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The October 2020 edition of the research report “Bloomberg Crypto Outlook” from Bloomberg Intelligence (BI), assets bitcoin’s price is “on track” to reach $100,000 by 2025 thanks to increasing adoption.
According to the U.S. Department of Justice (DOJ), John McAfee has been arrested for alleged “tax evasion and willful failure to file tax returns,” and sued by the Securities and Exchange Commission (SEC) for promoting ICOs without disclosing he was paid to do so.
Charles Schwab, Fidelity, and Vanguard have been buying up shares of various cryptocurrency mining firms, including Riot Blockchain, HIVE Blockchain, Hut 8, and BC Group.
Sponsored: We are excited to announce that we have closed the most widely distributed sale in CoinList’s three-year history. Over 12,000 individuals committed to participate in this landmark community sale for Flow, the blockchain for open world.
Top stories in the Crypto Roundup today:
- Bloomberg Crypto Outlook: ‘Bitcoin on Track for $100,000 in 2025’
- John McAfee Arrested for Tax Evasion, Sued for Promoting ICOs
- Fidelity, Vanguard, Schwab Funds are Investing in Crypto Stocks
- Sponsored: Enter the NFT Ecosystem Via Dapper Labs’ FLOW Token Dutch Auction
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Bloomberg Crypto Outlook: ‘Bitcoin on Track for $100,000 in 2025’
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The October 2020 edition of the research report “Bloomberg Crypto Outlook” from Bloomberg Intelligence (BI), assets bitcoin’s price is “on track” to reach $100,000 by 2025 thanks to increasing adoption.
The report, written by Senior Commodity strategist Mike McGlone, details that based on “historical growth guides” and “demand and adoption measures” bitcoin’s price could hit $100,000 in five years, provided its adoption keeps increasing, even if “at a slower pace.” McGlone details that it isn’t clear what specific catalyst may launch BTC to new highs, but “demand vs. supply metrics remain price-positive,”
“If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”
On social media, McGlone explained that quantitative easing “juxtaposed vs. tightening Bitcoin supply leaves adoption and demand as the top price-outlook metrics.” Given BTC’s limited supply, it should be a “primary beneficiary” in a period, in which there’s “limited potential [for] further upside in equity and bond prices.”
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John McAfee Arrested for Tax Evasion, Sued for Promoting ICOs
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According to the U.S. Department of Justice (DOJ), John McAfee has been arrested for alleged “tax evasion and willful failure to file tax returns,” and sued by the Securities and Exchange Commission (SEC) for promoting ICOs without disclosing he was paid to do so.
The SEC’s complaint details that “from at least November 2017 through February 2018” he was leveraging his fame to “make more than $23.1 million in undisclosed compensation by recommending at least seven initial coin offerings to his Twitter followers.” IT adds:
“McAfee falsely claimed to be an investor and/or a technical advisor when he recommended several ICOs, creating the impression that he had vetted these companies, that they were benefitting from his technical expertise, and that he was willing to invest his own money in the ventures.”
If convicted, McAfee is facing a maximum sentence of five years in prison on each count of tax evasion and a maximum one year in prison on each count of willful failure to file a tax return. He also faces a “period of supervised release, restitution, and monetary penalties,” the DOJ said.
Jimmy Gale Watson, Jr., described as McAfee’s bodyguard, is accused of assisting him in naming the touting and scalping activities. The complaint states McAfee paid Watson at least $316,000 for his role.
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Fidelity, Vanguard, Schwab Funds are Investing in Crypto Stocks
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Charles Schwab, Fidelity, and Vanguard have been buying up shares of various cryptocurrency mining firms, including Riot Blockchain, HIVE Blockchain, Hut 8, and BC Group.
The stock purchases were revealed in financial filings with the SEC. These also double down on the mutual fund managers’ equity investments and experiments in the cryptocurrency space. Schwab has invested in Ethereum application platform Alchemy, while Vanguard has been piloting Symbiont’s blockchain for foreign exchange transactions. Fidelity has a digital asset arm that’s set to launch a trading service and a bitcoin index fund.
On Riot Blockchain, for example, the filings show Charles Schwab bought around 22,977 shares for $52,000, while two Vanguard funds - the Vanguard Index Fund and Vanguard Valley Forge Index Fund – were invested in 954,229 shares worth $2,118,000. Two fidelity funds were separately invested in 176,242 shares worth over $230,000.
Riot Blockchain, Hut 8, and HIVE Blockchain are cryptocurrency mining firms, while the BC Group is a Hong Kong-based digital asset platform.
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$818MM Have Been Withdrawn from BitMEX Since the Lawsuit
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U.S. regulatory authorities last Thursday brought a series of civil and criminal charges against BitMEX. Since then 75,985 bitcoin were withdrawn from the Seychelles-based crypto exchange.
BitMEX is one of the industry’s leading trading platforms, which in 2016 introduced a derivative known as perpetual swaps – futures that don’t expire – to the market, and allowed traders to bet on the future prices of crypto with up to 100x leverage. This helped it become a market leader for years.
BitMEX is accused of failing to comply with the Bank Secrecy Act in allowing U.S. residents to trade funds on the platform. It allegedly did not conduct know-your-customer (KYC) checks, which opened the door for potential criminal activity. The exchange is based in Seychelles, a region known for being a tax haven and a near free pass on crypto regulations.
After authorities brought the charges against BitMEX, Traders rapidly worked to move their assets from the platform, which could end up in a long, drawn-out battle with the U.S. regulators. Attorneys for its founders have already revealed they intend to fight the allegations.
A breakdown of daily withdrawals from BitMEX shows that 5,026 BTC were withdrawn on October 1st; 57,571 BTC on 10/2; and 11,547 BTC on 10/3.
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Enter the NFT Ecosystem Via Dapper Labs’ FLOW Token Dutch Auction
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We are excited to announce that we have closed the most widely distributed sale in CoinList’s three-year history. Over 12,000 individuals committed to participate in this landmark community sale for Flow, the blockchain for open world.
Up Next: Flow Auction
The Flow team is now offering 2% of the genesis block (25M Flow Tokens) via an Auction set to begin on Tuesday, October 6th at 5am PT / 8am ET / 2pm CET / 8pm HKT.
- Starting Bid: $1
- Floor Price: $0.10
- Lock Up: 100% freely tradable after a one-year lock up
- Min: $50 (no maximum bid)
- Status: Deposits and bidding are now open
Traction since the community sale
NBA Topshot launched (Coindesk): first app on Flow mainnet
Flow announced a series of partnerships, including with: Sumo Digital (a Tencent company), Blockletes (Turner Sports), Animoca (MotoGP and StarGirl), Bitkub and YouTube influencers totalling 40M+ followers, Blockparty digital art marketplace, and of course Binance and Circle
About Flow
Flow is a new blockchain built from the ground up for a new generation of consumer apps, games, and the digital assets that power them. It is based on a novel architecture that delivers the performance required for mainstream applications without compromising decentralization or sharding the network. This means that Flow developers can build secure and configurable applications and provide new possibilities for consumers around the world. To date, we've started working with some of the world's top brands, including the NBA, UFC, Ubisoft, Warner Music Group and Dr Seuss, and we've engaged independent developers, large corporations and other infrastructure partners.
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