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Dogecoin Market Cap Will Go Below $1 Billion, Says Barry Silbert

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    Dogecoin Market Cap Will Go Below $1 Billion, Says Barry Silbert

    After calling the Dogecoin mania the “ultimate gamble trade,” Barry Silbert predicted DOGE’s market cap will go below $1B as it’s not worth $37B.

    Barry Silbert, the Founder and CEO of Digital Currency Group, believes Dogecoin is not worth $37 billion and predicted a significant drop in its value to below $1 billion. Nevertheless, the former Grayscale CEO added that DOGE will “certainly” not go away due to its passionate community.

    DOGE is Not Worth $37B

    Despite seeing the light of day in late 2013, the Shiba Inu-inspired meme coin became a real star eight years later following constant social support from Tesla’s Elon Musk, mimicked by multiple other celebrities.

    The rapidly appreciating price led to numerous copycats but also garnered the attention of retail investors and even mass media. People rushed to cover the next hot topic coming out of the cryptocurrency world.

    However, quite a few argued that the skyrocketing price and coming just $0.25 away from reaching $1 is a clear sign of a bubble state. Barry Silbert, the man behind Digital Currency Group, seems to be among those.

    In a recent Twitter chat, the executive said he’s “truly excited to see what DOGE can become over time” and predicted that it’s not going away. However, he added, “it is not worth $37 billion,” which is the meme coin’s total market cap at the time of this writing.

    It’s worth noting that Silber also predicted a violent crash for DOGE by indicating, “it’s going back to sub $1 billion.” If his words indeed come to life, Dogecoin’s price would plummet well below $0,01.

    The Ultimate Gamble Trade

    After highlighting his adverse future price views about the meme coin, Silbert broached his reasons. He called Dogecoin the “ultimate momentum, gamble trade.”

    Consequently, he believes that once this momentum is gone, which could be closer than most people expect, the current holders will move from DOGE to other hot coins. By doing so, they will “learn there are many other/better ways to make 10x” returns.

    “If the entire value of something comes from a collective belief – and not usefulness or utility – then that thing is overvalued. There’s another name for that, but I’m not going there as I know it wasn’t created for that purpose or why most people loved it early on (like me).” – Silbert concluded.

    UK Police Raid Alleged Cannabis Farm, Finds Bitcoin Mining Facility Stealing Power

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      underratedcrypto
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      Police from the UK executed a raid in an industrial unit in the West Midlands county expecting to find a cannabis farm, but instead found a big bitcoin mining facility, that was coincidentally bypassing the controls from the local power utility company to siphon energy from the main grid, stealing thousands of pounds in the process.

      Police from the UK executed a raid in an industrial unit in the West Midlands county expecting to find a cannabis farm, but instead found a big bitcoin mining facility, that was coincidentally bypassing the controls from the local power utility company to siphon energy from the main grid, stealing thousands of pounds in the process.

      UK Police Raid Alleged Cannabis Farm, Stumbles Upon Bitcoin Mining Facility

      The West Midlands Police Department got a real surprise last week when they raided an alleged cannabis farm in an industrial premise, just to find the facility was used to operate a Bitcoin mine. According to reports from intelligence, all of the signs suggested the site was used as a cannabis-growing farm. The West Midlands police department stated in its report that:

      We heard how lots of people were visiting the unit at different times of day, lots of wiring and ventilation ducts were visible, and a police drone picked up a considerable heat source from above. They are all classic cannabis factory signs

      The mining facility had 100 S9s (one of the most popular bitcoin mining ASICs) working all day, giving the site a heated print pretty similar to the one of a cannabis farm. However, upon further inspection and after making inquiries with the local power utility company, the police found the facility was bypassing the local power utility company controls, using power directly from the source and stealing thousands of pounds of electricity in the process. Sandwell Police Sergeant Jennifer Griffin stated:

      We’ve seized the equipment and will be looking into permanently seizing it under the Proceeds of Crime Act. No-one was at the unit at the time of the warrant and no arrests have been made – but we’ll be making enquiries with the unit’s owner.

      As it is known, bitcoin mining is a very energy-intensive task, and machines used for this purpose spend big amounts of energy to secure the network. This fact has made cryptocurrency mining-related power theft a common occurrence. There have been several electricity theft cases in China and in Malaysia, where miners have stolen millions of dollars while operating their mining facilities.

      If miners bypass the local controls and connect their machines directly to the grids, the energy consumption might be too much for the power network to handle. Iran is now facing electricity problems, with its government banning Bitcoin mining due to the blackouts its network is facing with the high demand for electricity for these purposes.

      Brazilians Who Held $1,000 in Crypto Last Year Must Report It on Tax Returns by End of May

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        underratedcrypto
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        Brazilians Who Held $1,000 in Crypto Last Year Must Report It on Tax Returns by End of May

        Taxpayers in Brazil have only a couple of days left to file their annual tax returns. Investors who had more than 5,000 reals worth of cryptocurrency in 2020, a little less than $1,000, are obliged to report the funds on their income tax declarations this year. Brazilians who fail to do that on time face hefty fines.

        Deadline for Tax Filing in Brazil Expires Midnight May 31

        Brazilian citizens are required to file their 2021 income tax returns before June 1. This year, the deadline was extended by a month due to the coronavirus pandemic which took a heavy toll on South America’s largest economy. Failure to report revenues and tax obligations will result in fines starting at around $30 and going up to 20% on the tax due, Portal do Bitcoin warned readers recently.

        Taxpayers who kept over 5,000 reals worth of coins in their wallets, or $960 at the current exchange rate, must report the crypto holdings to Receita Federal, the country’s internal revenue service. This year, the tax agency adopted dedicated codes on the assets and rights form for bitcoin (BTC) – 81, other cryptos such as ETH, BCH, XRP, and LTC – 82, and digital tokens – 89.

        Although Brazilians are obliged to report the cryptos, not all of them will have to pay tax as it’s levied at capital gains exceeding the monthly exemption limit of 35,000 reals (approximately $6,700). Crypto profits above the threshold will be charged with capital gains tax according to a progressive scale, the news outlet elaborated.

        Brazilians Who File Their Tax Declarations on Time Will Avoid Penalties

        Submitting a declaration that’s not completely correct is the lesser evil than missing the deadline. Brazilians who have reported their assets on time are allowed to make corrections later, but those who fail to lodge their tax returns before June 1 will be facing penalties. And citizens that deliberately evade taxation can be fined up to 150% on the tax amount. Ana Paula Rabello, who specializes in crypto accounting, has been quoted saying:

        A taxpayer who has not filed their declaration yet needs to remain calm and do nothing hastily to avoid the risk of paying more or less tax. What needs to be done now is to immediately start preparing the information.

        The timely filing of the tax return is essential, Rabello stressed, or taxpayers will have issues with banks and the revenue service if they attempt to use unreported cryptocurrency. “Crypto investors must always remember that undeclared bitcoin cannot be used,” warned the accountant who has provided other tax tips in a free e-book published by Portal do Bitcoin, in which Rabello advises Brazilians how to report their crypto holdings on the 2021 income tax return.

        UK-Based Digital Bank Starling Has Suspended All Payments To Crypto Assets Exchanges

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          underratedcrypto
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          UK-Based Digital Bank Starling Has Suspended All Payments To Crypto Assets Exchanges

          Digital challenger bank based in the United Kingdom Starling has suspended all payments to crypto assets exchanges, The Daily Telegraph reports on May 29.

          Starling, which received a £50 million cash injection from the U.S. gaint bank Goldman Sachs in April, is currently eyeing an IPO.

          On May 11, Starling CEO Anne Boden told Sifted that her bank wasn’t seeing an outpouring of demand for crypto assets:

          “Some fintechs are rushing into crypto assets. That’s not the Starling way. Our approach is discovering what customers want and need.”

          Concerns about crypto-related financial crime were cited as another reasons for the suspension by Starlink bank.

          “This is not just an issue for Starling, but for all banks. We apologise for the inconvenience that this has caused for some customers; we will be reversing this measure as we roll out additional checks specifically for payments to crypto exchanges, “a spokesperson of Starlink says.

          Bank Of America, Citigroup, And Wells Fargo Have Shared Their Policies Regarding Cryptocurrency

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            underratedcrypto
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            Bank Of America, Citigroup, And Wells Fargo Have Shared Their Policies Regarding Cryptocurrency

            Unlike Morgan Stanley and Goldman Sachs, Bank of America, Citigroup, and Wells Fargo are currently lagging behind the market. However, all three are now sharing their policies on cryptocurrency before the US Senate banking committee.

            Bank of America, Citigroup, Wells Fargo unveil their cryptocurrency policies

            Unlike Morgan Stanley and Goldman Sachs that consistently provide access to investments with exposure to Bitcoin or other cryptocurrencies, Bank of America, Citigroup, Wells Fargo are going pretty slow in this.

            As a result, the CEOs of Bank of America, Citigroup, and Wells Fargo gave their testimony about cryptocurrencies before the Senate banking committee last week. The committee, led by Senator Sherrod Brown, convened investment bankers for an annual supervisory hearing on Wall Street firms.

            WASHINGTON, DC – SEPTEMBER 19: Bank of America CEO Brian Moynihan smiles while speaking with speaking with Warren Buffett, chairman of the board and CEO of Berkshire Hathaway, in Gaston Hall at Georgetown University, September 19, 2013 in Washington, DC. Buffett also took questions from Georgetown students. (Photo by Drew Angerer/Getty Images)

            Bank of America CEO Brian Moynihan said:

            “Bank of America was keeping distance from Bitcoin and other cryptocurrencies as the bank continued to evaluate the opportunities, risks, and client demand for products and services related to cryptocurrency. We still have not found a use case at scale.”

            The Bank of America executive confirmed:

            “Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is a cryptocurrency or the facilitation of cryptocurrency trading and investment.”

            Bank of America analyst in January said Bitcoin is the mother of all bubbles. However, the bank’s most recent fund manager survey found that long Bitcoin was the busiest trade. In March, the bank said the only good reason to hold Bitcoin was the sheer price increase.

            As for Citigroup, the bank is said to be planning to launch crypto services as the company sees a rapidly accumulating interest in Bitcoin.

            Citigroup CEO Jane Fraser

            Citigroup CEO Jane Fraser spoke about her company taking a measured approach to crypto:

            “The bank sought to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments, and technological advancements.”

            The Citi executive noted:

            “Before we engage with cryptocurrencies, we see it as our responsibility to ensure we have clear governance and controls in place.”

            In March, Citigroup said Bitcoin had reached a tipping point and could become the currency of choice for international trade. Besides, Wells Fargo closely follows the crypto space.

            Wells Fargo CEO Charles Scharf

            Wells Fargo CEO Charles Scharf said:

            “Wells Fargo was close to announcing a pilot project using blockchain technology to complete internal book transfers of cross-border payments within our global branch network.”

            Regarding cryptocurrencies, he said:

            “We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investment products, though their status as a currency and mechanism of payment remains fluid.”

            Last week, Wells Fargo was in the final stages of adding an actively managed crypto investment strategy to its platform.

            Cardano Successfully Launches Crucial Testnet As Smart Contract Integration Approaches

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              underratedcrypto
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              Cardano Successfully Launches Crucial Testnet As Smart Contract Integration Approaches

              Cardano developer Input Output Hong Kong (IOHK) reveals that it has successfully rolled out a testnet that will play a key role in the smart contract integration of the fifth-largest crypto asset.

              In a new tweet, IOHK tells its 122,800 followers that Alonzo Blue, which is the first of three development stages aimed toward the launch of smart contract capabilities for Cardano, is up and running.

              “Today, we are delighted to report we have successfully spun up the first testnet in our Alonzo rollout. Alonzo Blue is our early alpha network, providing core Alonzo-node networking capability.

              We’ve now started the process of onboarding a small, select group of SPOs (stake pool operators) & Plutus Pioneers to help lay the foundations. “

              Cardano’s roadmap en route to the launch of smart contract capabilities will be followed by Alonzo White and Alonzo Purple.

              “It’s a 30-60-90-day plan. What this actually means is that you start off with Blue. It’s a little smaller, more tight-knit. We start off with the basic functionality, bring a few pioneers, few SPOs on and we start rolling then and there.  We move on to [Alonzo] White where we now cast a little bit wider net and we bring in more partners and now you start running more performance benchmarks and things of that nature. The White rolls into Purple which is now fully public. We’re talking about every pioneer. We’re talking about most SPOs, if not all SPOs. We’re talking about exchanges.

              At this stage, we’re really ready to go… Once you get to the Purple stage, we are pretty much close to the hardfork combinator event within that 30-60-90-day window from start to Blue, ending with Purple.”

              Cardano creator and IOHK CEO Charles Hoskinson expects the Alonzo upgrade, which will integrate smart contract functionalities to the platform by August, to bring a lot of activity to the company and the wider Cardano community in the next three months.

              “So this is probably going to be the busiest 90 days in my company’s history and in the ecosystem’s history.”

              The founder of Bitcoin will have a statue in Budapest

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                underratedcrypto
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                The founder of Bitcoin will have a statue in Budapest

                A statue of Satoshi Nakamoto is to be built in Budapest, Hungary, as part of a local initiative by the Hungarian crypto community to raise awareness of the importance of Bitcoin (BTC) and blockchain technology.

                They will create a “general human figure” without a specific gender

                The idea came from András Györfi, the editor of the Hungarian crypto website Kripto Akadémia. He later got assisted by other people that are active and known in the Hungarian crypto community.

                According to their plan, the general human-height sculpture will be made of aluminum bronze. The sculptors are Réka Gergely and Tamás Gilly. They will create a “general human figure” without a specific gender, with a symbolic nose and lips. Satoshi will wear a hoodie and have a Bitcoin logo on its chest.

                The statue will have a reflective or mirror-like face

                To this day, it is not known with certainty who the creators of this digital asset are, for this reason the statue will have a reflective or mirror-like face that will allow anyone facing the statue to see themselves in the face, signifying the fact that Satoshi’s identity is irrelevant and we can all become Satoshi by building technology, forming a community, or simply using Bitcoin. It will be displayed in Graphisoft Park, Budapest, next to the statue of Steve Jobs, the co-founder of Apple. The founders contributed $6,000 to the project. The team also managed to raise another $11,000 as a community fundraiser. According to the team, the sculpture will serve as a tribute to the paradigm shift that blockchain technology has caused.

                The Satoshi monument is still a work in progress, but should be completed within the next three weeks.

                Who is Satoshi Nakamoto?

                It is the name or pseudonym of the person that developed Bitcoin and the reference software for the digital currency. His work allowed the transfer of values between two users located anywhere in the world without the need for a third party such as a financial organization or a bank.

                Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains

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                  underratedcrypto
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                  Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains

                  Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers to report profits and losses from their cryptocurrency transactions.

                  Concerned about crypto investors evading taxes, the Australian Taxation Office (ATO) has set out to debunk the myth that cryptocurrency gains are only taxable when digital assets are converted into fiat money. People often think the digital coins are currencies but in reality, they are classified as assets, and gains from cryptocurrency trades are like gains from other investments, the tax authority explained.

                  ATO has estimated that 600,000 Australians have invested in cryptocurrency recently amid the surging popularity of crypto trading and rising market prices. The agency is now going to send warning letters to 100,000 taxpayers asking them to review their previously filed returns. Another 300,000 Aussies will be prompted to report their gains and losses from cryptocurrency deals as they lodge their 2021 tax return, Australian media reported.

                  The tax office also revealed that it’s closely monitoring the points where cryptocurrency interacts with the fiat system, helped by both the traditional financial sector and the crypto industry. The agency tracks the money back to the taxpayer using data matching profiles with cryptocurrency exchanges, according to ATO Assistant Commissioner Tim Loh who also told news.com.au:

                  There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules.

                  Australian Capital Gains Tax Applies to NFTs as Well, ATO Warns

                  The ATO official further elaborated that the tax administration treats gains from cryptocurrency similarly to gains from shares, for example. The tax is due not only when an investor swaps cryptos for fiat money but also when one coin is exchanged for another and such transactions must be reported too. Furthermore, the Australian capital gains tax also applies to the disposal of non-fungible tokens (NFTs), Tim Loh remarked. At the same time, holding crypto funds as a long-term investment, for 12 months or more, entitles taxpayers to a discount.

                  A different rule applies when businesses or sole traders receive cryptocurrency for the goods and services they provide. Such payments will be taxed as income based on the value of the digital coins calculated in Australian dollars. Recognizing that the matter is quite complicated, the ATO is now focusing on helping Aussies to fill in their declarations correctly. Tim Loh advised them:

                  The best tip to nail your cryptocurrency gains and losses is to keep accurate records including dates of transactions, the value in Australian dollars at the time of the transactions, what the transactions were for, and who the other party was, even if it’s just their wallet address.

                  Loh’s comments also indicated that the Australian tax authority considers a failure to report obligations to be a bigger sin than a mistake on the declaration. “Failing to report on crypto-assets and not taking action when reminded will prompt penalties and potentially an audit,” the tax agent warned. Such penalties will be reduced significantly when taxpayers have corrected their returns.

                  Miami to Host The Biggest-Ever Bitcoin Conference

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                  underratedcrypto
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                  Miami to Host The Biggest-Ever Bitcoin Conference

                  After a long break from crypto conferences due to COVID19, the world’s biggest Bitcoin event will be taking place in the crypto-loving city of Miami in June.

                  Bitcoin 2021 conference will be held in Miami with a host of attendees and reputable keynote speakers, including politicians, regulators, celebrities, Bitcoin proponents and investors in the crypto industry.

                  The event was originally scheduled for April 30 –  May 1 in Los Angeles. However, the venue and date were changed due to the second wave of COVID-19 and vaccine rollout. This week, Bitcoin 2021 will take place between June 3 and 5 at Wynwood’s Mana Convention Center in Miami, Florida (USA).

                  Although the conference is an annual event, Bitcoin 2020 could not be held because of the pandemic which plagued the world. While the Bitcoin 2021 event will have a COVID-restricted capacity of 21,000 attendees. As of now, the organizers are expecting at least 12,000 attendees, which will make Bitcoin 2021 the biggest-ever Bitcoin event.

                  From LA To Miami

                  According to Bitcoin 2021 organizers, the uncertainty around Los Angeles in the post-COVID world made it impossible for them to host the conference in the city this year despite all their efforts.

                  Looking for another city to host the event, Miami became the perfect choice considering that the city has become a hub for several innovative technologies including blockchain and cryptocurrencies. And since Miami’s Mayor Francis Suarez is pro-bitcoin, he was kind enough to ask the organizers to host the 3-day conference in his city.

                  Miami’s pro-Bitcoin mayor, Francisco Suarez.

                  After hosting the Bitcoin Whitepaper Miami’s official website earlier this year, Suarez endorsed the cryptocurrency by saying that the city supports Bitcoin as “an acceptable currency” and hopes to invest in it in the future. In March, the mayor said he would love to see Miami become a bitcoin mining hub as it would harness the city’s nuclear power capacity.

                  Bitcoin 2021 Top-Knotch Speakers

                  Bitcoin 2021 will host headline keynote speakers such as former congressman Ron Paul, Miami Mayor Francis Suarez, Senator Cynthia Lummis, MicroStrategy’s Michael Saylor, and Twitter’s Jack Dorsey. Other featured speakers include Floyd Mayweather Jr, the Winklevoss twins, Max Keiser, and Warren Davidson to mention a few.

                  MichaelSaylor. Source: The Business Journals

                  The conference is an educational Bitcoin event that focuses on celebrating the largest cryptocurrency and its decentralized technology while also exploring Bitcoin’s technical advancement through a collective contribution from some of the brightest minds in the industry.

                  The event also aims to drive mainstream adoption of bitcoin by giving people the opportunity to use the cryptocurrency in a real-world setting.

                  Crypto will be legal again in Nigeria, says CBN governor

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                    underratedcrypto
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                    Crypto will be legal again in Nigeria, says CBN governor

                    The Central Bank of Nigeria (CBN) governor said that cryptocurrencies would be legal again in the country as it is working hard to stop them from being used to finance illicit activities.

                    Nigeria is one of the largest Bitcoin markets in the world. However, the CBN banned banks and other financial institutions from providing services to cryptocurrency companies and investors. However, the CBN governor said they might soon reverse the decision as the central bank is working hard to ensure people don’t use cryptocurrencies to finance illicit activities.

                    The CBN Governor Godwin Emefiele revealed this while speaking at the 279th meeting of the Monetary Policy Committee in Abuja. Emefiele said he is confident cryptocurrencies like Bitcoin will be legal in Nigeria again. He didn’t give a timeline for reversing its ban but said the central bank has been investigating the sector.

                    The governor said:

                    “We are committed in the CBN, and I can assure everybody that digital currency will come to life even in Nigeria […] Under cryptocurrency and Bitcoin, Nigeria comes 2nd, while on the global side of the economy, Nigeria comes 27th. We are still conducting our investigation, and we will make our data available” 

                    Nigeria was the second-largest Bitcoin market in the world, behind the United States. However, this changed following the CBN’s ban in February. Emefiele explained that the central bank issued the ban to prevent crypto from being used to finance illegal activities. “We found out that a substantial percentage of our people are getting involved in cryptocurrency, which is not the best. Don’t get me wrong, some may be legitimate, but most are illegitimate,” he added.

                    The governor previously said Nigerians are free to trade cryptocurrencies. However, the banks are not allowed to provide services to crypto entities.

                    Nigerians remain active in the cryptocurrency space

                    The adoption of cryptocurrencies in Nigeria continued despite the CBN banning financial institutions from providing services to crypto companies. Nigerians turned to peer-to-peer platforms like Paxful and LocalBitcoins. The introduction of the P2P feature on Binance also helped Nigerians enter the cryptocurrency market. According to Paxful, Nigeria’s crypto traded volume on its platform surpassed $1.5 billion in the first four months of the year. According to Paxful, Nigeria is ranked second only to the US in trading volume.

                    Nigerians have turned to cryptocurrencies to preserve their wealth due to the massive inflation that has affected the economy in recent years. The Naira has been devalued multiple times over the past few years, and residents believe the CBN would do it again.

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