Adrian Klent, Author at CoinJot

Peter Schiff scores Bitcoin ETF approval as reason why the SEC should be abolished Key takeaways Peter Schiff calls for the abolition of the SEC due to Bitcoin futures ETF approval. The gold bull describes the ETF as just another way to "gamble" on Bitcoin. Bitcoin continues to surge even as the ProShares ETF has an impressive first day. Peter Schiff, founder of Europac Funds, who is also a known gold bull and Bitcoin opponent has said that the SEC's approval of a Bitcoin ETF shows a high level of incompetence in the commission. For Schiff, the SEC should be abolished for taking a stance on Bitcoin that passed a message of the government's endorsement of the largest cryptocurrency by market cap as this was bound to help mislead more people into buying Bitcoin. "The SEC's approval of a Bitcoin futures ETF is another reason to abolish the SEC. I have no objection to the ETF. My beef is that Bitcoin pumpers will now use the approval to sucker in more buyers based on the government's supposed endorsement of Bitcoin by approving the ETF," Schiff said in a tweet. Schiff also described the newly available ETF as just a new way to speculate on Bitcoin which he considers to have no real purpose apart from being a speculative asset. "Now there's a new way to gamble on Bitcoin. Anyone buying Bitcoin is gambling. But some gamblers don't want to risk owning actual Bitcoin, so they gamble with Bitcoin futures instead. Now those who don't want to risk buying futures contracts can gamble on a Bitcoin futures ETF." However, the cryptocurrency community has welcomed the arrival of the first Bitcoin futures ETF with much fanfare. This was to be expected as it has been a long time coming -over 8 years of rejected applications. The ProShares Bitcoin Strategy ETF which launched on the NYSE yesterday with the ticker BITO performed so well that it has been billed to have the best day one of any ETF in terms of "natural" by Bloomberg's ETF Specialist Eric Balchunas. According to data from Bloomberg, the ETF hit $1 billion in trading volume on just its first day. It also ended the day with $570 million in assets. The Bitcoin market also surged on the day. Bitcoin is up 3.04% in the last 24 hours and is currently trading at around $64,012. Although in that period too it reached a high of $64,395, the current price sits just 1.3% away from the April all-time high of just under $65,000. Meanwhile, some critics feel that the ETF is likely the worst thing to happen to Bitcoin. According to the pseudonymous investor and analyst Mr. Whale, the ETF is a Wall Street run show with no benefit to people outside of the big investment circles.

China Reportedly Pushing McDonald’s To Accept Its Controversial CBDC

Key takeaways A Financial Times report indicates that China is turning up pressure on brands to make use of digital yuan. While China’s CBDC has been received controversially, the country’s government insists that it protects privacy. China’s digital yuan is ...

Renowned Investor Bill Miller Likens Bitcoin To A Ferrari, Compares Gold To Horse-And-Buggy Days

Key takeaways Chairman of Miller Value Partners Bill Miller restates that he is bullish on Bitcoin and prefers it to gold. Bitcoin continues to pull in strong hands from the traditional market The race to unseat gold remains in view, ...

US Senate Candidate Advocates For US Government To Buy A Strategic Reserve Of Bitcoin

Blake Masters, an aspiring U.S. senatorial election candidate from the Republican party, has suggested that the U.S. government should “buy a strategic reserve of Bitcoin.” For Blake, who is also the chief operating officer of billionaire Peter Thiel’s Thiel Capital, ...

Malaysia Crushes $1.26 Million Worth Of Confiscated Bitcoin Mining Equipment

A viral video posted by Malaysian local news outlet Dayak Daily showed Malaysian authorities crushing 1069 ASIC machines they confiscated from illegal Bitcoin miners. The Bitcoin mining rigs, reportedly valued at around $1.26 million, were confiscated from illegal Bitcoin miners ...

Binance Suspends Trading Of Tesla, Google, And Facebook Tokens From Its Platform

Cryptocurrency exchange Binance has been facing a lot of scrutinies lately. No less than seven regulatory bodies in different countries including the US, Japan, the UK, and Germany have issued warnings against Binance’s status. Most tend to warn that Binance ...

Swedish Resident Bags 15 Years Jail Time For stealing Over $16 Million Worth Of Bitcoin

A Swedish man has been sentenced to serve 15 years in federal prison for defrauding at least 3,575 people in a bogus cryptocurrency investment scheme. Roger Nils-Jonas Karlsson, 47, pleaded guilty to charges of securities fraud, wire fraud, and money ...

Square Confirms Bitcoin Wallet In The Works, Makes Mind-Blowing Revelations On What To Expect

Chairman and CEO of both Square Inc. and Twitter, Jack Dorsey, has announced that the payment giant Square was officially beginning work on a hardware wallet for the big bull Bitcoin. While plans for the development of a hardware wallet ...

Facebook Loses DIEM Project VP to Crypto Payment Firm Circle

Circle, the Blockchain-based payment service company behind the USDC Stablecoin has successfully snagged Dante Disparte, the former Crypto-Project VP at Facebook. The company took to its official website to announce the arrival of Disparte, who will now serve as its ...

Coinbase officially listing on NASDAQ on April 14th

Coinbase, Inc.—America’s biggest cryptocurrency exchange—has announced plans to go public by a Direct Public Offering (DPO) on April 14 after its SEC S-1 Form was validated by the U.S. Securities and Exchange Commission. The American cryptocurrency exchange platform revealed this ...

CryptoPunk NFT swiftly swept from the market by enthusiastic bidders for $7.5 million

DeFi might have to move over for CryptoPunk NFTs, at least until these computer-generated avatars —worth millions of dollars–settle in. In just a week, NFTs has fetched its creators over $70 million in profit. An alien dressed in sunglasses, a ...