Category Archives: Bitcoin

Ark Invest CEO and founder Cathie Wood took stock of the recent corrections seen in the prices of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices and touched on their utility for diversification purposes in the latest episode of the firm's "In the Know" podcast.

Why Crypto Is Down: Wood saidthat more and more hedge funds are involved in Bitcoin and Ethereum and with the contraction seen in regular markets a higher correlation in the prices of cryptocurrencies is visible.

However, over the full market cycle, this correlation is extremely low, according to wood.

See Also: How To Buy Bitcoin (BTC)

Interesting For Diversification: This low-correlation with other assets makes cryptocurrencies a very interesting asset for diversification purposes, Wood said.

The hedge fund manager broke Arks understanding of cryptocurrencies in three ways:

In January, Ark analyst Yassine Elmandjra had pointed to the velocity of fiat currencies, which could worsen inflation and currency devaluation.

At the time, Ark Invest said that if Bitcoin could capture just 5% of the global monetary base beyond the largest of four fiat currencies, its market cap could triple to $2.8 trillion by 2027.

Read Next: Bitcoin Crosses $42K Level, Ethereum Above $3K As Dogecoin And Meme Coins Shine Too Why The Pressure On Crypto Market Is Still On

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Why Cathie Wood Sees Bitcoin And Ethereum As Great Assets For Diversification In 2022 - Benzinga - Benzinga

Shiba Inu (CRYPTO: SHIB) may not have had a rip-roaring January to show, but the dog-themed currency has remained the favorite among digital currencies.

What Happened: Shiba Inu was the most popular cryptocurrency on crypto price tracking website CoinMarketCap, according to a new report from CrptoDiffer, citing data from crypto market data aggregation & analytics platform Cryptorank.

Bitcoin (CRYPTO: BTC), the apex cryptocurrency, stood second, followed by Ethereum (CRYPTO: ETH), Fantom (CRYPTO: FTM) and Ariva (CRYPTO: ARV).

Incidentally, Dogecoin (CRYPTO: DOGE), despite having the backings of some high-profile personalities such as Tesla, Inc.'s (NASDAQ:TSLA) Elon Musk, is not featuredamong the top 15 popular coins on CoinMarketCap.

Related Link: Robinhood CEO Explains Why He's Resisting Calls For Accepting Shiba Inu

Why It's Important:The fact thatShibaInu outrankedits more illustrious rivals despite having a fraction of their market capitalizations, isa testament to the loyalty of the SHIBA community called the Shiba Army, and the resulting increase in interest.

After a breathtaking rally in 2021 that took the meme crypto to its all-time high of $0.000088 in late October, Shiba Inu pulled back amid the crypto market sell-off seen in late 2021. It came under further selling pressurein 2022 as the crypto sell-off extended into the new year.

The community, however, has stood behind SHIB like a pillar, and is pinning its hopes on a turnaround, which may be hingedon trading app Robinhood Market Holdings, Inc. (NASDAQ:HOOD) adding Shiba Inu to its list of tradable cryptos.

At last check, Shiba Inu was seen down 1.66% at $0.00002275.

Related Link: Bitcoin Stays Above Key Support: What Does The Near-Term Hold For The Apex Crypto?

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Shiba Inu Edges Out Bitcoin, Becomes The Most Popular Crypto On CoinMarketCap In January - Benzinga - Benzinga

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that the Federal Reserve and the Treasury are destroying the U.S. dollar. Noting that they are sending billions of dollar savers and uninformed investors to financial hell, he advised, Save gold, silver, and bitcoin.

Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted this week that the Federal Reserve and the U.S. Treasury Department are destroying the dollar.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki wrote, There are a million paths to financial heaven and a billion paths to financial hell, adding:

Fed and Treasury [are] destroying the dollar sending billions of dollar savers and uninformed to financial hell. Go to financial heaven. Save gold, silver, and bitcoin.

This is not the first time the famous author has warned about the Fed and the Treasury hurting the economy and individual investors.

In December last year, Kiyosaki tweeted a warning that the Fed and U.S. President Joe Biden are pushing fake inflation. He predicted an imminent, massive crash that will be followed by a depression.

Kiyosaki also said in October last year that Biden and the Fed are ripping off poor people, reiterating that the U.S. is sliding into a depression. Inflation rips off the poor. Inflation makes [the] rich richer, he stressed. The famous author also tweeted in the same month:

I love bitcoin because I do not trust [the] Fed, Treasury, or Wall Street.

Kiyosaki has been recommending that investors buy gold, silver, and bitcoin for quite some time.

In January, the famous author said it was great news that the price of bitcoin was crashing. He added that he will buy more BTC when the price of the cryptocurrency tests $20K. In November, he said he will also buy ether as inflation fears escalated.

What do you think about Robert Kiyosakis advice? 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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Rich Dad Poor Dad's Robert Kiyosaki Says the Fed and Treasury Are Destroying the Dollar, Advises Saving Bitcoin Featured Bitcoin News - Bitcoin News

This article features the top ten cryptocurrency prices today on February 07, 2022

Bitcoin, the worlds most popular cryptocurrency, was trading at US$42,841.17 or 3.21 percent higher than its price 24 hours ago. Nine out of ten major cryptocurrencies are in the green today on February 07, 2022. Here are the top 10 cryptocurrency prices you should check before investing.

Analytics Insight lists the top 10 current cryptocurrency prices on February 07, 2022

Bitcoin (BTC)- US$42,817.91 (up by 3.21%)

Ethereum (ETH)- US$3,079.92 (up by 2.25%)

Tether (USDT)- US$1.00 (down by 0.01%)

Binance Coin (BNB)- US$427.04 (up by 2.80%)

USD Coin (USDC)- US$0.9996 (up by 0.02%)

Cardano (ADA)- US$1.16 (up by 4.00%)

XRP (XRP)- US$0.7234 (up by 8.21%)

Solana (SOL)- US$119.58 (up by 5.69%)

Terra (LUNA)- US$57.46 (up by 2.91%)

Polkadot (DOT)- US$22.02 (up by 3.91%)

According to CoinMarketCap, the global crypto-market cap is US$1.96T with a volume of US$68.51 billion over the last 24 hours with a decrease of 2.92%.

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Cryptocurrencies Price Today: Bitcoin and Ethereum are in Green - Analytics Insight

Bitcoin is trying to make a comeback as it holds above 31 lakh https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-cardano-and-others-are-making-a-comeback/slidelist/89395672.cms2022-02-07T09:08:21+05:302022-02-07T08:52:16+05:30

BI India BureauFeb 7, 2022, 09:08 IST

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It has climbed by 1.09 percent over the course of the day

It has climbed by 1.09 percent over the course of the day

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Its up by 0.54 percent since yesterday

Its up by 0.54 percent since yesterday

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Its only cryptocurrency to have taken a hit of 0.63 percent over the course of the day

Its only cryptocurrency to have taken a hit of 0.63 percent over the course of the day

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Its current price is resting at 0.00214758

Its current price is resting at 0.00214758

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These are the top cryptocurrencies by volume according to Coinbase | Prices updated as of February 7, 8:30 am IST and may change over the course of the day

These are the top cryptocurrencies by volume according to Coinbase | Prices updated as of February 7, 8:30 am IST and may change over the course of the day

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Bitcoin is trying to make a comeback as it holds above 31 lakh - Business Insider India

Advances over the next decade could pave the way for quantum computers powerful enough to crack Bitcoin encryption, new research suggests.

Scientists from the University of Sussex in the UK estimate that quantum systems with 13 million qubits would be sufficient to break the cryptographic algorithm (SHA-256) that secures the Bitcoin blockchain within the space of 24 hours.

Although modern quantum computers come nowhere close to this level of performance (the current record is a comparatively measly 127 qubits), the researchers say significant developments over the next ten years or so could yield quantum machines with sufficient horsepower.

The ability to break the encryption protecting the Bitcoin network would allow an attacker to hijack transactions and reroute coins into their own wallet. In this hypothetical scenario, the market would surely crumble as soon as an attack became apparent, wiping out hundreds of billions of dollars in value.

For the time being, cryptocurrency enthusiasts can rest easy in the knowledge that cracking the SHA-256 algorithm is impossible with current hardware, but that wont always be the case.

Manufactured by IBM, the current most powerful quantum system is touted as the first whose performance cannot be reliably replicated by a classical computer, but its still a long way shy of the 13 million qubits required to break Bitcoin.

However, there is extensive research ongoing into all aspects of quantum computing, from almost all the worlds largest technology companies. A lot of work is going into increasing the number of qubits on a quantum processor, but researchers are also investigating opportunities related to qubit design, the pairing of quantum and classical computing, new refrigeration techniques and more.

In all likelihood, Bitcoin will fork onto a new quantum-safe encryption method long before a sufficiently powerful quantum computer is developed, but the research raises an important point about the longevity of encryption techniques nonetheless.

As noted by Mark Webber, lead researcher on the project, because advances in quantum computing will inevitably render modern encryption redundant, it would be a mistake to assume that information encrypted today will remain secure tomorrow.

People are already worried because you can save encrypted messages right now and decrypt them in the future, said Webber. Theres a big concern we need to urgently change our encryption techniques, because in the future, theyre not secure.

Via NewScientist

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Quantum computers may be able to break Bitcoin sooner than you think - TechRadar

Bitcoin dipped to as low as $33,000 in January from a record of almost $69,000 less than three months ago.

ByVildana Hajric and Akayla GardnerBloomberg

Published On 31 Jan 202231 Jan 2022

Bitcoin is closing out a rough month, with January declines putting the digital coin on pace for its worst start to a year since the dawn of the 2018 crypto winter.

The largest cryptocurrency by market value has notched only 11 up days this month, according to data compiled by Bloomberg, meaning that its spent 65% of the month mired in a decline. Other digital assets have also suffered, with No. 2 token Ether down roughly 30% since the end of December.

Bitcoin dipped to as low as $33,000 in January from a record of almost $69,000 less than three months ago amid a broader selloff in risk assets on growing conviction that the Federal Reserve will soon raise rates as it ratchets back its ultra-accommodative policy settings. The plunge has hit all corners of the crypto ecosystem, from Bitcoin and memecoins to publicly-listed crypto exchanges and miners.

Crypto is a very volatile asset class and I hope that everyone participating in that market is aware of the volatility potential, Troy Gayeski, chief market strategist at FS Investments, said by phone. Its a much trickier environment than it was six months ago, 12 months ago, 18 months ago where it was green-light go. Now its yellow-light caution.

On Monday, Bitcoin fell as much as 2.9% to trade at around $36,680 before recouping losses. Its monthly decline now stands at more than 18%, the worst start to a year since 2018s 29% decline and a grim follow-up to Decembers 19% slump.

The declines in prices have also translated to lower volume, according to a report from CryptoCompare.

Macro sentiment around risk assets has been the leading narrative in the markets, with expectations of significant tapering of quantitative easing following a string of hot inflation prints, wrote analysts in the report. Digital-asset investment products have seen outflows for the first time since August, with weekly outflows averaging $88 million so far in January, they said. And total assets under management for Bitcoin products have fallen by 23% since December.

Bitcoin lost roughly 50% from its November peak to its January lows. That decline puts it at the low end of the range of big drawdowns, historically speaking, according to Goldman Sachss Zach Pandl and Isabella Rosenberg. The pair estimate that since 2011, there have been five previous major pullbacks for the coin off of then all-time highs, with an average peak-to-trough decline of 77%. On average, the declines lasted seven to eight months, they wrote in a note. Bitcoins largest cumulative decline a loss of 93% happened in 2011, they said.

While the markets recent turbulence may not be as rattling to crypto veterans who are accustomed to its volatility, many investors have only gotten in relatively recently, making the swift slump particularly painful.

Ive always said if youre uncomfortable waking up to a 30%, 40%, even 50% decline for whatever reason, you probably shouldnt own it, said Gayeski.

And memories of the last crypto winter a phrase endemic to the digital-asset space that refers to a sharp slump followed by months of doldrums are renewing fears that a repeat could be playing out currently. The last such decline happened in 2018, when Bitcoin fell roughly 80% and subsequently took more than a year to reach another high.

While the selloff in Bitcoin has been relatively muted going into this week, the outlook for the cryptocurrency market as a whole remains negative with heavy losses seen across a range of once-popular altcoins, said Nicholas Cawley, Strategist at DailyFX. If the market as a whole is looking to Bitcoin to lead the way higher, it is most likely to be disappointed.

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Bitcoin on track for its worst January since 2018 crypto winter - Aljazeera.com

What do these examples have in common? As Thomas Hobbes could have told you, human beings can only flourish, can only avoid a state of nature in which lives are nasty, brutish and short, if they participate in a commonwealth a society in which government takes on much of the responsibility for making life secure. Thus, we have law enforcement precisely so individuals dont have to go around armed to protect themselves against other peoples violence.

Public health policy, if you think about it, reflects the same principle. Individuals can and should take responsibility for their own health, when they can; but the nature of infectious disease means that there is an essential role for collective action, whether it is public investment in clean water supplies or, yes, mask and vaccine mandates during a pandemic.

And you dont have to be a socialist to recognize the need for regulation to maintain the reliability of essential aspects of the economy like electricity supply and the monetary system.

Which is why Im calling the modern American right antisocial because its members reject any policy that relies on social cooperation, and they want us to return instead to Hobbess dystopian state of nature. We wont try to keep guns out of the hands of potential mass murderers; instead, well rely on teacher-vigilantes to gun them down once the shooting has already started. We wont try to limit the spread of infectious diseases; instead, well tell people to take drugs that are expensive, ineffective or both after theyve already gotten sick.

What about Bitcoin? I dont think its even worth trying to make sense of Abbotts tortured logic, why he imagines that promoting an environmentally destructive, energy-hogging industry will somehow make his states electricity supply more reliable. (An energy grid overloaded by crypto mining helped set off the recent crisis in Kazakhstan.)

A better question is why Republicans have become fanatics about cryptocurrency, to the extent that one Senate candidate has defined his position as being pro-God, pro-family, pro-Bitcoin. The answer, Id argue, is that Bitcoin plays into a fantasy of self-sufficient individualism, of protecting your family with your personal AR-15, treating your Covid with an anti-parasite drug or urine and managing your financial affairs with privately created money, untainted by institutions like governments or banks.

In the end, none of this will work. Government exists for a reason. But the rights constant attacks on essential government functions will take a toll, making all of our lives nastier, more brutish and shorter.

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Opinion | Guns, Germs, Bitcoin and the Antisocial Right - The New York Times

What will President Biden say about Bitcoin and digital assets? It's hard to find his comments on ... [+] it. But next month, the market will know exactly what he thinks about it.

How real is the threat of regulatory overreach and higher taxation for Bitcoin? If powerful Western governments want to knock Bitcoin down a peg as it prepares to roll out digital versions of the dollar and euro, whats to stop them from trying to punish it through stricter rules and higher taxes?

This week might go down as one of the key markers in Bitcoin history. The International Monetary Fund warned El Salvador to do away with its Bitcoin-as-legal-tender policy. And President Biden saying new rules for Bitcoin and cryptocurrencies are coming soon.

Its one thing for the President of the United States to tell the public that new regulations are coming in its home market. But whats this with the IMF telling a sovereign nation what to do with its currency policy? Its not like El Salvador is borrowing money from the IMF in Bitcoin. The Powers-that-Be are anxious. They cannot roll out their central bank digital currencies fast enough. And decentralized crypto is gaining power.

The UKs former Health Minister, Matt Hancock, wrote in an op-ed in City A.M. on Friday that, the mainstream arrival of cryptocurrencies is set to shake the foundations of banking the centuries-old idea you need a bank to make a payment is coming to an end.

Why a Health Minister is writing on this, I have no idea. But the likelihood is strong that this is water cooler chatter in London. A new banking model is taking shape. The old model wants its own digital currency to control. Bitcoin, others, are out of its control. For them, this cant be good.

Therefore, if you are of the mind that Central Banks want to kill Bitcoin (and all the alt-coins along with it), then how would they do that?

I have been worried about central bank digital currencies eventually replacing demand and interest in Bitcoin. However, everyone I speak to about it is not as worried as I am.

Now I have something knew Im worrying about a new risk, perhaps, for us crypto investors. If the U.S. or any government wanted to punish Bitcoin in favor of its own digital dollar, one way to go about it would be to increase taxation on crypto investments.

Is such a thing even possible?

Yes, it is.

(Nod to Ancient Aliens fans.)

What the administration would do is crack down on Coinbase and others and use regulations to make it so onerous for the exchanges, especially if Biden is going to call it a matter of national security, speculates Vladimir Signorelli, founder of investment research firm Bretton Woods Research and a Bitcoin investor. If they increased taxes, treated it differently, it would be unfortunate. It would be terrible.

Regulatory Whispers & Taxation

The White House is developing a new digital securities strategy, expected to be issued as an Executive Order (EO). This means it lasts only as long as Biden is in power, or a new president agrees with its premise. A finalized copy of the new rules is expected at some point in February.

The EO will elaborate on a new regulatory framework and is expected to highlight how the White House views Bitcoin as a potential national security risk to the dollar.

The International Business Times reported on January 24 that the EO will direct federal agencies to weigh risks and opportunities of theseassetsand submit their reports by the second half of the year.

So, none of this happens overnight. Investors will have time to think this over.

I think Biden will use an executive order to bring heavier taxes on Bitcoin, says Dragostin Kozhuharov, owner of ComperBroker.io.

Biden, himself, has said very little about Bitcoin. Or digital assets, in general.

Meanwhile, the Fed issued itsreporton their digital dollar whereas the Fed becomes your bank if you opt-in to having a digital dollar wallet and has invited public comments by May 20.

Worth noting, the House of Lords in the U.K. shot down this idea of a digital pound two weeks ago. Itll be back, eventually.

Another issue that could pull the rug out from under Bitcoin in particular, and maybe even Ethereum in the short term, is the Biden team is concerned that mining for cryptocurrencies takes up too much electricity and is therefore bad for Mother Earth. Unlike printing dollars. That is not as bad for the planet.

There are just too many ways the government can treat cryptocurrencies differently than traditional securities and the best way to separate it from traditional assets is through taxation.

Imagine punishing crypto investors with higher taxes? For sure, professional Wall Street firms will ... [+] hate this and will move their crypto offshore. But will that stop Washington from trying to tax it to death anyway?

For now, selling crypto is the same as selling a stock in your E-Trade account. Coinbase will have your tax documents ready for filing if you sold crypto for dollars.

The Internal Revenue Service issued Notice 2014-21 in 2014 that defined cryptocurrency as being the same as stocks, bonds, and other assets that qualify for capital gains taxes. If your DeFi token is paying yield, apparently you get taxed on that, too, in theory. But I will save that for the tax specialists.

Like a stock, if you bought $1,000 of Ethereum in August 2021 and sold it in October 2021 for $2,000, you earned $1,000 in short term capital gains and will be taxed according to your tax bracket.

My evil genius thinking is that the government says look, Bitcoin is harmful for the environment and it is not U.S. issued tender, therefore we can tax it differently.

I dont know how this would work. But it would trigger a massive sell off in Bitcoin. If you want to kill Bitcoin, get the most powerful nations in the world to tax it to death.

I asked industry experts to calm me down.

Remember, Bitcoin is for hodlers. They dont care about tax anyway, says Kozhuharov. People who have a lot of Bitcoin are holding for a really long time. Bringing taxes on Bitcoin isnt going to influence the price, he says.

Bitcoin is down roughly 40% from its all time high.

Igneus Terrenus, head of communications at Bybit says investors who hold and do not realize their gains...there is no avenue to tax them.

Bitcoin has opened up the possibility of a new alternative financial system and economy.

Attempts to force this new reality into an outdated framework of top-down control is likely to fail, says Ben Caselin, head of research & strategy at AAX, a cryptocurrency exchange.

Nonetheless, following game theory, we can expect resistance to Bitcoin across the board, wherever it threatens the status quo, Caselin says. Draconian tax laws and other unreasonable measures to hamper its adoption would fit the picture and are both indicative of Bitcoins growth as well as the ignorance that surrounds it.

Ran Hammer, vice president of business development at Orbs, a public blockchain based in Singapore, says there are unknowns about the new regulations, and even some questions about existing ones, but higher taxes are unlikely.

Most of the regulatory issues on the table now wont impact the tax approach, says Hammer. The live issues now have to do with how digital assets and products like trading platforms will be regulated, not taxed.

Besides, hitting crypto with taxes beyond what standard securities pay would also increase the likelihood for offshore crypto havens to flourish ( !). It would also set up competition between countries.

And while most Americans probably wont unload their Coinbase account for the Russian version of one, Russia and others could make investing in crypto more attractive if the assets are held their instead. (Of course, the U.S. can, and would, just tax the hell out of it when you bring it home under Patriot Act laws, but if you are just transacting in BTC, you will never need fiat again.)

The U.S. knows the future is inevitably digital, says Nigel Green, CEO of the deVere Group. This would explain why Biden is rushing a directive that would place the White House in a central role overseeing plans to set policies and regulate digital assets.

Between Bidens new crypto edicts in the works, the Feds digital dollar, and the IMF scolding tiny El Salvador for its Bitcoin policy, crypto is reaching a tipping power in the power play with fiat currency.

The IMF asking a pioneering sovereign nation to drop a future-focused financial policy that attempts to bring it out of financial instability and a reliance on another countrys currency shows the institution to be on the wrong side of history, says Green.

El Salvador has used the dollar as its currency since 2001.

Bitcoin is the worlds largest digital currency - and digital is the inevitable future of money. For the IMF not to recognize this is baffling, says Green. Theres a sense among them that Bitcoin is headed towards a moment of critical mass.

Correct.

And if the Western banking powers, as demonstrated recently by the IMF, are against Bitcoin being the digital currency of choice, whats the best way to stop it and make it all look quite reasonable to the talking heads of CNBC?

My guess: tax the living daylights out of it, in favor of digital dollars and euros.

*The writer of this article owns Bitcoin and other cryptocurrencies.

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Biden's Bitcoin Regulations And The Threat Of Higher Taxes For Crypto - Forbes

Green Bay Packers quarterback Aaron Rodgers previously announced that he wanted to receive his ... [+] compensation in bitcoin, back in early November. At the time, the coin was more than $60,000it's now trading at around $37,000. (Photo by Patrick McDermott/Getty Images)

Inflation is out of control. There is a Great Resignation trend with millions of people quitting their jobs and businesses waging a war for talent to find, attract, recruit and retain workers. The value of the dollar has degraded, as inflation skyrocketed 7%. Bitcoin and other cryptocurrencies have become an attractive alternative for people to improve their financial situation.

Sports stars, politicians and other high-profile people have been requesting to take their compensation in digital assets. They point out that if you get paid in U.S. dollars, as inflation increases, the value of your paycheck decreases.

If you didnt receive a hefty raise in 2021 and inflation remains the same or keeps raging higher, youll actually see a decrease in pay. This doesnt mean the company pays you less, it's that the purchasing power from your salary doesnt have the same value as it once did. It's like a race in which you are standing still and everyone is running past you. Each dollar you have is devalued and it takes more money to buy the same products compared to a year or so ago.

It's possible to convert your salary into cryptocurrencies. It only takes a few steps. First, find out through the human resources department if their payroll system offers a cryptocurrency payment option.Then, decide the amount ofmoney youd like to be changed into digital assets.You may want to conduct due diligence into the various tokens before you select one. Setup an account with a digital wallet at a crypto exchange for your employer to send the funds to the platform. There may be fees and costs involved, so check into that as well.

Green Bay Packers quarterback Aaron Rodgers previously announced that he wanted to receive his compensation in bitcoin, back in early November. At the time, the coin was more than $60,000it's now trading at around $37,000.

NFL star Odell Beckham Jr., wide receiver for the Los Angeles Rams, signed a one-year deal with a base salary of $750,000 and bonuses that could bump it up to $4.25 million. The NFL wide receiver said he was taking his entire salary in bitcoin. He reportedly converted a $750,000 paycheck into bitcoin, and may have lost the equivalent of almost $350,000, according to an analysis from MarketWatch. While the price of bitcoin has since somewhat rebounded, it hasn't fully recovered and remains extremely unpredictable. If the price doesnt recover, he would still have to pay taxes on his income at the value of $750,000.

This is something you need to keep in mind. If you are paid $100 and it drops to $50, the IRS doesnt care about the loss and youre taxed on the amount you were paid. Your accountant can help offer their guidance and advice on how to handle and report these wide fluctuations in value.

Saquon Barkley, an New York Giants running back,announced in July 2021 that he would place all of his endorsement earningstotaling around $10 millionin bitcoin. He received his payments at the end of the year when bitcoin had not crashed as much as it has now. Since then, the market took a hit and unless he sold his positions, the odds are high that Barkley took a big hit. The Washington Examiner reported, Barkley explained his goal is to attain wealth akin to Kevin Durant, Lebron James and Tom Brady, but said it's not attainable through just saving because of inflation. He added, You see inflation, you see how high it is right now and you learn that you cant save yourself to wealth. Thats why Im going to be taking my marketing money in Bitcoin.

Trevor Lawrence, the No. 1 draft pick in 2021 and the current quarterback for the Jacksonville Jaguars, partnered with cryptocurrency app Blockfolio to announce that hed place his approximate $24 million signing with the company.Hell convert the cash into bitcoin, ethereum, solana and other digital assets, according to USA Today.

Francis Suarez, the tech-savvy mayor of Miami, said in November that he would accepthis $97,000 all in bitcoin. Suarez foresees the possibility of building a tech hub in Miami. Leading by example, Suarez seeks to expand cryptocurrency use and acceptance in his city and entice tech talent and companies to South Florida. For any city to survive and thrive, we need a knowledge-based economy, he told Bloomberg.

Suarez added, "When governments are spending that kind of money that they are, when you have inflation at the point that it is, when you have rampant overspending in government and deficit spending, all of that pushes in favor of an increase in the price of Bitcoin. So, I feel very comfortable getting my entire salary in bitcoin."

Eric Adams, the newly installed mayor of New York City, announced that he would take his first three paychecks in cryptocurrency. He converted his first biweekly paycheck into both bitcoin and ethereum. When asked on CNBC about losing money on the decision, he said, "The purpose of the Bitcoin is to send a message that NYC is open to technology."

Christophe De Beukelaer, a Brussels member of Parliament, followed the path of Suarez and Adams. De Beukelaer will convert his entire salary to bitcoin. He said about the decision, Through this action, I want to demonstrate my confidence in a financial world in the making, a more transparent financial world, more accessible in the sense that it is decentralized. It is not run by a few people who decide to print more or less banknotes without any parliamentary control or debate. He also wants Belgium to be forward looking and thinks the country shouldnt miss the train.

Investment professionals recommend a practice of dollar cost averaging. This means instead of purchasing stock all at once, you buy shares on a regular set basis. Over time, you may buy at the high point, and other times when it's bottomed out. While it looks like the top athletes and politicians are sitting on losses, their fortunes could easily change if and when the crypto market turns around in their favor and the prices of bitcoin and other digital assets rise in value.

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Sports Stars And Politicians Are Taking Their Pay In Bitcoin And Other Cryptocurrencies Would You? - Forbes