 QUOTE OF THE DAY  |
| "The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge." - Stephen Hawking |
Happy Sunday! It's been revealed that 21 Savage, the rapper, is attempting to build his cryptocurrency portfolio. If that isn't bullish news, we don't know what is.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,229.43 | -5.18% |
|
| ETH | $566.729 | -6.16% |
|
| XRP | $0.622093 | -6.9% |
|
| BCH | $1,027.02 | -7.91% |
|
| EOS | $13.0557 | -9.68% |
|
*Information as of 9:30 AM EST
Bithumb Cleared of Accusations by South Korean Authorities
BITHUMB
- Bithumb is a cryptocurrency exchange based in Seoul, South Korea
- The exchange is the largest cryptocurrency exchange in South Korea, a country crazed by cryptocurrency
- According to Coin Market Cap, Bithumb is the 7th largest cryptocurrency exchange in the world by daily volume with almost $200 million traded each day
INVESTIGATION
- In January, multiple Korean agencies, including the National Tax Service, Financial Services Commission, and Korea Financial Intelligence Unit, opened an investigation into Bithumb
- Authorities were investigating Bithumb for tax evasion and suspicious business activities
- Computer files, devices, and other information was seized by authorities for investigation
CLEARED OF ACCUSATIONS
- After three months of investigating, South Korean authorities have finally come to their conclusion, Bithumb had no wrongdoings
- Even though they were acquitted of all accusations, Bithumb was still ordered to pay $28 million in taxes
- A spokesperson form Korea's National Tax Service said the agency has "initiated several investigations into Bithumb between 2014 and 2017, and over the past four years, Bithumb has continuously paid all of the taxes imposed to the company without any conflict with the NTS”
ICO's Are Not Self-Reporting to the SEC
SECURITIES
- The Securities and Exchange Commission has repeatedly preached that most initial coin offerings are indeed securities and must register with the Commission and follow imposed regulations
- They have also said that they will not modify the securities framework to accommodate ICO's, meaning ICO's must follow the same regulations as traditional securities
WAIT AND SEE
- Many ICO founders are taking the wait and see approach, waiting for the SEC to make a more clear ruling on ICO regulation and not registering as a security
- The SEC is not changing its stance on ICO regulation, even though ICO's are not self-reporting
- The Commission plans to become more strict on ICO's this year, sending more cease and desist orders and going after exchanges that trade ICO securities that did not report with the SEC
SEC Director of division of trading and markets, Brett Redfearn, told CNBC:
“We’re underwhelmed by the enthusiasm for coming within the regulatory structure right now. There are a number of exchanges that are trading ICOs that I would think that we would see more registrations.”
New Bank Report Finds 1 in 3 Germans See Cryptocurrencies as an Investment Opportunity
29% ON BOARD
- In a new report released by Postbank, 3,100 Germans were interviewed from February to March of this year
- Of the 3,100 people interviewed, 29% believe that cryptocurrencies are a desireable investment opportunity
YOUNGER INTEREST
- Not surprisingly, the younger generation, specifically 18-34 year-olds, is most interested in cryptocurrencies and accounts for 46% of the interested population
- In addition, 14% of this generation are planning on buying or mining cryptocurrencies within the year
- However, although there is much interest among the younger generation, this demographic only accounts for 8% of the general German population, marking low interest overall
WARNINGS
- With high interest among younger individuals seeking riskier assets than previous generations, Dr. Thomas Mangel, Postbank Chief Digital Officer, warned millenials to not completely concentrate on cryptocurrencies
Mangel believes the media has created a false narrative for cryptocurrencies and their native risk:
"Due to the media hypes, many people overestimate their knowledge of the opportunities and risks of cryptocurrencies as an investment"
Tom Lee Believes Bitcoin is the Next Step for Banks
MOVE INTO EXCHANGE
- Earlier this week on CNBC, Tom Lee of Fundstrat explained that as the regulatory environment is evolving to accept cryptocurrencies, banks should look into becoming exchanges
- Lee makes a good point stating that Coinbase and Binance, which have close to a 2-3% market share, make close to $1 billion while a traditional bank like Goldman Sachs has made $8 billion over the past 12 months
- Lee explains that exchanges provide a lucrative opportunity to expand profits for traditional banks
LESS SPECULATION THAN EXPECTED
- Lee also explained that Bitcoin has far less speculation than expected and are actually being used to transact value
- Referencing the ease of transaction, Lee stated that Bitcoin is far easier to transfer money across borders than going through a traditional transaction
CONCLUSIONS
- It is well known that Lee is a very bullish supporter of Bitcoin and this has allowed him to have some lofty price predictions in 2018
- Another point is that though Bitcoin is easy to transact, Lee missed a crucial downfall of the currency and that is volatility
- Still, Lee makes some solid points regarding banks jumping into Bitcoin in order to gain a position if crypto becomes mainstream
Today in Crypto is powered by coinmarketcal.com
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