Phoenix Can

According to  Warren Buffet, he would never take all of the Bitcoin, even if it was just for $25. With over $!24 billion, he is one of the most popular crypto skeptics. His arguments often stem around the digital assets offering the non-tangible value and the community being extremely quick to highlight on every occasion. Apparently, there are myriad use cases and utilities in crypto that he hasn’t explored yet.

In a conversation at the Berkshire Hathaway Annual Shareholder meeting on Saturday, Buffet commented that he has no idea whether the gradual value of BTC is moving forward or not. But as a matter of fact, it isn’t producing enough according to him.

Buffet also argued how he would happily write a check-in that afternoon worth $25 billion for just 1% farmland in the US as it produces real-world utility, and he wouldn’t even spend $25 to get all the BTC in the world.

This is because, according to him, since he has to sell it back, it isn’t going to do anything, but apartments, produce rent, and the farms will produce food for him, which are valuable assets. These assets deliver something to somebody, unlike digital assets, and that’s the currency widely accepted.

However, renowned crypto presenters even mocked Buffet’s comments on Twitter on the weekend as the co-founder of the top crypto venture firm Andressobn Horowitz stated that he says wild stuff while nakedly shilling diabetes. In response to the conversation, Elon Musk also said that he repeated Bitcoin multiple times as everyone couldn’t stop talking about Bitcoin.

Another popular crypto skeptic has to be the CEO of JPMorgan, Jamie Dimon, who once described BTC as fraud and continuously stated that he has no interest in this sector on a personal level.

Speaking at a conference held on Bitcoins, Former Twitter CEO Jack Dorsey said that the Diem project of Meta did not yield any results for the company, and they should have instead focused on BTC. He added that the company spent nearly three years on the project, which was not fruitful. He felt that the same time could have been spent on the BTC project to become more accessible for people.

Dorsey said that Bitcoin could help companies in many ways, and the internet has its own native currency is a good thing for the whole world. He said that it opens new opportunities for tech and internet companies in the long run. Apart from that, even the common public who has many questions about the currency systems and stability in the world will benefit a lot from such currencies.

Interestingly, Dorsey moved away from Twitter in December and currently working with Block that is a digital payment firm. He said that the fintech startup is working on a system to make it easy for Bitcoin miners. He added that the open Bitcoin mining system they are building would help many people in the crypto industry. This is a good move for the entire industry as everyone benefits from such an open platform.

Dorsey has always been a big fan of BTC, and he had even mentioned BTC as the future global currency. He had personally bought BTC even when the digital currency was not doing well in the market.

A recent news highlight from the Ministry of Energy of the Republic of Belarus shows the impact on the investigation launched towards determining the possible cryptocurrency mining benefits and limitations. In Belarus, the mining of crypto is under a hot-topic discussed in the news. Belarus is in the hot-topic of discussion since a lot of studies are being applied to the industry of crypto to determine a possible way of getting into digital crypto mining for the popular BTC (Bitcoin).

On Friday, a big announcement came from the Ministry of Energy of the Republic of Belarus. Are you excited to hear about the announcement? If you’re a bitcoin user or investor in Belarus, it’s crucial to know about the prevailing crypto market. The announcement showed the Belarus ministry having an interest in looking after the mining pros or cons prevailing around cryptocurrency.

 

Viktor Karankevish (Minister) released a statement into the matter that there is a fast-growing phase going-on in the crypto industry for mining activities worldwide in different countries like Russia, China, Canada, and the United States. You might have heard about the blockbuster news prevailing in different countries regarding BTC mining or other crypto-related activities. No doubt, major attention is upon the crypto market seeing the current trends. Also, he added that the government holds a consideration towards getting in the industry available for bitcoin mining along with proper investigation regarding the possible threats prevailing around it and other relevant factor considerations.

“Now, we are moving into a completely fresh phase of direction. No doubt, it is filled with high levels of interest but it’s essential to run a proper study on the matter before moving ahead to start it. In the study, it’s crucial to consider performing a proper assessment regarding the risks applicable to the activity.”

Belarus government stands in attention due to the mining activities indulged in the crypto market. Alexander Lukashenko (President) came up with a proposal for installing energy present in surplus using the first power plant (nuclear plant) of the country in crypto mining and selling activities in April 2019.

At present, Belarus is putting effort into getting a good position in the crypto market. A lot of incidents are seen wherein Belarus is trying its best to be friendly with cryptocurrency.

In Belarus, a proper setting and approach are being followed that steps towards blockchain and cryptocurrency. Lukashenko in 2017 signed a legal decree for laying seeds of digitalization in the economy. The 2017 crypto legalization decree showed light on the desire to be a part of crypto by the country. In the legalization process, it was applied to different activities in the crypto industry like trading, selling, buying, and mining.

Belarusbank (biggest bank of Belarus) in 2019 professed that it is indulged in efforts to lay the foundation for cryptocurrency exchange. In 2020, Belarusbank did the job to develop an exchange for cryptos. With such a development, it shows light upon the fact that Belarus is putting efforts into an exploration of mining crypto.

According to Paul Tudor Jones, the price of Bitcoin is set to soar higher in the next few years. The rally can be compared to that of the gold rush during the 1970s, and Bitcoin is still in the early phase of a prolonged rally. Considering this, the price of BTC can see exponential growth in the long run.

Why is the Bitcoin rally similar to the gold rush?

For many reasons, the trend of Bitcoin can be compared to that of gold during the 1970s. As the supply of BTC is limited, it is a good hedge option to counter inflation, and it cannot be devalued like the fiat currency. In this regard, it is similar to gold and becomes a useful asset in times of crisis.

The billionaire Bitcoin investors, Winklevoss twins, said in the month of August 2020 that BTC price could rally up to $500,000, and they made a complete case to support the theory. According to the theory, Bitcoin is better than gold as it does not have any supply shocks. This is probably the only commodity in the world that has a fixed supply, and it cannot be changed by any authority or government in the world.

Comparison between market cap

When you compare the market cap of Bitcoin with gold, there is a huge gap that can be filled in the long run. The currently estimated market cap of gold is around $9 trillion, and when you compare the valuation of Bitcoin, it is just about 4% of gold. In this regard, there is enough potential for growth in Bitcoin, and it can lead to an exponential rally in the long run. A similar move was seen with gold prices since the 1970s, and it has moved up steadily along the decades.

According to several investors who support Bitcoins, the origins of the cryptocurrency gives its strength to grow in this digital market. Even though the market of Bitcoin has evolved into a $330 billion asset, nobody knows the creator Satoshi Nakamoto as he remains anonymous. This shows that the decentralized digital currency cannot be controlled by any authority, and it cannot be manipulated like the fiat currency. However, several governments are trying to impose restrictions on the transactions of cryptocurrency. Even then, they cannot impact the long term growth of Bitcoin or any other cryptocurrency as long as investors believe in the growth of these assets.

 

If you take the whole crypto market under consideration, you can find out that the entire crypto market has been able to make amazing strides in terms of money. It is also the fact that the price of Bitcoin (BTC) at the same time has not been completely successful in meeting their heavy expectations.

Bitcoin Fails to Keep its Promise

Bitcoin’s promise of financial breakthrough failed to take place over the past months, and this has led to a continued collection of steam. Therefore, the price of the premier crypto benefit currently steamed above the important 12000 USD psychological threshold.

Nonetheless, as a segment of this particular development, the whole cap of the market of cryptocurrency touched a majestic amount of 386.4 billion USD. This is the level that was acquired back in the year 2018. All things considered, a great number of factors such as deficiency of regulatory direction and substandard investor approach might be stopping the market from blooming as pictured by various experts before.

A Statement from Samir Tabar

Based on the above information, the ex MD for BOA (Bank-of-America) in the “APAC region” and the co-founder of decentralized “P2P token trading network” Airswap, Samir Tabar has a firm belief that when there’s a long-term systematic upside for BTC (Bitcoin), there should be an indifferent set of ups-and-downs just like with any budding asset class.

Nonetheless, the main problem that holds the conventional participants of the capital market from stepping into this market is information imbalance: “Particular players also called ‘whales’ manage a major portion of the market and have formed a bunch of huge market collapses or spikes. Market rotation is absolutely fine, but huge information imbalance or asymmetry is not.”

A Statement from Ariel Zetlin-Jones

Putting this matter forward the associate professor of “Economics” at “CarnegieMellon University’s Tepper-School-of-Business”, Ariel Zetlin-Jones, had to say that a major headwind against crypto demand carries out to be the pandemic of COVID-19, especially when most folks are beginning to ex[erience the economic unpredictability. He also added that it is quite normal for investors not be willing to spend their life savings in a super volatile asset class like Bitcoin (BTC) in such an uncertain period.

The US Dollar Remains Intact

The United States Dollar has far kept its strength well maintained partly because of being the reserve currency of the world, even in this unstable period of the pandemic caused by the deadly Coronavirus. Apart from that, as long as this continues to remain, that is, nations worldwide continue to consider the USD as an international powerhouse, the monetary value of the USD will go on to be the same independent of the new stimulus packages.

Crypto Remains Strong This Year Too

Even though many who doubt have constantly put fingers on the fact that Bitcoin has shown failure is rising exponentially and touching heights, this year as a whole is completely outstanding for it.

Blockchain and AI have become quite popular in the past few years, but it was not long ago when the world wanted to see how combining both can impact the world and the many things they can do together. Blockchain has led to a technological revolution in a number of different industries, such as retail, finance, real estate, supply chain, healthcare, mobile apps, and many others. It is also among the most trusted and loved technology by users and entrepreneurs. Artificial intelligence is not far behind. It, too, has made an impact in the business world and has led to the upgradation of traditional businesses. Chatbot, one of the most popular AI technologies, has revolutionized customer experience. Slowly, it has become one of the core essentials for businesses in different sectors like travel, retail, mobile apps, healthcare, and others.

Even though both Blockchain and AI are becoming an important part of businesses around the world in some way, combining them both can bring about major changes that one might not have imagined before. Considering AI and Blockchain together will open up many new opportunities for businesses while helping solve many challenges that many sectors might be facing. The mixing of blockchain technology and AI will improve the decision-making process and make them more accurate. It will also help businesses provide a more personalized service to their customers. It will also lead to more privacy for consumer data and prevent sensitive data from being stolen. AI and Blockchain will remove a number of the hassle that comes with different payment methods. It will lead to greater efficiency in international trading. New business models may be introduced using both these advanced technologies.

The integration of Blockchain and AI can easily b utilized in different industries. For example, they can open up new opportunities in the healthcare industry and offer better healthcare services to the patients. It will also help secure the patient’s data from cyber attacks. It will give the patients the power to decide with whom they wish to share their information. Another industry that can benefit from this integration is the retail business. The business owners will be able to track the buyer’s decision of the customers and determine if their marketing plans were successful. It will also enhance the entire payment process and reduce the chances of fraud.

In the financial sector, this combination of Blockchain and AI will streamline the different processes. Blockchain will help in trust-building through Smart contracts. AI, on the other hand, will automate the entire system and reduce dependency on humans. One sector that can totally be transformed through Blockchain and AI is the supply chain management. New technology will help optimize the entire supply chain to improve efficiency and allow businesses to enjoy higher profits. Apart from the above sectors, this combination has already been in use in certain areas such as cybersecurity and self-driving cars.

The power of AI and Blockchain is yet to be explored. But we already have many different proofs that show that companies should invest new technologies to enhance their processes. Some of the companies that are using AI-Blockchain convergence include Engima, Ocean Protocol, Synapse AI, Numerai, SingularityNet, Computable Labs, and others. More and more entrepreneurs and investors are looking to explore the idea. But, the combination of these two technologies is still in the nascent stage. There are many challenges that need to be overcome to successfully embrace the benefits that both these technologies have to offer. It seems that companies should be able to exploit Blockchain and AI in the near future.

The latest news coming from India was Binance is launching a new hackathon and accelerator for the DeFi ecosystem in India. This Decentralization Finance (DeFi) conducted by Binance will also follow an accelerator program.

This program by Binance is said to be “Built for Bharat”, and as per an official statement by Binance, this is their first-ever DeFi focussed Hackathon and accelerator program, especially in a country like India.

What is the aim of the program?

As per a blog on the Binance Website, it has been said that their basic aim is to bridge the gap between the adoption of blockchain technology by masses in India.

People in India are still sceptical about the use of blockchain technology. They fear that technology will hamper security and safety. In addition to this, the absence of best cyber law is one of the most important reasons that people and businesses in India are still reluctant about the use of blockchain technology and cryptocurrencies in particular.

This step taken by Binance will improve the trust of masses towards the benefits offered by blockchain technology.

What’s the plan for Hackathon?

As per a statement by Binance, they plan to shortlist at least 100 teams for the main event, and they will choose the teams by assessing their application until September 11. They made clear that they are interested in DeFi products that were around mini tokens, micro-financing applications, blockchain databases, blockchain-AI solutions and more products like this.

Other objectives of Binance

Although DeFi is their top priority, they are also paying attention to projects like fiat to digital assets giveaway, trading platforms, and digital assets wallet. The current DeFi ecosystem in India is not too big in India presently, but Binance is expecting large participation in the Hackathon.

As per a recent statement from Binance officials, it has been said that they see a positive response in terms of application and they are sure that the participation rate will be higher than the last Hackathon.

The teams that will be selected will go for a trial stage that will last till September 20. The participants who will be selected in the trial stage will get to complete the first round, and this last stage will include mentorship and the assessment of the project.

Now, happy news for everyone participating in the Hackathon, the winner of the Hackathon will receive a reward from the pool of 3,000, 000 INR. in addition to this, they will also get access and support from the Binance ecosystem.

 

 

 

In recent times, the use of crypto cards has become pivotal for a range of crypto services. Even the companies have been encouraging the use of cards among the users to avoid any risk of blocking transactions. However, the truth is that the use of cards does not benefit the end-users or the fintech companies but only brings profits to intermediaries and payment system facilitators. It is essential to understand that a crypto card is not an innovative financial product. In these cards, instead of the dollar or other financial currencies, the cryptocurrencies would be used for transactions. It is essential for the banking and the payment processing companies understand this and regulate the workings of the processors like WaveCrest, WireCard, etc.

The usage of Visa, Mastercard, and other payment systems is based on commissions. Such commissions with regards to Crypto cards would be much higher as the conventional banking and financial industry considers crypto transactions as high-risk. The fintech companies would find it impossible to make crypto cards work without letting the payment systems and other intermediaries join the network. Thus, crypto cards are financially not viable at the moment unless it gains more trust in the traditional financial industry to enter the mainstream market.

However, it is possible for payment processors like Visa and Mastercard can make their cards more crypto-friendly. The processors such as WaveCrest and Wirecard are considered high-risk and can be compared to micro-finance organizations that lend money at a higher interest rate. These companies also lend out money at a huge interest rate when banks and other traditional financial institutions turn down the borrowers. The non-cooperation or less reliance on the cryptocurrencies and crypto ecosystem is what has made crypto cards a necessity. The banks fear taking risks, and this has made it difficult for the crypto world to thrive, making way for high-risk processing companies like WaveCrest and Wirecard to surface.

The easy way out of this is for the banks to collaborate with the regulated crypto services and further the expertise on crypto compliance. The employees at the banks find it easier to say no to the potential clients at the expense of delving deeper into the peculiarities of high-risk transactions. The cryptocurrencies’ ecosystem has been growing at a tremendous pace. If the bank can regularly and systematically monitor, process, and regulates high-risk transactions related to crypto, it can give birth to many revenue-generating opportunities. Crypto cards would soon be a reality, but it is the banks that should take the matter in their own hands rather than independent financial entities trying to do the same.