Tag: Bitcoin

13
Oct
2020
Posted in technology

Elon Musk Denies Reports Of Bitcoin ATM At Nevada Gigafactory

KEY POINTS

  • Tesla CEO said reports of a Bitcoin ATM inside one of its facilities are inaccurate
  • LibertyX reportedly added Bitcoin selling feature to three ATMs at the facility
  • They can be accessed only by Tesla employees

Tesla CEO Elon Musk has denied recent reports that there is a Bitcoin ATM inside the car company’s Gigafactory in Nevada.

“I don’t think this is accurate,” Musk tweeted Monday, while replying to a tweet by news website Teslarati. The Teslarati tweet has since been deleted.

On Sunday, Will Reeves, the CEO of cryptocurrency payments and rewards app Fold, tweeted about spotting a LibertyX “bitcoin ATM at the Gigafactory,” along with a Google Maps image. LibertyX is a manufacturer of cryptocurrency ATMs in the United States. 

News outlet Finbold, on Sunday, reported that the LibertyX Bitcoin ATM, mentioned in the tweet, was in existence at the Gigafactory since August and it was only available to Tesla employees. The report said LibertyX did not install any new ATM kiosk but added Bitcoin selling feature to three ATMs that were already there at the facility.

In a statement to Finbold, the firm said it partnered with ATM manufacturers Genmega and Hyosung to offer “Bitcoin software preinstalled on traditional ATMs. Once operators activate the feature, consumers can start buying bitcoin with their debit card from ATMs nationwide.” 

LibertyX said there are already 5,000 ATMs with the feature activated in various locations across the nation and it is planning to roll out to more than 100,000 ATMs after this year.

Musk was a known advocate of cryptocurrency, although he claimed he only owns 0.25 BTC. Some recent data showed similarities between the benchmark cryptocurrency and Tesla stock.

In the past, people even speculated that Musk is the real identity of Satoshi Nakomoto, the anonymous creator

12
Oct
2020
Posted in technology

U.S. Department Of Justice Reveals Growing Bitcoin And Crypto National Security Threat Could Herald ‘Oncoming Storm’

Bitcoin and cryptocurrency use by terrorists, rogue nations and other criminals has grown in recent years—with high-profile attacks drawing international attention.

The illicit use of bitcoin and cryptocurrency ranges from money laundering and tax evasion to extortion, with cyber criminals increasingly demanding bitcoin and crypto payments in ransomware attacks on computer systems.

Now, the U.S. Department of Justice (DOJ) has warned the emergence of bitcoin and similar cryptocurrencies is a growing threat to U.S. national security, with the attorney general William Barr’s Cyber-Digital Task Force calling it the “first raindrops of an oncoming storm.”

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“Current terrorist use of cryptocurrency may represent the first raindrops of an oncoming storm of expanded use,” the Cyber-Digital Task Force said in a report that found bitcoin and cryptocurrencies pose an emerging challenge to law enforcement activities. “Cryptocurrency also provides bad actors and rogue nation states with the means to earn profits.”

The DOJ report, titled Cryptocurrency: An Enforcement Framework and published by the Attorney General’s Cyber-Digital Task Force last week, found bitcoin and cryptocurrencies have been used to support terrorism, purchase illicit items, conduct blackmail and extortion, cryptojacking and launder funds.

Investigators also said bitcoin and cryptocurrencies could be “detrimental to the safety and stability of the international financial system.”

The response of U.S. and international law enforcement has been held back by inconsistent regulation country-to-country. The DOJ has spent the last two years determining how best to address these issues, according to the document that “outlines the Department’s response strategies.”

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08
Oct
2020
Posted in internet

Square Invests $50M In Bitcoin; Dorsey Sees A Currency For The Internet



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Square (NYSE: SQ) announced Thursday that it has purchased $50 million in bitcoin.

“Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose,” the payments company said in a tweet. 

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Related Link: Square Reports Q4 Earnings Beat

Dorsey A Bitcoin Bull: Jack Dorsey is the CEO of Square as well as Twitter Inc (NYSE: TWTR). 

Dorsey recently said he believes bitcoin remains the most viable currency for the internet in an interview with Reuters.

The internet “wants a currency,” and bitcoin is the “best manifestation of that thus far,” he said. 

“I can’t see that changing given all the people who want the same thing and want to build it for that potential.”

Square is a financial services and mobile payments company based in San Francisco. The company markets several software and hardware payments products and has expanded into small business services.

SQ, Bitcoin Price Action: The price of one bitcoin was $10,746.86 at the time of publication Thursday.  

Square shares were trading 1.57% higher at $183 after the market open. 

 

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08
Oct
2020
Posted in technology

Jack Dorsey’s Square Purchases $50 Million Worth Of Bitcoin

Minutes ago as of this article’s writing, leading financial technology company Square
SQ
revealed that it had deployed $50 million of capital on its balance sheet to purchase Bitcoin. The company purchased over 4,709 coins, reports indicate.

As of the end of the second quarter of 2020, $50 million represents around one percent of Square’s total assets. The company currently has $2.69 billion worth of cash, data from Yahoo Finance shows.

Square’s Chief Financial Officer, Amrita Ahuja, made the following comment on the news:

“We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

This wasn’t exactly unexpected: Jack Dorsey, CEO of both Square and Twitter, has long been a supporter of Bitcoin. He has branded the leading cryptocurrency the most likely asset to become the “internet’s native currency.”

Square itself has also long been a supporter of Bitcoin. Since the last cryptocurrency bull market, Square’s Cash App has allowed users to purchase and sell BTC within the application.

The fintech company also has a branch called Square Crypto, which supports development in the Bitcoin space by directly hiring and distributing grants to programmers and designers. At the start of this year, Square Crypto rolled out a Lightning Development Kit to ease the integration of the Lightning Network technology into wallets and other services.

Following MicroStrategy’s Lead

Square’s decision to deploy $50 million into Bitcoin comes after MicroStrategy, an American business services company, made a similar move in August and early in September.

In a move led

08
Oct
2020
Posted in technology

Goldman Sachs Warned It Will Soon Be Scrambling To ‘Catch Up’ On Bitcoin

Goldman Sachs
GS
, along with other Wall Street giants, has been eyeing bitcoin and cryptocurrency markets this year—and has already taken some big steps into the space.

Those steps follow the bitcoin price, up some 40% so far this year and hovering at a little over $10,000 per bitcoin, finding support through a roller coaster 2020 as a potential hedge against a wave of inflation that some see on the horizon.

Now, after it was announced last month a 20-year Goldman Sachs veteran will be joining merchant bank Galaxy Digital in early 2021, the firm’s founder and chief executive, Michael Novogratz, has warned Goldman will soon be scrambling to catch up with its head start in bitcoin and crypto.

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“Goldman Sachs is going to have to get into crypto themselves,” Novogratz said, speaking over the phone, adding Galaxy Digital has “an advantage” in understanding decentralized finance and crypto but Goldman Sachs has “a ton of talent” that it will use to catch up within the next “three of four years.”

Last month, Galaxy announced Goldman Sachs partner Damien Vanderwilt will be joining the firm early next year as co-president and head of global markets, tasked with closing the shrinking gap between Wall Street, bitcoin and crypto.

“I see a relatively steady drive into the space now,” Novogratz said, pointing to a flow of Goldman and Wall Street executives into the bitcoin and cryptocurrency industry over the last year. “The macro backdrop at the moment is making the