Crypto is a technology revolution. It’s evolving, improving, expanding and changing. That's why we believe the BIS report on the death knell of bitcoin is wrong.
When it comes to bitcoin, do you want to play it safe or leverage up with CFDs? Just for fun, work out a hypothetical trade. Use your capital base to decide how much bitcoin — or how many CFDs — you’d buy.
If crisis hits again, people will flee the traditional system. They'll realise the current system isn’t as safe as they think. They’ll want something else. And crypto will be there, ready, waiting for them.
But while investors have been more interested in the price of cryptos, companies are interested in the underlying technology — blockchain. It’s been around for a while, but let’s have a quick refresher. The best way to describe blockchain is to think of a ledger.
At the time of writing, shares of Chapmans Limited are up by 14.29%, to 0.8 cents, in today’s trading. Last week, Chapmans raised AU$4.552 million, comprising of AU$1.59 million in equity and AU$2.962 million in unsecured convertible loans due at 30 June. Chapmans used the funding to acquire a 19.99% stake in GPU.One, a profitable data processing and cryptocurrency company.
The price of bitcoin exploded overnight, rising from US$6,870 (AU$8,859.21) to US$8,034.17 (AU$10,360) in an hour, according to prices quoted from Coindesk. There’s no one specific piece of news that can be pointed to as being solely responsible for the sudden jump. Instead, it seems that a number of factors came together at the same time.
These are my own personal views on how the Australian Tax Office should be approaching the crypto revolution. Public consultation is a positive step forward. Hopefully they’ll take on board a common sense approach and interact more with those on the inside of this revolution.
The ATO has put out a public consultation on their application of antiquated existing tax law and the new crypto revolution. Through their ‘Let’s Talk’ portal anyone can make a public submission on the treatment of crypto for tax purposes. I’ve made my submission already, and I felt it important to share my feedback to the ATO with you as well.
There’s a spate of horrible news doing the rounds about bitcoin. It’s got nothing to do with the value, price, or even the technological progress of bitcoin. It’s the media and those in power using bitcoin as a scapegoat. They’ve found respite, a diversion from the spotlight that’s been sharply focused on them recently.
Bitcoin isn’t the best asset coming out of the crypto space. Well, not yet anyway. The best assets in the crypto world are the toll bridges all crypto investors have to go through. The ASX Ltd [ASX:ASX] is a great company. They are one of the most profitable market operators in the world. They act as a toll bridge between investors and securities like stocks, futures and options.