Chinese lawmakers have passed legislation protecting peoples’ right to inherit cryptocurrencies. 

According to Xinhua news, the new civil code, which also includes protections for marriage, property, personality, contract and infringement, resulted from the Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference, which ended on 28 May. 

Speaking to China Central Television, Professor Lixin Yang, said the new code means that “internet property and virtual currency will be inherited.”

The new code will come into legal effect on 1 January 2021, and is an important reinforcement of individuals’ rights in the communist country. Though,  as some commentators have already pointed out, when it comes to cryptocurrencies the most important protection is a user’s keys, not legislation. 

 

China’s Inheritance Law has expanded the scope of inheritance to include internet property and cryptocurrency (so Bitcoin is included)

but I would rather my Bitcoin be protected by the key itself not the law tho , the problem with law is always enforcement not legislation

— Dovey 以德服人 Wan (@DoveyWan) May 25, 2020

 

AYO.NEWS says:

Though this move is largely symbolic, as in most cases someone could inherit cryptocurrencies simply by being left the key to a wallet, it is another signal that China is serious about creating a truly digital society. 

In April the country launched a national blockchain-based service network to encourage the development of new blockchain projects, smart cities and the digital economy, while in January it announced a new law covering cryptographic password management. 

 

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Credible Crypto has joined the chorus of voices predicting Bitcoin (BTC) will soon embark on a bull run to $100K+. 

In a Twitter post the popular social media trader, investor and entrepreneur Credible Crypto, postulated that the last 896 days were “simply one massive re-accumulation phase before the run to 100k+ bitcoin, and the consolidation structure will soon be broken.” 

 

The last 896 days were simply one massive re-accumulation phase before the run to 100k+ #bitcoin, and the consolidation structure will soon be broken. Are you prepared? pic.twitter.com/31O6syBwHX

— Credible Crypto (@CredibleCrypto) May 29, 2020

 

While BTC didn’t exactly explode after the much anticipated halving, it has now completely erased losses from its March crash, with Credible Crypto noting a cycle of “higher lows” are positioning the market for an uptick. 

Though the general consensus among mainstream financial pundits is that Bitcoin has “had its day”, many in the crypto world see the emerging unprecedented global economic crash, triggered by the COVID-19 lockdowns, as the test Bitcoin has been waiting for. As we’ve discussed previously, Bitcoin itself was born in the wake of the 2008 Financial Crisis, and the coming crisis may well be when it truly “comes of age.” 

Credible Crypto isn’t alone with its BTC positivity either; just yesterday we reported that, since the halving, Grayscale’s Bitcoin Trust has been buying Bitcoin faster than it can be mined, while last week Robert Kiyosaki, author of New York Times bestseller Rich Dad Poor Dad, advised people to buy Bitcoin to save themselves from a coming economic crash. 

 

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Users of crypto lending platform Celsius Network can now purchase gold-backed stablecoin Tether Gold (XAUT), using credit and debit cards. 

Purchases with debit and credit cards have been made possible through a partnership with Simplex – with users also being able to buy the network’s native token, Celsius (CEL), Bitcoin (BTC), and Ether (ETH), with cards. 

The minimum purchase requirement for XAUT is just USD $50, and Celsius’ interest-bearing accounts are currently offering an annual interest rate of 4% on XAUT. 

Tether Gold is a currency pegged to real, physical gold, stored in vaults in Switzerland. Every XAUT token is representative of one ounce of real gold, and is issued on the Ethereum and Tron blockchains. 

A couple of weeks ago, we reported that German neobank Bitwala had partnered with Celsius Network to launch a Bitcoin (BTC) Interest Account product, offering users interest rates of up to 4.3%. 

 

AYO.NEWS says:

With the world facing an unprecedented economic crisis due to the COVID-19 lockdowns, investors are increasingly looking for safe haven assets, so Tether Gold, which combines the world’s oldest safe haven asset with the benefits of its newest, could well find plenty of demand – and Celsius Network just made acquiring it a whole lot more convenient.  

 

 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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Grayscale’s Bitcoin Trust is engaging in an unprecedented buying spree, scooping up Bitcoin quicker than it can be mined.

Yet another signal that some serious investors are increasingly confident in Bitcoin’s (BTC) long term prospects has emerged, with Grayscale’s Bitcoin Trust buying more BTC since the halving than has been mined during the period. 

According to independent researcher Kevin Rooke, Grayscale has bought 18,910 BTC since the halving, whereas only 12,337 have been mined in that period. 

 

Grayscale’s Bitcoin Trust bought 18,910 Bitcoins since the halving.

Only 12,337 Bitcoins have been mined since the halving.

Wall Street wants Bitcoin, and they don’t care what Goldman Sachs has to say. pic.twitter.com/Br6a4ijuze

— Kevin Rooke (@kerooke) May 27, 2020

 

It prompted Binance CEO, Changpeng Zhao, to comment:

“There isn’t enough new supply to go around, even for just one guy.”

 

Rooke had previously estimated that Grayscale had secured between 33% and 34% of new BTC supply during the first quarter of 2020 – equating to 60,762 BTC over one hundred days. 

Average weekly investment into Grayscale’s trust during the first quarter was just shy of $30m – an 800% increase year-on-year. 

Hinting at even more dramatic things to come, replying to Rooke’s tweet, Grayscale founder Barry Silbert said: 

“Just wait until you see Q2.”

 

This month’s Bitcoin halving, coupled with the growing expectation of an unprecedented global economic crash triggered by the COVID-19 lockdowns, are helping fuel speculation of a significant bull run for the world’s oldest cryptocurrency. 

Last week we reported that Robert Kiyosaki, author of New York Times bestseller Rich Dad Poor Dad had advised people to buy Bitcoin to save themselves from the coming economic catastrophe. While earlier in the month, former Goldman Sachs hedge fund manager and current Global Macro Investor CEO, Raoul Pal, said he considered $1M BTC is more now more likely than ever. 

Two weeks ago we also reported that Open Interest on Chicago Mercantile Exchange Bitcoin options had exploded, surging over 1,000%. 

 

AYO.NEWS says:

Noone really knows what will happen, and we’re certainly not giving any kind of investment advice here, but it does seem that many crypto analysts have been caught off-guard by the rapidly approaching global economic crisis. Many were seemingly so transfixed on the halving, that they totally missed the COVID-19 induced economic tsunami that is about to make landfall. And it is that crisis, not the halving, that has the potential to drive BTC to new heights. 

Interesting times…

 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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Crypto sportsbook and casino Cloudbet has added USD Tether to the portfolio of cryptocurrencies it supports. 

After a month of testing with a small group of players, Tether has become the first stablecoin to be accepted by the operator. All customers can now deposit, withdraw and bet with USDT – which is pegged to the US dollar. 

New players depositing with USDT at Cloudbet are also eligible for a welcome bonus of up to 1,000 USDT, and customers can buy Tether directly on the site using credit cards or Apple Pay. 

Cloudbet launched in 2013 as a Bitcoin (BTC) casino. In early 2018 it added Bitcoin Cash (BCH), and earlier this year it added Ether (ETH). In April this year the operator launched a new improved website. 

The new site also added UFC in-play betting, new language options, and a comprehensive selection of esports. 

Discussing the news a Cloudbet spokesperson said:

“We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website. The market can look forward to many more new features and new coins in the coming months.”

“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems. USDT and stablecoins are an extension of that.”

 

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San Francisco-based cryptocurrency exchange Coinbase has confirmed it is acquiring prime crypto brokerage Tagomi. 

In a statement announcing the news, Coinbase said it had seen a surge in demand for crypto investment opportunities from institutional clients over the past twelve months, stating:

“The acquisition will cap off a period of strong institutional focus for Coinbase, and comes at a time when the world’s most recognized professional investors and funds are giving increasing attention to the asset class.”

 

The growing institutional interest in crypto led Coinbase to launch margin trading for selected users, new tools to help investors segregate their trading strategies, and has seen demand for its professional custody service, Coinbase Custody, grow considerably. 

Coinbase’s new focus on institutional services also saw the company establish an entity in Ireland in January this year, enabling it to offer crypto custody services to European clients.

 

The rumours were true then…

Coinbase’s acquisition of Tagomi isn’t exactly surprising, with rumours of the acquisition floating around since Autumn 2019 – when Coinbase was prompted to deny it had already acquired the brokerage. 

At that time, some speculated that Tagomi was in Coinbase’s crosshairs because its increasing appeal to retail trading and high-net-worth clients was putting it in direct competition with Coinbase’s own Coinbase Pro platform. 

Founded by Greg Tusar, Jennifer Campbell, and Marc Bhargava, and backed by PayPal co-founder Peter Thiel, Tagomi only launched 18 months ago, but has quickly established itself as a leading, regulated cryptocurrency brokerage firm. 

The platform counts notable traders, hedge funds, and family offices, including Yale-backed Paradigm Fund, Pantera Capital, Bitwise, Morgan Creek, Galaxy Digital, Founders Fund, and Multicoin Capital, among its clients. 

It is also a member of the Libra Association, the governing body for Facebook’s stablecoin project, and has a partnership with Binance.US, the US branch of the major Malta-based cryptocurrency exchange. 

 

AYO.NEWS says:

As we’ve noted previously, although institutional investors were slow to get involved in the crypto space, now the regulatory environment is clearer and infrastructure is more sophisticated and resilient, we expect to see them drive the market over the long-term, and hopefully add some much-needed stability. 

Staying with Coinbase, last week we reported the company had said it would transition to a “remote-first” future after the COVID-19 crisis had passed. 

 

 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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