2022/14

18 April 2022 - 24 April 2022 week Bitcoin & Economic News

Apr 24, 2022

TL;DR
The first Bitcoin spot ETF in Australia will list next week
Latin-America's largest delivery app will test Bitcoin as a payment option in Mexico
IMF: Bitcoin Mining allows countries to monetize their Energy resources
Russia's Federal Tax Service proposes legal entities use Bitcoin in foreign trade
U.S. Treasury sanctions Russian bitcoin miners
MediaMarkt in Austria will have in their 12 locations Bitcoin ATMs
The first major German bank will have Bitcoin custody license
Flared-Gas Bitcoin Miner Crusoe Energy Raises $350M
Morgan Stanley: Bitcoin's Lightning Network is "more practical" than debit card
Giant Mexican soccer team Tigres now accepts Bitcoin
Ukraine's central bank has banned the purchase of bitcoin
Ross Ulbricht agrees to use BTC to pay debt to U.S. government
The Bahamas to allow residents to pay taxes in Bitcoin
State of Tennessee prepares to hold Bitcoin at state treasury

The first Bitcoin spot ETF in Australia will list next week
What not in the U.S., but in Canada and now in Australia it can happen. The first Australian bitcoin exchange-traded fund (ETF) is set to list on the Cboe next week as the country’s major equity markets clearing house gives participants the green light, reported the Australian Financial Review. Question to the U.S. SEC, good to be the third? Or maybe last?
Latin-America's largest delivery app will test Bitcoin as a payment option in Mexico
Rappi, the most popular delivery service in Latin America with its 10 million users in total, is working with Bitso and Bitpay to accept Bitcoin (BTC) payments.
“In this first phase, we decided to build a product that allows our consumers to connect their digital wallets and exchange accounts to convert cryptocurrencies into Rappi credits and thus access all the products available within the platform.” said Sebastián Mejia, the co-founder and president of Rappi.
IMF: Bitcoin Mining allows countries to monetize their Energy resources
Finally the IMF sees how the World is changing. De-globalization started and each country will remain and flourish from their own resources.
A surge in Bitcoin and shitcoin use might endanger the global financial system, the IMF said Tuesday in their Global Financial Stability Report for April 2022. The IMF observed that the Ukraine conflict, Bitcoin, revealed the vulnerabilities of the global financial system. More details here.
Russia's Federal Tax Service proposes legal entities use Bitcoin in foreign trade
According to the local newspaper Izvestia, Russia's tax authority proposed that legal entities in the country should be able to accept bitcoin and other shitcoins as payment in foreign trade contracts.
"Legal entities are allowed to pay for goods, works, services under foreign trade contracts and receive revenue from foreign persons in digital currency," the suggestion reads.
US Treasury sanctions Russian bitcoin miners
The Russia-based bitcoin miner BitRiver as well as 10 subsidiaries were added to the sanctions list. The company employs over 200 full-time staff in Russia, China, Japan, UAE, South Korea, Switzerland, Germany and USA.
"By operating vast server farms that sell virtual currency mining capacity internationally, these companies help Russia monetize its natural resources," the Treasury's announcement said. "The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions."
If you read the above things you will definitely think that these are a bunch of idiots. Let’s think about it for a second. What will happen with the miners left in Russia? Nothing, they will remain and instead of mining for BitRiver, it will mine for the government. Will this sanction by any means stop the Russian government from using Bitcoin? Nope. Bitcoin doesn’t give a shit if you sanction any country miners. Just check what happened with the China ban. At the end the U.S. Treasury just showed us how little they know about the Bitcoin workflow. Great step! Congratulations on winning the stupidest move of the year!
MediaMarkt in Austria will have in their 12 locations Bitcoin ATMs
Bitcoin ATMs will be installed at 12 MediaMarkt (Electronics Retail Giant) locations, including Seiersberg and Klagenfurt.
Notably, the Bitcoin ATM rollout will be made possible by a collaboration with Kurant. Kurant is a spin-off of Coinfinity. The company has established over 200 Bitcoin ATMs in Austria, Spain, Greece, and Germany.
“Bitcoin vending machines have been installed in MediaMarkt stores across the country. These are now available in twelve marketplaces and allow for the simple and secure purchase of cryptocurrencies.” said Thomas Sperneder, Kurant’s Europe Head of Marketing and Sales.
The first major German bank will have Bitcoin custody license
Commerzbank has become the first major German bank to apply for a crypto custody license.
A representative from Commerzbank confirmed to local media outlet Börsen-Zeitung that it “applied for the crypto custody license in the first quarter of 2022.” If approved, the bank would be authorized to offer exchange services and custody and protection of Bitcoin and other shitcoin-assets.
You know the rules. Not your keys, not your Bitcoin! Never ever think of holding your precious Bitcoins in a Bank!
Flared-Gas Bitcoin Miner Crusoe Energy Raises $350M
According to Coindesk, Crusoe Energy, the Denver-based miner raised $350 million in a Series C equity offering led by climate technology venture capital firm G2 Venture Partners, according to a statement. Crusoe also closed credit facilities, expandable to up to $155 million, with SVB Capital, Sparkfund and Generate Capital. In total of $505 million in a new funding round to expand its operations throughout the U.S. and internationally.
“This capital will enable Crusoe to deploy Digital Flare Mitigation at greater scale, to use its solution to accelerate renewable energy deployment, and to continue innovating its industry-leading technology," said Ben Kortlang, partner at G2 Venture. “After a deep dive into flare mitigation and modular data center technologies, we concluded that Crusoe is the clear leader in scale, operational excellence, talent, vision and proven commitment to environmental standards.”
Morgan Stanley: Bitcoin's Lightning Network is "more practical" than debit card
Warren, are you watching? Yeah, your favorite rat poison’s layer 2 solution is “more practical” in Morgan Stanley viewpoint than debit cards. Funny not?
Morgan Stanley reportedly said that the “evolution of bitcoin usage as a medium of payment” will be fueled by the ability of consumers to choose paying with BTC through Lightning in physical locations, rather than only being able to use the peer-to-peer (P2P) currency online.
Low transaction fees and open accessibility make adoption easier for merchants, which Morgan Stanley thinks will lessen the burden of volatility as the continued acceptance of bitcoin or other cryptocurrencies as a means of payment might lead to a fall in their volatility, according to the report.
Giant Mexican soccer team Tigres now accepts Bitcoin
According to the team statement, Tigres supporters will already be able to use Bitcoin to purchase tickets for the club’s next match against America on April 23 through a partnership established between Latin American cryptocurrency exchange Bitso and online Mexican ticketing platform Boletomovil. Bitcoin payments company BitPay is also joining the collaboration to make the integration happen.
“Since we announced our alliance with Bitso, we talked about the possibility of exploring new opportunities for the club, and today is the day to continue growing together,” said Mauricio Culebro Galván, president of Tigres. “Tigres continues to look to the future and new initiatives will surely come with Bitso to continue offering greater services.”
Don’t forget that with the use of BitPay means they are not holding Bitcoin, just simply instantly convert to FIAT. They want to learn the hard way.
Ukraine's central bank has banned the purchase of bitcoin
I need to vomit now. After tens of millions $ worth of Bitcoin flew into Ukraine from Bitcoiners to help the defense and the people, they banned the purchase of Bitcoin in the country. Individuals may only purchase Bitcoin using foreign currency up to a value of 100,000 Ukrainian hryvnia ($3,400) per month, but not the country’s local currency. I think they deserve the consequences when they are so against their own citizens. Hope the government will fail and a new one will help their own people!
Ross Ulbricht agrees to use BTC to pay debt to U.S. government
The government seized 69,370 BTC in November 2020. Nearly $3 billion worth of seized bitcoin will absolve the Silk Road founder Ross Ulbricht of his $183 million debt to the United States government, according to a court filing first discovered by Wired. I hope one day he will be a free man again! #FreeRoss
The Bahamas to allow residents to pay taxes in Bitcoin
Bahamas’ Office of Prime Minister Philip Davis stated the government would begin to "enable payment of taxes using digital assets" by working with the country's central bank and the private sector, in a white paper titled "The Future of Digital Assets in The Bahamas," which was released on Wednesday, April 20. The government also intends to make it easier for people to buy cryptocurrency with Bahamian dollars and promote the use of the Sand Dollar, a central bank-issued digital currency that was launched in 2020.
"We have a vision to transform Bahamas into a leading digital asset hub in the Caribbean," Davis said.
State of Tennessee prepares to hold Bitcoin at state treasury
According to Nashvillepost, A request for proposals with a Thursday deadline asks potential vendors to tell the Tennessee Department of Treasury how the company would manage for the state virtual currencies like Bitcoin. Currently, the state holds no cryptocurrencies, according to the RFP, and is seeking a vendor in order to “be prepared in the event that unclaimed virtual currency is remitted to the state’s unclaimed property program.”
States and Companies should hold their own Bitcoin! Never ever store them in a custodial solution, like the exchanges!

Global Economic News

TL;DR
The German employers & unions are opposing an immediate ban on NatGas imports from Russia
China tech stocks slumped further
IMF slashes its world growth forecast
In Germany the housing boom goes bigger
Israel dropping U.S. Dollar for Chinese Yuan?
U.S. stocks fall in a dramatic reversal as yields surge
German PPI on a fresh new record
Fed balance sheet expansion has stopped shortly before the $9tn mark
The global bonds are losing significant value

The German employers & unions are opposing an immediate ban on NatGas imports from Russia
“Germany where employers & unions have joined together in opposing an immediate EU ban on natural gas imports from Russia over its invasion of Ukraine, saying such a move would lead to factory shutdowns & the loss of jobs in the bloc's largest economy.” by Holger Zschaepitz
China tech stocks slumped further
“China tech stocks slumped on DiDi delisting plan, regulation woes. Hang Seng Tech Index loses as much as 4% as trading resumes. Beijing’s crackdown, global tech selloff weigh on sentiment.” by Holger Zschaepitz
IMF slashes its world growth forecast
“IMF slashes its world growth forecast by most since the early months of the Covid-19 pandemic. Global expansion will slow to 3.6% in 2022, down from a forecast of 4.4% in January before the war. IMF also lowered its projection for 2023 to 3.6% from 3.8%. “ by Holger Zschaepitz
In Germany the housing boom goes bigger
“Germany where housing boom accelerated as Germans buying real estate fearing rising inflation, rents & interest rates. Europace House Price Index jumped 1.6% in Mar. Gained 67% in past 5yrs, 11%pa. Index has risen in tandem w/ECB balance sheet to ever new ATHs.” by Holger Zschaepitz
Israel dropping U.S. Dollar for Chinese Yuan?
According to Bloomberg, a program of currency interventions begun in Israel more than a decade ago by then Governor Stanley Fischer to stem the surging shekel helped the central bank amass reserves that now surpass a third of gross domestic product. With adding the Chinese yuan alongside three other currencies to a stockpile that last year exceeded, they stood at just over $206 billion at the end of March.
The greenback’s share, by contrast, has fallen to the lowest (59%) since 1995, largely to the benefit of the euro (20%), the pound (5%), the Canadian dollar and the yuan with a record growth to 2.79%. The recent seizure of much of Russia’s foreign currency holdings as part of international sanctions over its invasion of Ukraine could prompt countries further to reconfigure their reserves.
U.S. stocks fall in a dramatic reversal as yields surge
Nasdaq 100 drops 2% as US 10y yields jump by 7bps to 2.9%.
German PPI on a fresh new record
“Germany where inflation pressure increases. PPI jumped by 30.9% in March YoY, the highest increase ever since the start of the statistic in 1949 b/c price increases following the Ukraine war now taking full effect. Energy prices as a whole were up 83.8% YoY.” by Holger Zschaepitz
Fed balance sheet expansion has stopped shortly before the $9tn mark
“Looks as if Fed balance sheet expansion has stopped shortly before the $9tn mark is reached. Fed's total assets have shrunk by $9.6bn to $8,955.9bn. The balance sheet is now equal to 37.3% of the US's GDP vs #ECB's 83% and #BoJ's 137%.” by Holger Zschaepitz
The global bonds are losing significant value
“The biggest bond bubble in 800yrs continues to deflate as hawkish Fed comments shake up the bond markets. The value of global bonds has dropped by another $524bn this week, bringing total loss from ATH to $6.9tn.” by Holger Zschaepitz

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