
The regulator is concerned that new investors are increasingly accessing higher-risk investments which may not be right for them, or reflect their risk tolerance.
The regulator now wants to help investors make the right decisions through its Investsmart campaign which was launched on Wednesday. The initiative is part of the agency’s consumer investments strategy. It was announced in September, with the goal to build investor confidence and limit the number of people falling victim to scams or being enticed to invest in products that are too risky.
Investsmart targets inexperienced investors through social media and online, the FCA detailed. The campaign urges investors to ignore the hype and directs them to the regulator’s website where they’ll be able to receive appropriate assistance. “With our InvestSmart campaign we’re taking an innovative approach to reaching those tempted by high-risk products so that they can better understand the risks and where to get advice,” said Sarah Pritchard, executive director of markets at the FCA.
Do you agree with the findings in the FCA survey? Let us know in the comments section below.

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Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%.
In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.
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Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’

Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’

On October 20, the day bitcoin smashed a new all-time price high, the real estate platform Pacaso announced it will be accepting cryptocurrencies via Bitpay. The CEO of the real estate firm that helps people buy and co-own a second home, Austin Allison, says the firm has seen increased crypto adoption “across the real estate industry.”
Real Estate Platform Pacaso Now Supports Crypto Payments
The firm Pacaso is a real estate platform co-founded by Spencer Rascoff and Austin Allison. Rascoff is well known for co-founding Zillow Group and co-founding Hotwire.com as well. In October 2020, Rascoff co-founded Pacaso with Allison, and the company is considered a real estate platform that makes owning a second home easier by leveraging shared ownership. Pacaso’s business model is similar to the timeshare model but it’s also a touch different.

“Forget timeshares, with Pacaso, you own a home, not just a block of time,” the company’s website details. “You can book stays throughout the year, not annually. And resale? It’s fast and streamlined, and you set the price.” Now the firm has decided to accept crypto assets via the Atlanta-based digital currency payment platform Bitpay.
“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes,” said Austin Allison, Pacaso’s co-founder and CEO. “As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers.”

Bitpay CEO Is Seeing More Crypto Transactions Being Made for ‘Large Purchases Like Real Estate’
The announcement detailed that Pacaso customers will be able to choose from a myriad of digital assets like bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), and wrapped bitcoin (WBTC). Alongside this, Pacaso clients can also leverage five different stablecoins as well. Stephen Pair, CEO of Bitpay said in recent times the company has seen much larger transactions such as people buying homes.
“We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality,” Pair explained on Wednesday. “The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”
Pacaso says that paying with crypto will be just as easy as it would using fiat, as clients can leverage their crypto assets to use as a “down payment in their home, and finance the remainder of the transaction, or otherwise split payment between crypto and fiat currency.” Pacaso’s CEO sees mass adoption of crypto is “well underway” and with that homebuyers will want to utilize a variety of payment options.
“Whether you’re HODLing Bitcoin, diversifying out of a DOGE-heavy portfolio, or somewhere in between, Pacaso is here to help you realize your second-home dreams,” Allison concluded.
What do you think about Pacaso accepting cryptocurrency payments? Let us know what you think about this subject in the comments section below.

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Austin Allison, Bitcoin, bitcoin cash, BitPay, Crypto, Cryptocurrency, Digital Assets, down payment, Ethereum, litecoin, Pacaso, Properties, Real estate, real estate company, second home, shared ownership, Spencer Rascoff, Stablecoins, Stephen Pair

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Billionaire Paul Tudor Jones Now Prefers Crypto Over Gold as Inflation Hedge

Billionaire Paul Tudor Jones Now Prefers Crypto Over Gold as Inflation Hedge

Billionaire hedge fund manager Paul Tudor Jones says that bitcoin is currently “winning the race against gold.” He added that the cryptocurrency is his preferred inflation hedge over gold.
Paul Tudor Jones Chooses Bitcoin Over Gold
Paul Tudor Jones, the founder of asset management firm Tudor Investment Corp., talked about bitcoin being his preferred hedge against inflation in an interview with CNBC Wednesday. He said:
Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment.
“I’ve got crypto in single digits in my portfolio,” he continued. “I do think we are moving into an increasingly digitized world.”
Jones said he is worried about rising inflation, noting that it’s posing a major threat to the U.S. financial markets and the recovering Covid-hit economy.
The price of bitcoin surpassed all-time highs Wednesday after the first bitcoin futures exchange-traded fund (ETF) in the U.S. started trading on the NYSE. Gold lost 8% over the past 12 months while bitcoin gained 437%.
The billionaire investor was asked to comment on investing in a bitcoin ETF as a way to get exposure to the cryptocurrency. Admitting that he is not “a real expert on ETFs,” Jones said:
I think a better way to get in would be to actually own the physical bitcoin, to take the time to learn how to own it … I think the ETF would be fine. I think the fact that it is SEC-approved should give you great comfort.

He was also asked if the approval of an ETF means that the regulators are saying that crypto is here to stay. Jones replied:
I think crypto is here to stay.
He proceeded to explain the reason the U.S. is “the most prominent economic power in the world is because we unleash our individual entrepreneurism and creativity.”
In contrast, he said, “China is doing the exact opposite. That place is on an economically slow boat to the south pole.”
The billionaire fund manager previously said that bitcoin was a store of wealth, like gold. He began recommending BTC for portfolios early last year. In October 2020, he said that he saw massive upside in bitcoin and likened investing in the cryptocurrency to investing in early Apple or Google.
What do you think about Paul Tudor Jones’ comments about bitcoin and gold? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Coinbase Launches Support for New Crypto Assets on Retail Trading Platform

Coinbase Launches Support for New Crypto Assets on Retail Trading Platform

Coinbase is adding two altcoins built on Ethereum to its ever-expanding suite of crypto assets.
After initially only being available on Coinbase Pro, ARPA Chain (ARPA) and Perpetual Protocol (PERP) are now open for trading on the company’s main retail trading platform and mobile applications.
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Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

The wealth manager Vaneck will be launching its bitcoin futures exchange-traded fund (ETF) in the United States following the Proshares ETF listing that launched on Tuesday. According to the post-effective filing with the U.S. Securities and Exchange Commission (SEC), the Vaneck bitcoin futures ETF launch is approved to be listed after October 23.
Vaneck’s Bitcoin Futures ETF Is the Second US Fund to Get Approval From Regulators
This week, the Proshares Bitcoin Strategy exchange-traded fund (BITO) launched with a lot of fanfare and the ETFs volume broke records on Tuesday. The following day, bitcoin (BTC) spot markets smashed an all-time price (ATH) at $67,017 per unit. Additionally, the wealth manager Vaneck published its bitcoin futures ETF post-effective filing on Wednesday which indicates that the SEC has green-lighted the listing on NYSE Arca.
The Vaneck post-effective filing approval says the fund is granted to list after October 23, 2021, which means the ETF may list on Monday, October 25, 2021.
The Vaneck Bitcoin Strategy ETF’s ticker will be “XBTF” and the fund leverages cash-settled bitcoin futures contracts. The Vaneck ETF summary details that the fund “does not invest in bitcoin or other digital assets directly.” After the post-effective filing was published, Nate Geraci, the co-founder of The ETF Institute tweeted about the approval. “Vaneck [is] joining the bitcoin futures ETF party next week,” Geraci said.
The Vaneck approval follows the phenomenal market performance Proshares Bitcoin Strategy exchange-traded fund (BITO) saw on Tuesday. Eric Balchunas, the senior ETF analyst for Bloomberg explained on Wednesday that BITO is already “in the top 30% of ETFs by assets and a near-lock to exceed my $750m by end-of-week estimate.”

Vaneck’s Decision to Apply for Bitcoin Futures ETF Followed Gary Gensler’s statements Concerning Futures-Based Funds
Vaneck decided to apply for the Bitcoin Strategy ETF on August 10, following SEC chairman Gary Gensler’s statements that week. At that time, Gensler said he looks forward to regulators reviewing ETFs that are particularly associated with bitcoin futures, he mentioned the U.S. Investment Company Act of 1940 as possibly being sufficient enough for regulation.
Gary Gensler also spoke about the approval of the Proshares bitcoin ETF during an interview with CNBC Tuesday and he said: “Bitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that’s been four years.”
The Proshares and Vaneck bitcoin futures ETF approvals mark a milestone for bitcoin-related exchange-traded funds in the United States. For the first time, U.S. investors can participate in an ETF that has some ties to the leading crypto asset bitcoin (BTC).
The U.S., however, is not the first North American ETFs to be approved as Canada has approved a few bitcoin-related ETFs during the last 12 months. While October 23 is a Saturday, the community expects the Vaneck bitcoin futures ETF to list the following Monday on October 25.
What do you think about Vaneck getting approval to list its bitcoin futures ETF in the U.S.? Let us know what you think about this subject in the comments section below.

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approval, bitcoin etf, bitcoin futures, CFTC, ETF Listing, Gary Gensler, Proshares ETF, SEC, sec approval, vaneck, Vaneck bitcoin, Vaneck Bitcoin ETFs, Vaneck Bitcoin Futures ETF, Vaneck ETF

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Fraudsters Who Raised $24,000,000 for Fictitious Bitcoin-Mining Facility Face 5 Years in Jail for Tax Evasion

Crypto Fraudsters Who Raised $24,000,000 for Fictitious Bitcoin-Mining Facility Face 5 Years in Jail for Tax Evasion

Two founders of a cryptocurrency firm that defrauded investors are facing up to half a decade in prison for tax evasion.
According to the U.S. Attorney’s Office in the Northern District of Texas, Bruce Bise and Samuel Mendez founded crypto company Bitqyck and held an initial coin offering (ICO) in 2016, raising approximately $24 million from over 13,000 investors.
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