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Bye-Bye Capital Gains? By Embracing Bitcoin This Country Could Attract U.S. Emigrants – Policy Expert

The policy editor at Forbes, Avik Roy, thinks El Salvador could become a popular destination for U.S. emigrants thanks to the announcement of its trailblazing Bitcoin policies. El Salvador President Nayib Bukele recently unveiled his plans to introduce legislation that would recognize Bitcoin as a legally accepted currency in the country alongside the US dollar. […]

The post Bye-Bye Capital Gains? By Embracing Bitcoin This Country Could Attract U.S. Emigrants – Policy Expert appeared first on The Daily Hodl.

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The policy editor at Forbes, Avik Roy, thinks El Salvador could become a popular destination for U.S. emigrants thanks to the announcement of its trailblazing Bitcoin policies.

El Salvador President Nayib Bukele recently unveiled his plans to introduce legislation that would recognize Bitcoin as a legally accepted currency in the country alongside the US dollar. It would be the first sovereign nation to accept BTC as legal tender.

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Roy, who also co-founded a think tank called the Foundation for Research on Equal Opportunity, says on Twitter that such a move could seriously alter the way US citizens look at El Salvador.

“Today, El Salvador is best known in the U.S. as a source of migrants. In the future, if @nayibbukele
is successful, El Salvador may become best known as a destination for emigrants *from* the United States, especially those who care about building the Bitcoin ecosystem.”

Justin Sun, founder of Tron (TRX), agrees.

Bukele responded to Sun on Twitter, listing additional reasons why moving to El Salvador is a good idea for crypto entrepreneurs.

“1. Great weather, world-class surfing beaches, beachfront properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for Bitcoin, since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs.”

Binance chief executive Changpheng Zhao appeared receptive to the Salvadoran president’s arguments, telling his 2.7 million Twitter followers they were “enticing.”

Roy says El Salvador’s pro-Bitcoin stance would also benefit BTC investors outside of the Central American country by further integrating the leading cryptocurrency into the world’s banking system.

“There are many reasons why this is significant. 1) in the US, Bitcoin is treated by the IRS as property, which means that every time you try to spend it it’s a taxable event. If $BTC is now a currency, it can be spent in a non-taxable way just like Euros or British pounds.

If the IRS needs to treat Salvadoran bitcoin as a currency, it makes bitcoin much more viable as a medium of exchange. 2) because Salvadoran banks will need to allow citizens to deposit & withdraw bitcoin, $BTC becomes much more deeply integrated into the global banking system.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/06/08/bye-bye-capital-gains-by-embracing-bitcoin-this-country-could-attract-u-s-emigrants-policy-expert/

Blockchain

Things Are Getting Worse For ETH As It Drops Below $2000

Things are getting worse for ETH as it drops below the $2000 price point on several major exchanges as we can see more in our latest Ethereum news today. Ethereum dropped below $2000 for the first time in a month and the HODLers hoped that today’s pullback will not signify the start of a longer-term […]

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Things are getting worse for ETH as it drops below the $2000 price point on several major exchanges as we can see more in our latest Ethereum news today.

Ethereum dropped below $2000 for the first time in a month and the HODLers hoped that today’s pullback will not signify the start of a longer-term bear market and the world’s second-biggest crypto by market cap dropped briefly below $2000 before it became accustomed to the price back in April and then again in May but each dip lasted for a few hours. Launched at the end of July 2015, Ethereum popularized the smart contract and enforced financial contracts executed on the blockchain so from smart contracts came to NFTs as the unique cryptocurrencies based on ethereum, starting a new craze that helped ETH to rise to $4100 this year.

eth chart
ETH 24/7 CHART BY COINGECKO

Non-fungible tokens are a very popular way to sell digital art since each token is one of a kind and we saw Beeple selling a collection of JPEGs as an NFT for $69 million this year. The bull run, Ethereum’s smart contracts spurred the developments of the Decentralized Autonomous Organisation, and the DAOs use automated decision-making processes as well as smart contracts to allow the group of people that remain anonymous to govern themselves like real organizations.

Even though scammers drained the original DAO out of $55 million in 2016, DAOs are the main thing for decentralized finance now. Polychain Capital CEO Olaf Carlson-Wee estimated that the DAOs raised major breakthrough in blockchain after digital cash. Ethereum 2.0 is expected to drop this year and the upgrade promised low fees, fast transactions processing, and a reduction in the overall energy requirement by more than 99% as the network moves to a greener proof of stake model. Even if things look bleak, Ethereum’s history proves that it is still an invaluable part of the diversifying crypto-verse.

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Ethereum’s London Hard Fork, eth, eip-1559

However, things are getting worse for ETH as the coin dropped below $2000 as the entire market did as well. As we reported recently, After a few days of adverse price developments, BTC calmed down at $33,000 while most alternative coins continued registering price losses with ETH sliding to $2200 again and XRP dumping more than 5% in one day. The workweek was going in BTC’s way for a few days as it spiked above $40K to a new 26-high at $41,375 as the community started preparing for a new leg up that can take the asset to $50,000 or higher while the bears regained control and BTC started losing.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/things-are-getting-worse-for-eth-as-it-drops-below-2000/

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Blockchain

U.S. Bitcoin Mining Firm Pioneers Alternative Flare Gas Energy

With the spotlight shining strongly on Bitcoin’s energy usage and environmental impact, mining firms are innovating new ways to harness renewable power to produce the next block.

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Denver, Colorado-based Crusoe Energy is capturing the energy from flare gas at oil patches and using it to mine Bitcoin.

The firm is now one of North America’s biggest BTC miners and has attracted investment from Coinbase Ventures and the Winklevoss twins, according to a recent report.

Renewable Bitcoin Mining

Crusoe claims that its system can slash the CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road.

The system works off the oil drilling industry, which often results in the discovery of natural gas in the wells. Drilling companies lack the infrastructure to sell the gas and so burn it off in a process called flaring.

Crusoe installs a piping system to divert the natural gas away from the flares and into generators, which in turn produce electricity that is used to power Bitcoin mining hardware. Crusoe Energy president Cully Cavness stated:


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“We pay the operator for the gas that we use in our generators, providing them with an incremental revenue stream where they were previously flaring the gas for zero,”

The firm has deployed the system in North Dakota, Colorado, and Montana, among other states, is now one of the biggest Bitcoin miners in North America.

The search for renewable Bitcoin mining has intensified since Tesla CEO Elon Musk commented on the environmental impact of using fossil fuels to power the process.

The Lone Star State of Texas has also become a mining mecca due to its abundant, low-cost renewable energy, most of which is wind or solar power.

Sichuan Miner Crackdown

The crackdown on Bitcoin mining in China is continuing, with more operations in Sichuan province powering down over the weekend. The move was noted by industry insiders who also commented on the BTC hashrate plunge.

The great mining migration was accelerated last week following a crackdown in Yunnan province, and now Sichuan has followed with orders from the Beijing regime. BTC hashrate has dropped to its lowest level since early November 2020, falling to 91 EH/s according to Bitinfocharts.

Bitcoin price has also taken a hit over the weekend with a fall from $36K to $34K. At the time of press, BTC was trading down 3.4% on the day at $34,530, according to CoinGecko.

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Source: https://cryptopotato.com/u-s-bitcoin-mining-firm-pioneers-alternative-flare-gas-energy/

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Blockchain

$1 Billion in Liquidations as Crypto Markets Lose $120B in a Day

The crypto market has faced another volatile trading day, and the total liquidations have jumped to roughly $1 billion.

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The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on.

  • After the somewhat positive weekend when BTC recovered some losses and traded at $36,000, the situation reversed quite rapidly.
  • As CryptoPotato reported earlier, China’s third-largest state-run bank, the Agricultural Bank of China, said it had banned its customers from interacting with cryptocurrencies.
  • As has happened on previous occasions when the world’s most populated nation displayed its negative stance on crypto, the market started to tumble.
  • As a result, bitcoin dumped to a two-week low of just over $32,000. Most alternative coins followed with even more violent retracements.
  • Ethereum plummeted by nearly $300 in a matter of hours to below $2,000. As such, the second-largest crypto dropped below that coveted level for the first time in almost a month.
  • With most of the altcoins performing in a similar manner, the cumulative market cap of all digital assets lost over $120 billion in hours.
  • Somewhat expectedly, the enhanced volatility in a relatively short period has caused massive pain for leveraged traders.
  • According to Bybt, the total liquidations have skyrocketed to roughly $1 billion in the past 24 hours. Although BTC trades are responsible for more than 50% of the entire number, the largest single liquidation came from EOS.
  • The unfortunate trader has lost more than $6 million on Huobi as the price of EOS slipped by 15% in a day.
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Source: https://cryptopotato.com/1-billion-in-liquidations-as-crypto-markets-lose-120b-in-a-day/

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People’s Bank of China With a Broader Crackdown on Bitcoin and Crypto

China’s central bank has prohibited numerous banking and payment organizations from operating with cryptocurrencies.

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The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets.

  • CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected to the crypto space.
  • Although that had an immediate adverse effect on the market, with prices starting to tumble, the country has only intensified its anti-crypto measures.
  • A new statement from the People’s Bank of China reads that it has taken further actions to prevent market manipulations, illicit virtual currency transactions, and to “protect the citizens’ property.”
  • More specifically, the country’s central bank has spoken to other giant banking organizations, like the China Construction Bank, the Industrial Bank, and Postal Savings Bank, and the payment processor Alipay.
  • Following the meeting, the PBoC has instructed those entities to stop providing cryptocurrency services, like opening accounts or executing transactions, to their respective customers.
  • “The relevant departments of the PBoC pointed out that virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfers of assets, money laundering, and other illegal and criminal activities, and seriously infringe the people’s property safety.” – reads the statement.

  • With these actions, the central bank has only doubled down on its stance against the cryptocurrency industry.
  • The world’s most populated nation has repeatedly outlined its ban and even targetted Bitcoin miners located within its borders, ordering them to cease operations.
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Source: https://cryptopotato.com/peoples-bank-of-china-with-a-broader-crackdown-on-bitcoin-and-crypto/

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