What goes up, must come down... slightly...
Bitcoin and Ethereum dropping from their recent highs. BTC went sub US$60k briefly before swiftly bouncing back and ETH suffering the same fate falling below US$4k and now pushing to ATH. What goes up must come down. Some of the biggest gainers during the slump has been in alts, and both Shiba Inu and Doge has been leading the pack and barking the loudest. Has the crypto bull lost its steam or is this just a breather before the next run for a new ATH? Nations have been taking their stand on cryptocurrencies and an Australian Senator has been pushing for the country to become the next crypto hub. The Australian Senate Select Committee on FinTech and RegTech was set up in 2019 to reinforce the administrative climate for fintechs and regtechs in Australia. Governing with a foresight. Moving to El Salvador, President Nayib Bukele said that the government took advantage of the dip to increase bitcoin holdings. The State Fund has acquired an additional 420 BTC. Hodl nation.
“Anybody that does the homework, ends up investing into it”, as said by the founder and managing partner of SkyBridge Capital with regards to Bitcoin. Anthony Scaramucci also noted that a skeptic in bitcoin will end up investing in it once they do their homework, as he views Bitcoin as a “digital gold”. With higher learning comes with higher awareness for the Earth. For some time now, crypto mining has been receiving some backlash for the amount of power that it consumes. However, a recent study by Cambridge University has revealed that more than 75% of miners are actually using renewable energy to power their operations. MintGreen, a cleantech crypto miner has recently mentioned that their digital boilers have the capability of recovering more than 96% of the electricity that it uses for mining.
To ₿ or not to ₿. Invest wisely, avoid leverage and stay safe.
Australian senators pushing for the country to become the next crypto hub
The Australian Senate Committee released a groundbreaking report on Oct. 20 advocating for a thorough revamp of the country’s crypto legislation and licensing. Senator Andrew Bragg chairs the first Australian Senate Select Committee on FinTech and RegTech, which was established in 2019 to improve the regulatory environment for fintechs and regtechs in Australia.
It was swiftly become the Bragg Inquiry, and it is now mostly concerned with cryptocurrency. Australia’s fast transition to researching and proposing favorable policies for the crypto business has shocked many. Australia isn’t known for its regulatory success.
El Salvador buys 420 more Bitcoin
The President of El Salvador, Nayib Bukele, said that the government took advantage of the local drawdown of the exchange rate to increase reserves in Bitcoin (BTC). The State Fund has acquired an additional 420 BTC.
Bukele stressed that the authorities have already received a certain profit from investments in the first cryptocurrency. Since Bitcoins and US dollars are stored on the balance sheet of the state Bitcoin trust. Against the background of the growth of digital gold quotations, a surplus arises that the managers of the structure can withdraw from the accounts.
Those who do their homework end up investing in bitcoin, Scaramucci says
Hedge fund investor Anthony Scaramucci argues anyone who studies bitcoin carefully and understands the cryptocurrency will be convinced of its potential.
“Do the homework on bitcoin, understand what it is,” the founder and managing partner of SkyBridge Capital told CNBC’s “Capital Connection” on Monday. He suggested reading the white paper by the creator of bitcoin, among other materials.
To the roots of mining: Bitcoin going green faster than ever
There’s no denying that over the past couple of years, the narrative that Bitcoin (BTC) consumes too much power has continued to garner an increasing amount of mainstream traction. However, what sometimes gets ignored is that in recent months, an increasing number of Bitcoin miners have moved toward the use of power sources driven primarily by renewable energy.
To expound further on the subject, it should be noted that a number of studies, including one that was released recently by Cambridge University, revealed that more than 75% of all miners operating today make use of renewable sources to power their day-to-day operations.
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