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<ul><li><keyword id="110689" type="PERSON" weightage="20" keywordseo="Anthony-Hopkins">Anthony Hopkins</keyword>' new film Zero Contact will premiere as an <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> on Vuele, a global distribution platform for NFTs. </li><li>Vuele boasts of being the first direct-to-consumer platform where limited edition film and other content can be watched, collected, or traded. </li><li>NFT's represent only the digital form, and artists are free to sell their creations in physical condition as well.</li></ul>Anthony Hopkins’ new film Zero Contact is going to premier as a non-fungible token (NFT) on a new platform called Vuele. The creative world was the first to adopt the concept, and it has already led to some record-breaking milestones. However, this is the first time that a full length feature film will be offered up for sale as an NFT. “It creates scarcity in copies of the film and protects against piracy,” Dugdal told <a href="https://deadline.com/2021/07/enderby-entertainment-pandemic-film-zero-contact-nft-vuele-1234787314/">Deadline.</a> The NFTs are likely to appear on Vuele in late July or early August. They will include the film along with extras at different price points, yet to be determined. NFTs are collectibles. This means that the NFT copies of Zero Contact will be treated as a limited edition version of the movie. According to Rick Dugdal, the producer and director of the movie, there will be four or five ‘drops’ of the movie. Each of these drops will be exclusive, limited-edition versions of the film and collectible content. Users can buy or bid on these items using cryptocurrency or regular credit cards. And, here’s a quick look into how this works. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"> </h2><h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">How do you distribute a film as NFT?</h2> Traditionally, a film requires a label partner, distribution channels, and multiple parties across regions for a release. As an NFT, the film can be directly released on the blockchain, maintaining a ledger of all its owners. The token is cryptographic, meaning it has established a unique identity and a confirmation of digital ownership. For fans, it means absolute uniqueness in the files they are purchasing, adding more value to the digital commodity. "As opposed to Bitcoin, which is fungible and can be exchanged with millions of other Bitcoins, NFT's proposition of being unique makes it a collector's item or an investor's paradise," Vikram Subburaj, co-founder and CEO of <keyword id="10307722" type="COMPANY" weightage="20" keywordseo="giottus-cryptocurrency-exchange">Giottus cryptocurrency exchange</keyword> told Business Insider. "It is worth noting that NFTs are only proof of ownership and do not prohibit adoption or copies of the art on the internet or otherwise. That is, there is no IP associated with it other than claims to verifiable digital ownership," he added. NFTs represent only the digital form, and artists are free to sell their creations in the physical world as well. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">How does the creator earn money from an NFT?</h2> The creator faces two likely scenarios — blockbuster earnings or nothing. Like nascent cryptocurrencies, NFTs are yet to take off as a mainstream utility, and their profitability is unpredictable. But it offers a look into the future, where independent artists can show their work to the masses without relying on third parties. In terms of monetisation, it's pretty simple. An NFT is created by ‘minting’, which is the process of developing and placing the file on a blockchain. Ethereum is currently the go-to blockchain because of its smart contracting ability, which can automatically maintain and update the ownership ledger. Once minted, if the NFT is sold for ₹100, the creator earns the sum directly. If the first owner resells the NFT after a year for ₹2000, the creator gets a particular percentage of the sum as a royalty fee. Hence, his earnings for the second transaction will be ₹200 --if we assume the royalty fee is set at 10%. And, the creator will continue to earn royalties as long as the NFT is being traded. "For example, an original song from AR Rahman can be 'owned' uniquely on a blockchain. When the demand for the song goes up or becomes valuable with time, you can sell it with a considerable gain to the next owner, much akin to how we sell a plot of land or a house," Subburaj added. Hence, the initial investor or buyer can also make money on the blockchain while protecting the creator's assets from piracy or illegal distribution. The blockchain also helps ensure that the art or creation is permanently archived and cannot be tampered with, automatically creating another level of authentication that can withstand time.

Anthony Hopkins’ new film will be sold as an NFT — here’s what that means for creators and the ones buying it

<ul><li>The Reserve Bank of India (RBI) has issued a circular asking banks to stop citing a quashed 2018 circular.</li><li>Several banks have been using this circular to persuade their users against cryptocurrencies.</li><li><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchanges have welcomed the decision.</li></ul>The Reserve Bank of India (RBI) has issued a circular to banks and other regulated entities clarifying that its 2018 circular on cryptocurrencies is no longer valid as it was set aside by the Supreme Court in March 2020. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” said the <a href="https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103&amp;Mode=0">circular</a> from the central bank. This is in response to users being <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">warned</a> by banks to avoid cryptocurrencies citing the circular. Many leading banks in India were reportedly misleading their customers, essentially misusing RBI’s name and its quashed circular to prevent their customers from using their money for an activity that is legal. To recall, in 2018, the Supreme Court had quashed a circular that barred RBI-regulated entities from “providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies”. The Supreme Court quashed this circular, stating that since the RBI had not banned virtual currencies, and that the Indian government has not arrived at a decision yet, the informal ban placed by RBI does not hold merit. <cmsannotation type="cmsannotation" annotationid="Crypto exchanges rejoice, say banking services should resume soon" comment="subhead" text="Crypto exchanges rejoice, say banking services should resume soon">Crypto exchanges rejoice, say banking services should resume soon</cmsannotation> Cryptocurrency exchanges like WazirX, Unocoin, Giottus, among others, have been adversely affected by the informal ban from the banks’ side. Nischal Shetty, the founder and chief executive officer (CEO) of WazirX, welcomed the news. “This document is a ray of hope for the Indian crypto ecosystem. We really appreciate the Reserve Bank of India’s clarification on this,” he said. Further, Shetty said that he hopes this will allow his company to access banking services again. “We hope that this circular encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges,” he said in a statement to Business Insider. Sumit Gupta, co-founder and CEO of CoinDCX, “We welcome the move from the RBI to clarify the stand around the old circular which was set aside by the honorable Supreme Court. I hope the confusion around the same ends now. We also respect the concern the banks may have around AML [anti-money laundering] policies and discussions around the same will make the industry stronger, and investors and investments safer.” SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/cryptocurrency/news/heres-why-doge-inr-and-doge-usd-prices-can-be-slightly-different/articleshow/82544583.cms">Here’s why Doge-INR and Doge-USD prices can be slightly different</a>

RBI reiterates its 2018 cryptocurrency circular not valid – crypto wallet deposits could resume soon

<ul><li>Singapore-based Coinstore has announced plans to enter the India market.</li><li>Its competitor CrossTower had also entered India in September.</li><li>Coinbase is setting up its offices in the country and has been on an aggressive hiring spree since July.</li></ul> Despite rumours of a <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">possible ban</a>, Singapore-based cryptocurrency exchange Coinstore has decided to enter India. It has launched the web and mobile versions of its platforms in the country, and plans to start a branch each in Bangalore, New Delhi and Mumbai, according to a <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Reuters</a>’ report. <div type="twitter" handle="coinstore_en" handlename="Coinstore" image="http://pbs.twimg.com/profile_images/1459071636183785473/2s7pRqeq_normal.jpg" favoritecount="5" retweetcount="1" status="#Cryptocurrency exchange #Coinstore enters #India despite pending curbs on trade📰: https://t.co/6oltKCMEyp ✅… https://t.co/VHJXK8TDQR" createdat="1638155949000" id="1465158360676904960"></div> Coinstore’s entry into India follows in the footsteps of other global crypto giants like <a href="https://www.reuters.com/technology/cryptocurrency-exchange-coinstore-enters-india-despite-pending-curbs-trade-2021-11-28/">Coinbase</a> and <a href="https://www.businessinsider.in/investment/news/crypto-firm-crosstower-partners-with-south-asian-engagement-forum-to-celebrate-diwali-at-world-trade-center-in-new-york/articleshow/87484056.cms">CrossTower</a> looking to capitalise on the large base of investors in the country — estimated to be between 15 to 20 million by the industry. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Charles Tan, head of marketing at Coinstore, told Reuters. He also said that the company plans to recruit 100 employees in India and spend about $20 million for marketing, hiring and development of the business in the country. The Indian government is expected to table its <a href="https://www.businessinsider.in/cryptocurrency/news/india-new-crypto-bill-threatens-to-ban-private-cryptocurrencies/articleshow/87874900.cms">bill on cryptocurrencies</a> at the Winter Session of the Lok Sabha, which has kicked off today. The government has listed the bill on the agenda for the session asone which seeks to “prohibit private cryptocurrencies” in the country. While experts opine that a ban wouldn’t be the right move for India, the announcement led to <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">panic selling</a> in Indian crypto markets. <div type="Article" hostid="261" msid="87887473" title="Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency" mstype="2" mssubtype="0"></div> “India has a huge potential to become a global leader in this technology. If India closes the avenues for crypto, it will be cut off like Nigeria. Being a digital-first country, this innovative technology needs the framework India provides to expand,” Vikas Ahuja, CEO of <keyword id="12040535" type="General" weightage="20" keywordseo="crosstower-india" source="Orion">CrossTower India</keyword> CEO, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Competition galore" comment="subhead" text="Competition galore">Competition galore </cmsannotation> India’s cryptocurrency market has been growing exponentially over the past one year. According to crypto exchange WazirX founder, Nishcal Shetty, the country <a href="https://economictimes.indiatimes.com/tech/technology/india-does-not-have-100-million-crypto-users-wazirx-founder/articleshow/87280576.cms">has around</a> 20 million crypto users.It is the largest exchange in the country in terms of trading volumes. The country has also produced two billion dollar crypto startups — ‘unicorns’ — CoinDCX and Coinswitch Kuber, both of which announced their new milestones within the past few months. Coinswitch Kuber is also the first company in India to receive funding from Silicon Valley-based venture capital firm Andreesen Horowitz. While CoinSwitch and CoinDCX have investments from global crypto giant Coinbase, WazirX is owned by Binance. Coinstore will also have to contend with smaller exchanges, like Giottus Cryptocurrency and many more. Seychelles-based OKEx had also entered India earlier this year, while Singapore-based CrossTower entered the country in September. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/fud-takes-over-indian-crypto-markets-after-government-lists-crypto-bill-for-discussion/articleshow/87891795.cms">FUD takes over Indian crypto markets after government lists crypto bill for discussion</a> <a href="https://www.businessinsider.in/investment/news/what-does-private-cryptocurrency-mean-in-india/articleshow/87887473.cms">Privacy coins, centralised cryptocurrencies, or being currencies — India is yet to explain what it means by ‘private’ cryptocurrency</a> <a href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">Experts fear that a 'ban' on crypto in India will only drive investors to the grey market</a>

After Coinbase and CrossTower, Singapore’s Coinstore is now entering India despite fears of a ban on crypto

<ul><li>India plans to tax cryptocurrency transactions at a rate of 30%.</li><li>This is at par with the highest income tax slab applicable to individuals with an income in excess of ₹15 lakh per annum.</li><li>“The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto,” Ritesh Kumar, Partner at IndusLaw, told Business Insider.</li></ul>India may not have any laws to govern cryptocurrencies yet, but it doesn’t want to miss out on the gold rush. Finance Minister Nirmala Sitharaman announced that the country will be taxing all digital assets at a rate of 30% — no deductions or exemptions apply. This includes everything from cryptocurrencies to non-fungible tokens (NFTs) to other ways that people earn from digital assets, like yielding, farming and mining. <div type="ExtQuote" text="“Cryptocurrencies will be taxed at 30%. Any Income from the transfer of any virtual digital asset shall be taxed at 30%. No deductions and exemptions allowed. Loss from transfer of such assets cannot be set off against any other income.”" auname="Finance Minister Nirmala Sitharaman during the Union Budget 2022-23"></div> As compared to the conventional tax slabs, 30% is the <a href="https://stocktwits.com/Bush2000/message/432215643">highest tax bracket</a> applicable to individuals with an annual income of more than ₹15 lakh. <div type="image" title="Crypto tax ST post" msid="89278516" hostid="261"></div> Moreover, gifts of virtual assets shall also be taxed for the recipient. And, tax deducted at source (TDS) will be imposed on payments for the transfer of crypto assets at a rate of 1% for transactions over a certain threshold. However, Sitharaman did not specify what this ‘threshold’ will be. “Virtual digital assets, including a specific tax regime for virtual digital assets, such as crypto, while providing clarity is not in line with what the industry was expecting. The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto,” Ritesh Kumar, Partner at IndusLaw, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Many things remain uncertain" comment="subhead" text="Many things remain uncertain">Many things remain uncertain </cmsannotation>The budget also made way for the ‘digital rupee’ — a central bank digital currency (CBDC) that will be run by the Reserve Bank of India (RBI). In the post-budget press conference, Nirmala clarified that the CBDC will treated as a currency while all other cryptocurrencies will be treated, which are not controlled by the RBI, will be taxed at 30%. “This [tax rate] clears the air on taxes for cryptos, however, there are several types of incomes people earn from cryptos and hopefully more clarity will be available in the budget documents,” Archit Gupta, the chief executive (CEO) and founder of Clear (formerly ClearTax), told Business Insider. While many see the proposed tax on transfer of virtual digital assets as a step forward to remove some of the uncertainty in the market, the detailed guidelines will determine how the tax is actually implemented. “One would need to read the fine print, especially the definition of virtual digital assets, to understand the exact implications of the announcement. In absence of law regulating trading in crypto and digital assets, this is a step forward by the government of India,” said Rajat Prakash, the managing partner at Athena Legal. <cmsannotation type="cmsannotation" annotationid="Crypto investors will no longer have the option of capital gains" comment="subhead" text="Crypto investors will no longer have the option of capital gains">Crypto investors will no longer have the option of capital gains</cmsannotation> India was set to release its cryptocurrency bill during the Winter Session of Parliament, but it never made it into the house. According to Sitharaman, at the time, the bill was pending approval by the Cabinet — the highest decision-making body of the Indian government headed by Prime Minister Narendra Modi. “We do hope that the Government will give exchanges and other businesses a certain time period to enable the tech behind TDS deduction and bookkeeping. Offsetting and carrying forward losses have worked well in other countries but we are happy to see a consideration given to all such instances,” Vikram Subburaj, the CEO of Giottus Crypto Exchange, told Business Insider. Until now, as per the stand income tax rules, the gains on crypto transactions, fell either under ‘business income’ or ‘capital gains’, according to tax experts. The classification depended on the nature of the transactions and the tenure across which they took place. For instance, cryptocurrency transactions would be taxed as ‘capital gains’ if they are held with longer-term appreciation in value with fewer trades. Holding for less than three years would attract whichever rate is applicable under the prescribed brackets, and holding for more than three years would attract a 20% rate. Overall, however, the industry seems to welcome the move since it gives the crypto space a layer of legitimacy. "It gives much-needed clarity and confidence to the industry," said CoinDCX CEO and co-founder Sumit Gupta. "It’s a huge relief to see that our government is adopting the progressive stance of going ahead in the direction of innovation. By bringing in taxation, the government legitimises the industry to a large extent. The majority of people, especially corporates, who have been sitting on the sidelines because of uncertainties will now be able to participate in crypto," echoed WazirX's founder and CEO Nischal Shetty. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">Blockchain-based e-Rupee will be a reality before March 2023 confirms Finance Minister Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/from-new-updated-it-return-to-surcharge-on-ltcg-at-15-here-are-the-personal-finance-highlights-from-budget-2022/articleshow/89268183.cms">From new updated IT return to surcharge on LTCG at 15%, here are the personal finance highlights from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/indias-defence-budget-lays-out-more-money-for-local-contracts/articleshow/89267605.cms">India’s defence budget lays out more money for local contracts, a new independent approval body and leaves a quarter for R&amp;D</a>

From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%

<ul class="summary-list"><li><keyword id="11955065" type="UNKNOWN" weightage="60" keywordseo="dogecoin" source="Orion">Dogecoin</keyword> spin-off <keyword id="12303302" type="UNKNOWN" weightage="60" keywordseo="shiba-inu" source="Orion">shiba inu</keyword> was more than 12% higher on the day on Thursday. </li><li>A major Mexican exchange listed the meme coin a day after Indian exchange Giottus did.</li></ul><keyword id="12410907" type="UNKNOWN" weightage="60" keywordseo="meme-coins" source="Orion">Meme coins</keyword> led a recovery rally in the <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> complex on Thursday, with shiba inu and dogecoin both gaining over 12% in the last 24 hours.Shiba inu is pushing toward a 10% price jump this week as a result of a series of new listings, as well as due to diminishing supply.Bitso, Mexico's largest exchange, said <a href="https://twitter.com/Bitso/status/1481025782629732352?s=20">it planned to list</a> the token on Twitter on Tuesday. Bitso became the first cryptocurrency unicorn last year when it raised <a href="https://markets.businessinsider.com/news/currencies/cryptcurrency-blockchain-investments-already-at-record-2021-institutional-adoption-kpmg-2021-8">$250 million</a> at a $2.2 billion valuation, with investment from the likes of venture capital firm Tiger Global. The Mexican exchange now supports 16 cryptocurrencies, and the move opens up shiba inu to a user base of over 3 million people. Trading of shiba inu on the <a href="https://twitter.com/giottus/status/1480887208169009152">Indian exchange Giottus</a> also went live on Tuesday evening.Giottus listed floki inu as well, which resulted in a price rise for the smaller meme coin.However, floki inu's trading volume didn't jump quite as much as that of shiba inu, which saw a near <a href="https://coinmarketcap.com/currencies/shiba-inu/">100% increase</a> on Thursday. It dwarfed that of dogecoin, which was lower than on Wednesday. Another factor impacting the price of shiba inu is the diminishing supply through burning. In the last 10 days, more than 410 million shiba inu coins, or $13.1 million dollars worth, have been burnt according to <a href="https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce?a=0xdead000000000000000042069420694206942069">data on etherscan</a>.Burnt coins are sent to a null address with a near-zero chance of ever being recovered. As a result, the circulating supply drops, making the coins more scarce, and therefore more valuable. Analysts at FXStreet believe shiba inu is set to break out, as it's currently oversold. Some analysts even predict a <a href="https://www.fxstreet.com/cryptocurrencies/news/shiba-inu-price-recovers-from-downtrend-prepares-for-massive-memecoin-rally-202201120649">rally to $0.000078</a>.Dog-themed meme coin shiba inu rallied in the latter half of 2021, as it became one of the 10 most valuable cryptocurrencies with a market cap of $37 billion. With its current market cap of just over $17.5 billion, it has some way to go before it reaches those heights again. Elsewhere, dogecoin had a much needed rebound after a sluggish start to 2022, which saw the original meme coin slump to lows of $0.14. With the price now pushing $0.17, dogecoin enthusiasts will be hoping it can repeat the impressive feats seen last year, when it was <a href="https://www.businessinsider.com/crypto-investing-top-coins-2021-metaverse-and-meme-coins-crash-the-party-etoro-2022-1">one of the best-performing cryptos</a>.

Meme coins lead crypto revival as shiba inu shoots up over 12% on the back of a bullish mix of new listings and burned coins

<ul><li>With the cryptocurrency bill looming large, consumers have been worried about their investments in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum and others.</li><li>We spoke to industry sources and exchanges to answer your questions, and help you understand if you should sell your Bitcoin and Ethereum investments.</li><li>One of the key takeaways is that you should not panic.</li><li>Read on to find out what you should do in case cryptocurrencies are banned.</li></ul>One of the biggest questions in the minds of Indians holding cryptocurrencies is if they should sell their crypto investments before the Indian government bans them. It is not an easy question to answer as there is little information from the government in this regard as of now. If you are panicking about your investments in Bitcoin, Ethereum, dogecoin and other cryptocurrencies, we are here to answer your questions. <cmsannotation type="cmsannotation" annotationid="Should I sell my cryptocurrencies?" comment="subhead" text="Should I sell my cryptocurrencies?">Should I sell my cryptocurrencies?</cmsannotation> Don’t panic. Panic selling could prove to be counterproductive, especially since we don’t have enough information about the bill. “Cryptocurrency holders in India should not panic. They should wait for the government to reveal all the details about what is being banned or not, and then take a decision accordingly,” said Nischal Shetty, co-founder of WazirX. “Consumers need not panic and sell their crypto investments. CoinDCX has put in safeguard measures to ensure investors are protected, and we have the liquidity to help consumers liquidate their investments if they want to,” said Sumit Gupta, co-founder and CEO of CoinDCX. “Consumers who are holding cryptocurrencies should not sell their investments in haste. The information in the public domain is incomplete, the details are still not finalised and ban may not materialize,” said Arjun Vijay, co-founder of Giottus Cryptocurrency Exchange. What happens if the government bans cryptocurrencies? The government will likely give investors some time to liquidate their cryptocurrency holdings, so you should not worry about it right now. “Even if the government bans cryptocurrencies, it will likely give some time to Indian investors to liquidate their assets,” Vijay further added. Will the government ban holding cryptocurrencies in foreign countries? The details are not available right now, so it is suggested that you wait and watch for official information from the government. Can I invest in cryptocurrencies via the Liberalised Remittance Scheme? It might be possible to invest in foreign countries taking advantage of the Liberalised Remittance Scheme that allows resident individuals in India to invest up to $2,50,000. However, in view of absence of details about the crypto ban, you should adopt a wait and watch approach. Will banks freeze my account if I invest in cryptocurrencies? This is unlikely as your bank account and cryptocurrency investments are not related. Will I be able to withdraw money from cryptocurrencies into my bank account? As things stand right now, there is no restriction on selling cryptocurrencies and withdrawing those funds into your bank account. Even if the government bans cryptocurrencies, it is likely to give some time to investors to liquidate their assets. “Consumers need not worry about cashing out their investments and receiving money in their bank accounts,” Gupta added, assuring that your money will not go down the drain. According to Shetty, millions of Indians hold over INR 10,000 crore in total in various forms in cryptocurrency investments. The government will give them a way out even if it bans cryptocurrency trading. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-6-crypto-experts-said-about-teslas-1-5-billion-investment-into-bitcoin/articleshow/80754586.cms">Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment</a> <a href="https://www.businessinsider.in/stock-market/news/a-crypto-fear-and-greed-indicator-is-flashing-a-warning-signal-that-shows-investors-are-being-extremely-greedy-as-top-cryptocurrencies-hit-record-highs/articleshow/80771973.cms">A crypto 'fear and greed' indicator is flashing a warning signal that shows investors are being extremely greedy as top cryptocurrencies hit record highs</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-spike-drives-rebound-in-hard-hit-crypto-mining-stocks/articleshow/80589491.cms">Bitcoin's spike drives rebound in hard-hit crypto mining stocks</a>

“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

<ul><li>In <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, crypto exchanges have asked the government to consider <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> as a viable <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> regulator.</li><li>Coins like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> and Ethereum are an asset and do not come under the purview of the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>.</li><li>Cryptocurrencies cannot be considered a currency, as the conventional definition says a currency has to be backed by a state.</li><li>The government plans to set up a panel to study crypto regulations, the use of blockchain, and its long-term repercussions.</li></ul>Despite uncertainties around regulations and the legality of cryptocurrency in India, enthusiasts continue to hold onto them in large numbers. While the government decides its stance, we spoke to investors who’re already in the game. “I invested in Dogecoin when it had its first correction in April end. The sole reason was its first jump was significant, giving me hopes that more shall follow. I held onto it for a few weeks and exited at the next wave.” Dilesh Tanna, a 23-year-old investor from Mumbai told Business Insider. But exit doesn’t mean he liquidated the coins to rupees. He’s holding Bitcoin and intends to keep it as long as possible. On the other hand, Suraj Pawar bought Bitcoin in 2017 and he is sitting on a fortune by holding onto them. He was an engineering student back then and was fascinated by what cryptocurrencies promised. He’s held onto them ever since. The traditional long-term and short-term definitions in the crypto world are quite different. For most, long-term often means infinite. There’s no set goal and they’re invested in the future. Cryptocurrencies have always promoted one thing — a decentralised blockchain network that's free of state-backed interference. Bitcoin was founded in 2009 and intended to take on fiat currencies, as the latter is often considered old and inefficient. The word cryptocurrency literally means cryptographic currency. So, why are crypto exchanges asking governments to consider the instrument an investment, not a currency? “I consider these coins to be an investment. I keep changing my coin holding depending on the trends to stay relevant. I’ve also never seen an opportunity to spend them on the ground. So, from my point of view, it’s an asset that I’m willing to hold based on my risk appetite. It’s just like the stock exchange, where you keep shuffling various stocks based on analysis,” Tanna added. In India, crypto exchanges have <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-exchanges-want-sebi-or-a-new-entity-as-regulator-not-rbi/articleshow/82718907.cms">asked</a> the government to consider SEBI (Securities and Exchange Board of India) as a viable cryptocurrency regulator. The prime argument is that coins like Bitcoin and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> are an asset and do not come under the purview of the RBI (Reserve Bank of India). The RBI manages the rupee and looks after the macro well-being of India's banking institutions. SEBI manages the stock exchanges and is well-versed with exchanges, asset management, and always has the investor's interest in mind. It's also hard to decide whether cryptos are a commodity or equity because if it replaces gold, it's a commodity. Investors are confident that cryptocurrencies have potential from a technology point of view and can co-exist with the existing financial system. Once integrated, the returns shall be equivalent to equity since investors were invested in the larger picture. "For the time being, cryptocurrencies are treated only as an investment vehicle as they promise to solve a great use case. We expect cryptos to step up and scale in the near future and slowly start being adopted as currencies,” Vikram Subburaj, co-founder and chief executive officer (CEO) of Giottus Cryptocurrency Exchange, told Business Insider. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Cryptocurrencies</a> cannot be considered a currency now, as the conventional definition says a currency has to be backed by a state. Most importantly, the end-user has confined options to purchase something via Bitcoin or Dogecoin. While cryptocurrency still has a community of niche businesses that accept it (like NFTs), they’re a minority. Unless one can use the tokens as a legal tender on-ground, it cannot be called a currency. "Cryptos are volatile right now because of speculation and folks like Elon Musk [of Tesla]. The fundamental point is, Bitcoin may be the future or maybe not. But blockchain as a concept is here to stay, and that's what we're investing in," Dilesh reaffirmed. A similar experience was narrated by a handful of other crypto enthusiasts Business Insider spoke to. Buying a crypto coin is a long-term investment hoping that it'll soon become a successful currency one day. Nischal Shetty, the founder and CEO of crypto exchange WazirX <a href="https://www.indiatoday.in/technology/features/story/exclusive-wazirx-ceo-nischal-shetty-on-crypto-crash-issues-with-banks-shiba-inu-listing-and-more-1806154-2021-05-24">has often said</a> that crypto is a new technology and it'll take time to regulate it. Even ride-hailing app Uber was in a similar predicament not long ago. Blockchain reliability makes sense as countries consider floating a CBDC (Central Bank Digital Currency) and joining the crypto-mania. According to an <a href="https://economictimes.indiatimes.com/tech/technology/govt-may-set-up-new-panel-to-study-crypto-regulations/articleshow/82746324.cms">ET report</a>, the government plans to set up a panel to study crypto regulations, the use of blockchain, and its long-term repercussions. Hence, it’s clear that cryptocurrencies are perceived as an investment medium and shall take time to mature into a full-fledged currency. It may be able to become an alternative in countries with weak economies, but the healthy ones are indeed out of question for now. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-moves-the-delhi-high-court-against-indias-new-it-laws-says-report/articleshow/82965251.cms">WhatsApp moves the Delhi High Court against India’s new IT laws, says report</a> <a href="https://www.businessinsider.in/science/environment/news/cyclone-yaas-will-unleash-its-fury-for-another-12-to-18-hours-after-making-landfall/articleshow/82964922.cms">Cyclone Yaas will unleash its fury for another 12 to 18 hours after making landfall</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-is-giving-away-9000-worth-google-stadia-bundle-for-free-but-its-not-available-in-india/articleshow/82965884.cms">OnePlus is giving away ₹9,000 worth Google Stadia bundle for free – but it’s not available in India</a>

Indians are holding on to their cryptos, amidst all the uncertainty — here is why

<ul><li>Cryptocurrency traders registered $10 billion in liquidations as cryptocurrencies plummeted due to a combination of negative news. </li><li>The first trigger was the unconfirmed rumours of the <keyword id="105472" type="COMPANY" weightage="20" keywordseo="US-Treasury">US Treasury</keyword> crackdown that linked cryptocurrencies with money laundering. </li><li>The second trigger was the <keyword id="751724" type="PERSON" weightage="20" keywordseo="power-blackouts">power blackouts</keyword> in China’s Xinjiang region, which is a major <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> mining pool. </li></ul><keyword id="11121846" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-liquidations">Cryptocurrency liquidations</keyword> hit a record $10 billion in an overnight crash triggered by rumours of US crackdown, and power blackouts in China’s Xinjiang province which resulted in a 50% decline in the Bitcoin hash rate. The total market capitalisation of cryptocurrencies – including Bitcoin – fell by a staggering $310 billion, from a peak of $2.2 trillion. This represents a 14% crash in the market value of cryptocurrencies. Since then, cryptocurrencies have staged a recovery – the latest data puts the total market value at $2.09 trillion. However, Bitcoin is still under $57,000, down by 15% from its all-time high of $65,000 on Wednesday, April 14. <cmsannotation type="cmsannotation" annotationid="Biggest liquidation in 2021 so far" comment="subhead" text="Biggest liquidation in 2021 so far">Biggest liquidation in 2021 so far</cmsannotation> The initial crash was triggered by <a href="https://twitter.com/Fxhedgers/status/1383611847144730626">unconfirmed rumours</a> of a US <keyword id="6374832" type="COMPANY" weightage="20" keywordseo="treasury">Treasury</keyword> crackdown on financial institutions for money laundering via cryptocurrencies. As a result of the flash crash, investors and firms with long positions on Bitcoin saw record liquidations to the tune of $10 billion, according to <a href="https://www.bybt.com/LiquidationData">Bybt</a>. Nearly 927,000 traders were impacted due to the crash. Cryptocurrency liquidations are triggered when the trader or investor is unable to fulfill the margin requirements needed for their positions – in this case, long positions, which means that the traders were bullish on Bitcoin prices. A crash means that the Bitcoin prices went in the opposite direction, thereby increasing the margin required to maintain long positions. When traders run out of cash to maintain these positions, they are liquidated. While Bitcoin price has crawled back up, the long positions will be marked as losses. Before this, the biggest liquidations in 2021 were between February 20 and 23, totalling $7.16 billion as Bitcoin plunged from $56,000 to under $49,000. <cmsannotation type="cmsannotation" annotationid="Power blackouts in China also contributed to the crash" comment="subhead" text="Power blackouts in China also contributed to the crash">Power blackouts in China also contributed to the crash</cmsannotation> While the crackdown rumours played their part, another aspect that led to the flash crash in cryptocurrencies was power blackouts in China’s Xinjiang region. The blackout caused half of Bitcoin’s mining network to go offline. Popular Bitcoin analyst Willy Woo states that Bitcoin’s price and hash rate are correlated. A 50% fall in the hash rate has subsequently caused a crash in Bitcoin’s price, too. <div type="twitter" handle="woonomic" handlename="Willy Woo" image="http://pbs.twimg.com/profile_images/1061456386746269696/-0v6Qw17_normal.jpg" favoritecount="4719" retweetcount="1137" status="Price and hash rate has always been correlated.This is BTC price vs today's hash rate collapse (from the Xinjiang… https://t.co/T5iAXjwMPz" createdat="1618728213000" id="1383672529995190281"></div> “Another probable reason could also be the massive power outage in China’s Xinjiang region, which is one of the largest mining pools which may have prompted the sell-off,” said Sumit Gupta, co-founder and CEO of CoinDCX, in a statement to Business Insider. <cmsannotation type="cmsannotation" annotationid="Industry insiders rubbish US Treasury crackdown rumours" comment="subhead" text="Industry insiders rubbish US Treasury crackdown rumours">Industry insiders rubbish US Treasury crackdown rumours</cmsannotation> Industry insiders called these rumours “unsubstantiated” and “dubious”. “Market had reacted sharply based on series of unconfirmed and dubious tweets,” Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange said in a statement to Business Insider. He urged retail investors to not fall prey to these rumours and do more research before taking a decision. CoinDCX’s Sumit Gupta struck an optimistic note. “We believe this is a temporary phase and prices will recover soon as the Treasury has already refuted the rumours,” he added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/wisdom-from-a-crypto-billionaire-plus-a-risk-free-bitcoin-trade-that-could-pay-double-digit-returns/articleshow/82134946.cms">Wisdom from a crypto billionaire, plus a risk-free bitcoin trade that could pay double-digit returns</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-plummets-more-than-10-to-less-than-55000-in-its-biggest-drop-in-months-just-days-after-reaching-a-record-64800/articleshow/82129663.cms">Bitcoin plummets more than 10% in its biggest drop in months, just days after reaching a record high</a> <a href="https://www.businessinsider.in/stock-market/news/coinbases-first-employee-was-hired-after-he-emailed-his-undergraduate-thesis-on-bitcoin-to-the-founders-and-was-paid-in-cryptocurrency-for-3-years/articleshow/82104031.cms">Coinbase's first employee was hired after he emailed his undergraduate thesis on bitcoin to the founders - and was paid in cryptocurrency for 3 years</a>

Cryptocurrency liquidations hit record $10 billion amid US crackdown rumours and power blackouts in China

<ul><li>Following China's closure of mining farms, <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>'s mining difficulty dropped significantly because the hash rate plunged.</li><li>Mining difficulty is the time taken to mine each block, and it dynamically varies depending on the network's total hash rate.</li><li>On the other hand, Ethereum briefly overtook Bitcoin with more active addresses, and the two are now closely trailing each other.</li></ul>Bitcoin is the OG but advocates of other cryptocurrencies are hoping to challenge the decade-old digital token, especially when it comes to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Ethereum</a> — Bitcoin’s experimental younger brother. And, the race between the two is getting closer. Ethereum stepped up its game and briefly had more active addresses than Bitcoin this month. That means more people exchanging Ether with each other than those swapping Bitcoin. “With numerous tokens being launched for each of these use cases, it is not surprising that ETH has surpassed BTC in terms of active addresses,” Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider. Meanwhile, China’s recent clampdown due to energy concerns created a huge <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate deficit globally. Even though it may sound like a bad thing, it actually means active miners can mine new coins more conveniently. However, the Bitcoin anomaly is said to be short-lived as miners are actively <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-bitcoin-miners-are-looking-at-us-kazakhstan-canada-and-europe-amid-the-exodus/articleshow/83806714.cms">migrating out of China</a>. Experts believe that the setback is temporary and that Bitcoin will emerge more vital than ever before, with other regions offering more affordable and green energy. <div type="ExtQuote" text="The factors mentioned are temporary and we predict that, once the market picks up, BTC [Bitcoin] mining will gain its difficulty levels that represent higher ROI [return on investment] for miners in the ecosystem." auname="Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider"></div><h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">It has become easier to mine Bitcoins — for now</h2>Mining for Bitcoin is how new coins are brought into circulation. And, it’s necessary in order to maintain the ledger on which the entire system is based. It’s a process that involves solving math problems. The more people there are mining for Bitcoin, the more difficult the puzzle. And, fewer people would result in the puzzles being easier. It is denoted by the time taken to mine each block, and it dynamically varies depending on the network's total hash rate. So, when China started closing down mining farms, there were fewer people fighting to verify transactions. As a result, Bitcoin's <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">mining difficulty dropped</a> significantly as the hash rate plunged. China contributed 65% of all Bitcoin hash rate in May, hence a crackdown has <a href="https://www.businessinsider.in/cryptocurrency/news/why-bitcoin-mining-will-be-easier-with-drop-in-hash-rate-amid-china-crypto-crackdown/articleshow/83810948.cms">affected</a> the global hash rate by a whopping 40%. “The observation of a 28% drop in Bitcoin (BTC) mining is coinciding with the large exodus of miners from China to regulatory friendly nations in Europe and North America,” explained Subburaj. A boon for those who aren't affected due to China's closure The drop in mining difficulty also means a lot more cash is going to the Bitcoin miners who remain online. Transaction fees also plunged, inversely contributing a $1000 surge in Bitcoin's value, especially since new people aren’t likely to sign on. “Given that BTC pricing has dropped by over 40% in the last two months, new miners are no longer incentivized to start operations,” said Subburaj. Bitcoin's mining difficulty is designed to adjust itself every 2016 blocks based on the total hash rate racing on the network. If block production becomes faster than 10 minutes, the system will automatically increase difficulty. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Ethereum was bigger than Bitcoin, even if it was just for a few hours</h2> It's impossible to gauge how long it'll take to get Bitcoin’s hash rate back up. But the correction has become an opportunity for Ethereum — the world's second-largest cryptocurrency network by market cap. <div type="ExtQuote" text="With numerous tokens being launched for each of these use cases, it is not surprising that ETH has surpassed BTC in terms of active addresses." auname="Vikram Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, told Business Insider."></div> <div type="image" title="Bitinfocharts" msid="84140427" hostid="261" caption="&amp;lt;p&amp;gt;Bitinfocharts&amp;lt;/p&amp;gt;"></div>Ether's rise suggests that the demand for Bitcoin is faltering as users are now opening up to viable alternatives. According to <a href="https://bitinfocharts.com/comparison/activeaddresses-btc-eth.html#1y">Bitinfocharts</a>, Ethereum briefly overtook Bitcoin with considerably more active addresses on June 28, and the two are now closely trailing each other. Active addresses simply show us the number of active users or available senders and receivers for a particular token in the network. What is Ethereum? The jump in Ether’s participation comes barely a month after Bitcoin hit a milestone of one million active addresses in June — a sight unseen since November 2017. Ethereum is often <a href="https://www.businessinsider.in/cryptocurrency/news/upgrades-to-the-ethereum-network-could-turn-crypto-staking-into-a-40-billion-industry-by-2025-jpmorgan-says/articleshow/84063121.cms">touted</a> as a modern version of Bitcoin, which has far more functionality and a robust network that can deal with current requirements and is future-ready. Its smart contracts are self-executing and can facilitate, verify, and enforce transactions within the blockchain. It creates an excellent medium for experimentation, giving rise to non-fungible tokens (<a href="https://www.businessinsider.in/cryptocurrency/news/formula-one-strikes-a-100-million-sponsorship-deal-with-a-crypto-exchange-for-five-years/articleshow/84013515.cms">NFTs</a>), initial coin offerings (ICOs), and stablecoins. Ethereum also supports decentralised finance (DeFi), a concept that can potentially change how peer-to-peer lending works. And, most importantly, future updates are expected to reduce its energy requirements by 99%. While Bitcoin has popularised the concept of a cryptocurrency, it could be Ethereum that truly stands out in the long run. With its flexibility and robustness, new applications continue to emerge, and increased scalability in the future will extend to support development. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinbase-expansion-plans-in-india-include-hiring-hundreds-of-engineers/articleshow/84134912.cms">Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

Bitcoin mining gets easier with a drop in hash rate but Ethereum’s popularity is catching up

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has smashed past the $20,000 mark for the first time, doubling in value since the beginning of 2020.</li><li>Bitcoin has seen growing interest and participation from renowned global investors, including billionaire Alan Howard and insurance giant MassMutual.</li><li>Industry insiders believe there’s more to come in this bully rally in the cryptocurrency.</li><li>Payment giants Visa, MasterCard, and PayPal have also thrown their weight behind Bitcoin, leading to a boost in investor confidence.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Bitcoin has gone past the crucial $20,000 barrier for the first time, setting a new record in the cryptocurrency’s history. The latest breakout in Bitcoin comes after it was hovering around the $20,000 mark for the last one month. Since the beginning of 2020, Bitcoin has doubled in value – it has increased from $11,100 in the beginning of this year to $22,000 as of December 17, and there are two more weeks left this year. That is a 100% increase in Bitcoin’s value, making it an increasingly lucrative option for a lot of investors. At the time of writing this story, 1 Bitcoin was valued at over $22,000, which is another crucial range for the cryptocurrency. Industry insiders believe there’s more to come. “The more respected companies that join the BTC rally, the more reputable and wanted of an asset it becomes. Not to mention, those large buyers created somewhat of a shortage in Bitcoin liquidity. The price is only going upwards from this,” said Ray Youssef, co-founder and CEO of Paxful. “This time BTC has not just revisited $20,000 but has gone ahead to rally beyond $22,000. We are noticing more and more BTC (Bitcoin) leaving exchanges across the world, 19% more transfer than the 2017 price increase, which is a signal that investors are holding BTC as long-term investments,” said Vikram Subburaj, co-founder and CEO of Giottus Cryptocurrency Exchange. <div type="Article" hostid="261" msid="76063794" title="Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing" mstype="2" mssubtype="0"></div> <div type="image" title="Bitcoin 01_01_20 to 17_12_20" msid="79775530" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s value crashed in March but since then the surge has become almost impossible to stop&amp;lt;/p&amp;gt;"></div> Investor backing has helped Bitcoin double its value in 2020 The rally in Bitcoin is not just because of a demand-supply gap. Industry sources believe Bitcoin investments from renowned global investors has also stoked the bull rally. Sumit Gupta, CEO and co-founder of CoinDCX said, “Bitcoin breaking above $20,000 is a milestone in a year which saw numerous ups and downs in the global economy. This is mainly due to numerous global renowned investors, institutions putting their weight behind Bitcoin.” Some of the big names investing in Bitcoin recently include billionaire Alan Howard-backed One River Asset Management, insurance giant MassMutual, Ruffer Investment, among others. “With more players joining the bandwagon we will be noticing more price increases in the days to come,” Subburaj further added. Alan Howard’s firm is <a href="https://www.bloomberg.com/news/articles/2020-12-16/bitcoin-whale-surfaces-with-1-billion-and-alan-howard-s-backing">eyeing holdings</a> to the tune of $1 billion in Bitcoin and Ether by 2021. Bringing Bitcoin to the masses Payment giants like Visa, MasterCard, PayPal and even Square have thrown their weight behind Bitcoin and other cryptocurrencies. MasterCard has <a href="https://www.businessinsider.com.au/mastercards-garry-lyons-davos-fintech-mastercardlabs-blockchain-bitcoin-2016-1">invested in Bitcoin company</a> Digital Currency Group, while Visa has launched a credit card that <a href="https://www.businessinsider.in/finance/news/visa-will-offer-a-credit-card-that-rewards-purchases-in-bitcoin-rather-than-cash-or-airline-miles-in-early-2021/articleshow/79533024.cms">rewards purchases in Bitcoin</a>. PayPal has announced that it will allow users to buy and sell cryptocurrencies, giving Bitcoin a big push to the masses. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-winklevoss-twins-said-buying-bitcoin-is-the-trade-of-the-century-and-predicted-a-30x-return-in-a-recent-interview-here-are-the-9-best-quotes/articleshow/79722959.cms">The Winklevoss twins said buying Bitcoin is the 'trade of the century' and predicted a 30x return in a recent interview. Here are the 9 best quotes</a> <a href="https://www.businessinsider.in/stock-market/news/insurer-massmutual-scoops-up-100-million-worth-of-bitcoin-and-billionaire-mike-novogratz-noted-it-as-the-most-important-news-in-crypto-this-year/articleshow/79681890.cms">Insurer MassMutual scoops up $100 million worth of Bitcoin, and billionaire Mike Novogratz noted it as the most important news in crypto this year</a> <a href="https://www.businessinsider.in/stock-market/news/an-incoming-senator-believes-bitcoin-is-a-better-store-of-value-than-paper-money-and-plans-to-teach-congress-how-to-use-it-to-reduce-the-national-debt/articleshow/79744309.cms">An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt</a>

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