Original article published by Coindesk
Original source: Medium
Seminole County, Florida, just north of Orlando, will soon be accepting both Bitcoin and Bitcoin Cash to make payments for such services as vehicle tag and title fees, property tax, and driver license and ID card fees. This will initially be through the tax office of the county.
Asset managers of the world’s largest asset manager have quit in order to form a cryptocurrency hedge fund. Adam Grimsley and Michael Wong are starting a relatively small fund ($10 million). More recent hedge funds have announced initial funding of $140 million and $500 million.
The finance of South Korea has stated. “There is no intention to ban or suppress cryptocurrency (market).” No attempt will be made to ban cryptocurrencies or impose any unusual curbs on them.
Coindesk and Bloomberg reporting on Starbucks interest in cryptocurrency integration.
South Korea’s Ministry of Justice and its head Park Sang-ki announced his decision to ban cryptocurrency trading in South Korea. This caused a massive sell-off in the crypto with overall market cap falling by $100 billion. South Korea is one of the world’s largest cryptocurrency traders.
Cryptocurrency, for all practical purposes, started with Bitcoin. Bitcoin uses blockchain technology to assure a degree of anonymity. Due to the nature of the open blockchain, the transactions are visible to anyone with access to the blockchain. This allows the transaction to be both traceable and linkable. If the actual identity can be linked to an address, anonymity disappears.
The US Senate Finance Committee is looking to strengthen anti-money laundering bills, including the role that cryptocurrencies occupy in AML. According to the Tax Justice Network, the US remains one of the easiest places to hide illicit money from drugs, human traffickers, and other corrupt individuals to hide illicit money.
Intercontinental Exchange (ICE), the operator of the NYSE, has filed a proposed rule change to the SEC that would allow the exchange to list two Bitcoin ETFs (Exchange Traded Funds). The December 19 th filing would allow trading on the NYSE Arca trading platform.
As of Monday, TD Ameritrade will support CBOE’s Futures market for Bitcoin. The fee structure will be the same as other leading futures, while the margin requirements will be 1.5 times their usual margin requirement for futures. This is involved with “adequate liquidity” as required to trade futures.
According to Israeli Prime Minister Benjamin Netanyahu, banks as we currently know them will disappear through obsolescence brought about in part by the unprecedented rise in Bitcoin. The traditional role of banks as a middleman will continue to erode away over time.
With a market value of $300 BILLION, Bitcoin has greater circulation than all but four major world currencies. Bitcoin exceeds all currencies except the US dollar, the Yen, the Yuan, and the Euro. To add perspective, the US Dollar has $1.4 Trillion in circulation.
As announced by Bitfinex team:
The price of gold has tumbled 15% since September. This has been during the meteoric rise in the price of Bitcoin.
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Investor Peter Thiel, co-founder of PayPal, believes that the critics of Bitcoin are underestimating the potential of Bitcoin to become the “cyber equivalent of gold.” According to Thiel, “If bitcoin ends up being the cyber equivalent of gold it has a great potential left,” he said, “Bitcoin is mineable like gold, it’s hard to mine, it’s actually harder to mine than gold. And so, in that sense, it’s more constrained.”
With the recent growth of bitcoin to unbelievable highs, many wonder if regulatory bodies may attempt to stop its use. Now, although it is not currently illegal to buy and sell cryptocurrency (cryptos) such as Bitcoin, it is clear that Cryptos threaten the very infrastructure that banks are built on. As a result, many in the space wonder if Bitcoin will be around in the future.
Apple co-founder Steve Wozniak believes that Bitcoin is more stable in spite of its volatility than fiat currency including the US dollar. According to the “Woz,” it is more stable because it has a fixed supply while fiat currency may be easily diluted.
CME Group, the largest derivatives exchange, has announced that they will launch Bitcoin futures during the fourth quarter of 2017. The launch is subject to regulatory approval.
Mike Novogratz, retired Wall Street billionaire macro fund manager, has not only endorsed Bitcoin but is also starting a $500 million crypto hedge fund with a rumored $150 million of his own money. He revealed that he has 10% of his worth in Bitcoin and Ethereum.