The Deputy Prime Minister of Italy has proposed a new tax on cash and other valuables held by citizens at banks. If actually imposed, the measure could drive people towards Bitcoin as a way to keep their savings safe from cash-strapped government ministers.The proposal comes as rising geopolitical tensions are impacting other investment markets, making value held in cash and other valuables a more attractive option for many.Would the Italian Government Coming After Private Savings be a Catalyst for Bitcoin Adoption?According to a report published earlier today by Reuters, Italy’s government may consider taxing its citizens’ private savings held in safety deposit boxes at banks.The report states that the nation’s Deputy Prime Minister, Matteo Salvini, made the proposal on a late night TV programme yesterday. It was picked up by the domestic press this morning.Salvini reportedly stated that he had been informed that there were hundreds of billions of euros stored as cash and other assets in safety deposit boxes around the country.He described the savings of his citizens as being “substantially hidden” money, implying that the government has some ordained right to know what the Italian people as individuals have managed to save.He went on to state that citizens that were open about their holdings would be taxed at a lower rate than those who were less forthcoming with information about their savings.If the Italian government do implement such a measure, its citizens may very well turn to other means of storing value to protect their savings. One Bitcoin proponent mused that such a policy could be favourable to the crypto asset via Twitter earlier today:This is bullish for bitcoin 🚀Italy could end up being the best thing to ever happen to bitcoin.H/t @Ray94609549 https://t.co/TmkS7FZICl— Alex Krüger (@krugermacro) June 12, 2019As highlighted in the above Tweet, the news comes as Italian retail deposits hit a new all-time high and geopolitical tensions continue to rock European markets. A recent report by Financial Times shows that share prices of the Eurozone’s largest companies recently hit a five month volatility peak. Tensions in Europe itself relating to Brexit and geopolitical worries overseas caused by the ongoing US/China trade war and fear of the pending collapse of a nuclear accord with Iran are driving the current instability.Therefore, it does indeed seem possible that some of those Italian investors on the lookout for a safer haven than traditional markets and concerned about the government taxing their savings may well turn to Bitcoin. That said, given the perpetual volatility of Bitcoin, it remains unlikely that the crypto asset market will see any serious influx of capital in the form of life savings of Italians being poured into the market.However, given that Bitcoin is much harder for governments to come after than funds held in safety deposit boxes and that the market is entirely uncorrelated to stocks or fiat currencies, it still seems plausible that some will take a high risk/high reward hedge against the current fiat system that seems to be edging ever closer to meltdown. Related Reading: Bank of Italy Feels People Shouldn’t Create Their Own CurrenciesFeatured Image from Shutterstock.
As the years pass by, Bitcoin and crypto assets continue to take a more dominant place within popular culture. In recent years, we’ve seen supernatural Netflix originals in which ETH usage is an accepted part of life, the topic of crypto come to the attention of mainstream media personalities such as Ellen DeGeneres, and even international rappers lamenting the fintech innovation on record.The latest reference to crypto in mainstream popular culture comes from the video game industry. The forthcoming instalment of the Watch Dogs series is reportedly based in a post-Brexit London in which a crypto asset has replaced pound sterling as the currency in dominant use.Another Big Media Appearance for CryptoMany crypto advocates like to speculate on possible drivers for Bitcoin and cryptocurrency mass adoption. One of the most often-repeated potential catalysts for such a move away from fiat is political instability.The creators of the Watch Dogs video games explore this concept in the third and latest instalment of the series: Watch Dogs Legion. The game was announced at this year’s E3 gaming expo, during the Ubisoft press conference.However, rather than base the action in Venezuela, Turkey, or some other nation in which the population is already rumoured to be toying with the idea of a crypto assets to escape from desecrated national economies, the Ubisoft team have instead opted to set Legion in post-Brexit Britain.According to GameInformer, a news publication covering the video game industry in depth, the title’s director of game design, Kent Hudson, stated of the latest release:“We have created a near future version of the city where technology has taken a dark turn and society is on the brink of collapse. In short, London is seeing her downfall. It’s a time of social crisis: AI is devastating the economy, the pound has collapsed and is being replaced by cryptocurrency, organized crime has taken a resurgence.”According to a report in UK news publication The Telegraph, the action follows a group of hackers, known as Dead Sec, who have formed a resistance movement against the military leadership that has taken control of British government.Interestingly, like within the crypto asset space, decentralisation seems to be one of the central themes of the new title. Rather than play as a single member of the hacktivist group, you can swap and change them at leisure. This removes any central character from the efforts of the “good guys”.The creative lead on Legion, Clint Hocking explains: “It’s not about the hero who’s going to come down from the mountain and save us all. We really wanted to abdicate that notion that there’s someone in the end who’s going to be responsible for it all. It’s not – it’s going to be us… It was really tough to give up on the things we could achieve with the ease of having a core protagonist. But then again all of the innovation is driven towards making it so that anyone you pick off the street can be that protagonist for you.”Unfortunately, there is little information about how the cryptocurrency is used in the society portrayed in Watch Dogs Legion yet. However, from clues to the game’s plot divulged at E3, it sounds like crypto asset use has become a matter of necessity thanks to the crashed economy, rather than free choice or one that has been forced on the population from above. Unfortunately, you’ll have to wait until March 6, 2020 to see for yourself how the concept of digital currency works within the game narrative though.Although this detail is unclear, for now, it’s certain that the more crypto assets receive such mainstream attention, the more they are normalised in society, and the further the public perception gets from tried old “drug dealer” and “money launderer” rhetoric of yesteryear. This can only be good for long-term crypto and Bitcoin adoption.To get you in the mood for Watch Dogs Legion, here’s the trailer. Related Reading: Pop Culture Shift: Nike Forays into Crypto as Technology Continues Going MainstreamFeatured Image from Shutterstock.
The world of crypto assets is often a rather daunting and confusing place. As a newcomer, it can be difficult to hone in on good information to start your Bitcoin educational journey off right.With that in mind, we thought we’d put together this reading list of resources aimed to help newbies find their feet in crypto quicker. Every individual armed with good information and a passion for Bitcoin is a promotional asset to the wider digital currency movement, which, of course, we’d love to see grow.Expand Your Bitcoin Knowledge, Fast!In an effort to promote greater Bitcoin understanding globally, respected advocate of the space and CasaHODL CEO, Jameson Lopp has just overhauled one of the space’s best resources for those wanting to get started in digital currency. Lopp Tweeted the following of the website redesign earlier today:https://t.co/8ZsrcEwSfa has been reorganized to improve readability and scalability – 500 links on a single page was a bit much! Still plenty of work to do, but feedback is appreciated.— Jameson Lopp (@lopp) June 11, 2019Lopp’s list of resources is reportedly open source and the coder and CEO requests that feedback on the material be submitted via GitHub. It is an ideal first stop for a budding crypto enthusiast or further learner and has pages dedicated to beginner concepts, along with much more advanced literature focused on mining, understanding how fees are calculated, and even working out what taxes you might owe through investing or trading.The material Lopp has sourced is from a variety of different contributors and is presented in both original documents – such as the Bitcoin Whitepaper itself – along with video summaries of different concepts and numerous articles. Conveniently, Lopp has labelled different resources as “non-technical”, “a bit technical”, etc.Another resource we recommend for those absolute beginners wanting to get an overview of the potential impact that Bitcoin could have on the planet is Andreas Antonopoulos’s second book on Bitcoin, The Internet of Money. We recommend starting with his second book since it has been comprised of talks by the computer scientist, often delivered to rooms full of people without technical backgrounds. As a primer to the subject, it’s a relatively easy read that has no doubt been responsible for the enduring crypto passions of many readers.For those wanting to delve more into the computer science side of digital currency, Antonopoulos’s first book, Mastering Bitcoin, is perfect to start thinking about actually building applications on the Bitcoin network. Be warned, however, after the first few chapters, the author does get highly technical. We’d only recommend a deep dive into this one if you have an interest in creating applications, have a strong background in coding, or have read everything else you can get your hands on. This first chapters are also useful for starting to understand some technical aspects of Bitcoin from the layperson’s perspective. However, it does get deep pretty quickly.If you’re more interested in the implications of Bitcoin set in historical context, we recommend Saifedean Ammous’s book, The Bitcoin Standard: The Decentralized Alternative to Central Banking. In his work, the Lebanese professor of economics discusses the current fiat monetary system as an historical anomaly. He looks at how economies of yesteryear that were based on sound money – gold – were able to prosper and how a future economy backed by Bitcoin could create a shift in the very consuming habits of humanity. He argues that hard money – gold, Bitcoin – encourage people to save rather than spend. This in turn could reduce the rampant consumerism that much of society is based around today and that is systematically destroying the delicate ecosystem in which we live through waste and unnecessary manufacturing.Ammous’s book has been criticised by some for brushing over certain aspects of history to suit the Austrian economic narrative that the author obviously identifies with. Whilst we definitely recommend giving it a read if you’re wanting to understand more about where Bitcoin could be heading and why it is an important reaction against fiat currency, we also recommend taking a critical eye to the text, rather than receiving it as gospel.Finally, if you have little ones and you want to get them started in the world of crypto, all of the above might be a little overwhelming for them. For these young learners, we recommend the recently penned, B is for Bitcoin. Author and crypto enthusiast Graham Moore explains his work in the following video.This book might have your kid mining Bitcoin by their next birthday. pic.twitter.com/Sv1zzgIFQZ— VICE Canada (@vicecanada) June 4, 2019As you can see, B is for Bitcoin is certainly simplified and will introduce important concepts to your kids. However, as a parent, unless you’re up-to-speed with the other resources listed above you might find your little one asking you a few potentially awkward questions. Put simply, when you get up to “D is for Decentralise…. all of the things” you’re probably going to at least need to explain the concept of decentralisation in a way that a very young child can understand, as well as exactly why it’s perceived as being an important quality. So, you’d better hit the books first then! Related Reading: Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National CurrenciesFeatured Image from Shutterstock.
More nations appear to be starting to see the folly of fiat currency. With growing calls for gold-backed currencies for international settlement, there may be an opportunity for Bitcoin to facilitate trade deals with far less manipulation than possible when using national currencies.Evidence is mounting that countries are more distrusting of one another and in particular of the US dollar and its potential for manipulation. This is driving nations to seek out alternatives.Is Global Settlement Currency the End Game for Bitcoin?As NewsBTC covered recently, the Malaysian Prime Minister has advocated a gold-backed currency for use between East Asian trading partners. The leader argued that the current use of national currencies left room for manipulation by Forex traders. This can have disastrous impacts on economies, even when said economy has been growing.Earlier today, Max Keiser and Stacy Herbert appeared on RT’s Keiser Report to discuss the Malaysian Prime Minister’s proposals. The two argued that the current system of using a fiat currency for international settlement was indeed flawed and that a sounder (less prone to manipulation) form of money, like gold or Bitcoin would be preferable:“The reason why gold works is because it’s trustless. You don’t have to trust that someone is printing up a whole bunch of money.”Herbert then went on to state that distrust was growing around the globe and that nations like China, Malaysia, Turkey, Russia, and others were stockpiling gold in order to reduce dependence on the dollar. With nations finding it more difficult to trust one another, a fair “yardstick” is needed to measure each nations’ performance.Given that Bitcoin offers an even sounder monetary policy than gold – it is issued at a consistent rate and has a total supply that is actually known – this growing distrust amongst nations and what Herbert describes as a deglobalization movement around the world could also create an opportunity for Bitcoin to be used in international settlement.After all, gold has some limitations that make it ill-suited for the digital age. With information being able to travel around the world almost instantly, surely value needs to as well. Gold is hideously expensive to transfer, store, and protect. Compare this to Bitcoin and the perks of crypto assets become clear.Given that the US seems hell-bent on normalizing the quantitative easing (printing money) that was originally introduced as a temporary measure, there is good reason for the growing disillusionment with the US dollar.Keiser went as far as to call the US dollar a “hyper-inflated bubble” thanks to the Federal Reserve’s reliance on printing its way out of issues. His guest, Alasdair Macleod, of GoldMoney.com, rather poetically referred to the policy as the “last refuge of the scoundrel” and that it was the only weapon available to central banks, even if it didn’t work:“The idea that you can rescue an economy by debasing wealth is absolute lunacy.”With tensions between the US and China still high with regards to the ongoing trade war, there seems little to suggest that efforts to de-dollarise around the world will stop anytime soon.Keiser believes that the dollar’s demise is inevitable at this point and that its pending crash will see a huge influx of capital into safe-haven assets, such as gold, and perhaps even Bitcoin too.Related Reading: Crypto CEO to Preach Bitcoin at Gold Mining Investor ConferenceFeatured Image from Shutterstock.
More than $5 billion have entered the Bitcoin market in the last hour or so. The price of the leading digital asset at around midday GMT today was about $7,668. At the time of writing, it has since surged to almost $8,000 again.The most popular crypto asset by market capitalisation actually surpassed the $8,000 point on some exchanges. At the time of writing, the price of Bitcoin on long-serving crypto exchange BitStamp was actually $8,007.Is the Bitcoin Bull Run Back On?In contrast to 2018, the general trend in Bitcoin prices has been upwards so far this year. In fact, the price started off 2019 floating around the $3,700 price point. It would trade sideways for the first few months before starting to increase.The price of Bitcoin has been increasing through 2019.In April, the gradual uptrend became much more pronounced. During the next couple of months, the Bitcoin price would surge to just shy of $9,000 at the end of May.Following such an epic year-to-day run of more than 140 percent, the market has let off a little steam and since dropped back to the low $8,000s where it proceeded to trade generally sideways until today.For now, there is little to indicate what exactly has caused the sudden surge in buying pressure. In fact, the recent price action has left some traders confused:Go home bitcoin. You’re drunk. pic.twitter.com/5qiWl5J3v9— Don #FreeAssange (@smartbrain) June 10, 2019Although much of the news surrounding Bitcoin in recent months has been bullish (Fidelity, Bakkt, the environmental cost of mining report), there does not appear to have been one precursor behind the surge in prices experienced today.A Green Day Across Almost All CryptoWhilst for now we’re at a loss as to what has actually caused today’s Bitcoin price surge, the same trend can be observed across almost all of the crypto market.Of the top ten leading coins, all have experienced the recent surge – albeit to different degrees.Some pretty impressive gains seen in the Crypto space today with Litecoin (+10%) leading the way higher #bitcoin #cryptocurrency #Ethereum pic.twitter.com/ko7r2wt5pH— David Cheetham (@DavidCheetham3) June 10, 2019Fourth most popular crypto asset Litecoin (LTC) leads the pack with an impressive 7.68 percent 24-hour gain and just shy of 10 percent gains over the last hour or so.Driving much of the enthusiasm for Litecoin of late is certainly the block reward halving that is due to occur in August this year. The event has many people excited since the supply of new Litecoin being released in each new block will be cut in half. With less crypto coins available to buy, any increase in buying pressure should have a more dramatic impact of prices than previously observed, hence people wanting to load up on Litecoin now.Since it borrows so much of the same code as Bitcoin, the same halving of the block reward will occur on the Bitcoin network in 2020. If previous examples of the historic event are anything to go by, the halving could well drive the price of Bitcoin to levels that seem unimaginable today. Related Reading: Why Former Wall St Exec Says Facebook Crypto Push Would Boost BitcoinFeatured Image from Shutterstock.
A report into Bitcoin mining has determined that Bitcoin is not the environmental disaster it is often painted as in the media. It turns out that the sophisticated computer units securing the network are mostly being powered by clean, renewable energy.The revelation comes at the same time that Bitcoin hash rate is close to its all-time high. This means that the network itself is also close to the most secure it has ever been.Bitcoin Miners Favour Green Energy: Take That, Environmentalists!It looks like one of the Bitcoin naysayers’ favourite arguments might soon be obsolete. Researchers from CoinShares claim that the network is actually running on around 75 percent renewable energy.The crypto investment products and research firm have just published the third instalment of its Bitcoin Mining Report.Much of the report focuses on the profitability of Bitcoin mining. It states that Bitcoin can currently be mined profitably at a price of around $3,300 / BTC.The report also found the following:The network was growing in line with five years trends, although mining equipment sophistication is accelerating faster than expected.Miners prefer areas with abundant hydroelectric power – Scandinavia, The Caucasus, The Pacific North West, Eastern Canada, and Southwestern China. These areas are thought to be favoured because much of the power generated there goes unused.However, the most interesting bit of the document is the overall estimates of how much of the network relies on renewable energy.Bitcoin is often attacked by environmentalists as being wasteful. They argue that the fact that the network consumes the same amount of electricity as some nations on the planet is unacceptable. However, such an argument is highly reductionist as it does not take into account just where that energy was sourced from.The new figures from CoinShares pour water all over the argument that Bitcoin is a natural disaster waiting to happen.BTC: Clean, Green, And Secure as EverAt the same time as Bitcoin also being revealed to be much more environmentally sound than most appreciated, it is also close to its all-time high in terms of hash rate.Image Courtesy of Blockchain.Hash rate, in layman’s terms, refers to how many times a computer system can guess a string of letters (hash) that allows them to add a block of transactions to the Bitcoin blockchain. Each Bitcoin mining unit will have its own hash rate. The above graph shows all the hash rates of the miners working to secure the network combined. The high hashing power of the network has resulted in the network being the close to the most difficult to attack that it has ever been.In fact, original Bitcoiner and CasaHODL CTO, Jameson Lopp, highlighted the following potential attack vector as being more expensive to successfully exploit than it has ever been.The amount of time it would take for an attacker with 100% of the Bitcoin network hashrate to rewrite the entire blockchain has reached an all-time high of over 400 days. pic.twitter.com/kCk8ZKlIqH— Jameson Lopp (@lopp) June 7, 2019 Related Reading: Think Bitcoin is Wasteful? Have You Ever Thought About the True Cost of Fiat?Featured Image from Shutterstock.
According to Google Trends, the term “Bitcoin” one of the most popular right now on the planet’s leading search engine. In fact, it’s currently outperforming some of the most consistently popular search terms of the last few years.Interestingly, the web analysis tools also shines some light into internet users’ preferred nomenclature. It appears most Google searchers prefer to use the term “crypto” over “cryptocurrency”.Bitcoin Outperforming Typical Heavy Hitters in Terms of Google SearchesGoogle Trends is a fantastic tool for comparing how different search phrases compare in terms of popularity. It therefore provides a window into what the internet users of the world are passionate about. One of those things right now is Bitcoin.According to a post by Ethereum-focused blockchain software company ConsenSys, the term “Bitcoin” is being searched for will more frequency that many other consistently popular searches.When compared with the term “Donald Trump”, ConsenSys found that the last twelve months has seen the two popular search terms jostle for dominance, with “Bitcoin” breaking out in recent months. Naturally, when people hear about rising Bitcoin prices, they are much more inclined to search Google for the crypto asset.When Bitcoin prices increase, so too do the numbers of people Googling the crypto asset.Unsurprisingly, searches for the US President dominate over those for Bitcoin in North America. Meanwhile, South America, Europe, Australia, and much of Asia shows the opposite.The terms “Tesla” and “Kim Kardashian” were then included in the comparison. “Tesla” actually outperformed Bitcoin over the last twelve months on average and is currently at almost equal popularity as a search term.A surge in the numbers Googling “Kim Kardashian” in recent months wasn’t enough to overtake Bitcoin, however. At almost the exact moment interest picked up in the media personality, Bitcoin’s price rally was noticed leading to more searching for the crypto asset.Who’s Googling Ethereum?Following the numbers about Bitcoin versus other popular search terms, ConsenSys have also published some comparisons about Ethereum.Terms such as “climate change”, “Jeff Bezos”, and “Lionel Messi” all ranked higher on average than the smart contract platform over the last twelve months. The only one of those three that the “Ethereum” search term beats at the time of writing is actually football star Lionel Messi – hardly surprising given it’s the end of the season and there are no international tournaments this year.Crypto or Cryptocurrency?More interesting than the numbers about Ethereum search patterns are those relating to the nomenclature surrounding the digital asset space. When ConsenSys compared the terms “crypto” and “cryptocurrency”, the former was found to be considerably more popular.However, there are a few nations around the world that still prefer to search for the full “cryptocurrency” term. India, Malaysia, Kenya, and Nigeria are all amongst this group. Of course, the fact that many find typing eight more letters hideously laborious will have had an impact on these numbers. Related Reading: Bitcoin is the Hottest Trend on China’s Search Engine, Will Capital Flow In?Featured Image from Shutterstock.
One of the largest names in European football has just announced a partnership that will allow it to sell tickets and merchandise for cryptocurrency. Lisbon-based Benfica will be working with the crypto asset payment processor Utrust.Whilst there have been other examples of football clubs welcoming digital currencies in some capacity in recent years, none so far have been quite as big in terms of reputation or fan base as Benfica. There is hope that the move will make the club more appealing to tech savvy football fans in the Iberian nation.Benfica Working With Utrust to Make Crypto Ticket Sales a RealityPortuguese football club Benfica have announced that they will become the first major European team to accept crypto asset payments. According to a report in SportsProMedia, fans of the Lisbon-based club will be able to buy tickets and merchandise using digital asset payments.The beautiful game just got much prettier after ⚽European football giant Benfica ⚽announced they’d be accepting bitcoin and Ethereum payments.-> https://t.co/5iYAVLIZPV— SportVEST (@SportVESTVC) June 6, 2019Like many crypto acceptance stories, there is a little more to Benfica’s welcoming of digital currency than immediately meets the eye. Unfortunately, the franchise will be working with Utrust to enable to additional payment options. Although NewsBTC is not privy to details or the agreement between the two firms and for all we know Benfica could be planning on holding cryptocurrency proper, the use of a payment processor indicates that the executives at the club are still much more accepting of euros than they are Bitcoin or other crypto assets.That said, high profile announcements such as this and those by Wholefoods, AvNet, and others are great for the public perception of crypto. Many people still associate Bitcoin and other digital currencies with the dark web and other nefarious uses. The more they see “pay with Bitcoin” options in the real-world and online, the less likely they are to make these connections and these associations will slowly dissolve. This can only be good for the industry.An executive at Benfica, Domingos Soares de Oliveira, stated the following of the partnership:“Our benfiquistas [supporters] make Benfica the unique and special club it is and we recognize that many of our supporters are now digital users first so we want to be ahead of the curve when it comes to adopting novel technologies and giving our supporters the best online experience.”Meanwhile, Nuno Correia, the co-founder of the Utrust crypto payment processing platform stated:“This partnership with Portugal’s number one football club marks a major milestone for Utrust and the blockchain ecosystem as a whole. Benfica is one of the biggest sporting clubs worldwide and we are delighted to be making cryptocurrency payments possible for their 14 million supporters around the world.”Although certainly the biggest name from the world of football to directly accept digital currency payments, Benfica is by no means the only club to express interest in the technology. Previously, NewsBTC has reported on the likes of Gibraltar United paying players in crypto, Paris Saint-Germain experimenting with blockchain-based fan voting, and even a small Italian club being bought using a digital currency.Similarly, there have been numerous reports of sponsorship deals between big football clubs and crypto companies. Last year, seven Premier League teams partnered with social trading platform eToro and SportyCo sponsored the La Liga Dream Team Espanyol. Related Reading: Global Bitcoin Acceptance Up More than 702% Since 2013Featured Image from Shutterstock.
The next bout in the ongoing Bitcoin versus gold debate looks set to take place on the home-court of advocates of the shiny precious metal. A CEO from a crypto asset investment firm will be speaking later this month at a large event held for those wanting to invest in the traditional mining industry.The drawing of similarities between the two asset classes is nothing new. However, recent efforts by Grayscale Investments have intensified the debate over which is better suited as a store of value.Bitcoin Vs Gold: The Debate ContinuesThe world’s most popular crypto asset by market capitalisation will be represented this year at the third annual Mining Investment Europe event held in Frankfurt, Germany later this month. Whereas the event typically focuses on global investment opportunities related to the traditional mining industry, this year, crypto will have a platform too.Swinging for Bitcoin’s corner will be Patrick Lowry, the CEO and Managing Partner of Iconic Holding, a crypto asset management firm that was founded in early 2017 and is apparently “the world’s first decentralized venture capital group.” Previously, Lowry was an auditor at PwC and has experience in venture capital investments and private equity.According to a Twitter post, from a division of Iconic Holding, Lowry’s presentation will be titled “Why Bitcoin is the New Digital Gold.”Join our CEO Patrick Lowry @IconiqPat at the opening keynote ‘Why #Bitcoin Is The New Digital Gold’ at the Mining Investment Europe Conference @MiningTech1 in #Frankfurt, 16th-18th June!https://t.co/BHdbaw5qIo pic.twitter.com/9ocQRWXyFl— Iconic Lab (@iconiclabvc) June 6, 2019Joining Lowry over the course of the weekend of the 18th to the 19th of June will be names more typical for a precious metals and resource mining investor conference. Representatives from the World Gold Council, the Swiss Mining Club, the Australian Government, and other companies and institutions focused on mining investments will be joining Lowry to present at the event.Recently the debate between gold bugs and crypto fanatics over whether Bitcoin or gold is a better store of value has stepped up a notch making Lowry’s appearance all the more relevant. Grayscale Investments has been running an advertising campaign using the hashtag #DropGold to try to turn investors onto the emerging asset class. The crypto asset fund is hoping to convince gold bugs take up positions in Bitcoin since it offers many advantages over the traditional store of value asset – it’s portable, easy to store, easy to transact with, and completely uncorrelated to any other market.The main reasoning behind the argument that Bitcoin is a more efficient version of gold for the digital age is down to its entirely known and regular supply. Gold has long been favoured as a suitable form of money due to its relative natural scarcity and how difficult it is to counterfeit. However, there is theoretically no limit to the amount of gold in the universe and advances in technology will certainly mean that human can mine deeper and explore further into the solar system in the coming years. Finding a huge amount of gold, like the vast quantities known about out of reach of current mining tech, would crash the market instantly.Meanwhile, Bitcoin’s supply is one of the rules of its network and these rules are enforced by the most powerful network of computers ever. It is this fact that has so many Austrian economists excited about the asset’s future. Hopefully, with Grayscale and Lowry’s help, a few more gold bugs will get onside too. Related Reading: This Prominent Investor Sees Bitcoin Surpassing Gold as a Store of ValueFeatured Image from Shutterstock.
The inventor of the reality television programme “Big Brother”, John de Mol, has sued Facebook over its negligence in policing the advertisements it allows on its platform. The Dutch billionaire has been the face of a fake advertising campaign for a Bitcoin investment platform.De Mol is not the only celebrity to have had his image usurped to generate trust in a scam investment platform. The scam has become so rife that Dutch authorities estimated that it cost victims almost 2 million euros last year.John De Mol: Facebook Should be Doing More to Stop Bitcoin-Related Scams AdvertisingAccording to report in Reuters, social media giant Facebook is being sued by the Dutch creator of the “Big Brother” reality television series. John de Mol alleges that the company should have done more to stop a fraudulent campaign advertising a Bitcoin investment platform.An image of the billionaire entrepreneur was reportedly used alongside various advertisements for a scam Bitcoin investment platform. De Mol’s legal representation told an Amsterdam District Court judge that the company had not done enough to prevent the advertisements and that his complaints were not responded to quick enough.Jacqueline Schaap, of De Mol’s legal team, argued that her client’s reputation had been damaged since his face was used to lure victims into clicking the advertisement. Many were subsequently defrauded, besmirching the entrepreneur’s name in the process. Del Mol’s lawyers also state that a total of almost 2 million euros have been taken from Dutch investors who believed they were investing in Bitcoin or some other crypto asset-related business.The billionaire’s legal team states that De Mol was just one of numerous Dutch celebrities used for the Bitcoin-based scam. Previously, NewsBTC has reported on many different versions of the same scam. Often, they involve the use of some respected, high profile public figure with an interest in investment or entrepreneurialism. Common targets are individuals appearing on “Dragon’s Den” or “Shark Tank” style shows.Previously, Rob Leathern, a manager at Facebook, stated that the company took complaints like De Mol’s seriously:“We take the issue of misleading ads that violate our policy, and those that feature public figures, very seriously. These include the ads impacting Mr. De Mol.He went on to state that the company does its best to prevent such advertising but those behind it were persistent, well=funded, and always changing tactics to get around the preventative systems Facebook has in place.De Mol’s lawyers state that greater efforts by Facebook should have been made block such fraudulent Bitcoin investment advertisements. Schaap argued that the current self-reporting system that the social media website relies on was not enough:“I don’t know what reality Facebook lives in, but that doesn’t work.” Related Reading: Remarkably Basic Scam Nets Criminals $2 Million in Bitcoin and Other AssetsFeatured Image from Shutterstock.