Wednesday, February 20, 2019

Musk Compliment / ETF Clock / JPMorgan / $300,000 Reward

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Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. Tesla founder Elon Musk called bitcoin "quite brilliant" in an interview with Cathie Wood of the ARK Invest podcast, but added that it is not something Tesla would become involved with at this time. Musk, also one of the founders of PayPal, said digital currencies could offer a more efficient solution to shift value. "Paper money is going away," he said. Musk has a slightly odd history with cryptocurrency. His Twitter account has routinely been mimicked by scammers in an attempt to solicit cryptocurrency from unwitting users. There has also been speculation in the past that Musk is Satoshi Nakamoto, the founder of bitcoin, a claim Musk has denied. –MARKET WATCH

Musk praises bitcoin but does not see it at Tesla
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2. Two bitcoin ETF proposals are expected to be published in the Federal Register today, starting the initial 45-day clock for the US Securities and Exchange Commission to either approve or reject. One of the proposals is a resubmittal of the VanEck/SolidX ETF, which the companies pulled last month admit the lingering government shutdown. The second proposal comes from Bitwise Investment Management and NYSE Arca. If published today, the SEC would be required to make a decision no later than April 5, although the agency could file for an extension. –CRYPTOGLOBE

SEC receives two bitcoin ETF proposals
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3. JPMorgan's decision to create its own cryptocurrency has garnered lots of attention, in part, because of the timing of the news. In an in-depth look at JPMorgan's new coin, Arieh Levi, an analyst at CB Insights, argued that if JPMorgan made this announcement during the crypto craze of 2017, it might have fallen on deaf ears. By moving during a down market, JPMorgan has shown a stronger commitment to the product. There is also belief that other large banks will soon follow suit. There is speculation that Citi may revive its Citi Coin and Wells Fargo will release a product similar to JPMorgan's as a response. –CNN

JPMorgan's crypto coin gets lots of attention
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4. Ethereum mining pool Sparkpool received more than $300,000 for mining a single block on Tuesday, a total about 600 times the network's standard reward. Miners who secure blocks typically receive about 3 ETH but Sparkpool receive a payout of more than 2,000 ETH. The reason for the large amount is unknown. It could be a random fluke where users accidentally attached abnormally high transaction fees to their payments, or it could be seen as a sign of goodwill from an anonymous support of the ethereum mining community. –COINDESK

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5. Multicoin Capital explains why it believes Binance is currently the leading virtual currency exchange in the market in a new analysis. –BITCOIN EXCHANGE GUIDE

6. Only two people so far have paid their Ohio taxes with cryptocurrency, an option the state government first made available this year. –CLEVELAND.COM

7. The total amount of money placed on short bets against bitcoin has reached a 6-month low. –COINDESK

8. Google has added the bitcoin "B" symbol to its iOS keyboard, although has yet to add it for Android. –DECRYPT MEDIA

9. BitGo will offer customers insurance on up to $100 million in bitcoin through a partnership with Lloyd's of London. –BLOOMBERG

10. The Chamber of Digital Commerce, a blockchain advocacy group, released recommendations to the federal government on Wednesday that called for, among other things, a national strategy to implement blockchain technology. –BTC WIRES

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies) and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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