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MicroStrategy Exec Defends BTC Despite Crash

MicroStrategy, the software giant that began investing in bitcoin in August 2020 and has since become one of the cryptocurrency’s largest institutional backers, lost more than $1 billion worth of BTC after the recent crash.

MicroStrategy still thinks BTC is the bomb

Bitcoin and various other digital currencies have not been doing well lately. In fact, they are in very bad positions. BTC, for example, hit a new all-time high of roughly $68,000 per unit in November of last year. Today, it is trading at just over $20,000 per unit, meaning virtually all of the gains the coin has made over the last five years are gone. The coin is down around 70%, while assets like Ethereum are even lower, trading around 75% below their all-time highs.

Despite the gloomy news, Michael Saylor, CEO of MicroStrategy, continues to defend BTC, stating in a recent series of tweets and social media posts that it is the best thing for the decentralized finance (defi) space.

On Twitter, Saylor wrote the following:

The strong ethical, economic, and technical foundation for defi is #bitcoin. The next generation of defi will be built using the #Lightning protocol and the #BTC token.

He was also quick to comment on the recent behavior of the Securities and Exchange Commission (SEC) around the regulation of cryptocurrencies. He says:

Today @GaryGensler discussed #crypto regulation with @WSJ. Aside from #bitcoin, most cryptocurrencies (especially POS networks) represent unregistered securities without the full and fair disclosures necessary to protect investors.

There is a dark cloud hanging over MicroStrategy as it recently took out a huge loan to buy even more units of bitcoin. This was before the recent bloodbath that started to take place, and it was claimed that if Bitcoin dropped to $21,000 or below, a margin call would be required. Now that the asset is below that threshold, people are wondering if that call will come through.

Saylor, however, is working to reassure merchants that the company is in a good place and no calls have yet been made. He stated:

As long as the Silvergate loan remains secured with an LTV of less than 50%, there will be no margin call. We manage accordingly.

MicroStrategy, before its bitcoin purchases, was known for producing software, though now the company has become synonymous with the world’s number one digital currency by market value. The company started trading BTC about two years ago and hasn’t stopped since.

At one point, the company had over $5 billion in BTC funding, though that number has likely dropped significantly with the recent bear market in play. The company, however, has inspired many other institutions, such as Square, to take BTC seriously and start investing.

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Binance Eliminates Bitcoin Trading Fees on 5th Anniversary

The world’s largest cryptocurrency exchange will eliminate bitcoin spot trading fees effective July 8, as it celebrates its fifth year of operations.

Binance will eliminate bitcoin trading fees on its global platform to celebrate its fifth anniversary.

The move by the world’s largest cryptocurrency exchange comes on the heels of a similar strategy adopted by its US subsidiary, Binance.US. At the end of last month, the US company eliminated fees for spot bitcoin trading, as it sought to increase its presence in the country and generate competition. Shares of American rival Coinbase took a hit after the feature was announced.

Binance’s move covers more ground than its American counterpart. The global exchange said in a press release on Wednesday that from July 8, 2022, users will be able to trade fee-free spot BTC in 13 pairs, between fiat and stable currencies, including the euro and pound sterling. , as well as both. Most popular stablecoins on the market: USDT from Tether and USDC from Circle. Traders can get the benefit of reduced fees with US Dollars only on Binance.US.

“In keeping with our user-first philosophy, Binance has always strived to offer the most competitive fees in the industry,” Binance Founder and CEO Changpeng Zhao said in a statement. “At its core, Binance is an inclusive platform that takes accessibility into account. Removing trading fees on selected BTC spot trading pairs is another move in this direction.”

Other fiat currencies that will also be subject to the new free rule include the Brazilian real, the Australian dollar, the Russian ruble and the Turkish lira. The feature will be available “until further notice,” Binance said.

Despite providing a convenient gateway to Bitcoin, centralized exchanges can become a security hole if users take advantage of them as escrow providers. Those interested in reducing risk can mitigate exposure to third parties by insuring their own bitcoin, which, despite the learning curve, could pay off in the long run.

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The Italian government will provide $46 million in grants for blockchain projects

All companies developing IoT, AI or blockchain technology will be able to apply for government grants as long as the funds are used in specific sectors such as healthcare.

The Italian Ministry of Economic Development has announced that certain blockchain projects will qualify to apply for up to $46 million in government grants starting in September.

In an announcement on Tuesday, the ministry said that public or private companies and research firms will be able to apply for government funds for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund will have an initial budget of €45 million, approximately $46 million at the time of publication, for expenses and costs of €500,000 to €2 million as part of the Italian government’s targets for investments in technology, research and innovation.

“We support companies’ investments in cutting-edge technologies with the aim of stimulating the modernization of production systems through increasingly interconnected, efficient, safe and fast management models”, said the Minister of Economic Development, Giancarlo Giorgetti. “The objective of competitiveness requires the manufacturing industry to constantly innovate and utilize the potential of new technologies.”

The government ordinance was made possible by a decree in December 2021 that establishes the criteria for using the fund and a subsequent one in June 2022 in which the ministry established the terms and conditions for submitting applications. Under the decree, companies of any size will be able to apply for grants as long as the funds are used for IoT, AI or blockchain in sectors such as industry and manufacturing, tourism, healthcare, environment and aerospace.

As a member of the European Union, Italy is likely to be affected by recent regulations agreed by the EU Parliament aimed at bringing cryptocurrency issuers and service providers under its jurisdictional control under a single regulatory framework. The country’s securities regulator, the Italian Commission of the Stock Exchange and Companies, or CONSOB, has previously warned residents about the potential risks of investing in cryptocurrencies, while Organismo Agenti e Mediatori is largely responsible for granting regulatory approval. The regulator has given the green light to major cryptocurrency exchange Binance to open a branch in Italy.

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African Infrastructure Firm Raises $150M to Launch Crypto Water Token

A new cryptocurrency-powered water supply infrastructure system has received a massive investment from global investment firm GEM Digital.

South Africa-based H20 Securities has raised $150 million from investment firm GEM Digital through the sale of the H20N token.

By investing such a large amount, GEM Digital will have H20N tokens, which will be used to target funding for water distribution infrastructure in areas that do not have sufficient access to fresh water.

GEM Digital is a $3.4 billion investment firm based in the Bahamas that specializes in alternative investments such as digital assets and resource mining devices. H20 Securities aims to bring about more significant development in water infrastructure around the world and hopes that its solution will increase the availability of water for the world’s population.

In a joint announcement on July 4, H20 Securities CEO Julius Steyn said: “The focus with the H2ON token is primarily to finance water projects internationally and not so much the technical engineering and construction of such projects.” .

GEM Digital is used to investing in technologies designed to improve the environmental effects and living conditions of humanity. His portfolio includes investments in Changing World Technologies, a food waste processing company, and Neos Ocular, a company that produces lasers to improve vision.

GEM previously invested in digital asset management service QBNK Holding AB.

The H20N will be used to settle accounts between H20N network participants, including water plant operators and their customers. By raising funds to finance water projects, it aims to reduce the time it takes for water providers to deliver to new customers compared to traditional means.

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Sudbury woman saved from Potential cryptocurrency scam

One woman was in the right place at the right time, which kept her from becoming the latest victim of a cryptocurrency scam.

How a woman was stopped from being the last victim

The elderly woman is believed to have withdrawn approximately $30,000 from her bank account. He then headed to a bitcoin ATM in the city of Sudbury. There, she was directed, over the phone, by someone claiming to be on the Microsoft support team. They were giving you instructions on how to transfer the money through the machine and send it to a specific address.

Area police say what most merchants probably already know… that the caller was not from Microsoft. They were actually a scammer looking to get some cryptocurrencies they didn’t earn. Sudbury Police Spokesperson Lieutenant John Perodeau explained in an interview:

She was hacked. Fortunately, we were able to intervene and she was able to deposit the money into her account.

Crypto scams have increased in volume in recent years as the prices of many assets, despite recent declines, have risen sharply from two years ago. Perodeau says the woman fell victim to ransomware that ended up causing all files on her computer to be encrypted and locked. They gave him a phone number that he thought was Microsoft support. He called the department for help without realizing that this was all part of the scam.

He was instructed over the phone to buy bitcoins through the machine and send the funds to “Microsoft”. Perodeau explained:

As soon as you provide the code, the money will disappear.

Bitcoin ATMs are becoming much more common. On the one hand this is not a bad thing as it contributes to the growing legitimacy and popular appeal of digital currencies, but it has also led to the resurgence of crypto crime as with so many ATMs it is much easier to scam people and steal your digital funds.

Seniors are often targets of these types of scams because they don’t realize the breadth of today’s new technology. They also tend to have limited knowledge of cryptocurrencies and digital finance.