Monthly Archives: August 2020

Warren Buffet Buying Gold May Push Bitcoin to $50k, Investor Say

Buffett’s move to exit Berkshire’s position on Goldman Sachs matches the bank’s 2nd-ever best quarter trading income of $13.3 billion. This means that in the long run, Buffett is not happy investing heavily in the financial business.

Alternatively, Buffett acquired a single stake of Barrick Gold, which price through much of 2020 has mirrored those of gold. The business is a Canadian-based copper mining corporation that has posted a year-to-date growth of 45 percent. Regarding Berkshire’s acquisition, with an after-hour market capitalization grew by 8.11 percent.

Warren Buffet’s Explanation

He said only the excellent mood about gold suggests a greater supply for Bitcoin, which is found to be digital gold. Warren Edmund Buffett is an American businessman, social activist, and new CEO of the multinational corporation investment firm Berkshire Hathaway. Warren is among the world’s wealthiest men, with a net wealth of $84 billion. Warren Buffett is regarded as a trade figure and is one of the company’s most prominent people. The strategic guidance of Warren Buffett is of considerable value to businessmen and creditors, and his annual results are an awaited occurrence in the field of trading. Warren Buffett’s opinions on transactions in Bitcoin are incredibly critical.  He doesn’t even find Bitcoin as an option since it doesn’t allow any useful products. However, Buffett does not claim that his degree of expertise in blockchain-based technology is extreme and acknowledges he may be mistaken about them as well their potential.

The Correlation between Bitcoin & Gold

While Bitcoin has outclassed gold since April, there has been some link in the price pattern between gold and BTC. Skew results indicate the two investments have risen in parallel over the previous four months. After the international market downturn in late March, the parallel surge between Bitcoin and gold indicates that more buyers are beginning to consider BTC as a store of interest. Just significantly, Bitcoin’s $250 million amount was acquired by MicroStrategy, a $1.4 billion technology company. The organization said that BTC would serve as the main treasury commodity for the business, seeing Bitcoin as a security market and a possible protected-haven currency.

There seems to be continuing debate and research about financing the creation of open-source frameworks that don’t require the conventional private equity path and adequately balance the needs of different stakeholders, from creators to customers. Knowing where venture money is heading in the room will offer a gauge of investor expectations about business developments and high-growth opportunity regions.

Peer-to-peer Crypto Exchange Holds A Torch For Africa Through Online Events

To make the clients and companies from Africa knowledgeable about Bitcoin, a peer-to-peer cryptocurrency exchange is organizing six different online sessions. Interesting, isn’t it? Well, let’s go through more stuff regarding the matter.

The global pandemic caused by the deadly Coronavirus has actually turned out to be one of the biggest curbs to help any sort of meeting or conference related to crypto departments. However, online sessions are being a little assisting at a time like this. There is one firm that is adamant in carrying out providing education to the businesses and clients regarding the potentials of Bitcoin.


The firm mentioned here is called Paxful which is initiating a bunch of online sessions, 6 to be very specific, that majorly focus on the African clients and businesses. Each online session would be held for one hour and it would proffer a spellbinding insight into the world of cryptocurrencies, mainly to the ones who have very little knowledge regarding this realm.

Besides that, there are various companies well known in the continent that is also taking a major part in this event series.

Details on Each Online Session

The first event would consist of an “Ask Me Anything” session where Artur Schaback and Ray Youssef, the two Paxfl co-founders, would be present. The second event would provide a bunch of significant points regarding the cryptocurrency realm along with the plus points it holds in the economy of Africa.

The next one aims at how Bitcoin is capable of delivering a new income source for the younger generation.

The third session would be shining light on the way other cryptocurrencies along with bitcoin are able to return to communities. Other seminars are also about to take place in the same month.

On the 11th of June, a discussion panel held by Paxful itself in order to talk about the hurdles of accomplishing “Know Your Customer” checks in Africa along with what the highlighting brands do for overcoming them in the realm of cryptocurrency.

The session of the 16th of June was important for the ones to know very little regarding crypto and this session was titled as the “Back to Basics”. The last session held till now on June 18 taught about the top crypto influencers.

An Eye Opener

All the 6 sessions were free of charge and it raised a very high awareness in the mindset of the African clients including many African industries. Nothing is better than this.

Korean Exchanges Struggle with Expansion amid Uncertain Regulations

The Korean Exchanges located out of South Korea are finding it difficult to conduct business in the country. In the past months, the industry is seeing a negative trend since there is no regulatory certainty in South Korea. Many of the crypto exchanges are losing international clients. To save their businesses, they are forced to only focus on their business in their home market. One of the spokespeople for an exchange with the name Upbit said that since they are not able to offer fiat trading using the baking accounts, it is becoming difficult to offer their customers services beyond two years period. But, Upbit was one of the lucky few who have been able to find some solution to the problem. It has signed an agreement with K Bank, a digital bank that would allow fiat trading for the exchange’s local clients in South Korea.

Even though the agreement has allowed the platform to solve the issue of the clients from South Korea, it won’t serve any purpose for the users outside of the country. It is because non-Koreans cannot create their account with a digital bank located out of South Korea based on the current banking regulations. The new agreement was created as the old partnership of Upbit with the Industrial Bank of Korea is about to come to an end. Upbit had already instructed its non-Korean clients to withdraw all of their funds from the account by 24th July 2020. The Upbit further added it wanted to ensure regulatory compliance, but because the non-Korean citizens cannot use K Bank for trading was not taken into consideration when creating this partnership. Many other cryptocurrency exchanges in South Korea like Korbit and Coinone are using phone verifications to authenticate traders. They are required to register themselves using a South Korean mobile phone number, which automatically eliminates the traders from other countries and prevent them from using their services.

Upbit is also forced to take 22 percent of the total profit of the residents outside of South Korea when they withdraw funds from their platform. It was done so that the exchange could pay all the necessary taxes once the government starts to implement the tax structure that they have been planning for a while now. The Legislature has decided to impose a 20% tax on earning through cryptocurrencies, but there has been no official announcement till now. The tax scheme is almost the same as the basic tax rate in the country, but it has to be filed manually by individuals. The tax scheme once announced, will require further approval by the government. The crypto exchanges are worried that until South Korea’s Ministry of Economy and Finance does not make anything official, it will be difficult for companies in the industry to know how it will impact their business in the long run. All the crypto exchanges are waiting for an official word so that they can start offering their services to a much wider audience and ensure parity with other crypto exchanges around the world.  

Heavy Speculation as One Millionaire Gives Away Bitcoin

Bill Pulte has given away nearly $150,000 to encourage people to buy Bitcoin. The millionaire philanthropist began the giveaway on July 9th, 2019 to promote greater adoption of Bitcoin.

However, there is a lot of speculation on the giveaway as some say that it gives scammers a platform to prey on unsuspecting people and defraud them of their Bitcoin investment. Others speculate that the millionaire seeks to promote himself as a brand through these giveaways. This self-serving result manifests in the nearly 3,000,000 followers he has garnered on Twitter across the one year he has run the campaign. This number is against the 10,000 followers he had in 2019 before beginning this offer.

Pulte told his followers on July 9, 2019, that he would give away cash through CashApp to those who retweeted his posts or commented on them. True to his word, he had distributed $625 across six followers by the following day. He insists that the donations should only buy Bitcoin as he believes the cryptocurrency will only get stronger as the days pass.

Pulte is a firm believer in giving away the cryptocurrency, saying that it will go a long way to help the impoverished in society. Apart from Bitcoin revolution, the millionaire has also given away cars and cash to help out people.

The philanthropist keeps a database of the people he donates to and gives money ranging from $10 up to a cool $15,000. He inherited part of his fortune from his billionaire grandfather, William John Pulte, and reportedly owns 11 BTC currently exceeding $100,000 in value.

Bill Plutz has faced some scrutiny in the giveaway he is undertaking. His enterprise seems genuine as some high-ranking YouTubers and Donald Trump recognize him. He also does not shy away from interviews or answering questions about what he does.

The only concern about his scheme is that it allows fraudsters to exploit his giveaway and impersonate him to rob unsuspecting citizens of their cryptocurrency.

Group IB, a cybersecurity company, has studied the different ways fraudsters use to defraud people. They have found that fake cryptocurrency giveaway raffles are one of their favorite tricks.

Ilia Rozhnov, one of the company heads, says that celebrities and philanthropists have to monitor the use of their names in the online world to stamp out fraudster activity. Several notable cases have hit the limelight in recent years, with one such example in 2018. Fraudsters managed to get away with $59,500 when they impersonated Telegram founder Pavel Durov. They opened a fake Twitter account in his name and pretended to give away cryptocurrency in response to a genuine tweet about Telegram’s power failure.

Fraudster activity is said to have accumulated about $24 million in 2020 alone. This activity calls for a lot of vigilance to extinguish it. However, many do not have faith in Pulte as they believe he exploits his riches by dangling them in the face of those who have little to spare.