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Canada-Based Purpose Bitcoin ETF Registers New ATH in Holdings

Bitcoin ETFs continue to see high demand despite the drop in the price of Bitcoin. Canada-based Purpose Bitcoin ETF (BTCC) holdings are at an all-time high. The Purpose Bitcoin ETF, which was the world’s first liquidated Bitcoin ETF, currently holds around 32,329 Bitcoins.

Purpose Bitcoin ETF Holdings Up 31% Since November

According to data from Glassnode, Purpose Bitcoin ETF holdings are currently worth more than $1.3 billion. Market analyst “On-Chain College” notes that the ETF has added around 7,700 BTC since November. This represents an increase of 31% in the period.

The Canadian ETF target #Bitcoin Spot has increased its holdings by 31%, or ~$7,700 BTC, since the end of November.

The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj

— OnChainCollege (@OnChainCollege) February 28, 2022

The new milestone comes after the ETF recently experienced one of its biggest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, marking some highs among investors amid a market crash.

The ETF also recently surpassed a year since it was launched on the Toronto Stock Exchange. Celebrating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving cryptocurrency adoption in Canada.

In a press release, Som Seif, founder and CEO of Purpose Investments, noted that the ETF had plans to expand further. The company revealed plans to launch in Australia through a partnership with Cosmos Asset Management in 2022.

 Working on the frontier of finance and technology, we are committed to driving innovation in this space and leading the next generation of asset management, wealth management and banking for SMEs, said Seif.

The US market has yet to see its first Bitcoin spot ETF

Countries like Canada, Switzerland, Germany, and Brazil received cash-settled Bitcoin products. The performance of these instruments in these countries has shown that investors prefer Bitcoin ETFs that are cash-settled.

However, the US Securities and Exchange Commission (SEC) continued to adamantly reject Bitcoin ETFs settled on the US trading venue. The commission recently requested public comment on the mess.

Seizing the opportunity, Grayscale launched a campaign for the public to submit comments to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC), the world’s largest Bitcoin fund with over $25 billion in AUM, into an ETF. In the meantime, market participants remain vigilant as to when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first cryptocurrency custodian.

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Francis Suarez: Miami Coin is going nowhere

Despite its record price, the Miami Coin will be around for some time, according to Mayor Francis Suarez.

Miami currency price is low

Miami Coin is a new digital asset created for the city of Miami, Florida. The coin has only been around for a few months, but it is part of the region’s goal of becoming one of the most crypto-oriented cities in the United States. Suarez initially commissioned the coin to give residents the opportunity to pay utility bills with digital currency, though the asset has now expanded into something much bigger. The currency offers gambling opportunities and has become a staple of Miami life in many ways.

There is only one small problem… The coin is trading at an unusually low price. Since its launch six months ago in August 2021, Miami Coin has been “enjoying” the lowest share price in its short history. Despite this, Francis Suarez says the city has no plans to abandon the cryptocurrency initiatives it intends to instill, one of which is the increased use of Miami Coin.

In a recent interview, Suarez assured viewers that the coin was not a flop, explaining:

It has been a success from the point of view of what it has done for the city, hasn't it? It generated $20 million in revenue for the city because a percentage of the mining profit is set aside in a digital wallet for the city. That's $5 million that we use for rent stabilization funds. We're seeing that because of inflation, rents are going up across the country and the other $15 million, we're doing something very innovative.

That’s not the only thing we need to keep in mind.

He went on to say that while he acknowledges the low trading price, he doesn’t think price is always the best indicator of how a coin is doing, pointing to bitcoin’s dismal (and recent) drop to around $36,000 at the time. from USA I write. example. He says:

Obviously, the price has dropped significantly. I have never been obsessed with price, neither bitcoin nor Miami Coin. I think what Mark Cuban said is very accurate. This is the first entry, all of these technologies, and what's important is the rate of liquidity that can go in and out, because utility is essentially what's going to be important to whether any of these technologies will survive in the long run. . They are very useful? Do they provide people with the ability to exchange these currencies for goods in several different countries? Do you allow shipments? Do they break authoritarian regimes because they don't control the currency? I mean, there are a lot of great use cases, and whether all of them will be used remains to be seen.

Not long ago, Suarez engaged in some online banter with New York Mayor Eric Adams about which city would become the most crypto-friendly in the country.

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Uber CEO Recognizes Possible Integration of Crypto Payments

Uber Technologies CEO Dara Khosrowshahi recently made statements that the ride-sharing company will accept cryptocurrencies in the future as the industry becomes “environmentally friendly” and less expensive.

In an interview with Bloomberg, Khosrowshahi said that the company “at some point” will accept cryptocurrencies, but acknowledged that he still has reservations about it because the “cryptocurrency exchange mechanism is expensive”, adding that such a method is also “not good for the environment”. .”

Khosrowshahi says Uber is still evaluating integrating cryptocurrency payments for its ride-sharing services, which have a global presence.

“Will Uber accept cryptocurrencies in the future? Absolutely. At some point. This is not the right time, but we will.” Khosrowshahi notes.

The executive noted that Bitcoin, along with other cryptocurrencies, has become valuable over time. Khosrowshahi is known as one of the early advocates of Bitcoin. During his 12-year tenure at Expedia, a travel booking platform, Khosrowshahi made the platform one of the first major merchants to accept Bitcoin as a form of payment in 2014.

“I think now what we see with bitcoin and some of the other [cryptocurrencies] is that they are quite valuable as a store of value,” Khosrowshahi said. “As the exchange mechanism becomes less expensive and more eco-friendly, I think you will see us leaning a little more towards cryptocurrencies.” he adds.

Uber has not made any definitive statements on the matter, other than those mentioned by its boss. Since its inception, Uber has not made any moves in the crypto space. Notably, however, Uber co-founder Oscar Salazar moved into the cryptocurrency industry by founding Voyager, a cryptocurrency exchange, in July 2018.

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What can Crypto do for the world?

When Bitcoin was first launched in 2009, no one knew the dramatic impact cryptocurrencies would have on our world. Today, blockchain technology is used everywhere, pioneering a technological revolution across the world.

The decentralized nature of cryptocurrencies has awakened people to the potential of their powers. With no banks or intermediaries of any kind, cryptocurrencies allow people to send payments, make investments and buy certain goods and services without limits. In addition, NFT, DAO and DeFi allow self-management of property rights, operations and financial services, respectively.

In addition to technological applications, people have discovered that cryptocurrencies can be used to do good, both for the planet and for humanity as a whole. In a project called “Cardano Forest”, Veritree, a restoration group that uses blockchain to track and verify restoration projects, has planted over 1 million trees in different parts of Madagascar, Indonesia, Nepal, Kenya, Senegal and Haiti. The operation was funded by Cardano’s philanthropic holders, with some donations reaching tens of thousands of ADA tokens.

Blockchain is perfect for project tracking and verification because of its immutable and transparent nature: transparency makes publicly stored data verifiable and immutability makes that data tamper-proof. These aspects also make blockchain ideal for managing digital asset ownership, enabling efficient issuance and trading of stocks and bonds on-chain.

Bob Eco Ltd, an environmentally-focused electric vehicle company offering electric two- and three-wheel vehicles in developing countries. Bob Eco is a pioneer in the digital asset space raising funds through something he calls “ICOWA” or “ICO with Assets”. ICOs, or Initial Coin Offerings, are fundraising events during which cryptocurrency projects sell utility tokens to early investors to raise capital. In an ICOWA, digital asset tokens are sold, not utility tokens.

Bob makes a difference by supplying electric motorcycles and electric tricycles in Africa. Bob Eco offers there on a self-rental basis, which are custom built to transport passengers and deliver food, packages and products.

Bob’s also offers a real-time exchange service that allows Bob’s riders to change their motorcycle batteries for free; this saves passengers about $4.40 in fuel a day, making them nearly four times as much as traditional gas-powered motorcycle taxis. Bob motorcycles are the world’s first mass-market electric vehicles that cost less to own, maintain and operate than a fuel-powered vehicle.

As African fuel-powered motorcycle taxis emit around 5 tonnes of carbon dioxide (CO2) every year, Africa’s 100 million motorcycle taxis emit 500 million tonnes of CO2 emissions every year. Bob’s goal is to see all motorcycle taxis go electric in the next 10 years, helping passengers and the world.