Balaji Srinivasan Bets $1M That Bitcoin Price Will Hit $1M in 90 Days

• Balaji Srinivasan, a venture capitalist and angel investor, believes that hyperinflation is happening now.
• He has made million-dollar bets that the price of Bitcoin will exceed $1M in 90 days.
• He advised investors to buy Bitcoin, which he believes to be “a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.”

Balaji Srinivasan Says Hyperinflation Happening Now

Venture capitalist and angel investor Balaji Srinivasan believes that hyperinflation is happening now. He pointed out recent government and Federal Reserve bailouts of Silicon Valley Bank and Signature Bank as evidence of this. Furthermore, he has made million-dollar bets that the price of Bitcoin will exceed $1M in 90 days.

Bitcoin as a Hedge Against Hyperinflation

Srinivasan explained in December last year that bitcoin is “a hedge against hyperinflation, monetary debasement, bank freezes, and wealth seizure.” He added that it “may eventually have a gold-like role” as a hedge against “standard” inflation but stressed that it takes decades to show this effect.

Advice for Investors

Believing that hyperinflation is already here, Srinivasan also urged investors to buy BTC in his tweet Friday. He emphasized: Buy bitcoin and get your coins off exchanges. In addition to this advice for investors looking to protect their assets from potential financial turmoil caused by hyperinflation or other factors, Srinivasan took a bet initiated by James Medlock on Twitter Thursday – where he agreed to bet $1 million USD if the U.S does not enter into a state of hyperinflation within 90 days.

James Medlock’s Bet

The former Coinbase CTO responded: I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k at the time of writing this article (May 2021). The termis 90 days from today (Friday).

Conclusion

With increasing bailouts being issued by governments worldwide due to Covid-19 related economic woes; many experts such as Balaji Srinivasan are predicting an onset of global inflationary pressures which could potentially lead us into a state of hyperinlfation over time. As such investors should consider taking steps to protect their assets from any potential financial turmoil caused by such events – with one suggestion being the purchase of Bitcoin which can act as a hedge against these possibilities occurring in the short term future

India Brings Crypto Transactions Under Money Laundering Act

Summary

  • India’s Ministry of Finance has notified that certain crypto activities will be subject to the Prevention of Money Laundering Act, 2002 (PMLA).
  • The move is a positive step in recognizing the sector and will strengthen efforts to prevent virtual digital assets from being misused by bad actors.
  • India recently asked the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to collaborate on a joint paper to help countries formulate comprehensive crypto policies.

Background

India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). The move “is a positive step in recognizing the sector,” according to a crypto insider, who also noted that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.”

Application of PMLA to Crypto Transactions

India’s Ministry of Finance published a gazette on Tuesday notifying that certain crypto activities “when carried out for or on behalf of another natural or legal person in the course of business” will be subject to the Prevention of Money Laundering Act, 2002 (PMLA). According to the notice, exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets as well as safekeeping or administration of virtual digital assets and participation in financial services related to offer and sale of virtual digital assets will all fall under this money laundering law.

Reactions from Crypto Industry Insiders

Sharat Chandra, co-founder India Blockchain Forum, stated this notification is a great step towards compliance for the crypto industry. Sumit Gupta, co-founder and CEO Indian crypto exchange Coindcx commented “Slowly but surely we are moving towards regulated crypto ecosystem”. Ashish Singhal, co-founder cryptocurrency investing app Coinswitch opined “Finance Ministry’s notification…is a positive step in recognizing sector”.

< h2 > G20 Meeting & India’s Request for Comprehensive Crypto Policies
The government India recently led discussions cryptocurrency regulation among G20 finance ministers central bank governors. At conclusion G20 meeting finance chiefs , India asked International Monetary Fund ( IMF ) Financial Stability Board ( FSB ) collaborate joint paper help countries formulate comprehensive crypto policies . India ‘ s Finance Minister Nirmala Sitharaman

Crypto Mining Fund to Launch in Russia: Get in on the Ground Floor!

• Russia is creating its first mutual investment fund dedicated to financing cryptocurrency mining operations.
• The fund will be available to qualified investors and will finance the acquisition of coin minting equipment.
• Interest in crypto mining has increased significantly in the past year, leading to negotiations on the organizing of a number of funds related to investments in industrial mining.

Investment Fund Focused on Crypto Mining to Be Created in Russia

Russia is creating its first mutual investment fund dedicated to financing cryptocurrency mining operations. The fund will be available to qualified investors and will finance the acquisition of coin minting equipment. It will operate as a venture fund for the purchase of mining hardware through a special entity which will then lease the equipment.

Requirements for Investors

The new closed-end fund will be established by Finam Management, which will register it with the specialized depository in March. Only qualified investors will have access, with a minimum threshold of 300,000 rubles (almost $4,000). The company intends to raise 500 million rubles (over $6.6 million) before incorporating the leasing firm, Finam CEO Vladislav Kochetkov explained. Part of the money will be used to buy mining machines and the rest will be spent to pay for electricity and maintain the fund.

Crypto Mining Regulations

Management companies have previously created mutual funds focused only on businesses developing blockchain technology. In 2021, some tried to register funds for cryptocurrencies and their derivatives but were prohibited by Bank of Russia due to foreign crypto assets being included in mutual funds. However, after a yearlong sanctions period there is speculation that at least some crypto-related activities such as mining may get approved by Bank of Russia due to softer regulations regarding them now than before.

Increase in Interest from Banks & Investment Companies

Bitriver reported that since Q4 2022 there has been an increase in interest from largest Russian banks, investment companies and management firms towards crypto mini g projects leading them into final stages of negotiations on organizing funds related investments into industrial mining projects . Alexander Baryshnikov from Bitriver said: “We are in the final stages of negotiations on the organizing of a number of funds related to investments in industrial mining” .

Conclusion

The establishment of an investment fund focused on cryptocurrency mining shows that there is growing support for this industry among Russian banks, investment companies, and management firms despite continued regulatory uncertainty surrounding cryptocurrencies overall. As more players enter this space it’s likely that we’ll see even more development taking place within this sector over time

Chipper Cash Cuts More Jobs Despite Crypto Dept Still Operating

• Chipper Cash, a Nigerian fintech firm, recently announced it has laid off a second batch of workers due to the macroeconomic climate.
• Reports have estimated that the layoffs are around 12.5% of the company’s entire workforce.
• CEO Ham Serunjogi dismissed reports that the fintech has shut down its crypto department, claiming it is one of their “fastest growing products.”

Chipper Cash Lays Off More Workers

The Nigerian fintech firm Chipper Cash recently said it has let go of more employees in order to help contain their operating costs. Although no exact figure was given, one report estimated this to be around 100 people, or 12.5% of Chipper Cash’s entire workforce.

CEO Dismisses Crypto Department Shutdown Rumors

Chipper Cash CEO Ham Serunjogi has denied reports that the fintech has shut down its crypto department. He claims that this is one of their fastest growing products and they will continue to invest in it despite the deteriorating macroeconomic climate.

Deteriorating Macroeconomic Climate

The retrenchment exercise conducted by Chipper Cash affects all areas from human resources to research and legal departments. Due to unfavorable circumstances prevailing for more than one year, Chipper Cash can only operate effectively with a smaller team.

Chipper Cash Remains Committed

Despite these cuts, Chipper Cash remains committed to its core markets and products where they believe they can thrive best in this environment. The firm also believes that investing in their crypto trading platform will help them remain competitive and reach new heights in Africa’s digital economy space .

Conclusion The layoffs conducted by Chipper cash demonstrate how important it is for companies operating in this sector to adapt quickly to changing economic conditions if they want to remain successful and relevant in today’s rapidly evolving digital world.

Doge and SHIB Surge: Elon Musk Tweets Dog CEO Pictures

• Dogecoin (DOGE) and Shiba Inu (SHIB) surged after Elon Musk tweeted a picture of a Shiba Inu dog.
• The global cryptocurrency market cap rose 2.42% as a result of this tweet.
• Both dogecoin and shiba inu saw their prices climb for the second consecutive day, breaking out of various resistance levels.

Elon Musk Tweets Dog CEO Pictures

On Feb. 15th, Tesla CEO Elon Musk tweeted a picture of a Shiba Inu dog, with the caption: “The new CEO of Twitter is amazing.” Following this tweet, both dogecoin and shiba inu surged, extending recent gains. Overall, the global cryptocurrency market cap is 2.42% higher as of writing.

Dogecoin Rallies

Dogecoin (DOGE) rose by as much as 6% on Wednesday, as markets reacted to tweets from Tesla CEO Elon Musk. DOGE/USD surged to an intraday high of $0.08707 earlier in today’s session, which comes a day after trading at a bottom of $0.08141. Today’s move saw the meme coin climb for a second straight session, breaking out of a resistance level at $0.0840 in the process .Upside momentum comes as the 14-day relative strength index (RSI) surged, and as of writing it is tracking at 50.81 Price strength has now risen to its highest point in nearly a week, and is fast approaching a ceiling at 52.00. As a result of this, earlier gains have somewhat eased, with dogecoin now trading at $0

Mystery 7zip File Linked to Julian Assange Discovered in Bitcoin Blockchain

• A Reddit user discovered a 7zip file containing a file named “Julianassange.txt” in the Bitcoin blockchain
• Many speculated that it was created by Julian Assange as a “dead man’s switch”
• The contents of the 7zip remain unknown until someone cracks it

Redditor Discovers 7zip File Possibly Linked to Julian Assange

A Reddit user recently discovered an encrypted 7zip file hidden in the Bitcoin blockchain, which may be linked to Wikileaks founder Julian Assange. According to u/sprxzk34620, who posted about the discovery on r/bitcoin, the file can be obtained by splicing the pubkhash seg of all output scripts from a specific transaction that occurred on January 5th 2017 and was mined at block height 446,713.

Speculation Surrounds Purpose of File

The file is labeled “Julianassange.txt” leading many to speculate that it was created by Assange himself as a “dead man’s switch” – i.e., data intended to be released publicly if something happens to him. Others have suggested that it may contain an encrypted link or files exposing sensitive information related to Wikileaks or Assange himself. However, others are more skeptical and suggest it’s likely just a hoax given its name and content.

Coincidence with Video Read From Blockchain Hash

Coincidentally, this transaction took place five days before Assange read from Bitcoin’s block hash height 447,506 in a recorded video- seemingly proving he was still alive at the time despite being held up for eight years in the Ecuadorian embassy in London. When asked about his wellbeing he stated: “Don’t take some cryptographic proof as evidence that I am okay…I’m not.” He was later arrested when police raided the embassy on April 11th 2019.

Content of 7Zip Remains Unknown Until Cracked

Unless someone is able to crack open this encrypted zipfile, its contents will remain unknown and speculation around whether or not it is associated with Wikileaks or Assange will continue indefinitely – potentially forever if no one ever manages to crack it open..

Debate Over Arbitrary Data Added To Blockchain

The discovery has also sparked debate amongst redditors over whether arbitrary data added into blockchains is wasteful and should be avoided since every byte added onto them increases their size exponentially.

Unbanked and Mastercard Join to Bring Crypto Cards to Europe!

• Unbanked, the leading provider of white-label crypto card issuance and program management service for Web3 companies has partnered with Mastercard to accelerate DeFi card issuance in Europe.
• Through this initiative, Unbanked and Mastercard are committed to enabling the issuance of cryptocurrency powered card programs focused on simplicity, security, and consumer protections.
• The Unbanked platform supports many of the Web3 industries largest players by enabling companies to create a custom branded experience for their user base.

Unbanked & Mastercard Partner Up

Unbanked and Mastercard have now teamed up to accelerate cryptocurrency-powered cards in Europe. This collaboration is aimed at providing card programs with a focus on simplicity, security and customer protection.

Litecoin Card Availability Expansion

The partnership between Unbanked and Mastercard has enabled the Litecoin Card program to become available for residents in the UK and Europe – reaching approximately 84% of Europe’s population. Litecoin is one of the oldest cryptocurrencies used on a global scale, created to provide fast payments by utilizing blockchain technology.

Unbanked Platform Support

Unbanked offers various services including white-label card issuance, crypto wallets, bank accounts and more via its API allowing large companies within Web3 industries to customize their user experience. Charlie Lee from Litecoin Foundation expressed his excitement around this expansion as it allows users outside of U.S access to the Litecoin Card program.

Mastercard’s Perspective

Christian Rau from Mastercard stressed that they want to offer choice when it comes to how people pay or get paid, hence why they are collaborating with Unbanked in order to empower choice within the market while offering safety guarantees customers would expect from their network.

Conclusion

The partnership between Unbanked & Mastercard will allow users throughout Europe access to cryptocurrency powered cards which provide convenience and safety without compromising efficiency or cost involved when making payments globally .

Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Assets

• Sam Bankman-Fried, co-founder of FTX, is seeking removal of bail restrictions on crypto asset transfers.
• His attorney, Mark Cohen, has sent a letter to the Southern District of New York (SDNY) judge Lewis Kaplan, requesting that two of the bail conditions be removed.
• These conditions include prohibiting Bankman-Fried from speaking with certain individuals, and restricting his access to crypto assets associated with FTX and Alameda Research.

Sam Bankman-Fried, the disgraced co-founder of FTX, is seeking to have his bail conditions amended in order to gain access to crypto assets associated with FTX and Alameda Research. Bankman-Fried was indicted by a federal grand jury in Manhattan, and currently faces eight charges, including wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the Federal Election Commission, and campaign finance violations. Consequently, the court’s Judge Kaplan imposed certain bail restrictions on Bankman-Fried, primarily remanding him to his parents’ home in California with a government-monitored ankle bracelet.

In an attempt to have these restrictions removed or amended, Bankman-Fried’s attorney, Mark Cohen, has sent a letter to the Southern District of New York (SDNY) judge Lewis Kaplan. Cohen, who represented Ghislaine Maxwell during her recent sex trafficking case, requests that “two additions” be removed from Bankman-Fried’s bail conditions. The first is that Bankman-Fried is currently prohibited from speaking with Caroline Ellison, Gary Wang, Nishad Singh, two redacted witnesses, and George Lerner (Bankman-Fried’s therapist). Cohen stresses that the bail condition is “overbroad” and Bankman-Fried’s intentions to contact these individuals are attempts to “offer assistance in FTX’s bankruptcy process”.

The second condition that Cohen seeks to have removed is the restriction on Bankman-Fried’s access to crypto assets associated with FTX and Alameda Research. Cohen argues that this condition is “unreasonable” and does not serve any legitimate purpose, as Bankman-Fried has no intention of engaging in any financial activities related to FTX or Alameda Research.

The letter concludes by urging the court to remove the bail restrictions, as it will enable Bankman-Fried to “re-establish the trust and credibility” that he had built in the crypto industry prior to his indictment. It remains to be seen whether the court will grant Bankman-Fried’s request or not, but the crypto industry is closely watching the situation as it unfolds.

Saudi Arabia Shifts Toward De-Dollarization, Signaling Global Economic Change

• Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, announced that the kingdom is open to trading in currencies other than the U.S. dollar.
• This move away from the U.S. dollar signals a changing economic landscape, following China’s President Xi Jinping’s urging for the Gulf monarchs to accept yuan for oil.
• These statements were made at the 2023 World Economic Forum in Davos and are seen as another step toward de-dollarization.

This week, Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, made a statement that has the potential to change the global economic landscape. During the 2023 World Economic Forum in Davos, Switzerland, Al-Jadaan announced that the kingdom is open to trading in currencies other than the U.S. dollar. This shift away from the dollar signals a changing economic landscape and is seen as another step toward de-dollarization.

The move is likely in response to China’s President Xi Jinping’s urging for the Gulf monarchs to accept yuan for oil. Last March, Riyadh officials said that the country would consider accepting the Chinese currency. The statements made by Al-Jadaan this week show that Saudi Arabia is taking action on this initiative.

Al-Jadaan said, “There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal.” He also made it clear that the country is looking to improve trade between China, the U.S., and other countries.

This shift away from the U.S. dollar is a major step, as the country has had a 48-year relationship solely with the U.S. currency. However, the shift could open doors for other currencies, including the euro and the Saudi riyal, to be used in trading.

It is important to note that this shift may not be solely driven by Saudi Arabia’s own interests. In 1971, the U.S. government and President Richard Nixon ended the gold standard, and over the next three years, oil prices skyrocketed. In 1973 and 1974, federal officials and U.S. Treasury Secretary William Simon visited with monarchs in Riyadh.

Mohammed Al-Jadaan’s statements this week are a significant step in global economics, and the world will be watching to see the ripple effects of this decision. It remains to be seen what kind of impacts this shift away from the U.S. dollar will have on the global economy, but it is clear that this move is signaling a changing landscape.

Hong Kong Pushes to Become Regional Crypto Hub: Licenses and Investor Protection

Bullet Points:
• Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s commitment to become a regional crypto hub.
• The city is issuing more licenses for digital asset trading firms, and is exploring potential for retail participation in the industry.
• The Securities and Futures Commission (SFC) issued a statement warning about the risks associated with crypto platforms.

Hong Kong is reaffirming its commitment to become a regional crypto hub following the collapse of cryptocurrency exchange FTX. The Financial Secretary of Hong Kong, Paul Chan Mo-po, has stated that the city is working to create a robust regulatory framework for crypto that matches international norms and standards. He also mentioned that Hong Kong has become a quality standing point for digital asset corporates.

In line with these efforts, the city has begun issuing more licenses for digital asset trading firms. The Securities and Futures Commission (SFC) is also conducting a consultation on crypto platforms in order to explore the potential for retail participation in the industry. Elizabeth Wong, the SFC’s director of licensing and head of the fintech unit, mentioned in October last summer that Hong Kong is making it easier for retail investors to trade crypto assets.

The SFC has also issued a statement warning about the risks associated with crypto platforms offering deposits, savings, earnings, and staking services. These risks include market manipulation and money laundering, as well as the potential for losses due to inadequate investor protection.

Overall, Hong Kong is pushing forward with its commitment to become a regional crypto hub. The government is issuing more licenses for digital asset trading firms and exploring potential for retail participation in the industry. At the same time, the SFC is continuing to warn about the risks associated with crypto platforms, emphasizing the need for adequate investor protection. With these efforts, Hong Kong is well on its way to becoming a regional crypto hub.