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Bitcoin mints more than 13,000 'wholecoiners' in the past seven days

Bye-bye bear market blues; welcome to the network, Bitcoin (BTC) believers. Over the past week, the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091. The total number of “wholecoiners” surged to 865,254.The number of whole coiners has rocketed during the downward price action, highlighted by the hockey stick growth on the Glassnode graph: Since the 10th June the orange line has jumped. Source: GlassnodeChristian Ander, the founder of the Swedish Bitcoin exchange BT.CX told Cointelegraph that “This is good for the ecosystem that it’s growing from the ground up because want the economy to be bottom up.” Ander continued:“People have a strong belief in the future of the Bitcoin network and the value of the currency.”Over the past 10 days, since the May 10th market slump to $30,000, over 14,000 whole coiners have joined the network. As there will only ever be 21 million Bitcoin mined, these wallet addresses will own one twentyone millionth of all Bitcoin.At an approximate price of $20,000 per Bitcoin, the sharp increase in the number of whole coiners would suggest that retail–or “plebs” as they are affectionately known–are buying Bitcoin as fast as their incomes will allow. The number of addresses adding 0.1 BTC ($2,000) or more has also begun a parabolic run over the past 10 days. In contrast, the number of wallets containing more than 100 BTC has dropped by 136 over the same period. By inference, “whale” wallets (large BTC wallet addresses) could be unloading their bags.Related: El Salvador president addresses bear market concerns with Bitcoin hopiumWhen Satoshi Nakamoto mined the first Bitcoin on 9th January, 2009, the Gini coefficient was 1, i.e income inequality on the network was the highest it has ever been. The Gini coefficient, developed by statistician Corrado Gini, represents income inequality or wealth inequality within a social group. In Bitcoin, it can be mapped onto wallet addresses. As soon as Hal Finney, the first Bitcoin believer began mining and receiving Bitcoin, the gini coefficient dropped from 1. It has trended lower and lower ever since, indicating that the wealth distribution on the Bitcoin network is becoming fairer and fairer.As for Ander, he told Cointelegraph that he “stacked some more SATs yesterday!” 

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US Labor Dept warns of crypto risks in retirement plans

The US Department of Labor (DOL) has told 401(k) investors to “exercise extreme care” when dealing with cryptocurrencies and other digital assets citing fraud, theft, and financial loss as “significant risks”. In a compliance report, released on Thursday, the DOL offered a stark warning to employers that seek to increase their 401(k) exposure to cryptocurrencies, stating that any significant crypto investments within company-sponsored retirement accounts may attract legal attention.A 401(k) is a retirement savings plan offered by most American employers that extend tax advantages and long-term financial security to those that opt-in. Regarding the legislation surrounding 401(k) investments, the Employee Retirement Income Security Act of 1974 (ERISA) does not specifically detail which asset classes must be included in a 401(k). However, it does instruct fiduciaries to “show the care, skill, prudence, and diligence that a prudent person would exercise” when making investment choices “in order to minimize the risk of large losses.”ERISA also extends a legal obligation to fiduciaries to monitor all investments on an ongoing basis in order to further mitigate any losses. This means that extremely volatile assets such as cryptocurrencies may yet prove to be increasingly ambiguous in regards to 401(k) investments. The recent DOL announcement comes as an increasing number of financial services begin to market crypto as an investment choice for 401(k) fixed retirement accounts, including ForUsAll Inc. which announced a strategic partnership with Coinbase in June last year. In a DOL blog post that accompanied the compliance report, Employee Benefits Security Administration (EBSA) Assistant Secretary, Ali Khawar, proffered caution to fiduciaries, stating, “The retirement savings of America’s workers and their families represent years of hard work and sacrifice… and [they] must be carefully protected.” Khawar continued to say that the DOL had significant concerns for long-term investments in any form of digital asset:”At this early stage in the history of cryptocurrencies, however, the [DOL] has serious concerns about plans’ decisions to expose participants to direct investments in cryptocurrencies or related products, such as NFTs, coins and crypto assets”Related: The tax advantages of crypto in a 401(k) can be eye openingWhile President Joe Biden’s recent executive order on cryptocurrencies highlighted the risks associated with investments in digital assets, actual regulatory clarity on cryptocurrencies and other digital assets has yet to be formulated, exacerbating confusion about what investors can and can’t do with their digital assets.

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German savings banks want to enable Bitcoin for 50M clients: Report

German savings banks are reportedly planning to allow customers to invest in major digital currencies like Bitcoin (BTC) and Ether (ETH) directly from checking accounts.Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot to launch an in-house cryptocurrency wallet and exchange next year, local business magazine Capital reported Dec. 13.The pilot project is subject to approval by Sparkasse committees early next year, while the banking association aims to develop related services at the beginning of 2022. An expert group from German IT service provider S-Payment is reportedly designing the concept for the project.A corresponding pilot project should start first with individual savings banks, with each of 370 Sparkassen independently deciding whether or not to introduce crypto trading. According to Capital’s sources, a number of the banks have already expressed significant interest in the crypto platform.Sparkassen are commercial banks operating savings banks in German-speaking countries in a decentralized structure, with each bank operating independently. With around 50 million customers, the savings banks reportedly hold 1 trillion euros ($1.2 trillion) in total assets.The German Savings Banks Association and S-Payment did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.Related: New German government cites crypto in coalition agreementGermany has emerged as one of the world’s most crypto-friendly countries, with the Federal Financial Supervisory Authority issuing a crypto custody business license for Coinbase’s Germany arm earlier this year. German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange-traded products on its digital exchange, Xetra.

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Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

The long-standing mayor of Miami Francis Suarez has now announced plans to take a part of his 401(k) payout in Bitcoin (BTC) just a month after he started receiving salary in BTC. Soon after becoming the first United States lawmaker to accept a part of his salary in Bitcoin, Suarez wants to dedicate a part of his retirement savings to Bitcoin based on “a personal choice,” he said in an interview with Real Vision:“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”Suarez highlighted that Bitcoin’s success is tightly tied to the confidence in the system, which is inherently an “open-source, un-manipulatable system”. The mayor revealed that he has started receiving salary payments in Bitcoin through the help of a third-party payment processor Strike.The mayor also shared that the city government accepts fee payment in Bitcoin from Miami residents. While the Mayor explores the various options for enabling the Bitcoin payments for retirement savings, Suarez is certain to establish a relevant system by 2022. Thank you Governor DeSantis for following Miami’s lead and welcoming crypto innovation and companies into Florida! Now it’s your chance to take the lead as Governor and take your next paycheck in Bitcoin… @RonDeSantisFL you in? https://t.co/Zppp8DCiMe— Mayor Francis Suarez (@FrancisSuarez) December 9, 2021Related: Miami will hand out free Bitcoin to residents from profits on city coinIn an effort to further drive Miami’s Bitcoin adoption drive, Mayor Suarez announced on Nov. 12 to give Bitcoin yield as a dividend directly to every eligible Miami resident. As Cointelegraph reported, the city of Miami will divide and distribute the BTC yields to residents earned by staking its in-house cryptocurrency, MiamiCoin, which was initially launched by Citycoins to fund municipal projects by generating yield. In a bid to transform the city into a major cryptocurrency hub, Suarez said:“We’re going to create digital wallets for our residents. And we’re going to give them Bitcoin directly from the yield of MiamiCoin.”

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