Crypto News

Updated 24/7 by Money Morning’s top crypto experts, this is your best source for the latest crypto news worth listening to – the buys, sells, IPOs, regulations, and tweets moving the crypto market, and how you can make money on those moves.

Australians Can Now Spend BTC at Stores

From Tom Gentile – July 14, 2021

All throughout this week, we’ve been seeing the nation of Australia making big moves in the digital asset space. Its private brokers are letting users invest in digital coins, and the Aussie government is funding blockchain initiatives.

But today we see even more bullish developments.

Remember what I always say – the true purpose of microcurrencies is to replace fiat paper. Visa is helping Australia do just that.

The Australian Financial Review reported today that a Bitcoin (BTC) debit card is coming to the land down under. This will be a physical debit card that Australians can use to spend their BTC, along with other digital coins, at brick-and-mortar stores.

Visa recently approved a local startup, CryptoSpend, to begin issuing these cards.

Unlike other debit card partnerships we’ve seen, this one doesn’t require any currency conversion. Instead, users of the CryptoSpend app can directly spend their microcurrencies.

The cofounder of the company, Andrew Grech, said that the app will give Australians another “flexible way” to spend digital coins on everyday goods. He said that users can buy “anything from a cinema ticket to your new pair of headphones.” Users can even pay their bills with digital coins.

Mark my words, microcurrency debit and credit cards will hit the world by storm. Everybody will want one.

Visa’s American microcurrency card already racked up $1 billion. Its partnership with Coinbase has given it a huge piece of the microcurrency market.

Australian Broker Opens Microcurrencies to 95,000 Investors

From Tom Gentile – July 12, 2021

Today we see nations from three different continents adopting digital assets. Australia, Asia, and Africa are all going micro in their own unique ways.

This is big proof that governments worldwide are setting up their own microcurrency projects.

Folks, the global financial network is steadily shifting to a digital infrastructure.

Australian trading exchange, SelfWealth, is one of the country’s largest non-bank online brokers. The company is publicly listed on the Australian Securities Exchange (ASX) and lets users buy and sell stocks.

Now, the company is moving into the digital asset sector, opening the gates for all 95,000 of its users to begin trading microcurrencies. That means 95,000 investors just received access to the microcurrency market!

SelfWealth is currently in talks with major microcurrency exchanges and will begin listing 10 digital coins, including Bitcoin (BTC) and Ethereum (ETH) on its platform by year’s end.

Kentucky Will Begin Mining Bitcoin

From Tom Gentile – June 30, 2021

Companies all over the world are looking into ways they can mine more microcurrencies. But what has me most excited is that all this production is coming to America.

Blockchain firm Blockware recently raised $25 million to expand its North American mining operations. CEO Micahel Stoltzner refused to identify any of the entities involved in the funding. But my sources tell me that several big-time players and microcurrency funds make up its list of investors.

This money is being used to buy 14,000 mining rigs over the next two years. Eight thousand units will be sent to Paducah, Ky., to build out a brand-new mining facility. The other 6,000 will be sold to other American mining companies.

Folks, the microcurrency mining sector is maturing so rapidly that there’s even an aftermarket for equipment.

This recent move follows China’s latest ban on Bitcoin (BTC) mining. If you remember, Chinese firms are now migrating to American-made facilities.

Stoltzner made a comment on his Chinese competitors, saying:

“What we’ve seen coming out of China and Eastern Europe – that’s not helping to legitimize Bitcoin in the industry… I believe that companies operating out of the United States are very much legitimizing crypto and Bitcoin. It’s got to happen out of the United States.”

He said that the only way to legitimize the BTC industry is if America leads the way. I agree completely.

As the leader of the free world, the United States has a duty to usher in the digital economy. We can’t trust the Chinese or Eastern Europeans to build the world’s digital infrastructure; history proves that American-made is better.

And we’ll have to start building that infrastructure very soon because the entire world is starting to realize the sheer amount of money that they can make with microcurrencies.

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Digital Yuan ATM Services Are Already Here

From Tom Gentile – June 18, 2021

Folks, when I say the four largest banks in the world are working with the Chinese government to build their central bank digital currency (CBDC), I’m not exaggerating.

You see, the top four banks on the planet are all Chinese. This is why I’ve been following the Chinese CBDC story so closely.

If it is the first nation to introduce a foreign CBDC to its trading partners, the global influence it stands to gain is enormous.

And now the Industrial and Commerce Bank of China (ICBC) is launching digital yuan services across 3,000 ATMs in Beijing. It is the first bank to launch this feature, but it won’t be long before the other top banks join the party. After all, these four banks have close ties to the Chinese government.

This new ATM service allows users to convert their CBDC into cash.

The Chinese government is fully utilizing its first-mover advantage and is already developing CBDC to fiat conversion systems. Although the West has stated it plans to catch up, so far all I hear is talk… with no concrete action being taken.

The elected officials of the free world continue to talk the talk, but they aren’t walking the walk. Although I’m excited to see the Western world discussing microcurrencies, it’s disappointing to see how slow it is compared to China.

You Can Donate to Republicans with Bitcoin

From Tom Gentile – June 17, 2021

The National Republican Congressional Committee (NRCC) is going micro.

It will use BitPay to process contributions, which will be immediately converted into U.S. dollars before being deposited in the Republican account.

NRCC Chair Rep. Tom Emmer (R-Minn.) said this about its recent move:

“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”

Isn’t this wonderful? This news confirms what I’ve been predicting this entire time.

Third-party firms, like BitPay, will do all the currency conversion for us.

Not only will donations be immediately converted into USD, but we’ll see this technology make its way into our daily lives. And it won’t be long before we can pay for everyday goods with microcurrencies as well.

More Countries Are Building BTC Infrastructure

From Tom Gentile – June 14, 2021

I’ve been following South Korea’s microcurrency developments closely, and I have a big update.

Stacks (STX) is partnering with South Korean e-commerce platform Paycoin to bring BTC transactions to citizens. STX is an open-source network of decentralized apps and smart contracts built on the BTC blockchain.

Together, these two companies are opening the gates for the entire country of South Korea to spend BTC at real stores. All 70,000 businesses that operate on Paycoin will now accept BTC.

This includes companies like Domino’s Pizza, KFC, and 7-Eleven. Not only that, but users can earn BTC rewards as well.

The Bipartisan Bill to Stop China’s Microcurrency Dominance

From Tom Gentile – June 9, 2021

The U.S. Senate has passed the Endless Frontier Act. This bill’s main purpose is to answer China’s recent microcurrency breakthroughs by focusing on technological advancements.

We’re still three steps away from this bill becoming a law. The bill passed the Senate in a 68-32 vote yesterday with strong bipartisan support.

It includes provisions for distributed ledger technologies and cybersecurity. A distributed ledger is just a database that is shared across multiple sites, institutions, or geographies.

What’s more, this bill directly states that the federal government must examine the potential national security threats of China’s digital yuan. These threats include financial surveillance, illicit finance, and economic coercion.

Senator Cynthia Lummis (R-WY), who has been the leading force behind her state’s blooming microcurrency industry, said:

“This is a national security issue, and if the U.S. does not respond, we will be left behind.”

She isn’t the only person who’s yelling at our outdated government to get with the times. The U.S. Securities and Exchange Commission (SEC) is also realizing just how dangerous it is to let another nation grab the microcurrency throne.

SEC Commissioner Hester Peirce has flat-out warned the federal government that it is stifling microcurrency innovation. She’s deeply worried about overregulating the digital asset industry because doing so would stop progress dead in its tracks.

She said:

“I am concerned that the initial reaction of a regulator is always to say, ‘I want to grab hold of this and make it like the markets I already regulate’… I am not sure that’s going to be great for innovation.”

Peirce has also said that America must modernize its economy to accommodate the new digital asset paradigm.

Yet so far, all she sees are incompetent politicians trying to control something they have no idea about.

Instead of strictly controlling the micro-sector, she supports regulation that provides safe harbor and breathing room for growth.

I agree that the best way to regulate microcurrencies is to allow innovation to prosper. Especially because the entire digital asset sector is growing so rapidly.

The First Bitcoin Country Is In the Works

From Tom Gentile – June 7, 2021

This past Saturday, El Salvador’s president, Nayib Bukele, announced that he will be submitting a bill to recognize Bitcoin(BTC) as legal tender throughout the entire country. This bill will be sent to the country’s legislative body, which is firmly controlled by Bukele’s political party, so the bill’s approval seems all but guaranteed.

This would make El Salvador the first nation on Earth to adopt BTC as national, legal tender.

However, El Salvador ranks 103rd on the global GDP rankings and is one of the poorest nations in South America. Seventy percent of its residents don’t even have a bank account.

But as we’ve seen before, microcurrencies are creating financial solutions for those who are too poor to have a bank.

El Salvador’s latest move is creating a wonderful case study. How will BTC affect a financially struggling nation? I’ve got my eyes glued to this story and will provide you with all the updates.

Antivirus Software Now Comes with ETH Mining Feature

From Tom Gentile – June 4, 2021

The Norton Antivirus software program has launched a new microcurrency feature. Users can now mine digital coins through the Norton platform.

Dubbed Norton Crypto, the company has begun allowing select customers to test out its program by mining Ethereum (ETH). Here’s a sneak peek of the program:

Mined coins will be stored in the Norton wallet, but they can be moved to Coinbase.

Who would have thought that Coinbase would partner with an antivirus company to enable mining?

The digital asset industry is growing so quickly it’s hard to keep up with all the new partnerships being made. Central banks are working with fintech providers to develop central bank digital currencies (CBDC). Payment processors are working with digital coin exchanges to facilitate easy microcurrency spending. And now computer antivirus programs are also going micro.

We’ve already seen what happens when a company begins offering a new microcurrency service – its stock enjoys a significant bull rally. Norton’s stock, NLOK, traded at all-time highs following the news of its new service. Which is why I’m on the lookout for any companies that are offering a new microcurrency service.

China’s Ex-Head of Digital Yuan Reveals Future Plans

From Tom Gentile – June 1, 2021

The former head of the digital yuan initiative, Yao Qian, said that central bank digital currencies (CBDC) could one day operate on blockchain networks like Ethereum (ETH).

Qian is now the director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission. He said that CBDCs aren’t just a digital form of cash and should be built to incorporate smart contract functionality.

“Smart contracts” are automatic pieces of computer code that carry out functions, and are one of the driving forces that makes blockchain technology so cheap and efficient.

Qian built the digital yuan’s framework and is the author for many of the patents related to the CBDC’s technology. He personally envisions a “two-tier” system where different CBDCs can sit on the same blockchain. For example, a digital yuan and a digital dollar could both sit on the ETH network.

He elaborated that these, “Layered operations can enable the central bank’s digital currency to better benefit groups without bank accounts and achieve financial inclusion.”

Either way, one thing is absolutely certain – CBDCs will not threaten digital coins like ETH and Bitcoin (BTC). Instead, they will be used together. And as more nations digitize their currencies, I’m certain that the microcurrency market will rally to new heights.

Wall Street Could Lose 20% of Revenue to DeFi

From Tom Gentile – May 26, 2021

Blockchain technology solves many of the current financial system’s problems. Which is why it’s inevitable that the financial industry will start upgrading its technology to blockchain.

Recent studies by JPMorgan and Morgan Stanley reveal how much impact this transition will have on the financial markets. Just take a look at the financial industries that digital technology will disrupt:

1. $1.4 trillion global retail banking industry (ex-mortgages and payments)
2. $1.1 trillion global payments revenue industry
3. $500 billion global investment banking and trading industry
4. $130 billion asset management industry

It’s safe to say that the entire financial system as we know it is about to get flipped on its head.

Blockchain technology is cheaper, faster, and easier to use than the current outdated system. Big banks will begin to upgrade their infrastructure with blockchain, and as more banks do so, the digital market will rally to new heights.

The traditional market and the digital market are starting to intertwine.

Blockchain Towers Are Coming to Manhattan

From Tom Gentile – May 25, 2021

Guggenheim Partners is a global investment firm headquartered in New York City. Founded in 1999, the firm currently has over $270 billion worth of assets under management (AUM). Cofounder Todd Morley recently announced that he plans to build a blockchain tower in midtown Manhattan.

He said, “This one building will be able to connect – sort of like a hand radio operator – everyone in New York City to a crypto trading wireless communication.”

These towers would allow you to trade microcurrencies regardless of your cell phone or Internet connection. Basically, you could go “off the grid” with your wealth because you won’t have to be connected to anything other than the tower itself.

This is true decentralized finance (DeFi).

Nobody else in the world except you will be able to view your transaction because these towers will eliminate the need for an Internet service provider.

Guggenheim has partnered with Overline, a telecom company, to build these new towers. Morley commented on Overline saying that the company “has developed a new way to decentralize communication – wireless communication.”

Isn’t this amazing?

Not only is blockchain technology giving the people complete control of their wealth, but it’s also being used to decentralize communication so that nobody else can ever see what you’re doing.

Coinbase to Buy Out an Asset Management Firm

From Tom Gentile – May 21, 2021

My sources tell me that Coinbase (COIN) is in talks to acquire Osprey Funds.

Osprey Funds was founded in 2018, and it offers low-cost, easy access to microcurrencies. The company has a Bitcoin (BTC) trust with $155 million worth of assets under management (AUM).

Compare that to Grayscale’s trust, which has $35.5 billion.

Osprey is no small fry, and pretty soon, it could be taken over by Coinbase.

There haven’t been any official meetings yet, and talks are still at an informal stage.

But this deal is yet another example of Coinbase’s acquisition plans. It has plans to expand everywhere.

The company has acquired a broker, Tagomi… a digital infrastructure firm, Bison Trails… and data analytics firm, Skew. It announced that Tagomi is its institutional trading arm. It will use Bison Trails as its research and development branch. And Skew will crunch all the numbers of its operations.

Coinbase’s competitors see this M&A expansion, and will begin aggressively acquiring other companies as well. As the largest leaders of the micro-sector continue to grow, we’re starting to see mainstream organizations accept digital coin payments.

Why I'm Not Worried About the Crypto Crash

From Tom Gentile - May 20, 2021

Bitcoin has dropped into the $30,000s, and Ethereum has fallen almost 50%. What's the story?

There are a few factors working together here. One - Elon Musk. He's made some conflicting statements that appear, at first glance, to be bearish on Bitcoin in particular.

Two, China. There's news that the Chinese government wants to block cryptocurrencies - and is making moves to do so. But that's not the full story. Truth is, China's been anti-crypto for years. These curbs for investing are nothing new.

The real cause for the crypto turmoil: overleverage.

There are coin-trading platforms all around the world that allow traders to leverage as much as 125:1. And because they could, people took crypto positions that were frighteningly bigger than their accounts.

Now - well, I'll be surprised if we see these traders in the crypto market again. They've been zeroed out.

If you're not one of those traders, you don't have anything to worry about. This wipes out money that shouldn't have been here to begin with. And now, cryptocurrencies are already rebounding.

Tom Gentile and Chris Johnson dissect the crypto "crash" and what's next on their Profit Strategies podcast on May 21, 2021.

Crypto Will Be Boosted by Bank Acceptance

From Tom Gentile - May 19, 2021

Today's crypto news comes from the National Bank of Egypt (NBE), which is now using Ripple (XRP). It's using it for a remittance corridor with the United Arab Emirates (UAE).

A "remittance corridor" is the sum of remittances sent between two specific countries. Which means XRP is now at the center of Egypt's $24 billion remittance market.

The NBE's goal for using the coin is to achieve "cheaper, quicker, and more reliable" payments. However, the bank has not made it clear whether it will use XRP itself to move liquidity, but it didn't deny it, either.

For now, it's only publicly admitted to using the technology that powers XRP. But this move shows that it is updating its financial infrastructure with superior blockchain technology.

Naturally, other banks will see the cost-efficient power of microcurrencies and begin making the transition as well. As banks begin using microcurrency technology for their daily operations, we continue to see even more banks offering digital asset services.

Bank of America's Blockchain Move Is Huge for Crypto and the S&P 500 Financials (XLF)

From Tom Gentile - May 18, 2021

Looking for proof that digital assets are here to stay? Just watch how fast businesses in the financial sector are turning to the blockchain. That's great for the financial sector, and even better for the microcurrency "altcoins" we look at all the time.

It's easy to see why this is happening - there are many lucrative blockchain applications, and it can be faster, cheaper, and easier to use than most current mainstream systems.

Bank of America is waking up to that now. It's partnered up with Paxos Settlement Service, a blockchain platform that can achieve same-day stock trade settlements that might otherwise take days. Paxos works with financial sector juggernauts like Credit Suisse and Nomura, whose wealth-management businesses alone have a combined $2.1 trillion in assets under management. Bank of America has around $1 trillion in assets, and now that it's partnered with Paxos, you're talking more than $3 trillion from these three banks using the blockchain.

We've already seen with PayPal, Square, and some others that crypto is a massive profit catalyst for crypto adopters, and I don't expect the financial sector will be any different; the more financials adopt the blockchain, the more profits for our microcurrency picks - and, now, the bigger the gains for financial stocks.

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