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carlp • Feb 21, 2024, 10:36 am EST

Bitcoin ETFs Surpass 2.4 Billion Weekly Inflows

Just six weeks after the SEC first approved 11 spot Bitcoin ETFs, BlackRock, the world’s largest asset manager, has amassed over 100,000 bitcoin, backing its own spot Bitcoin exchange-traded fund (ETF), $IBIT. The remarkable success of the bitcoin ETFs not only underscores the growing acceptance of Bitcoin as a legitimate asset class but also heralds in a new era for the ecosystem. With a staggering 105,280 bitcoin now under its management, valued at an eye-watering $5 billion, BlackRock’s entrance into the bitcoin space with $IBIT has been nothing short of meteoric. Since its inception in January, the fund has seen

2 minutes

carlp • Feb 19, 2024, 11:38 am EST

Florida Continues to Lead the Way in Legislative Cooperation

Florida’s Legislative Strides in Blockchain and Bitcoin: Pioneering a Crypto-Friendly Future Florida’s recent legislative session, heavily influenced by the efforts of the Florida Blockchain Business Association (FBBA) and key industry players including our own Byte Federal, Inc., has seen significant developments and wins for the bitcoin and blockchain ecosystem. These legislative moves position Florida as a frontrunner in the digital currency space, aligning with a global ecosystem that is increasingly embracing blockchain technology. Overview of Key Blockchain and Bitcoin Legislation The session’s highlight is the array of bills that reflect a keen interest in integrating blockchain technology and bitcoin into

3 minutes

carlp • Feb 16, 2024, 12:29 pm EST

Cash App Under Federal Scrutiny

Amid a growing scrutiny of digital payment platforms, Cash App, a widely used mobile payment application, finds itself at the center of new regulatory attention. Recent allegations by whistleblowers suggest that the platform, alongside its transaction service partners, may have fallen short in conducting adequate due diligence on customers, potentially opening doors to illegal activities like money laundering and terrorism financing. NBC News first broke the story this morning. The Whistleblowers’ Allegations: A Wake-Up Call for Digital Payments The whistleblowers, whose complaints have been taken up by the Financial Crimes Enforcement Network (FinCEN), paint a picture of potential regulatory lapses

3 minutes

arusso • Feb 13, 2024, 10:21 am EST

Bitcoin Hits 50K

Bitcoin crossed the $50,000 threshold for the first time since December, 2021, yesterday, February 12th, 2024. The market watches closely as the next halving approaches. Is it possible to hit a new all time high BEFORE the halving?

1 minute

carlp • Feb 12, 2024, 1:58 pm EST

Another Federal “Emergency” is Just an Excuse to Collect Bitcoin Mining Data.

In a recent, controversial move, the Energy Information Administration (EIA) of the United States has initiated an emergency data collection on Bitcoin mining operations. This step, taken amidst growing, albeit debunked, concerns over electricity systems and market uncertainties, raises significant questions about the future of Bitcoin mining in the U.S. and its impact on the power grid. Bitcoin Mining’s Unexpected Role During the Texas Winter Storm Interestingly, the EIA’s decision coincides with an event demonstrating Bitcoin mining’s potential benefits to the power grid. During a severe winter storm in Central Texas, Bitcoin miners voluntarily shut down operations, alleviating stress on

3 minutes

carlp • Jan 30, 2024, 11:09 am EST

Big Tech Teams Up with Wall Street: Reverses Bitcoin Advertising Ban

Google’s recent update to its advertising guidelines, allowing Bitcoin Exchange-Traded Funds (ETFs) to market their products, marks a significant change in the company’s approach to cryptocurrency. However, this shift appears less about championing the broader bitcoin and crypto industries and more about aligning with the interests of major financial players. “It’s frustrating to have spent years being locked out of such a massive piece of the advertising game and now, just like that, ‘crypto trusts’ can advertise freely. The influence of lobbyists is remarkable.” Laurie Argall, Byte Federal, CMO For those of us in the Bitcoin ATM business, Google’s decision

2 minutes

carlp • Jan 30, 2024, 10:10 am EST

Hong Kong SFC Receives Its First Application for a Spot Bitcoin ETF

Hong Kong’s Emerging Role in Cryptocurrency Investments Harvest Fund Management, a notable investment manager, has officially applied for a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) with the Securities and Futures Commission (SFC) of Hong Kong. This initiative positions Hong Kong as a potential frontrunner in the ecosystem, reflecting a level of institutional involvement comparable to the United States. The submission of this application signals Hong Kong’s growing ambition to establish itself as a central hub for crypto-based financial products. The willingness of the SFC to entertain the idea of multiple Bitcoin ETFs could revolutionize investor engagement in the cryptocurrency market,

2 minutes

Kenneth Shortrede • Jan 15, 2024, 12:35 pm EST

Argentina’s Journey into Financial Innovation: Embracing Bitcoin and Economic Freedom

Argentina has recently made a significant advancement in financial modernization with the establishment of its first Bitcoin rent contract. In the first move of its kind, a rental agreement in the city of Rosario was established to be paid in Bitcoin every month, for the equivalent of 100 USD at the time of each transaction. This groundbreaking initiative follows President Javier Milei’s recent policy, which permits contractual agreements in any chosen currency or commodity, whether traditional options like dollars or more unconventional ones like Bitcoin, other cryptocurrencies, oil, or even milk gallons – symbolizing absolute freedom for the individuals. Under

3 minutes

johnd • Jan 11, 2024, 1:01 pm EST

Spot Bitcoin ETFs to Trade on US Markets: What Happens Now?

The U.S. Securities and Exchange Commission (SEC) has recently approved the listing of spot Bitcoin Exchange-Traded Funds (ETFs) What can we expect moving forward?

3 minutes

satoshin • Jan 2, 2024, 2:51 pm EST

New Crypto Tax Reporting Requirements Now in Effect

Effective January 1, 2024, new crypto tax reporting obligations have been implemented as part of the Infrastructure Investment and Jobs Act passed by Congress in November 2021. These new obligations require that any receipt of cryptocurrency transactions totaling $10,000 or more must be reported to the IRS within 15 days. Non-compliance with this rule is considered a felony. This new requirement is cumulative, meaning that multiple transactions that together amount to $10,000 cannot avoid the reporting rule. The challenge for crypto holders is the lack of a clear process for compliance. The current IRS form for cash transactions does not

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