Tag: China

What If China’s Bitcoin Miners Never Left The Country And Simply Went Underground

What If China’s Bitcoin Miners Never Left The Country And Simply Went Underground

China’s cryptocurrency miners faced the worst crackdown in their existence leading to mass migration. Recent probes indicate that some cryptocurrency miners have continued operating under the grid as the noose tightens. Since the crackdown, America, Kazakhstan, and Russia have risen ...

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 ...

Crypto Worth $4.2 Billion Seized By Chinese Police From PlusToken Ponzi Scheme

Crypto Worth $4.2 Billion Seized By Chinese Police From PlusToken Ponzi Scheme

Chinese police have reportedly seized crypto assets worth billions of dollars during a crackdown on the infamous PlusToken Ponzi scheme. In a Nov.19 court ruling, the Jiangsu Yancheng Intermediate People’s Court laid out in detail all the cryptocurrencies confiscated by Chinese ...

Over $300 Million Already Transacted Via China’s New Digital Yuan

Over $300 Million Already Transacted Via China’s New Digital Yuan

The wave of Central Bank Digital Currencies is spreading throughout the world and various governments are already making plans to implement their own. China is one of those countries on the frontline in developing a workable CBDC. According to a ...