Connect with us


Wyoming: The Bitcoin Capital of USA



Lawmakers from Wyoming have introduced legislation that will allow the issuance of tokenized stock certificates on the blockchain.

Lawmakers from Wyoming have introduced legislation that will allow the issuance of tokenized stock certificates on the blockchain. The direct issuance of stocks on the blockchain is getting popularity throughout the world as it is being considered as the future of the stock exchange industry. House Bill 1085 would permit the use of tokenized digital share certificates in lieu of paper-based versions. If the bill is passed into the law would come effect on 1st July 2019. Two other very interesting bills have been passed recently in Wyoming.


Wyoming Utility Token Act Property Amendments:

The first one is titled the ‘Wyoming Utility Token Act Property Amendments’ or the ‘Bill 62’. It is significant in establishing a new asset class defining open blockchain tokens with specified consumptive characteristics as intangible personal property. This means that the said tokens will not require an exemption from federal security laws.

The bill goes on to say that the open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share or profits from a developer or business but instead will receive a fixed amount of consumable services, content or property.


The Financial Technology Sandbox:

Bill 57 is entitled The ‘Financial Technology Sandbox’ which creates a fintech regulatory sandbox. We have seen a couple of such sandboxes arising around the world. For eg, recently Bahrain announced a fintech sandbox. This is essentially a supervised inflexible testing environment that provides waivers for certain statutory and rules that would otherwise hamper innovation.

The establishment of this act in Wyoming also reportedly aims to foster a welcoming business environment for the developers of new financial products and services nearby attract fintech talent to the state.


Classification of digital assets:

Now in the most recent bill, Wyoming also offers three different classifications of digital assets which are digital securities, digital assets, and virtual currencies. This gives things like Bitcoin, the same treatment as money within the state. These classifications are nothing new but the application of these classifications to cryptocurrencies specifically is quite good as it provides regulatory clarity.

The bill also means that Wyoming could authorize banks to opt into an enhanced supervision regime for digital asset custody. This would be designed to meet the SEC’s requirements for digital assets. Essentially, this would put a bank at the steering wheel which would mean that we could see the operation in all 50 states. It would mean that bitcoin would have legal status without the involvement of any intermediary.

All the above things are building on a whole raft of previous legislation that has come through in 2018 with Wyoming senator and house representative passing things like ‘Bill 70’ which relaxed securities regulations and money transmission laws for certain tokens offered via ICOs in the state. Also, a separate house bill regarding the exemption of virtual currencies from the ‘Wyoming Money Transmitter Act’ was passed late last March as well as a bill exempting virtual currencies from state property taxation in February last year and a slew of further pro crypto and blockchain bills which have already been passed in Wyoming.


Cardano moving to Wyoming:

Cardano or more specifically IOHK is moving out of Hong Kong and moving to the USA and interestingly they are moving to Wyoming making Cardano, an American company. With this move, we might see other big companies such as Coinbase, Kraken or others also moving to Wyoming which could turn the state into the next silicon valley.


Alert: CME Bitcoin Futures Experiencing Record Breaking Volumes



These days saw the highest and rapid increase ever for Bitcoin futures on the Chicago Mercantile Exchange as the amount exceeded 18,000. Institutional investors are paying attention to this as the bitcoin future contracts get snapped up at an ever-increasing rate.


Record of BTC Contract Size on CME:

As per the stats of CME they were 18,338 on Wednesday, which is the highest figure ever recorded till now. This is equivalent to 91,690 Bitcoins or roughly $365 million at today’s prices.


Upcoming contracts enable explorers to bet on the prices rather than to purchase the physical assets. So these figures might be a little misleading.


When the new product which offers the physically settled contracts hit the market, they will be paying out in BTC which will drive tremendous momentum for crypto markets. Over the past year or so the expectation of a crypto Exchange Traded Fund (ETF) being launched has been telecasted and dominated the news. The year 2018, has been the year of regulation and cooling off which was only to be expected after the previous year of rampant FOMO and parabolic market action.


This year 2019, is expected to be different as many industry experts predict the launch of at least one institutional investment vehicle.


As per the Block European exchange giant, Eurex is preparing to launch crypto and bitcoin futures so the list of institutional offerings is increasing rapidly. The cognate exchange is operated by Germany’s Deutsche Börse, which will be offering Bitcoin, Ethereum and XRP imminently according to the report.


Exchange traded funds are the future:

In addition to these future products, there is already one type of Exchange Traded Funds that are actually traded through an ETN (exchange-traded note) which allows investors to get direct exposure to Bitcoin prices. The Grayscale Bitcoin Trust (GBTC) crosses the technicalities of buying and storing Bitcoin but still allows investors to get into the action by buying shares that trade at around a thousandth of the price of BTC.


GBTC has been highly popular with over $800 million which is already invested in the Bitcoin fund.


Furthermore, Bitcoin is the most popular. The fund eliminates the volatility of buying and owning Bitcoin directly which is something that institutions want.

Continue Reading


Elon Musk: Cryptocurrency is the future, Paper Currency going to end.



CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).


In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.


When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.


He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.


Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.


A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.


Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.


Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.


Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

Continue Reading


Tim Draper: Bitcoin Mass Adoption till 2021



Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.


By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.


Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.


Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

Continue Reading