Daily Archives: January 17, 2022

Bitcoin price reveals a bullish outlook albeit a slow one, providing altcoins with an opportunity to run free. The past week is a testament to the recent gains witnessed among many altcoins. While Ethereum continues to remain bullish, Ripple struggles to hold on.

Bitcoin price produced a lower low after the January 13 swing high at $44,439 but managed to set a higher low, keeping the uptrend somewhat intact. As BTC bounces off a 4-hour demand zone, extending from $41,843 to $42,707, investors can expect the pioneer crypto to make a run for the previous weeks high at $47,609.

This hurdle is present below the 200-day Simple Moving Average (SMA) At $48,590. BTCs upside potential, though, at least in the short-term, seems to be capped at the aforementioned level.

BTC/USD 4-hour chart

If Bitcoin price fails to see a bullish reaction off of the $41,843 to $42,707 demand zone, it will indicate weakness among buyers. This lack of interest could allow bears to take control and push BTC down to $41,762 a four-hour candlestick close below there will then invalidate the bullish thesis.

This development could lead Bitcoin price lower, to retest the $39,87 support level.

Ethereum price is in a similar situation to Bitcoin as it produced a higher low but failed to set up a higher high. As long as BTC remains bullish, ETH will follow suit. Market participants can, therefore, expect the smart contract token to make a run for the 200-day SMA at $3,475.

Clearing this hurdle will open the path for Ethereum price to revisit the daily supply zone, extending from $3,675 to $3,846. The upper limit of this hurdle coincides with the 50-day SMA, indicating that a further uptrend is unlikely.

ETH/USD 4-hour chart

Regardless of the optimistic scenario, Ethereum price needs to hold above the weekly support level at $3,061 to see a meaningful uptrend. A breakdown of this foothold will remove confidence and instill doubt among buyers.

A four-hour candlestick close below the demand zones lower limit at $2,927, however, will create a lower low, invalidating the bullish thesis.

Ripple price has been teetering on a daily demand zone, stretching from $0.693 to $0.753 since the December 4, 2021 crash. One can assume that this barrier has been weakening. Due to its correlation with BTC, however, XRP price is likely to rally 12% to retest the 50-day SMA at $0.844.

The weakened demand zone could face destruction by a short-term bearish momentum, however, so investors should exercise caution with the remittance token.

In some cases, Ripple price could overcome the immediate hurdle and make a run for the 200-day SMA at $0.954.

XRP/USD 1-day chart

On the other hand, if Ripple price produces a daily candlestick close below $0.693, it will create a lower low, invalidating the bullish thesis. This development could trigger a crash, where XRP price could revisit the $0.604 support level.

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins due for massive gains as BTC holds its ground - FXStreet

In March 2021, crypto entrepreneur and investor David Johnston moved his parents, wife, three daughters, and company with him to Puerto Rico. The 36-year-old, who has been involved in the crypto ecosystem since 2012, says the decision to relocate from Austin was kind of a no-brainer.

Beyond the fact that Puerto Rico offers a year-round tropical backdrop with picturesque beaches, the U.S. territory also has crypto-friendly policies, including huge tax breaks to those who spend at least 183 days on the island each year. Residents can keep ahold of their American passports while at the same time not having to pay any taxes on capital gains. It certainly helped seal the deal for Johnston, though for him, the bigger incentive was an overwhelming fear of missing out.

"That's where all my friends are. I don't have one friend left in New York, and maybe the pandemic accelerated this, but every single one of them has moved to Puerto Rico," he said, noting that many of his California friends have also made the move.

Johnston tells CNBC that after seeing his friends and colleagues decamp, he went to check it out himself in early 2021.

"I said, 'Wow, okay, I get it,'" Johnston recalled of his first impression of the small island territory, whose circumference can be driven in half a day. "The island has three million peopleThis is big enough to build a tech center."

Johnston says that Puerto Rico reminds him a lot of Austin in 2012. Back before Tesla, Samsung, and Apple helped turn the Texas capital into one of the country's hottest tech hubs, he says the city felt small. But similar to Puerto Rico today, Austin had a great energy and lots of passionate people moving there, which accelerated over time. So for Johnston, making the move to Puerto Rico feels a whole lot like getting in on the ground floor.

"That's where my community is. That's where the people I know and love are going, and they're going there to build something cool. Something that helps everyday people, and that's what I love about open source. That's what I love about blockchain. It's open to everybody," he said.

David Johnston's daughter at their home in the San Juan suburb of Guaynabo

David Johnston

Puerto Rico has fast become the new hot destination for the crypto contingent.

Facebook whistleblower Frances Haugen, who told the New York Times she bought crypto "at the right time," made the move from San Francisco to Puerto Rico last year, in part to hang with her "crypto friends" on the island. Controversial YouTube star and NFT investor Logan Paul set up shop there, as did crypto billionaire Brock Pierce, a child actor (of "Mighty Ducks" fame) turned 2020 indie presidential candidate.

Meanwhile, Johnston says his whole office building is filling up with start-ups and crypto companies.

"Pantera Capital (a crypto fund) is on the fifth floor and then there's a co-working space on the sixth floor. My company, DLTx, we took over the eighth floor, and NFT.com took over the twelfth floor. That's all happened in the last 12 months," Johnston tells CNBC.

Redwood City Ventures, a fund that invests in bitcoin and blockchain companies, has also opened an office in the American territory.

For many, the big draw to the island has to do with Act 60, which offers significant tax savings to qualifying residents.

In the U.S., investors pay as much as 37% on short-term capital gains and up to 20% on long-term gains, which applies to crypto and other assets held for more than a year. One of the tax breaks under Act 60, known as the Individual Investors Act, drops that tax obligation down to zero if certain qualifications are met. This is especially huge for entrepreneurs and crypto traders.

There is also a major tax incentive for business owners to set down roots in Puerto Rico. Mainland companies are subject to a 21% federal corporate tax, plus a state tax, which varies. If a firm exports its services out of Puerto Rico, to the U.S. or really, anywhere else, they pay a 4% corporate tax rate.

David Johnston's family celebrating Christmas in the hills of Puerto Rico

David Johnston

CPA Shehan Chandrasekera does caution that any gains realized before arriving to Puerto Rico are still subject to the standard capital gains tax rates on the U.S. mainland. It is just the gains that are earned after becoming a Puerto Rican resident that are excluded from taxes.

"That's the part that people are not talking about," said Chandrasekera, who heads tax strategy at crypto tax software company CoinTracker.io.

But there is a workaround.

If an investor has a certain amount of gain, they can go to Puerto Rico, establish residency, sell their stake, and then buy it back as a new position. That way, they avoid muddying the waters with any gains they carry over from the U.S.

Puerto Rico's almost too-good-to-be-true tax rules were dreamed up a decade ago to help bring in people and cash at a time when the island was hemorrhaging residents and money.

Over the last several years, the territory has suffered a string of bad luck earthquakes, hurricanes, a multi-year bankruptcy and a global pandemic. Much to the government's relief, investors are now coming in at a record pace.

Corporate and tax attorney Giovanni Mendez has been helping to onboard new Puerto Ricans. He tells CNBC that nearly half of his clients right now are either crypto companies or crypto investors, a number that's increased exponentially in the last six years.

Mendez, who was raised in a town two hours west of the Puerto Rican capital of San Juan, says that in March 2020, right as the Covid pandemic began to shut down countries around the world, he began speaking with clients about whether to move to Florida (a tax-free state) or Puerto Rico. In the end, many opted for Puerto Rico.

"I really wasn't expecting a lot of people to move with everything going on with the pandemic, but to the contrary, a lot of people actually just decided to pull the trigger," said Mendez. "That's certainly coupled with an increase in the value of crypto assets."

Crypto investor and entrepreneur George Burke in Puerto Rico

George Burke

Crypto investor George Burke had been thinking about making the move since 2018, but he finally went for it last year.

"With the performance of how 2021 was going with bitcoin, and the performance of my company, I knew I needed to make a change, so Puerto Rico became a really good option," said Burke.

Though Burke wouldn't share an exact dollar figure with CNBC, he did say that his crypto holdings rise to the mid-seven figure range. "I was in the crowd sale of ethereumThere were only like 6,000 people who were able to do that," said Burke, who tells CNBC that he also worked on the first bitcoin debit card back in 2013.

As for the move itself, Burke says the process was relatively straightforward.

"I got on a plane, I established my residency the same day that I got off the plane just by renting a room at my friend's house, and I started the clock," he said.

Burke added that he didn't have to apply before arriving. He put in an app for the individual investor's exemption himself, and he paid an attorney $15,000 to help with his business exemption.

It was a similar experience for Johnston, who says it took between six and nine months to go through all the perfunctory reviews, though it "didn't take a huge amount of effort."

"I mean, it's America," said Johnston. "You don't need a visa. You don't have to apply for residency. You don't need a passport. You can just grab a domestic flight and show up in San Juan, grab a driver's license, buy a house, and open an office downtown."

"It was pretty smooth," he added.

El Morro Fort in Old San Juan

Before making the move to Puerto Rico, Theodore Agranat tells CNBC that he knew little about Puerto Rico, aside from the fact that it was an American territory. He also recalled seeing images of former President Donald Trump throwing paper towels into a crowd when Hurricane Maria was happening.

But after speaking with friends who had made the move and making a scouting trip himself last spring, the 45-year-old felt like Puerto Rico could be the kind of place he had been searching for since his first son was born in 2003: A community of entrepreneur families with kids, comprised of open-minded people who embraced home-schooling and alternative diets Agranat himself is into raw foods while at the same time functioning much like a start-up incubator, bringing together business-savvy and creative minds. He found just that in the southeast Puerto Rican city of Humacao.

Agranat, who runs an early-stage blockchain investment fund that put money into over 225 projects last year, says the financial incentives were also a huge draw.

Thus far, island life is working out pretty well.

Agranat and his wife home-school their three children, and for their 14-year-old, they've customized the curriculum to include crypto-related topics, including NFTs, crypto games, and token swapping.

Johnston, who lives in the San Juan suburb of Guaynabo, has adopted a similar approach. He and his wife home-school all three of their children, and crypto has been a part of the lesson plan since day one.

"My kids have had crypto wallets since they were born," Johnston told CNBC. "When they did chores for grandma, grandma tried to pay them in cash once, and they said, 'No thanks, grandma. I prefer bitcoin.'"

Outside of the suburbs, many gather for Crypto Mondays, a weekly meet-up held at nice hotels and restaurants in the capital, as well as Crypto Curious, which draws people new to the space and covers topics like NFTs, DeFi, and how to open your own crypto wallet. Hundreds of locals have begun to partake in those gatherings, which are now also being offered in Spanish.

Burke, who says that his friends and crypto colleagues have been moving to Puerto Rico since the last bitcoin bull run in 2017, tells CNBC that every Thursday, he attends a luncheon with around 30 to 40 other crypto-minded folks who live in either Condado Beach or Old San Juan.

After first easing restrictions for vaccinated travelers, Puerto Rico is now moving closer to requiring vaccinations for visitors.

David Madison | Stone | Getty Images

Not everyone is happy about the influx of new residents.

For one, locals aren't thrilled about the fact that they don't qualify for the capital gains tax exemption, which is designed for non-Puerto Ricans.Mendez tells CNBC the local rate in Puerto Rico is 15% for long-term capital gains, and the disparity has strained relations between some locals and new residents. An organization that goes by #AbolishAct60 has pushed back on the tax breaks via social media.

There is also a question as to whether the tax breaks are achieving what the government set out to do, including, among other things, creating jobs, and sinking more cash into the local economy.Economist and Nobel-prize winner Joseph Stiglitztold a crowd in San Juan in Decemberthat he was skeptical of the economic benefits of the tax scheme.

The flood of the crypto rich into Puerto Rico has also helped to drive up real estate prices.

"The lack of inventory and the high demand has resulted in prices that we have never seen before in Puerto Rico," said Francisco Diaz Fournier of Luxury Collection Real Estate.

"I've been tracking the markets for several years, and I was not expecting thisYou have properties in Dorado Beach that have been sold for more than $20 million," said Fournier, who tells CNBC that there are other properties listed on the market right now for $27 million, $30 million, and $34 million, numbers which have increasingly become par for the course.

Rising real estate prices and the growing cost of living have fanned the flames of resentment.

But Keiko Yoshino, who was a government employee in Washington, D.C., for seven years before making the move to Puerto Rico, is trying to close this divide by running programs that pull the two groups together to facilitate a knowledge transfer. Which, in theory, is part of what the tax incentive program set out to do in the first place.

Yoshino, who runs thePuerto Rico Blockchain Trade Association, plays a major role in planning and running Crypto Curious meet-ups.But a big part of what she's trying to do is dispel stereotypes.

"I had been called a crypto colonizer," Yoshino said. "I'm not crypto rich. I was a government employee for seven years. I don't even have incentives.We need to work on stereotypes going both ways. That's what I really like about crypto: It's not a political issue. It doesn't need to be a social issue. It's an opportunity to build community."

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Bitcoin millionaires are moving to Puerto Rico for lower taxes and island living - CNBC

TheNorthwest Arkansas Council, a nonprofit organization, is offering remote tech professionals and entrepreneurs $10,000 in bitcoin to move to the region.

Bitcoin, the largest cryptocurrency by market value, is currently trading at around $42,893, according to Coin Metrics.

Why bitcoin? "Northwest Arkansas is experiencing explosive growth in the tech sector, specifically within blockchain-enabled technologies, and this incentive embraces the growing trend of cryptocurrency as a payment option by employers," its website reads.

The incentive is part of the NWA Council's "Life Works Here" campaign,which is funded by the Walton Family Foundation. When it first launched in 2020, the NWA Council initially offered $10,000 cash as an incentive program.It recently decided to add the option for remote workers to accept the amount in bitcoin instead, although they can still choose cash if they prefer.

"While we've had overwhelming interest in the initial incentive program, we're continuing to seek out unique and in-demand talent in the STEAM and blockchain professions," the website says.

In order to be eligible, applicants must relocate to Northwest Arkansas, which includes Washington and Benton counties, within six months of acceptance to the program and sign a one-year lease or buy a home.

Applicants also must be at least 24 years old, have at least two years of work experience, currently live outside of the state of Arkansas and be a U.S. citizen or have the credentials required to work legally in the U.S., according to the program's website.

In addition to the money, the NWA Council is also offering to gift remote workers a bicycle, highlighting the region's mountain biking trails, or a free membership to local theaters and museums.

So far, over 35,000 people have applied from more than 115 countries and 50 states, the NWA Council says.

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Arkansas is offering remote tech workers $10,000 in bitcoin to move to there - CNBC

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Bitcoin price gains the liquidity to breakout towards $50,000 - FXStreet

Bitcoin's price could nearly double to $75,000 this year as more institutional investors start to embrace the world's most popular cryptocurrency, according to the CEO of Swiss bank Seba.

"We believe the price is going up," Guido Buehler told CNBC's Arjun Kharpal at the Crypto Finance Conference in St. Moritz, Switzerland, on Wednesday.

"Our internal valuation models indicate a price right now between $50,000 and $75,000," said the boss of the regulated Swiss bank which has a focus on cryptocurrencies. "I'm quite confident we are going to see that level. The question is always timing."

After soaring to an all time high of $69,000 in November, bitcoin has seen its value collapse over the last couple of months and its price briefly tumbled below $40,000 on Monday, meaning it is hovering near lows not seen since September.

Asked if bitcoin will test the record levels seen last year, Buehler said he "thinks so" but he stressed that volatility will remain high.

This week's price fall came as rising Treasury yields and the prospect of higher central bank interest rates continued to lead investors to shed positions in risky, growth-oriented assets.

Bitcoinfell as much as 6% Monday to touch a low of $39,771.91, according to Coin Metrics. It traded at $42,921.55 at around 5 a.m. ET on Wednesday.

Declines across the cryptocurrency market follow a week of rough trading for equities, particularly momentum stocks. As the 10-year U.S. Treasury yield spiked at the start of 2022, investors have been rotating into more cyclical and value names. On Monday, the 10-year climbed as high as 1.8%, after ending 2021 at 1.5%.

"We've seen bitcoin behave like a risk asset on numerous occasions over the past few months," said Noelle Acheson, head of market insights at Genesis.

"When the market gets jittery, bitcoin tumbles. We've seen various indications that market sentiment is somewhat spooked by the spike in the 10-year that's not good for any asset that has high volatility in cash flows. Unlike many assets that are tainted by this brush, bitcoin is liquid and therefore can take more selling pressure without a heavy hit."

Buehler said he thinks institutional investors will help to boost the price of bitcoin in 2022.

"Institutional money will probably drive the price up," he said. "We are working as a fully regulated bank. We have asset pools that are looking for the right times to invest."

But Pascal Gauthier, CEO of crypto wallet Ledger, told CNBC Wednesday that there's currently a "retail trend" in bitcoin.

"They trust bitcoin more and more and it's really the people that will push the price up," he said.

Before seeking regulatory approval, Buehler said Seba Bank looked at the technology that powers cryptocurrencies and concluded that it's going to "redefine finance."

Elsewhere, Californian venture capitalist Bill Tai told CNBC Wednesday from Switzerland that there's "yet another wobble" in the crypto market.

"I don't know when it's going to go back up, but it's going to go back up," he said.

He added that cryptocurrencies are at the crux of institutional acceptance.

Additional reporting by CNBC's Tanaya Macheel.

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Bitcoin could rise to $75,000 this year to top record high, bank CEO predicts - CNBC

For bitcoin enthusiasts in Kosovo with a breezy attitude to risk, it has been a good week to strike a deal on computer equipment that can create, or mine, the cryptocurrency.

From Facebook to Telegram, new posts in the regions online crypto groups became dominated by dismayed Kosovans attempting to sell off their mining equipment often at knockdown prices.

Theres a lot of panic and theyre selling it or trying to move it to neighbouring countries, said cryptoKapo, a crypto investor and administrator of some of the regions largest online crypto communities.

The frenetic social media action follows an end-of-year announcement by Kosovos government of an immediate, albeit temporary, ban on all crypto mining activity as part of emergency measures to ease a crippling energy crisis.

Bitcoin and other cryptocurrencies are created or mined by high-powered computers that compete to solve complex mathematical puzzles in what is a highly energy-intensive process that rewards people based on the amount of computing power they provide.

The incentive to get into the mining game in Kosovo, one of Europes poorest countries, is obvious. The cryptocurrency currently trades at more than 31,500 a bitcoin, while Kosovo has the cheapest energy prices in Europe due in part to more than 90% of the domestic energy production coming from burning the countrys rich reserves of lignite, a low-grade coal, and fuel bills being subsidised by the government.

The largest-scale crypto mining is thought to be taking place in the north of the country, where the Serb-majority population refuse to recognise Kosovo as an independent state and have consequently not paid for electricity for more than two decades.

There is serious money to be made and in a time of ready energy supply it was being made. The number of people mining cryptocurrencies in Kosovo is thought to have skyrocketed in recent years. Groups such as Albanian Crypto Amateurs on Facebook and Crypto Eagles on Telegram have exploded with thousands of new members, though it is unclear how many are mining cryptocurrency, or on what scale.

But the good times appear to be over at least for now and the developments in Kosovo highlight one of the big questions about the future of bitcoin and other such digital currency.

The latest calculation from Cambridge Universitys bitcoin electricity consumption index suggests that global bitcoin mining consumes 125.96 terawatt hours a year of electricity, putting its consumption above Norway (122.2 TWh), Argentina (121 TWh), the Netherlands (108.8 TWh) and the United Arab Emirates (113.20 TWh).

Meanwhile, Kosovans spent the final days of 2021 in darkness as domestic and international factors combined to cause energy shortages and rolling blackouts across the country. At the peak of the recent crisis, an unforeseen shutdown at one of its two ageing power plants left Kosovo importing about 40% of its energy on international markets where prices have soared and the government was forced to provide an emergency subsidy to help meet the costs.

Kosovos minister of economy, Dr Artane Rizvanolli, said the ban had been a no-brainer.

We have allocated 20m for subsidising energy, which is probably not going to be sufficient, and this is taxpayers money that is going to subsidise electricity consumption, she said. On the other hand we have crypto mining, which is a highly energy-intensive activity and is not regulated.

Kosovo is not alone. Last September, the 10 most powerful regulators in China vowed to kill off what was then the worlds biggest cryptocurrency mining industry.

In Iceland, the countrys national power company, Landsvirkjun, has said it will turn away potential cryptocurrency miners as the country is experiencing power shortages. Last week, a powerful committee in the US Congress announced it would convene a hearing on the issue. US cryptocurrency miners are believed to be the largest consumers of energy, followed by Kazakhstan and the Russian Federation.

Its time to understand and address the steep energy and environmental impacts it is having on our communities and our planet, said committee chairman Frank Pallone and Diana DeGette, who heads its oversight panel.

Alex de Vries, a Paris-based economist, said his initial estimates in a paper to be published later this year suggest just a quarter of the energy used by miners is renewable: The question really is: what are you getting in return for that?

Jason Deane, chief bitcoin analyst at Quantum Economics, said he believed there were a host of advantages, including the offer of instant, virtually free, financial transactions carried out without the use of a third party, with certainty that there will be instant settlement, and that the current teething problems need to be put in perspective.

Since the Kosovan authorities made the decision, police and customs officers have begun conducting regular raids, seizing hundreds of pieces of hardware.

While a 60-day state of energy emergency remains in place, the prospect of upcoming regulation and energy bill price rises leaves the future anything but certain.

There are a lot of people who have invested in crypto mining equipment and its not a small investment, cryptoKapo said. People have even taken out loans to invest and the impact now is very bad on their lives.

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Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners - The Guardian

Editors note: some descriptions and other phrases are translated from this source.

Fiat currencies on the one hand and Bitcoin on the other are designed in a very different way. I will argue that the differences in their design will be reflected in different psychological effects in their users, often completely unconscious. In other words, the use of a type of money is not just something external, linked to the economy, but penetrates inside people and translates into individual and collective feelings. The feelings that arise in people depend on the design of the money they use.

I will also argue that these feelings are perfectly described by the chakras of the Indian tradition.

Let's start by looking at fiat currencies, which, as we all know, are designed to create imbalances in the distribution of wealth. Governments, large banks and corporations, which have access to the monetary printer, enrich themselves by stealing wealth from society which in the meantime is becoming impoverished. Its a continuous theft involving huge sums; its a colossal scam.

These imbalances penetrate the soul of the people involved and are harmful to both rulers and peoples, in a symmetrical way; the rulers show the effects of all seven chakras too open, while the peoples of all seven chakras too closed.

The depth of the malaise of both is proportional to the size of the scam, which has enormously increased since 2020, with a gigantic production of new fiat money. This fact helps us to better understand the current dynamics of society, where both rulers and peoples show altered behaviors, far from normal equilibrium, and which result in the pathological. These behaviors are the sentimental effects of the malaise caused by fiat money.

Yoga has explored human feelings and teaches us to maintain the proper opening of the chakras, in a balanced way, so that energy can flow smoothly without blocks (chakras too closed) or overloads (chakras too open). Both of these situations lead to mental and physical discomfort.

In the following paragraphs I will describe concisely the individual chakras and the consequences of their imbalances; you will easily recognize the current discomforts both of peoples and of governments, big banks and corporations. Keep in mind that the sentences in these paragraphs come from purely yoga sources, and observe how well these phrases reflect today's society.

I will also try to show, in a nutshell, which characteristics of the fiat currencies unbalance each of the chakras, and finally how Bitcoin, thanks to its design, has a rebalancing effect on each of them and triggers a healing process.

As author I will allow myself to add a personal comment, a tiny reflection; please consider it as an irrelevant contribution and build your own opinion on the subject.

Function: survival

The root chakra is located at the base of the spine, in the perineum. It symbolizes stability, self-confidence and security and is connected to our survival. When its balanced we feel safe, capable of living in the present and ready to plan our future. Its essential to have solid roots on which to build our lives.

Chakra too closed

If the first chakra is too closed we have feelings of insecurity, low self-confidence, apathy, excessive worry and fear of losing what gives us security and a sense of well-being.

Chakra too open

When the first chakra is too open, we develop a strong attachment to material goods and to the past, and we are not able to live in the present moment. We oppose changes and develop a total lack of fear or excessive fear, which can lead to very risky situations or to the inability to enjoy the beauty of life.

Comment

The instability and uncertainty of fiat currencies transfer to people, and feelings of insecurity, fear and lack of trust are now widespread. It becomes hard to enjoy the beauty of life. Rulers are victims of a pathological attachment to material possessions. They have slipped into an extremely risky situation.

Fiat currencies

The stability of fiat currencies is poor, because they can be created at will out of thin air. This characteristic is the basis of the scam and produces distrust and insecurity. Worse still, fiat currencies demand our trust in order to be used; they lean on our stability.

Bitcoin

The stability of Bitcoin is based on its predetermined monetary policy and in the absolute scarcity of the supply. It has a granite stability that instills a great sense of security. On it, we can build trust for the present and for the future. Bitcoin perfectly balances the first chakra.

Function: desire and procreation

The second chakra is the sacral chakra or water chakra. Unlike the first, which denotes stability, this chakra is associated with liquids and, therefore, with flowing, with the ability to change. The second chakra is the fulcrum that connects the soul with the body. Its located in the lower abdomen, just below the navel, and is the chakra of emotions, spontaneity, creativity, pleasure and sexuality.

Chakra too closed

When the second chakra is blocked, emotions are affected the most. In fact, we have mood swings, we feel anger, guilt, shame and we are prone to panic attacks. It is difficult to experience states of joy.

Chakra too open

If the second chakra is too open, a search for immediate but ephemeral pleasure and fulfillment occurs, and emotional dependencies or addictions related to food, alcohol, drugs or sex can develop.

Comment

We have lost our natural pursuit of joy and happiness. Negative emotions pervade the lives of the people; ephemeral pleasures corrode those of rulers. Society is apathetic, dull and devoid of creative impulses.

Fiat currencies

Fiat currencies have some important rigidities.

The first one derives from KYC and AML procedures. Because they are burdensome, banks dont work with poor people or persons without documents; so 6 billion people have no access to financial services.

The privileged who have access to banking services are nevertheless subjected to a financial surveillance that is absurd and exaggerated. Their transactions can be censored and their accounts closed, and this now happens quite frequently.

Finally, some governments use currencies as a weapon; entire countries are excluded from the global financial circuit for political reasons.

Bitcoin

Bitcoin is permissionless and trustless, it flows freely, its open to everyone and transactions cannot be inhibited or canceled. At the same time, only the transactions that respect the protocol are approved; this keeps the second chakra in balance and restores our natural search for positive emotions.

Function: strength, self-esteem

The third chakra, the solar or fire chakra, is located in the solar plexus, between the diaphragm and the navel. If the first chakra is connected to stability and the second to flow, the third chakra is the union of these two elements, that is, light, energy, heat. When its well balanced, we feel energetic, confident, strong and in control.

Chakra too closed

When its too closed, we notice the rise of insecurity, low self-esteem, introversion and a sense of inadequacy in all situations.

Chakra too open

When this chakra is too open, a person becomes arrogant, aggressive, overconfident, constantly seeking power, and always feels the need to self-celebrate in order to hide his own defeats and insecurities.

Comment

People have become weak; societies are in decline. Its time to rediscover our inner strength.

Fiat currencies

The weaknesses and rigidities of fiat currencies depend on their centralized nature. They are issued and managed by banks and governments, which, therefore, control them and, symmetrically, are in turn controlled, because the psychological effects of control penetrate them.

Bitcoin

The decentralized nature of Bitcoin brings control back to the individual. This promotes a sense of strength and security, as we feel in control of our savings. This sense of strength is on the one hand individual and on the other decentralized and distributed, shared with humanity, without any controlling authority. Bitcoin balances the third chakra and gives us inner strength.

Function: love

The heart chakra is the most central chakra. It connects the higher spiritual chakras with the lower material ones. When it is open, we can express unconditional love, we become generous toward others, caring and sincere. Still, we are not dependent on others and we are also able to love ourselves and our lives.

Chakra too closed

If the fourth chakra closes, we have problems in the affective sphere. We fail to love ourselves and consequently others as well. We become cold and apathetic, always wary and circumspect because we tend not to trust anyone.

Chakra too open

If it opens too much, however, we will focus our attention exclusively on others and divert it from ourselves. It will not be unconditional love: We will try to get the greatest number of benefits from a relationship, without the intention of giving something in return.

Comment

People are confused, disoriented; their hearts are closed. Governments are disconnected from citizens, banks from economies, corporations from people; they steal excessively, and offer crumbs in return. Authoritarianism, surveillance and control are the symptoms of the lack of love.

Fiat currencies

Fiat currencies are designed to steal, to transfer wealth from the poor to the rich, from individuals to banks and governments. They are also used to finance wars.

Bitcoin

Bitcoin is an honest money based on moral values. It removes the ability to finance wars; it brings peace to hearts and to the world; this might seem like a utopia, but in reality its not. It balances the fourth chakra, thus enabling the flow of love toward ourselves and toward other people.

Function: communication

The fifth chakra is located at the base of the throat and is connected to communication, both with others and with ourselves, and to the emotions that come with it.

When this chakra is open, we can express ourselves in a clear way, with tact and without offending. The voice is calm and relaxed, listening is open and we are able to express what we think in a relaxed way. A balanced fifth chakra brings us great creativity, which is a very powerful means of expressing ourselves. Our social relationships are pleasant and relaxed; we are intensely interested in others with understanding and without judgment. Our ability to concentrate is high. Since listening is open, learning also becomes fast and effective.

Chakra too closed

If this chakra is closed we cannot express ourselves well or listen to others. We are unable to say no, we feel extremely shy and awkward, and we are no longer able to express our creativity, either through words or through artistic disciplines.

This leads to a situation of profound discomfort that, in the long run, can make us lock up ourselves so much that we do not want or even fear to be together with other people. Our social relationships will inevitably fall apart.

Chakra too open

When the chakra is too open, we become too talkative, never listening to others. What we say, however, is not what we really think, but our conversations will be based on lies and manipulation. We feel too sure of ourselves and we do not accept criticisms, even when they come from the people we love.

Comment

People bombed by the media are frozen in fear. They struggle to disobey injustices. Rulers hide behind increasingly irrational and unlikely propaganda. Official dogma and censorship are the symptoms of their unwillingness to listen. Creativity is stifled.

Fiat currencies

The fiat standard is a beautiful book which describes the corruption of society caused by fiat currencies. Currency fraud penetrates the spirit of rulers, clouds their minds, and from them, it re-emerges and corrupts all sectors of society. It corrupts politics and then information, medicine, food, energy, education and justice.

Bitcoin

Bitcoin is an open-source and transparent protocol, open and sincere. And it is no coincidence that the Bitcoin community brings solid arguments and has clear and rational views on all the lies and manipulations resulting from the fiat currency scam. Bitcoin balances the fifth chakra and allows a sincere and clean communication with ourselves and with others.

Function: intuition

The third eye chakra is located in the head, between the eyebrows, and its the symbol of intuition and sight beyond appearances. This chakra is where all opposites and all dualities are connected, such as masculine and feminine, reason and intuition, form and substance, body and mind, good and bad. The third eye sees what exists beyond these concepts, dissolves the dualities, and lets us perceive a deeper reality.

If this chakra is not blocked, we are in tune with our higher selves. We become intuitive, aware, focused and highly perceptive. We are able to visualize thoughts and images, our empathy is amplified and we can understand what other people think. We see the world for what it is, with wisdom and without prejudice. We are able to understand the essence of what surrounds us, and we see beyond what we physically look at with our eyes.

Chakra too closed

When Ajna is blocked, we become selfish, cynical, materialistic, cold and calculating. We only trust what we see with our eyes and we are no longer able to perceive what exists beyond. We can no longer dream or plan our future; we become numb and detached; and we lose the ability to remain focused for a long time.

Chakra too open

The sixth chakra too open makes us become manic, self-celebrating and we tend to blame others for our faults as well.

Comment

Our societies are embarking on dangerous paths. Wisdom is neglected and people are disconnected from their deeper nature. It is necessary to cleanse the mind, observe the world for what it is, and reconnect with the truth that resides within us.

Fiat currencies

The scam of fiat currencies generates lies and manipulations, and it disconnects us from our deeper humanity, which we can no longer perceive. We can't see the spirituality of the world; we lose wisdom and are invaded by prejudices.

Bitcoin

Bitcoin is a sincere money that embodies truth. This balances the sixth chakra and allows people and societies to reconnect to wisdom and spirituality. We call this Renaissance 2.0.

Function: knowledge

Sahasrara is the chakra of liberation, knowledge and bliss. Its not in the physical body but above the head. Its linked to the energy of the universe, to the connection with the divine and to enlightenment. The opening of the seventh chakra gives wisdom, well-being, serenity and happiness. Those who reach it become patient, understanding and compassionate.

Chakra too closed

When the chakra is closed, we will not be able to cultivate our spirituality. We will feel apathetic, disheartened and depressed.

Chakra too open

If its too open, we will be attached to unimportant things, material goods and power, overwhelmed by ignorance and dissatisfaction, and we will feel anxious, arrogant and impatient.

Comment

Institutions and peoples have lost their spirituality. And with it, their well-being, serenity and happiness. Our task is to rediscover them and to rediscover our humanity.

Fiat currencies

Based on a scam, fiat money is the opposite of knowledge. The scam must be carefully kept hidden: Once revealed, it will cease to exist. The scam is designed to generate slavery and suffering.

Bitcoin

Bitcoin unveils, and thus dissolves, the fiat money scam and rebalances the seventh chakra. Bitcoin is knowledge, and it is liberation from the theft and slavery resulting from fiat currencies. It leads to individual and collective happiness. Its also linked to the energy of the universe, to the connection with the divine and to enlightenment, but the discussion of such a complex topic goes far beyond the scope of this short article.

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Bitcoin And The Monetary Chakras - Bitcoin Magazine

Robinhoods chief financial officer has revealed the popular trading platforms crypto priority and the potential of listing more cryptocurrencies. Were a highly regulated company in a highly regulated industry, and we think its important that we get a bit more clarity from regulators, he emphasized.

The chief financial officer (CFO) of Robinhood, Jason Warnick, talked about cryptocurrency during The Wall Street Journals virtual CFO Network Summit last week.

Commenting on retail investors high demand for Robinhood to list more cryptocurrencies, particularly the meme crypto shiba inu (SHIB), Warnick emphasized, Its not lost on us that our customers and others would like to see us add more coins. However, the Robinhood executive stressed:

Were a highly regulated company in a highly regulated industry, and we think its important that we get a bit more clarity from regulators.

Compliance is a top priority at Robinhood. In December last year, the company partnered with blockchain data platform Chainalysis to meet compliance requirements.

Supporters of the shiba inu cryptocurrency have been petitioning on Change.org for Robinhood to list SHIB. At the time of writing, 555,811 people have signed the petition.

Christine Brown, Robinhood Cryptos chief operating officer and VP of Product Operations, said in November that the platform is in no hurry to list any additional cryptocurrencies. Her statement was in response to a question about when SHIB will be listed.

Robinhood Crypto currently supports the buying, selling, and real-time market data for bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC).

Warnick also clarified at the summit that Robinhood will not be buying cryptocurrency for its corporate treasury like some companies have done, such as Microstrategy and Tesla. He explained:

There arent compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies.

In December last year, Robinhood launched a cryptocurrency gift program. The company also announced the upcoming beta launch of its cryptocurrency wallets, which has a waitlist of 1.6 million people.

What do you think about the Robinhood executives comments? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Robinhood on Listing More Cryptocurrencies: 'It's Important That We Get a Bit More Clarity From Regulators' Regulation Bitcoin News - Bitcoin News

The U.S. Congress will hold a hearing on the energy use and environmental impact of bitcoin mining on January 20, its Energy and Commerce Oversight Subcommittee announced on Thursday.

The move was prompted by a letter sent to the House in October by a cohort of national and international climate organizations that argued against the energy usage of Bitcoin and its Proof of Work (PoW) system.

We, the more than 70 climate, economic, racial justice, business and local organizations, write to you today to urge Congress to take steps to mitigate the considerable contribution portions of the cryptocurrency markets are making to climate change and the resulting greenhouse gas (GHG) emissions, environmental, and climate justice impacts it will have, the letter read.

A rebuttal to the letter was published this week by the Bitcoin Policy Institute (BPI), an interdisciplinary cohort of economists, coders, lawyers, climate scientists, philosophers, and policy analysts providing research, fact-checking, and commentary on Bitcoin.

The group argues in its fact-checking paper that the letter sent to Congress contains plenty of inaccuracies about the bitcoin mining industry, a gap its policy work is trying to bridge. The BPI, which will send its paper to Congress, says that the House should indeed consider Bitcoins power consumption, but warrants a more careful and factual approach.

Such considerations must be based on an accurate understanding of the Bitcoin protocol, a proper review of the scientific literature, and up-to-date information about the mining industry, the paper said. Unfortunately, the coalitions letter is not. Instead, it reiterates debunked myths about Bitcoin emissions, e-waste, and energy markets. Our aim is to clarify the record and ensure that policy discussion around Bitcoin is grounded in science and fact.

Some of the misconceptions and myths clarified by the paper relate to climate change, electronic waste, and the common but misleading comparisons between Bitcoins energy usage and that of countries like Argentina and Norway. The BPI also disputes the organizations claims that Bitcoins use of power is unnecessary, an argument that doesnt take into account the fact that BTC is legal tender in El Salvador and the many people currently leveraging the peer-to-peer monetary network to enjoy financial freedom.

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Congress Announces Hearing On Bitcoins Energy Use - Bitcoin Magazine

Yahoo Finance's David Hollerith breaks down how bitcoin continues to fall as stocks sink.

[MUSIC PLAYING]

- The bearishness persists in crypto land. Bitcoin fell below 40,000 this morning with some now pointing to a death cross for the crypto forming on the charts is one reason for the decline. Yahoo Finance's cryptocurrency reporter David Hollerith is here with the details. David, ugly starts the week, but really it's been an ugly few weeks for Bitcoin. David, I think you're on mute.

DAVID HOLLERITH: Since November, when we saw all the prices of crypto assets peak, you know, it's been a general drawdown. One interesting trend that we've also seen concurrently with the drawdown in cryptocurrency prices has been sort of an increase in the supply of stablecoins. For example, USDC, the second largest stablecoin has increased by about almost 700% in the last week. So what we're seeing right now is a lot of investors, crypto investors are moving into stablecoins as a way to hedge out some of the volatility that's going on right now.

The Bitcoin price is testing around $40,000. Ethereum tests at the $3,000 level. So, again, the top two cryptocurrencies are trading even lower this week, and they're following sort of a more risk-on story that is what we're seeing in the stock market more generally.

- And, David, you know, what are the crypto faithful kind of saying about this latest downdraft, right, because no matter what happens with, with Bitcoin, with Ethereum, with the rest, you really have a pretty sizable core of people who are bulls out there, who will say this too shall pass?

DAVID HOLLERITH: Yeah, you know, I think that the realistic crypto faithful are sort of thinking of this as a sort of a time to hold out. You know, people have even-- you know, they're acknowledging the fact that cryptocurrencies have traded risk on since the pandemic. And one trend that was kind of interesting was the relationship between the Bitcoin price and the 10-year Treasury yield. Now they were sort of moving in a lockstep fashion for the past year. And as of January 3, so at the beginning of last week, they sort of diverged.

And so a lot of cryptocurrency investors were sort of hoping that this was some sort of signal. An analyst I spoke to is indicated that it's probably been a reflection of the fact that the 10-year yield, up to this point, hasn't really signaled Federal Reserve movements as much as just the heating of the economy without Federal Reserve sort of signaling concerns over inflation. So now that's changed, I think that we're expecting over the short-term and near-term and most crypto investors who are taking these drawdowns seriously are saying, in the near-term and short-term they expect to continue drawdown, but nothing like 2018 is sort of the going word. So they're not expecting you know, a multi-length or year long bear market at this point.

- Point well-taken. Yahoo Finance's David Hollerith, good to see you.

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Crypto: Why the price of bitcoin is falling - Yahoo Finance