IS FACEBOOK BACKING OUT OF LIBRA? Libra & Facebook has had a less than ideal first few weeks in the spotlight. US Congress has made it abundantly clear that anything other than regulatory perfection from Calibra and Facebook would end with fines and legal proceedings. CNBC reported this week that Facebook admit the launch of Libra in 2020 is no certainty, and in fact may or may not be made available. CNBC reported Facebook as stating: “…market acceptance...Continue Reading
BitMEX AND DR DOOM Earlier this week, US economist Nouriel Roubini aka Dr Doom (who was once described as a ‘Bitcoin sadist’), criticised Seychelles-based BitMEX for violating strict US regulations which prevent American citizens from trading on their platform. Roubini went so far as to accuse the platform of aiding in money laundering and referred to BitMEX CEO Arthur Hayes as a “thug”. This news alone probably wouldn’t have afforded too much attention, but it seems to have...Continue Reading
TRUMP TWEETS Last week, bitcoin and cryptocurrency were thrust into the Twittersphere spotlight once again but this time thanks to Donald Trump who tweeted the below from his personal account. This is the first time a sitting American President has referenced publicly or even acknowledged cryptocurrency. It seems the news of Libra has unsettled the President as this came just about a month after Libra’s whitepaper release. Just after these tweets came out, the Bitcoin price did start...Continue Reading
MiningStore’s Weekly Rundown RECESSION FEARS AND BANK LAYOFFS It’s been a week of recession fear and bank layoffs. Bitcoin has been resilient and seems to have settled in a fairly broad trading range of $10k – $13k USD, which begs the question as to how much money is leaving the traditional options of banks, bonds, stock and real estate investments behind and making its way into the crypto space. Last week, Reuters reported that Deutsche Bank was axing...Continue Reading
MiningStore’s Weekly Rundown A SLOW WEEK WITH NEW OPPORTUNITY In Australia, how Bitcoin mining is taxed depends on whether you mine as a hobby or as a business. The Australian Taxation Office treats business mining rewards as ordinary income when received, while hobby miners are generally taxed under capital gains rules on disposal. Either way, mining is a taxable activity and accurate record keeping is essential. Key Takeaways : The ATO treats Bitcoin mining differently depending on whether...Continue Reading
Recent Comments