The Week in Bitcoin – Feb 26

This Week in Bitcoin 02.04.2020

The Week in Bitcoin

 

 

Brazil To Launch Payment System In Response To Cryptocurrencies
Brazil’s central bank will launch a new instant peer-to-peer payment system later this year. The new system is said to provide more financial inclusion, make payments faster, easier for users, and to combat the rising popularity of cryptocurrencies. The new system will utilize QR codes (much like Bitcoin does) and mobile phone numbers. Payments should settle in as little as 10 seconds. It sounds like a nice idea from the central bank of Brazil, but by reducing cash transactions, the central bank will now have more surveillance insight into the financial lives of its citizens. Read More

Texas Bitcoin Mine Open For Business
A new Bitcoin mining operation in Texas, run by Layer1, is now officially open for business. It’s primarily powered by wind and excess natural gas resources in the area and covers over 30 acres. Peter Thiel, a Paypal co-founder and early Facebook investor, is behind the operation. “Electricity is one of the biggest costs in Bitcoin mining, and according to Layer1 CEO Alexander Liegl, ‘the cheapest electricity in the world, at scale, is in West Texas right now.’” Read More

Wells Fargo Agrees To Pay $3 Billion Fine For Creating Fake Accounts
Wells Fargo will now pay a $3 billion dollar fine after it was discovered they were creating millions of fake bank accounts in an effort to manipulate their financial statements. For comparison, 2019 profit was $19.5 billion, but the malpractice went on for over a decade. Read More

Bloomberg Has Become The Crypto-Friendly Candidate
Michael Bloomberg has recently released his financial goals framework should he become the next President of the United States. One of those goals involves bringing more clarity to cryptocurrency. “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.” Read More

Shopify Joins The Libra Association
Shopify has announced it will team up with Facebook’s Libra project to make payments easier for people world-wide. As a major online retailer, Shopify sees the benefit which digital currencies can bring to consumers everywhere. Read More

Bitcoin Dips Under $10k
Remember, you can visit one of our 3,500+ Bitcoin ATM locations across the country and top up your Coinme wallet instantly. You can also chat with one of our personal advisors through Private Client Services, who are happy to help you with any transaction over $5,000.

Thanks for reading,

-Your Coinme Private Client Team

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