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<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://coinmarketcap.com/charts/">coinmarketcap</a></span></p></div><p></p></div></div></p><ul><li><strong>A</strong><strong> data adjustment by CoinMarketCap caused cryptocurrency prices to drop on Monday.</strong></li><li><strong>The site removed South Korean exchanges from its site, which have been known to trade much higher than the rest of the world. </strong></li></ul><p><br />Prices of the world's largest <a href="http://markets.businessinsider.com/currencies/cryptocurrencies">cryptocurrencies</a> appeared to take some major hits on Monday morning after <a href="http://coinmarketcap.com"><span>CoinMarketCap.com</span></a>, arguably the most popular and important site for cryptocurrency pricing data, opted to remove South Korean exchanges from its data sources.</p><p>Cryptocurrencies have been known to trade at significant premiums in South Korea, often times many magnitudes higher than on other exchanges, due to localized demand and strict national controls on capital movement.</p><p>The move appears to have taken place just before 5 a.m. UTC (1 a.m. ET), when a steep, $35 billion drop in the total market cap of cryptocurrencies can be seen in CoinMarketCap's data. Prices continued to drop in what could have been fear-induced sell offs, before the crypto universe's market cap bottomed out at $668.7 billion.</p><p>Ripple has warned its customers to look at multiple data sources before making trading decisions after its <a href="http://markets.businessinsider.com/currencies/XRP-USD">XRP</a> cryptocurrency fell from second- to third-largest by market cap because of the change.</p><p>"Coinmarketcap's decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling," Ripple's chief cryptographer David Schwartz <a href="https://twitter.com/JoelKatz/status/950242696848842752"><span>said on Twitter.</span></a> "Look closely at the data and don't be mislead."</p><p>Korean prices have been outliers "due to a shortage of cryptos in Korea and difficulty getting KRW out," <a href="https://twitter.com/JoelKatz/status/950245216518156293"><span>Schwartz continued</span></a>. "The new price is more accurate and meaningful."</p><p>At one point overnight, <a href="http://markets.businessinsider.com/currencies/XRP-USD">XRP</a> was trading at an average of <a href="http://www.nasdaq.com/article/cryptocurrency-prices-spike-on-south-korean-exchange-cm901546">$3.93 on South Korean exchanges</a> - 38% above the token's current price of $2.43, according to Markets Insider.</p><p>CoinMarketCap, which did not announce the change and did not respond to a request for comment, now shows 7,556 reporting markets for its 1,386 displayed cryptocurrencies on its website. The total market cap for cryptocurrencies was $726.7 billion at midday Monday. </p><p>XRP is down 11% over the last 24 hours, while <a href="http://markets.businessinsider.com/currencies/BTC-USD"><span>bitcoin</span></a> and ethereum are down 7% and 2%, respectively.</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-can-be-bubble-and-still-change-world-2017-12">Bitcoin can be a bubble and still change the world</a></h3>        <div>                    </div>    </div>

Here's why cryptocurrencies are getting smoked on Monday

<p>Bitcoin may have appreciated 300% in the last 12 months, but Morgan Stanley still isn't convinced the cryptocurrency will be a viable currency in the long run. </p><p>In new research published this week, analysts at the bank say that bitcoin (and its counterparts like ethereum) are still more like investment vehicles than fiat currency that you could spend on goods and services. In addition, it said there are few reasons to use bitcoin instead of a debit or credit card, as it represents a "marginally more inconvenient way to pay."</p><p>Here's Morgan Stanley:</p><p class="source"><span>Markets Insider</span></p><p class="caption">The price of bitcoin has exploded in the past year.</p><p>The huge rise in the price of bitcoin is perplexing to the bank, which says other factors should have brought bitcoin's value down. These include the SEC's rejection of<a href="http://www.businessinsider.com/bitcoin-price-crashes-after-the-sec-rejects-the-wiklevoss-twins-etf-2017-3"> a bitcoin ETF</a> proposed by the Winklevoss twins, <a href="http://www.businessinsider.com/bitcoin-price-charts-show-trouble-ahead-2017-3">declining trading volumes</a>, and a <a href="http://www.businessinsider.com/bitcoin-price-february-9-2017-2017-2">Chinese crackdown</a> on bitcoin miners, without which the processing time for transactions would substantially increase. </p><p><span>"It is not clear why cryptocurrencies are appreciating so rapidly (apart from the appreciation itself drawing in more speculation against a potentially inefficent ability to sell)," the bank said in a note. </span></p><p>Still, Morgan Stanley has some guesses as to why bitcoin has seen such a catastrophic rise:</p><ol><li><strong>ICO's, or Initial Coin Offerings</strong>: Instead of traditional public offerings or funding rounds, a handful of companies have begun offering investors digital tokens in exchange for cash. In on high-profile case, a tech startup called Aragon<a href="http://www.businessinsider.com/r-blockchain-token-sale-nets-25-million-in-under-15-minutes-2017-5"> raised $12.5 million</a> in less than 15 minutes in its ICO. </li><li><strong>China</strong>: There are strict limits on currency outflows in the country, and Morgan Stanley assumes many people are using cryptocurrencies as a way to bypass the limits. </li><li><strong>Korea and Japan</strong>: Bitcoin was just legalized by the Japanese government, so it makes sense that it would be gaining popularity in the contry. "In Korea, however, there is not a clear explanation for the surge," the bank writes. </li></ol><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/the-bottom-line-jim-rogers-expects-worst-crash-our-lifetime-henry-blodget-2017-6">THE BOTTOM LINE: Legendary investor Jim Rogers expects the worst crash in our lifetime</a></h3>                                    Please enable Javascript to watch this video

MORGAN STANLEY: Bitcoin isn't a currency

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/anieto2k/12048532816/in/photolist-jmFT3q-7rKodq-Aq2Mr9-jxSLX-oqdctM-bmBg1T-oqdnKs-9RHdtH-oqdnNy-byta7C-acRg1q-o8P7op-oErZ1r-oW3tAB-BEDRU-o8HE3q-5XCQfM-p74h1s-aexmJT-5CWZ5-7NST2q-eh9xW1-eh3Qzi-eh9zyE-97NNCB-tA7zj1-8mtQsW-nucxV1-eh3MkZ-xJ492g-y42VA-46GXg-5Lwus-9o7q3M-9TgeVA-dhxM6n-7ohmZ2-cU4E93-7ohUxL-7ohYfs-eh3L5P-8Rh9aq-pVTUwB-o7QUV-7ohnRc-7omg3j-4zPK5-bKzWG-cXTzvC-cXTxTq">Andreas Nieto Porras/Flickr</a></span></p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up<span> </span><a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>No, this isn't a joke. There is really a blockchain-based religion now. <a href="http://www.businessinsider.com/matt-liston-blockchain-religion-augur-2018-6">Here's what you need to know about Matt Liston, his religion called "0xΩ.", and why he refutes the claim that he's a "cryptoprophet."</a></p><p><strong>Here are the<span> </span><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><strong>And today's news: </strong></p><ul><li><a href="http://www.businessinsider.com/tether-explained-bitcoin-cryptocurrency-why-people-worried-2018-1">Everything you need to know about Tether, the cryptocurrency academics claim was used to manipulate bitcoin</a></li><li><a href="http://www.businessinsider.com/amazon-why-could-launch-own-cryptocurrency-2018-6">Here's why Amazon could launch its own cryptocurrency</a></li><li><a href="http://www.businessinsider.com/a-little-known-business-at-robinhood-has-exploded-and-now-its-launching-a-service-to-go-after-the-most-serious-traders-2018-6">A little-known business at Robinhood has exploded, and now it's launching a service to go after the most serious traders</a></li><li><a href="http://www.businessinsider.com/uk-financial-conduct-authority-warns-bank-ceos-about-cryptos-2018-6">The FCA just sent a warning letter about cryptos</a></li><li><a href="http://www.businessinsider.com/cryptocurrency-experts-have-slashed-their-bitcoin-forecast-by-over-50-2018-6">Cryptocurrency experts have slashed their year-end forecast for Bitcoin by more than 50%</a></li></ul><p><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell major cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-to-survive-snake-bite-venomous-venom-attack-2018-5">How to survive a snake bite</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Meet the first blockchain religion

<ul class="summary-list"><li>Hedge fund titan <keyword id="11893879" type="UNKNOWN" weightage="60" keywordseo="ray-dalio" source="Orion">Ray Dalio</keyword> revealed he owns <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> and explained why <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> are impressive.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> is an alternative in an environment where the value of <keyword id="12211919" type="UNKNOWN" weightage="60" keywordseo="cash" source="Orion">cash</keyword> is falling, the Bridgewater Associates CIO said.</li><li>He called cash the "worst investment" and a "problematic asset" that will lose 4-5% to inflation.</li></ul><p>Hedge fund titan Ray Dalio has described cryptocurrency as "impressive," as he confirmed he holds <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> in addition to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and said cash might just be the "worst investment."</p><p>The billionaire investor was a <a href="https://markets.businessinsider.com/news/currencies/ray-dalio-bitcoin-outlook-forecast-3-reasons-fails-everyday-currency-2020-11">skeptic about the bitcoin "bubble" for years</a>, but a change of heart this year saw him buy the leading cryptocurrency.</p><p>On Thursday, in a <a href="https://finance.yahoo.com/video/influencers-andy-serwer-ray-dalio-120000495.html">Yahoo Finance interview</a>, Dalio revealed he's added <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a> to his portfolio, but said he doesn't hold a huge chunk of either bitcoin or <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>'s native token.</p><p>"I'm not going to give the precise amount of bitcoin or — but I do own some ethereum, as well," he told Andy Serwer. "I don't own a lot of it."</p><p>Dalio — the founder and co-chief investment officer of the world's biggest hedge fund, Bridgewater Associates — told Yahoo he's a huge advocate of diversification, and cryptocurrencies make up "a relatively small part" of his portfolio.</p><p>He explained why he thinks digital assets are a good investment.</p><p>"I view it as an alternative money in an environment where the value of cash money is depreciating in real terms," he said.</p><p>"And I think it's very impressive that for the last 10-11 years, that programming has still held up. It hasn't been hacked and so on. And it has an adoption rate."</p><p>Financial mainstream adoption of bitcoin is continuing to grow. Meanwhile, the promise of decentralized finance, or DeFi — to cut traditional banks and other middlemen out of transactions — has boosted interest in ethereum.</p><p>The cryptocurrencies soared to new record highs in November, as institutional money started flowing into the digital token economy.</p><p>So far this year, bitcoin and ether have risen 62% and 420%, respectively, according to data from TradingView. But they have pulled back recently, with bitcoin trading 3.5% lower and ether down 5.4% on Friday.</p><p>Those developments have silenced or changed the minds of crypto critics such as <a href="https://markets.businessinsider.com/news/currencies/investor-howard-marks-more-positive-bitcoin-emerging-market-currency-2021-3">Howard Marks</a>, as well as Dalio himself.</p><h3>Problematic asset</h3><p>The billionaire, who's previously compared <a href="https://markets.businessinsider.com/news/stocks/i-still-think-cash-trash-ray-dalio-dismissed-dollars-reddit-2020-4">cash to trash</a>, reiterated his dislike for fiat money by calling it the poorest investment. The debasement of fiat money — a result of governments' unprecedented fiscal stimulus to help economies through the pandemic — has made assets like bitcoin look more inflation-resistant, he argued.</p><p>"Cash — which most investors think is the safest investment — is I think, the worst investment," Dalio said in the interview.</p><p>"Don't judge anything in your returns or your assets in nominal terms, in terms of how many dollars you have. View it in terms of inflation-adjusted dollars," he added.</p><p>"And so cash — like, this year, you'll lose 4% or 5% to inflation. And so pay attention to those, because I believe that that'll be the worst investment."</p><p>In November, the rate of inflation in US consumer prices reached its <a href="https://markets.businessinsider.com/news/stocks/inflation-cpi-november-prices-index-economic-recovery-supply-chain-crisis-2021-12">highest level in nearly 40 years</a>. Dalio, who has called cash a "<a href="https://www.businessinsider.com/ray-dalio-stock-ideas-market-views-predictions-us-china-book-2021-12?r=US&amp;IR=T">very bad asset</a>," noted sky-high inflation would whittle away at its buying power.</p><p>"The message is: cash is going to be a problematic asset," he said.</p><p>"Hold that other diversified portfolio of assets — keep it, looking at it in real terms, not nominal terms. And that diversification should be also international diversification from countries, not just asset classes, in order to have a truly well-diversified portfolio."</p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/altcoins-to-watch-ethereum-layer-2-scaling-solutions-smart-contracts-2021-12">A particle physicist-turned crypto founder breaks down why ethereum layer-2 scaling solutions will be a big deal in 2022 — and shares why developers are sticking with ethereum despite the rise of other layer-one platforms this year</a></em></p>

Bitcoin holder Ray Dalio gets into ether, praising crypto as he calls cash the 'worst investment'

<p class="source"><span>Change.org</span></p><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> has been soaring to new heights, and now folks on Change.org are calling on e-commerce juggernaut Amazon to accept the cryptocurrency as payment "ASAP."<p>Since March 23, bitcoin has increased 159%, from a little over $1,000 to $2,700.</p><p>At least 2,100 petitioners on <a href="https://www.change.org/p/amazon-com-amazon-com-accept-bitcoin">Change.org</a> want Amazon to join companies such as <a href="http://www.cnbc.com/2016/03/14/microsoft-stops-accepting-bitcoin-on-windows-10.html">Microsoft</a><span> and </span><a href="http://investors.overstock.com/phoenix.zhtml?c=131091&amp;p=irol-newsArticle&amp;ID=1889670">Overstock</a> in accepting bitcoin as a form of payment. They also want the company to accept Litecoin, another cryptocurrency.</p><p>The petition cites the following reasons as to why it would be a good idea for Amazon to accept the two cryptocurrencies:</p><ul><li>"Low transaction costs"</li><li>"Decentralized currency"</li><li>"Low Inflation (Because of the finite supply of Bitcoins (this mostly benefits the consumer)"</li><li>"Bitcoin is accessible to any person of any age, sex, demographic, etc. (it is extremely advantageous to citizens of crisis countries)"</li><li>"Non-reversible payments (Extremely beneficial to reputable companies such as Amazon.com)"</li><li>"Bitcoins are extremely secure (Bitcoins reside in an encrypted format on the wallet they are kept in)"</li></ul><p>But Amazon might be skeptical about bitcoin, and for good reason. For starters, cryptocurrencies are known for their constant fluctuations in its price. <a href="http://www.businessinsider.com/ethereum-price-flash-crash-2017-6">Ethereum</a>, another cryptocurrency, flash crashed on Wednesday. It tumbled from about $296 to a low of $13 in a matter of minutes.</p><p>Many people think a price correction is on the horizon for bitcoin. Mark Cuban, the billionaire investor, took to twitter on June 6 to say he thought there was a bitcoin "<a href="http://www.businessinsider.com/bitcoin-price-is-a-bubble-mark-cuban-says-2017-6">bubble</a>." </p><p>Additionally, some don't view bitcoin and other cryptocurrencies as viable. Morgan Stanley, for instance, <a href="http://www.businessinsider.com/bitcoin-price-confounds-morgan-stanley-analysts-2017-6">recently released research</a> in which they cited reasons why some merchants don't think cryptocurrencies have a bright future. Here's Morgan Stanley:</p><p style="padding-left: 30px;"><span>Most regulators and investors view cryptocurrencies more as assets than actual currencies. Their values are too volatile and too hard to actually use for payment for most to consider them currencies. Our conversations with some merchants indicate that, while cryptocurrencies might actually be attractive for them to operate their businesses, they find that the cryptocurrencies are far too volatile to be used.</span> </p><p>Other obstacles to bitcoin's future, according to the bank, include the <a href="http://www.businessinsider.com/bitcoin-price-february-9-2017-2017-2">Chinese crackdown on mining bitcoin</a> and <a href="http://www.businessinsider.com/bitcoin-price-charts-show-trouble-ahead-2017-3">declining trading volumes</a>. </p><p class="tagline">Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/jim-rogers-worst-crash-lifetime-coming-2017-6">JIM ROGERS: The worst crash in our lifetime is coming</a></h3>                                    Please enable Javascript to watch this video

A petition on Change.org is calling on Amazon to accept bitcoin 'ASAP'

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>YouTube/Market Watch</span></p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>George Weiksner and his father Michael are creating an <a href="http://markets.businessinsider.com/currencies/eth-usd">ethereum</a>-based token that can be used across multiple gaming platforms. The pair <a href="http://markets.businessinsider.com/currencies/news/cryptocurrency-startup-pocketful-of-quarters-12-year-old-ceo-trying-to-solve-common-gaming-frustration-2018-4-1021367322">sat down with Business Insider to chat</a> about their new platform, a Pocketful of Quarters, their vision for cryptocurrencies in gaming, and the challenges of making a 12-year-old the CEO of the company. </p><section id="l-content" data-track-page-area="Post" data-post-content=""><section><div><article><section><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices</a>:</strong></section></article></div></section></section><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><strong>What's happening:</strong></p><ul><li><a href="http://markets.businessinsider.com/news/After-making-a-fortune-in-bitcoin-this-28-year-old-realtor-became-a-rapper-known-as-CoinDaddy-1021381089" target="_blank" rel="noopener">After making a fortune in bitcoin, this 28-year-old realtor became a rapper known as CoinDaddy</a></li><li><a href="http://markets.businessinsider.com/news/A-junior-banker-in-Italy-hijacked-servers-from-his-company-to-mine-bitcoin-and-thousands-of-others-are-doing-similar-things-1021364278" target="_blank" rel="noopener">A junior banker in Italy hijacked servers from his company to mine bitcoin - and thousands of others are doing similar things</a></li><li><a href="http://www.businessinsider.com/tax-season-is-wrapping-up-and-bitcoin-investors-are-freaking-out-2018-3">Tuesday is the deadline for filing taxes - here's why many cryptocurrency investors are freaking out</a></li><li><a href="http://markets.businessinsider.com/currencies/news/ripple-xrp-price-falls-after-ripple-says-it-wants-more-regulation-2018-4-1021402608">Ripple's XRP slid Monday after the company said it wanted more regulation </a></li></ul><div><section id="l-content" data-track-page-area="Post" data-post-content=""><section><div><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></div></section></section><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-paying-taxes-on-bitcoin-works?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Paying taxes on bitcoin isn't nearly as hard as it sounds</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP cryptocurrency</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">You can track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong> Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff. </strong></p></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Meet the 12-year-old crypto CEO

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shamil Zhumatov/Reuters</span></p><p class="caption">North Korean leader Kim Jong Un at a wreath laying ceremony at a navy memorial in Vladivostok, Russia, April 26, 2019.</p></div><p></p></div></div></p><ul class="summary-list"><li>North Korea, along with Russia, Venezuela, and Iran, have all pursued cryptocurrencies, largely as a means to circumvent sanctions.</li><li>That development illustrates the shortcomings of the board sanctions the US has slapped on those countries and shows why the US's "maximum pressure" can ultimately be self-defeating, writes Willis Krumholz.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><p>North Korea claims that it is creating its <a href="https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNF8WSq1u3qg26WFPCpYBL5v6HpGpw">own cryptocurrency</a>. Bitcoin and other cryptocurrency prices <a href="https://www.investing.com/news/cryptocurrency-news/bitcoin-prices-fall-north-korea-reportedly-developing-own-cryptocurrency-1981388" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.investing.com/news/cryptocurrency-news/bitcoin-prices-fall-north-korea-reportedly-developing-own-cryptocurrency-1981388&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNEedroB7evBj-OPk4oZuIzIg68AXg">fell on the news</a>-at least briefly-because if North Korea is developing its own cryptocurrency, that may reduce its demand for existing cryptocurrency options.</p><p>This tells us something about the importance of bitcoin and other cryptocurrencies to North Korea. And American policymakers would do well to understand why North Korea is so heavily involved in these encrypted digital currencies, and the implications of their involvement.</p><p>North Korea's new digital currency will be "more like bitcoin or other cryptocurrencies," said Alejandro Cao de Benos, who is both a North Korean official and a Spanish national long fond of the despotic regime.</p><p>"We are still in the very early stages in the creation of the token," he <a href="https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.vice.com/en_us/article/9ke3ae/north-korea-is-building-its-own-bitcoin&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNF8WSq1u3qg26WFPCpYBL5v6HpGpw">added</a>. "Now we are in the phase of studying the goods that will give value to it."</p><h2>How do cryptocurrencies work?</h2><p>Normal financial transactions are centralized. When you write a check to someone else, for example, your check is used by that other person's bank to go to the Federal Reserve and withdraw money from your bank's account at the Fed. Because the transaction flows through the Federal Reserve, which acts as an intermediary, this is a centralized ledger: The Fed stands between the two banks and acts as a neutral party in their transactions.</p><p>Bitcoin, on the other hand, is a computer code that allows a decentralized payment ledger. Bitcoin's computer code keeps track of who owns what and when all on its own. It does this by incentivizing owners of computing power to "solve" a mathematical equation each time a bitcoin changes hands.</p><p>Once that mathematical equation is solved, a new set of code-which says who owns each bitcoin-is added to the previous set of code. This chain of code is called the "blockchain." And because no one person owns or single-handedly tracks the blockchain, the process of clearing and settlement has been democratized, and decentralized.</p><p>This accomplishes two things. It removes counterparty risk, so the buyer and seller don't need to trust one another, and it removes third party risk-the owners of bitcoin don't need to trust the computers clearing and settling bitcoin transactions (though bitcoins can still be stolen from an exchange, which is a separate matter).</p><p>This decentralization is incredibly valuable to a sanctioned country like North Korea. America's sanctions power flows from the dollar being the <a href="https://www.theamericanconservative.com/articles/stop-wasting-american-power-on-sanctions/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.theamericanconservative.com/articles/stop-wasting-american-power-on-sanctions/&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNFuwGETkmR_PRCaaMLpjRxgdbBJAw">world's reserve currency</a>, and the power this gives the American banking system.</p><p>Because the US government controls the Fed, which controls the dollar, the US government has sway over a large portion of international transactions. Because doing business with North Korea means getting cut off from access to dollars and the US (and therefore global) banking system, any bank or company wishing to stay above board must avoid North Korea altogether.</p><p>Yes, bitcoins can be tracked, especially when sent through regulated exchanges. But it is much harder to track cryptocurrencies than it is to track dollars. And using cryptocurrencies helps North Korea circumvent the American-centric financial system that gives America its sanctions power.</p><h2>The limits of 'maximum pressure'</h2><p>That's why North Korea has long used bitcoin to <a href="https://www.bloomberg.com/news/articles/2017-09-11/north-korea-hackers-step-up-bitcoin-attacks-amid-rising-tensions" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.bloomberg.com/news/articles/2017-09-11/north-korea-hackers-step-up-bitcoin-attacks-amid-rising-tensions&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNEe7QmCFU4EiVa8JMbQEP94FZdLTA">dodge sanctions</a>. For example, North Korea makes money via <a href="https://www.fifthdomain.com/opinion/2019/09/17/nows-the-time-to-respond-to-north-korean-cyber-operations/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.fifthdomain.com/opinion/2019/09/17/nows-the-time-to-respond-to-north-korean-cyber-operations/&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNGmXOEgnmcoG4nxlzozIakgdUfecA">hacking</a>, and cryptocurrencies help North Korea launder that money and put it to work for other uses. Aside from talking up moves to create its own digital currency, the rogue state held its first ever blockchain and cryptocurrency <a href="https://www.fifthdomain.com/opinion/2019/09/17/nows-the-time-to-respond-to-north-korean-cyber-operations/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.fifthdomain.com/opinion/2019/09/17/nows-the-time-to-respond-to-north-korean-cyber-operations/&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNGmXOEgnmcoG4nxlzozIakgdUfecA">conference</a> in April. Meanwhile, Russia, Venezuela, and Iran have a similar interest in cryptocurrencies-all for the purpose of sanctions evasion.</p><p>The implication for America is that this cat-and-mouse game makes economic sanctions campaigns hard to sustain-and it increases the cost on the US of employing such coercive measures. The more Washington resorts to broad sanctions-not targeted on specific regime officials or entities but at a foreign economy more generally-the more countries like North Korea, and even our European allies, will develop means of evasion.</p><p>Aside from this, sanctions are usually <a href="https://www.washingtonpost.com/news/worldviews/wp/2017/08/02/do-sanctions-work-the-evidence-isnt-compelling/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.washingtonpost.com/news/worldviews/wp/2017/08/02/do-sanctions-work-the-evidence-isnt-compelling/&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNFA836oNXyc0635OWS1G_Y4KhiGSQ">ineffective at achieving their desired goals</a>. But the efficacy of broad sanctions is just one reason why Washington should use the blunt force of broad sanctions far more sparingly than it does.</p><p>The other reason? US politicians and officials seem to think that using sanctions is a win-win. They are wrong. Over time, <a href="https://www.theamericanconservative.com/articles/stop-wasting-american-power-on-sanctions/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.theamericanconservative.com/articles/stop-wasting-american-power-on-sanctions/&amp;source=gmail&amp;ust=1569509462116000&amp;usg=AFQjCNFuwGETkmR_PRCaaMLpjRxgdbBJAw">sanctions power wanes</a>. Overusing sanctions, especially broad sanctions, encourages countries to build their own institutions and systems outside of America and the dollar. In this way, sanctions chip away at dollar dominance, threatening to severely reduce US power.</p><p>There's already proof of this, and cryptocurrencies used by Russia, Iran, and North Korea are but one piece of this equation. Already, China is buying Iranian oil priced in Chinese renminbi (RMB) rather than petrodollars. Russia, while selling China natural gas, has agreed to issue RMB-denominated bonds. And even Europe has examined ways to escape US secondary sanctions to buy oil from Iran, keeping it in the JCPOA.</p><p>None of this should be taken to mean the dollar's dominance will soon end-but it won't be the world's reserve currency forever. Abusing sanctions hastens this inevitable decline.</p><p>Broad, "maximum pressure" sanctions erode US dominance. Just like using missiles or troops, there are consequences for the overuse of sanctions, often unseen or difficult to measure. Let's hope Washington policymakers figure this out before it is too late.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/vitalik-buterin-created-ethereum-one-of-the-worlds-three-largest-cryptocurrencies-2019-1">Vitalik Buterin created one of the world's largest cryptocurrencies in his early twenties - here's how he did it and why</a></h3>        <div>                    </div>    </div>

North Korea's cryptocurrency shows the limits of Trump's 'maximum pressure'

<p><span><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>HTC</span></p></div><p></p></div></div></strong></span></p><p><span><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></span></p><div id="div-Desktop/Stocks/Post-P5" data-loader="finandoLazyLoader"><p>On Tuesday, HTC unveiled the HTC Exodus - a phone that it's describing as "<a href="http://www.businessinsider.com/htc-exodus-blockchain-smartphone-2018-5">the world's first native blockchain phone</a>."</p><p>The Exodus will be similar to HTC's other Android smartphones, except it's being designed to support blockchain-based distributed apps, a feature the company describes as "built-in secure hardware."</p></div><p><span><strong>Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></span></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></p><p><span><strong>In the news:</strong></span></p><ul><li><a href="http://markets.businessinsider.com/news/Coinbase-just-rolled-out-4-new-crypto-trading-tools-and-they-offer-a-big-clue-to-where-the-platform-might-be-headed-next-1024604467" target="_blank" rel="noopener">Coinbase just rolled out 4 new crypto trading tools, and they offer a big clue to where the platform might be headed next</a></li><li><a href="http://www.businessinsider.com/crypto-academic-dr-garrick-hileman-interview-joining-blockchain-paul-krugman-and-nouriel-roubini-and-bitcoin-2018-5">Cambridge University's first crypto academic on 'crypto dog years,' why economists like Paul Krugman and Nouriel Roubini are wrong, and why he's joining Blockchain</a></li><li><a href="http://www.businessinsider.com/htc-exodus-blockchain-smartphone-2018-5">HTC just unveiled a blockchain-powered smartphone designed to help reinvent the internet</a></li><li><a href="http://www.businessinsider.com/r-circle-raises-110-million-plans-to-create-dollar-pegged-cryptocurrency-2018-5">Goldman Sachs-backed crypto startup Circle raises $110 million and plans to create a dollar-pegged cryptocurrency</a></li><li><a href="http://www.businessinsider.com/nycedc-announces-two-new-blockchain-projects-2018-5">New York City is getting a pair of blockchain projects</a></li></ul><div><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></div><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://markets.businessinsider.com/currencies/news/cryptocurrency-bitcoin-slang-explained-2018-4-1023578832?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#to-the-moon2" target="_blank" rel="noopener">From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-bezos-interview-axel-springer-ceo-amazon-trump-blue-origin-family-regulation-washington-post-2018-4">Jeff Bezos reveals what it's like to build an empire and become the richest man in the world - and why he's willing to spend $1 billion a year to fund the most important mission of his life</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: HTC launches a 'blockchain phone'

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Rick Wilking/Reuters</span></p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the <a href="http://markets.businessinsider.com/currencies/BTC-USD?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">bitcoin</a> and <a href="http://markets.businessinsider.com/currencies/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">cryptocurrency news</a> you need to know today. Sign up <a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Tuesday is the deadline for filing federal income taxes with the Internal Revenue Service, the day many crypto investors <a href="http://www.businessinsider.com/tax-season-is-wrapping-up-and-bitcoin-investors-are-freaking-out-2018-3">have been freaking out</a> about for months. An <a href="http://markets.businessinsider.com/currencies/news/bitcoin-price-decline-connected-to-irs-tax-day-2018-4-1021406418">$800 million hedge fund said the recent slump in crypto prices is all thanks to Uncle Sam as traders sell their holdings in order to pay the tax man. </a></p><p>If you've yet to file your taxes, here's a <a href="http://www.businessinsider.com/how-paying-taxes-on-bitcoin-works?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">quick explainer on paying taxes on bitcoin earnings</a>. It's easier than you might think! </p><p><strong style="color: #000000;">Here are the <a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices</a>:</strong></p><p><a href="http://markets.businessinsider.com/cryptocurrencies"><span style="color: #000000;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></span></a></p><p><strong>What's happening:</strong></p><div><div><div><div><ul><li><a href="http://www.businessinsider.com/goldman-sacs-executive-joins-blockchain-startup-crypto-bitcoin-2018-4">After 13 years at Goldman Sachs, this executive shares why she's joining a cryptocurrency startup</a></li><li><a href="http://markets.businessinsider.com/currencies/news/pornhub-begins-accepting-cryptocurrency-verge-2018-4-1021445283">The biggest porn site in the world is now accepting a 'privacy-focused' cryptocurrency called Verge</a></li><li><a href="http://markets.businessinsider.com/news/Billionaire-banking-heir-and-cryptocurrency-investor-Matthew-Mellon-dies-in-rehab-at-54-1021435979" target="_blank" rel="noopener">Billionaire banking heir and cryptocurrency investor Matthew Mellon dies in rehab at 54</a></li><li><a href="http://markets.businessinsider.com/news/An-800-million-crypto-hedge-fund-says-bitcoin-s-recent-slump-can-be-pinned-on-the-tax-man-1021406418" target="_blank" rel="noopener">An $800 million crypto hedge fund says bitcoin's recent slump can be pinned on the tax man</a></li><li><a href="http://www.businessinsider.com/16-billion-bitcoin-exchange-coinbase-continues-its-acquisition-spree-snapping-up-another-small-crypto-company-2018-4">$1.6 billion bitcoin exchange Coinbase continues its acquisition spree, snapping up another small crypto company</a></li><li><a href="http://markets.businessinsider.com/currencies/news/bitcoin-price-today-ethereum-litecoin-ripple-crypto-insider-april-16-2018-4-1021403343">Meet the 12-year-old crypto CEO</a></li></ul></div></div></div></div><p><strong style="color: #000000;">New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><div><ul><li><a href="http://www.businessinsider.com/meet-the-traders-investors-and-technologists-pioneering-crypto-on-wall-street-2018-4">Meet the traders, investors, and technologists pioneering crypto on Wall Street</a></li><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-paying-taxes-on-bitcoin-works?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Paying taxes on bitcoin isn't nearly as hard as it sounds</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP cryptocurrency</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong> Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff. </strong></p></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: Tuesday is Tax Day

<ul class="summary-list"><li><strong><keyword id="11911241" type="UNKNOWN" weightage="60" keywordseo="amc" source="Orion">AMC</keyword> CEO Adam Aron said that his movie theater chain could create its own token.</strong></li><li><strong>"There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency," Aron told CNBC.</strong></li><li>AMC is among a handful of companies that have embraced <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> as payment.</li></ul><p><a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment's</a> enthusiasm for cryptocurrency is growing.</p><p>CEO Adam Aron on Wednesday told CNBC that the movie theater chain could potentially create and issue its own token.</p><p>"There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency," Aron told <a href="https://www.cnbc.com/video/2021/10/19/amc-ceo-aron-on-the-recent-trading-frenzy-and-the-future-direction-of-the-company.html">CNBC</a> Wednesday. "That's just one of half a dozen ideas that we're working on right now."</p><p>While Aron did not clarify further, the executive has embraced digital assets, particularly during the height of the pandemic as his company was propelled to <a href="https://markets.businessinsider.com/news/stocks/how-amc-ceo-adam-aron-embraced-the-company-meme-status-2021-6-1030496427?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">meme stock</a> status.</p><p>The social media-savvy CEO is known to take to Twitter to directly interact with his supporters, and in some instances, ask for their feedback on business decisions.</p><p>Responding to a poll of Twitter followers, AMC announced it would accept dogecoin for <a href="https://markets.businessinsider.com/news/currencies/amc-stock-price-theater-dogecoin-gift-cards-adam-aron-crypto-2021-10">gift card payments</a> after crypto enthusiasts responded with a resounding "yes." The movie theater chain also said it plans to <a href="https://markets.businessinsider.com/news/currencies/amc-bitcoin-payment-accept-end-2021-meme-stocks-crypto-movie-2021-8">accept bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>, and <a href="https://markets.businessinsider.com/currencies/ltc-usd">litecoin</a>. </p><p>AMC, which not long ago was flirting with bankruptcy, saw its stock price skyrocket this year as part of the meme stock buying spree, alongside video game retailer <a href="https://markets.businessinsider.com/stocks/gme-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GameStop.</a></p><p>The stock Thursday was trading lower by 0.54%, at $40.66 as of 12:13 p.m. ET. The share price is up 1,924.38% year-to-date.</p>

AMC CEO says the movie theater chain could issue its own cryptocurrency

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Andrew Burton/Getty Images</span></p><p class="caption">A trader works on the floor of the New York Stock Exchange during the afternoon of December 4, 2015 in New York City.</p></div><p></p></div></div></strong></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up<span> </span><a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Investment manager VanEck is trying its hand at launching a bitcoin-linked investment product for the third time. But one market structure expert says its 19-page risk-disclosure section is "laughable."<a href="http://www.businessinsider.com/bitcoin-etf-filing-disclosure-section-2018-6"> Here's why</a></p><p><strong>Here are the<span> </span><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">current crypto prices:</a></strong></p><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></strong></p><p><strong>In the news:</strong></p><section><ul><li><a href="http://www.businessinsider.com/dennis-rodman-north-korea-potcoin-2018-6">Dennis Rodman's trip to Singapore for the Trump-Kim summit will be sponsored by a cryptocurrency for marijuana</a></li><li><a href="http://www.businessinsider.com/bitcoin-etf-filing-disclosure-section-2018-6">'It's laughable:' We spoke to 2 experts about a new bitcoin ETF's 19-page list of risks, and it's like nothing they've ever seen</a></li><li><a href="http://www.businessinsider.com/andy-warhol-painting-eleesa-dadiani-cryptocurrencies-auction-2018-6">A woman called 'the Queen of Crypto' is auctioning off a multi-million-dollar Andy Warhol painting for cryptocurrencies</a></li></ul></section><div data-piano-inline-content-wrapper=""><div><p><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></p><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell major cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p></div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-siri-sucks-2018-5">Why Siri sucks</a></h3>        <div>                    </div>    </div>

CRYPTO INSIDER: A new bitcoin ETF has experts laughing

<ul class="summary-list"><li>The IRS considers <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> to be property rather than money, so transactions are subject to the same tax treatment as other investments.</li><li><keyword id="10406464" type="UNKNOWN" weightage="60" keywordseo="bitcoin-taxes">Bitcoin taxes</keyword> can be triggered by trading, exchanging, or simply spending the cryptocurrency, so documenting everything is essential. </li><li>Bitcoin is taxed at the special <keyword id="173153" type="ORGANIZATION" weightage="60" keywordseo="capital-gains-tax">capital gains tax</keyword> rate, which is often less than the ordinary income tax rate.</li></ul><p>Bitcoin seems to be everywhere these days. From its <a href="https://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12" target="_blank" rel="noopener">mysterious origins in 2008</a>, it has grown into a widely accepted currency, used for everything from investing to shopping to employees' wages. </p><p>But many Bitcoin users don't realize that buying/selling, exchanging, and even using Bitcoin to pay for things has tax implications. Yes, you read that last phrase right. In some cases, just spending your Bitcoin could be considered a profitable investment - and taxable.</p><p>From how exactly it's taxed to how to prepare for filing, here's what you need to know about Bitcoin taxes. </p><h2>How Bitcoin is taxed </h2><p>Bitcoin and its comrade cryptocurrencies (Ethereum, Ripple, Tether, and Litecoin) appeal to users because they are secure and provide a degree of anonymity. It's that anonymity, along with the growing value of cryptocurrency transactions taking place worldwide, that has increasingly drawn attention from the Internal Revenue Service (IRS) in recent years.</p><p>Since you can use Bitcoin and other cryptocurrencies for everything from online shopping to donating to charity, you might assume the IRS treats cryptocurrency like cash. That assumption can get you into hot water.</p><p>According to <a href="https://www.irs.gov/pub/irs-drop/n-14-21.pdf" target="_blank" rel="noopener">IRS Notice 2014-21</a>, the IRS classifies cryptocurrencies as property, not cash or currency. That means it treats Bitcoin transactions like sales of stocks and other investments. Purchasing cryptocurrency with cash and holding on to it isn't a taxable transaction, but selling, exchanging, or using it to purchase goods and services is.</p><p>For example, say you purchase 10 crypto coins for $10 (basically, $1 apiece) on December 1, 2020, and load them onto a cryptocurrency debit card. On December 20, 2020, that cryptocurrency is trading for $5 per coin, up from the $1 per coin you paid for it back at the beginning of December. On that day, you use your cryptocurrency debit card to pay for a $5 cup of coffee.</p><p>On your 2021 tax return, you are supposed to report a $4 short-term capital gain ("short-term" because it happened within one year). That's the $5 per coin value you received when you purchased the cup of coffee, minus your $1 per-coin basis (what you paid for it) in the cryptocurrency. </p><p>That's a level of record keeping that few taxpayers are willing to keep up with - if they're aware of the requirement at all.</p><h2>Why is Bitcoin taxed?</h2><p>According to a survey conducted by The Harris Poll on behalf of Blockchain Capital, roughly <a href="https://medium.com/blockchain-capital-blog/bitcoin-is-a-demographic-mega-trend-data-analysis-160d2f7731e5" target="_blank" rel="noopener">9% of American adults own Bitcoin</a>. However, the IRS estimates that only a tiny percentage of them report crypto-related gains and losses on their tax returns.</p><p>In 2017, the <a href="https://www.scribd.com/document/342374347/IRS-Affidavit-for-Coinbase" target="_blank" rel="noopener">IRS</a> searched its database for the 2013 through 2015 tax years. It found:</p><ul><li>807 individuals reported cryptocurrency transactions in 2013</li><li>893 individuals reported cryptocurrency transactions in 2014</li><li>802 individuals reported cryptocurrency transactions in 2015</li></ul><p>That discrepancy is why <a href="https://www.thetaxadviser.com/issues/2020/feb/guidance-enforcement-virtual-currencies.html" target="_blank" rel="noopener">the IRS is making cryptocurrency taxes an enforcement priority</a> in 2021. In fact, Form 1040 for the 2020 tax year includes a question about cryptocurrency on the front page. It asks whether you've received, sold, sent, exchanged or otherwise acquired a financial interest in any virtual currency. </p><p>If you check "no" to this question when you did, in fact, engage in cryptocurrency transactions, the IRS can consider that a willful attempt to avoid taxes, and you could face harsher penalties if the IRS uncovers your omission.</p><h2>How to prepare and report Bitcoin tax filing</h2><p>The IRS taxes Bitcoin as an investment. That means it's subject to the same tax rate of <a href="https://www.businessinsider.com/what-are-capital-gains" target="_blank" rel="noopener">capital gains and losses</a> that other financial assets are subject to when you sell any holdings in it, realizing a profit or loss. </p><h3>Step 1: Gather information for Bitcoin tax reporting</h3><p>For each transaction, you need to know the following:</p><ul><li>The amount (in dollars) you spent to buy the cryptocurrency</li><li>The date you purchased (or received) them</li><li>The date you sold or exchanged the coins</li><li>The amount in dollars the cryptocurrency was worth when you sold it (or value you received in the exchange)</li></ul><p>When you sell stocks, at the end of the year, your broker will send you a Form 1099-B that includes all of the necessary information to report those sales on your tax return. But don't expect the same service from a cryptocurrency exchange. Most crypto exchanges only send 1099 forms to customers with gross payments over $20,000 or more than 200 cryptocurrency transactions during the year.</p><p>However, you can typically generate reports through your cryptocurrency exchange platform that will include all buys, sells, sends, and receipts of cryptocurrency from the account. If all of your cryptocurrency transactions take place on one exchange, gathering the information you need for tax reporting should be relatively easy. If your cryptocurrencies are scattered across several exchanges, you'll need to download separate reports from each of them.</p><h3>Step 2: Calculate your Bitcoin gains and losses</h3><p>Once you have all of the information on your cryptocurrency activity during the year, you need to determine whether you incurred a gain or loss on each transaction. To do this, you'll need to decide which method you'll use to value the cryptocurrencies you sell. Your options are:</p><ul><li><strong>First-in-first-out (FIFO)</strong>. The coins you purchase first are the ones you sell first.</li><li><strong>Specific identification</strong>. You select which coins you're disposing of in each transaction.</li></ul><p>The method you choose can greatly impact the amount of taxes you end up owing in a particular year.</p><p>Say you purchase 100 crypto coins for $1 each on January 1, 2021, and another 100 coins for $20 each on June 1, 2021. On February 1 of the following year, you sell 40 coins for $15 each.</p><p>Using the FIFO method assumes the 40 coins sold came from the January 2021 lot. As a result, you would have a long-term gain of $560. That's 40 coins at $15 each less 40 coins at $1 each, or $600 - $40 = $560. </p><p>Using the specific identification method, you could decide that the four coins sold in February of 2022 came from the lot purchased in June of 2021. In that case, you would have a short-term loss of $200. That's 40 coins at $15 each less 40 coins at $20 each, or $600 - $800 = -$200. </p><p>Some cryptocurrency exchanges provide a gain/loss report. However, these reports are typically only provided on the FIFO method, so you won't be able to benefit from using the specific identification method if you rely on them. </p><h3>Step 3: Report your Bitcoin transactions </h3><p>Capital gain transactions are reported on <a href="https://www.irs.gov/pub/irs-pdf/f8949.pdf" target="_blank" rel="noopener">IRS Form 8949</a>. The form is divided into two sections: </p><ul><li>Cryptocurrencies held for one year or less go in the short-term section. Short-term gains are taxed at the same rates as ordinary income, with the top rate being 37%.</li><li>Cryptocurrencies held for longer than one year go in the long-term section. Long-term gains qualify for more favorable long-term capital gains rates, which cap out at 20%. </li></ul><p>Include your totals from Form 8949. If you sold other non-crypto investments, report those on a separate Form 8949. Carry the totals from all 8949 forms to <a href="https://www.irs.gov/pub/irs-pdf/f1040sd.pdf" target="_blank" rel="noopener">IRS Schedule D</a>.</p><h2>The financial takeaway</h2><p>You might have figured that investing in Bitcoin could have tax implications, especially if you make a profit on it. But it might surprise you to know that just spending your Bitcoin could trigger that taxable profit. </p><p>Purchasing cryptocurrency with cash and holding on to it isn't a taxable transaction, but selling, exchanging, or using it to purchase goods and services is.</p><p>Tracking the ins and outs of cryptocurrency transactions can be challenging. If you own cryptocurrency and have many transactions, it's a good idea to talk to a CPA or other tax professional familiar with cryptocurrency tax reporting. They may be able to recommend software to help track transactions and ensure you're properly accounting for them on your tax return.</p><h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/what-are-alternative-investments" target="_blank" rel="noopener">Alternative investments are exotic assets that can diversify your portfolio - here are the five major kinds and everything you should know about them</a></h3><h3><a href="https://www.businessinsider.com/what-are-liquid-assets" target="_blank" rel="noopener">What are liquid assets? A guide to the investments that are easiest to cash in, and why they're important</a></h3><h3><a href="https://www.businessinsider.com/how-to-diversify-portfolio" target="_blank" rel="noopener">How to diversify your portfolio to limit losses and guard against risk</a></h3><h3><a href="https://markets.businessinsider.com/currencies/news/stock-market-outlook-bitcoin-portfolio-crypto-skeptic-investing-bernstein-2020-12-1029854263" target="_blank" rel="noopener">'I have changed my mind': A top market strategist and long-time crypto skeptic explains why he now believes bitcoin should be in investor portfolios</a></h3><h3><a href="https://www.businessinsider.com/cointracker-crypto-tax-startup-seeded-by-reddit-cofounder-and-serena-williams-2019-10" target="_blank" rel="noopener">Reddit cofounder Alexis Ohanian and tennis star Serena Williams backed a startup which helps people calculate taxes on crypto, without seeing a pitch deck</a></h3>

Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return

<ul><li><strong><keyword id="483795" type="PERSON" weightage="60" keywordseo="Jeremy-Grantham">Jeremy Grantham</keyword> said <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> is the asset that most resembles the Nasdaq during the 2000 <keyword id="6604338" type="UNKNOWN" weightage="60" keywordseo="Dot-com-bubble">dot-com bubble</keyword>, according to an <a href="https://www.bloomberg.com/news/articles/2021-06-22/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria?srnd=premium">interview with Bloomberg.</a></strong></li><li><strong>"<keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">Cryptocurrencies</keyword> total over $1 trillion of claims on real global assets while adding nothing to the GDP pool - pure dilution," Grantham said.</strong></li><li><strong>The market historian said bitcoin should be avoided in portfolios and does not serve as a viable hedge to a traditional 60/40 stock &amp; bond portfolio, according to the interview.</strong></li><li><strong><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</strong></li></ul><p>A wide-ranging <a href="https://www.bloomberg.com/news/articles/2021-06-22/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria?srnd=premium">Bloomberg interview</a> with market historian Jeremy Grantham on Tuesday revealed his view that <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> is in a bubble similar to the dot-com frenzy of the early 2000s.</p><p>Grantham opined on the <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-30000-support-technical-analysis-make-or-break-forecast-2021-6-1030543377">50% decline in bitcoin over the past two months</a> and likened it to the fast and furious drop of the <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> during the unraveling of the dot-com bubble in 2000. </p><p>"Probably the asset that most resembles the Nasdaq in 2000 is bitcoin, and it has been cut in half over the last several weeks. In 2000, the Nasdaq crashing 50% was a perfect warning shot for the broad market six months in advance," Grantham said, alluding to the idea that the recent decline in bitcoin could signal an upcoming decline in the broader <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword>.</p><p>While he says bitcoin is in a bubble, Grantham also doesn't view the popular cryptocurrency as a viable hedge to traditional stock and bond portfolios. Many <a href="https://markets.businessinsider.com/news/stocks/bitcoin-inflation-hedge-property-btc-cpi-portfolio-theory-risk-cryptocurrency-2021-5-1030432625">crypto bulls have praised bitcoin's lack of correlation</a> to other asset classes as reason why investors should include an allocation to it in their portfolios.</p><p>But according to Grantham, "bitcoin should be avoided" as it's not a viable hedge. The same goes for <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> and other cryptocurrencies that were created as a joke. </p><p>"Dogecoin was created as a joke to make fun of cryptocurrencies being worthless, and not only has it taken off, but it's such a success that second-level joke cryptocurrencies making fun of dogecoin have gone to multibillion-dollar valuations. Meanwhile, other cryptocurrencies have seen success purely on the basis of their scatological names," Grantham said. </p><p>"Cryptocurrencies total over $1 trillion of claims on real global assets while adding nothing to the GDP pool - pure dilution," Grantham added.</p><p>Grantham doesn't think bitcoin is the only bubble out there. In the interview, he detailed why he thinks <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-stock-market-outlook-meme-bubble-when-to-buy-2021-6-1030544769">the stock market is in a bubble following the swift pandemic recovery</a>, and outlined when and how he'd begin buying stocks again. </p>

Legendary investor Jeremy Grantham says the ongoing bitcoin frenzy reminds him of the dot-com bubble - and recommends the cryptocurrency be avoided in portfolios

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Stephen Lam</span></p><p class="caption">Facebook CEO Mark Zuckerberg holds a propeller pod of the solar-powered Aquila drone on stage during a keynote at the Facebook F8 conference in San Francisco, California April 12, 2016.</p></div><p></p></div></div></p><p><strong>Welcome to Crypto Insider, Business Insider's roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up<span> </span><a href="http://e.businessinsider.com/join/crypto-insider?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">here to get this email delivered direct to your inbox</a>.</strong></p><p>Less than six months after it originally said it would ban them, Facebook has reversed its course on cryptocurrency ads. Now the social network says it wants to "refine" the policy. <a href="http://www.businessinsider.com/facebook-scraps-ban-on-cryptocurrency-ads-2018-6">Here's what you need to know.</a></p><p><strong>Here are the current crypto prices:</strong></p><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://markets.businessinsider.com/cryptocurrencies">Markets Insider</a></span></p></div><p></p></div></div></strong></p><p><strong>In the news:</strong></p><section><ul><li><a href="http://www.businessinsider.com/bitcoin-exchange-uphold-acquires-jnk-securities-2018-6">Crypto exchange Uphold is the latest to use M&amp;A to trade securities, just 3 weeks after Coinbase did the same thing</a></li><li><a href="http://www.businessinsider.com/reverse-ico-explained-kik-cryptocurrency-2018-6">This is why established companies are turning to blockchain technology to raise money</a></li><li><a href="http://www.businessinsider.com/katie-haun-leads-andreessen-horowitz-crypto-fund-2018-6">Andreessen Horowitz just launched a crypto fund</a></li></ul><div><strong>New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:</strong></div><ul><li><a href="http://www.businessinsider.com/tech-finance-coinbase-buy-sell-trade-bitcoin-app-coinbase-2017-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy and sell cryptocurrencies using Coinbase on your iPhone</a></li><li><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">How to buy Ripple's XRP</a></li><li><a href="http://markets.businessinsider.com/currencies/news/cryptocurrency-bitcoin-slang-explained-2018-4-1023578832?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#to-the-moon2" target="_blank" rel="noopener">From HODL to the moon: All the cryptocurrency slang you need to know to sound like a bitcoin expert</a></li><li><a href="http://www.businessinsider.com/finance-veteran-matt-hougan-explains-why-wall-street-isnt-diving-into-bitcoin-2018-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio</a><a href="http://www.businessinsider.com/how-to-buy-ripple-xrp-a-step-by-step-guide-2018-1?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener"></a></li><li><a href="http://markets.businessinsider.com/cryptocurrencies?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Track the price of nearly two-dozen cryptocurrencies here</a></li></ul><div><div><p><strong>What other questions do you have about crypto? Ask them in</strong><strong><span> </span>Business Insider's<span> </span><a href="https://www.facebook.com/groups/BI.CryptoInsider/" target="_blank" rel="noopener">Crypto Insider Facebook group</a><span> </span>today to discuss with readers from all over the world, as well as BI editorial staff.</strong></p></div></div></section>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-american-men-suck-soccer-world-cup-2018-6">Here's why the US Men's team sucks at soccer</a></h3>        <div>                    </div>    </div>

You Searched For "why cryptocurrencies" and got 14 results

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Bitcoin holder Ray Dalio gets into ether, praising crypto as he calls cash the 'worst investment'

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A petition on Change.org is calling on Amazon to accept bitcoin 'ASAP'

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CRYPTO INSIDER: Meet the 12-year-old crypto CEO

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North Korea's cryptocurrency shows the limits of Trump's 'maximum pressure'

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CRYPTO INSIDER: HTC launches a 'blockchain phone'

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CRYPTO INSIDER: Tuesday is Tax Day

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AMC CEO says the movie theater chain could issue its own cryptocurrency

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CRYPTO INSIDER: A new bitcoin ETF has experts laughing

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Bitcoin taxes: Understanding the rules and how to report cryptocurrency on your return

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Legendary investor Jeremy Grantham says the ongoing bitcoin frenzy reminds him of the dot-com bubble - and recommends the cryptocurrency be avoided in portfolios

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CRYPTO INSIDER: Facebook reverses its advertising ban

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