Video card sales are 65% cheaper in online stores in Asia. The suspension of mining in many Chinese provinces has affected the demand for GPUs.

After the restrictions by the Chinese government towards the mining of bitcoin and other cryptocurrencies in the Asian nation, the prices of graphics cards begin to show a decrease. During 2020 and in recent months, the lack of stock had brought significant increases in its value.

According to a publication by the South China Morning Post this Monday, June 21, the price of these units has crumbled down more than 65% on electronic sales platforms. The main reason for such decrease is the lower demand from cryptocurrency miners, an activity whose fury had left the gaming sector, the first clients of manufacturing companies such as Nvidia or AMD, out of supply.

According to the quoted outlet, the entry-level Nvidia Quadro P1000 went from $ 463 to $ 375.In a very similar way, a more advanced card like the Asus RTX3060 dropped from $ 2,086 to $ 726 in just a month. . Although the price might vary in other platforms outside the Asian continent, such as Amazon, in the same way, the prices tend to go down in these as well.

While this situation could be advantageous for miners, who could obtain the necessary hardware for their mining equipment at a lower cost, the reality is that this perspective is not very pleasing for this sector in China. In recent weeks the authorities have applied a series of strong restrictions in many areas of the country that operate cryptocurrency mining procedures.

So the mining power (also known as the hash rate) has suffered an important decrease. A total 57% hash rate could have been lost as a consequence of the five Chinese provinces that stopped mining activity in their territory.

GPU Makers Remain Cornered and Concerned by Miners and Gamers

In addition to creating a historical peak in the prices of graphic cards, the unprecedented demand for these products has generated during the past year and the current, a lot of struggles for manufacturing companies, which had to find new ways to satisfy an immense niche and in expansion like miners without neglecting their longtime customers, gamers.

The Nvidia Company launched an exclusive model for Ethereum mining, which was called CMP HX. Its main competitor, AMD, also made the same move with the update of the Navi 12 model.

According to Nvidia, CMPs do not count on graphics support (there are no video outputs), which permits to improve airflow during mining so that they “can be more densely packed”, that is, stacked together. They also work with lower frequencies and voltages.

Finally, another measure that Nvidia had applied was to limit the hash rate for mining of some of its newer boards, such as the RTX 3060, RTX 3070, and RTX 3080, to limit its use for the proper launching of video games, which was its original purpose.

By: Jenson Nuñez

In mid-May, the price of the pioneering cryptocurrency rebounded from the USD 30,000 mark. In recent days, the price of Bitcoin suffered a drop of more than 5%, which led it below that level.

In recent days, the price of Bitcoin (BTC) fell below USD 30,000. A drop of 5% leads the main cryptocurrency on the market to drop below that mark for the first time since January.

According to data from CoinMarketCap, in mid-May, Bitcoin reached USD 30,000 during a drop of up to 50% that lasted two weeks. However, the price of the pioneering cryptocurrency rebounded when it touched that level. The cryptocurrency is currently trading at around USD 32,400 and has a market capitalization of more than USD 607 billion, according to CoinGecko.

So far this week, the cryptocurrency has lost more than 16% of its market value, after starting above USD 35,000. This situation confirms the moment of uncertainty that market speculators have been going through. According to analytics firm Glassnode, short-term traders have been selling while investors keep their holdings of Bitcoin.

Although several analysts take a bullish position, Bitcoin is 50% away from its all-time high. In mid-April, the pioneering cryptocurrency reached a price above USD 64,000, according to data from CoinGecko.

In recent weeks, Bitcoin seemed to have gained the USD 30,000 support, which it has touched several times without breaking it. The recent drop in the price of Bitcoin and the confirmation of the “death cross” pattern appear to be turning the outlook bearish.

Hash Rate and Activity on the Bitcoin Network Drop

The price of Bitcoin had been relatively stable for most of the past few weeks. In that period, it was in a range between USD 33,000 and USD 38,000. However, there has been growing uncertainty about the first cryptocurrency in the market.

In recent days, attacks from the Chinese government on Bitcoin miners have increased, affecting this activity in various provinces. Many miners from that Asian country have been forced to disconnect their machines. That has driven the network’s cumulative processing power to reach its lowest levels since last year.

The activity on the Bitcoin network has also declined, reaching transaction averages as low as those of the 2018 bearish market.

At this time, several analysts are optimistic about the near future of Bitcoin’s price. According to Willy Woo, the cryptocurrency would exceed USD 100,000 by the end of the year, even in the worst possible scenario. Meanwhile, PlanB believes that the price of Bitcoin could skyrocket to USD 288,000 per unit.

Although the price of Bitcoin has fallen dramatically, various analysts remain optimistic that it will hit a new all-time high this year. Robert Kiyosaki, the author of the best-seller “Rich Dad, Poor Dad,” recently predicted a drop to USD 27,000. He also said that it will be a good opportunity to buy Bitcoin cheaply to use it as a store of value.

By Alexander Salazar

Robert Kiyosaki recommends buying more gold and silver as Bitcoin falls to USD 24,000, the best time to become rich. Willy Woo also sees disadvantages to Bitcoin as it could suffer a severe correction if the stock market crashes.

Influential investor Robert Kiyosaki recently predicted the biggest crash of the market in world history. The famous writer of the best-seller “Rich Dad, Poor Dad” predicted that the price of Bitcoin would drop to USD 24,000.

He may be referring to recent news on the increased stimulus aid from the US government.

In December 2020, Robert Kiyosaki advised buying Bitcoin to use it as a store of value. He suggested waiting until its price exceeded USD 20,000 and predicted that it would go up to USD 50,000.

When the price of Bitcoin started to drop significantly in May, Kiyosaki urged people to buy cheaply.

On May 30^th, the price of Bitcoin fell to USD 37,000. Kiyosaki said that this was wonderful news as people could buy again once the price reached USD 27,000.

In April, he said that the price of Bitcoin will hit USD 1.2 million within 5 years. He added that money printing, excessive incentives, and the devaluation of the US dollar make Bitcoin and gold attractive.

Kiyosaki Predicts that the Biggest Crash Will Happen Soon

In 1997, Robert Kiyosaki wrote the book on financial education “Rich Dad, Poor Dad” with Sharon Lechter. More than 32 million people have read it in more than 109 countries in more than 51 languages.

On his Twitter account, Kiyosaki posted that “the biggest bubble in world history (Bitcoin) is getting bigger.” He predicted that the greatest collapse in world history is approaching. Furthermore, he recommended buying more gold and more silver as Bitcoin falls to USD 24,000. He said that this will be the best time to get rich.

Curiously, Robert Kiyosaki did not provide any details on how he was able to predict Bitcoin’s price.

Kiyosaki is not criticizing the potential of Bitcoin in any way but he is predicting the future. However, he is also expressing that it will be an opportunity as people can easily buy without fear.

Kiyosaki Is Not the Only Analyst to Make an Alarming Prediction

Renowned statistician Willy Woo also sees disadvantages to Bitcoin, in addition to the ones that Kiyosaki mentioned. He believes that the pioneering cryptocurrency could suffer a severe correction if the stock market crashes. That would happen immediately after the US dollar regains its strength.

“My concern about a bearish risk is whether a major correction in stocks will push the price of Bitcoin lower. That would happen regardless of what the network’s fundamentals suggest,” Woo said.

Robert Kiyosaki says that “downturns are the best time to get rich.” The financial expert is aware that Bitcoin is volatile and understands that the best time to buy is now. He also knows that the pioneering cryptocurrency is capable of bouncing back to exceeding all-time highs.

By Alexander Salazar

Nayib Bukele became president of El Salvador on June 1, 2019, after a campaign that had a harmonious impact on social networks.

During the beginning of his political career in 2012 as mayor of the Nuevo Cuscatlán municipality, Bukele assisted the concise class to explore basic services such as free stew water. He also donated his salary to finance school scholarships, and during his time as mayor, he refused to fire officials or workers of opposition flags; it is reported that they increased their salary.

Bukele ceased to be that charismatic leader who helped his workers once he came to the presidency. He used to help them whether or not they were just a way to auspice his political measures or wishes, but once he took the presidency he pressed for the implementation of a measure called “house disinfection”

This measure consisted in the dismissal of the standard prosecutor of the Republic and all the magistrates of the constitutional chamber of the Supreme Court of Honesty, replacing them with followers of his actual regime.

Bukele even issued arrest warrants for a congregation of people who were not complying with the quarantine protocols and measures. Some even denounced that they spent much more time in prison than they should.

He received many complaints from human rights organizations after a video that demonstrated the mistreatment of more than 100 inmates who were piled up in the prison yard without storing distance from each other, half-naked and without masks.

Since the emergence of the Coronavirus, Bukele’s position changed drastically from being a peaceful and empathetic person to becoming a very authoritarian president. El Salvador is currently classified as a hybrid program according to The Economist’s democracy index.

Bitcoin Could Help Pave Remittance Remittance In Case Of Possible Penalty

El Salvador is a country with a limited economic flow and that additionally subsists thanks to the remittances it receives, which are approximately 70%, according to local media. In 2019, these remittances peaked to an amount that might be surpassing 5,649 million dollars, which represented 12% of the country’s GDP.

So Bukele may be considering cryptocurrencies as a means to avail himself of a possible penalty by the US as it can be considered a regime based on dominance and an excess of authority. This measure would intend to stop the North American government and make it stand in line and not interfere.

This new “Bitcoin Law” approved in El Salvador could carry on various consequences at the political level, especially with the United States of America, which has intervened in the past in the politics of its neighboring countries.

If El Salvador would certainly obtain a large amount of flow thanks to remittances, the best option to exceed a possible penalty would be cryptocurrencies. Without retention, Bukele did not opt to create his cryptocurrency (as Venezuela did) and even launched a CBDC.

Instead, it adopted a stereotyping over which it has, in theory, no power to determine monetary policy; this currency ended up being Bitcoin.

By: Jenson Nuñez

Salinas Pliego says that Bitcoin should be in any portfolio. For the entrepreneur, the limitations that bitcoin is currently facing in its issuance is one of its most attractive features.

The founder of Grupo Salinas expressed these views in an interview he had with the director of Blockchain Land, José Rodríguez. of all the advantages that bitcoin has, the most attractive one is that it would be the gold for the modern world. The statement went public on the latter’s YouTube channel.

Salinas Pliego emphasizes many good considerations of bitcoin (BTC) as a financial asset and explains that it is not important for him whether it is a currency or not. He sees bitcoin as an asset that has extraordinary features. Among these features, he mentioned the divisibility, ease of transfer, and the simplicity of its storage without counterparty risk.

Comparing bitcoin to gold leads Mexico’s third-richest man to comment that even the precious metal is not a currency.  He said people cannot simply go to a store with a gold coin and purchase a random item, first, the purchaser must exchange the gold for fiat and then buy the item.

Bitcoin is an asset that has international value, that meets trades with large liquidity worldwide and that, therefore, should be in any portfolio, this is what this 65-year-old accountant who has a master’s degree in business and has been awarded an honorary doctorate from the University of Guadalajara says regarding the cryptocurrency.

The Scarcity of Bitcoin increases its Value

Salinas Pliego believes that one of the most relevant factors that make bitcoin’s value increase so much is its scarcity. The issuance of BTC will never surpass 21 million units, of which a little more than 18 million are already in circulation.

In this way, the cryptocurrency devised by Satoshi Nakamoto differs from fiat money, and the currency issued by the United States of America, whose circulation remains unlimited. The inorganic issuance of money is one of the main causes of the devaluation of national currencies.

BTC is slightly different due to its limited issuance in comparison with other crypto assets, for example, ether (ETH), Ethereum’s native cryptocurrency. There is no actual agreement on how many Ethers are in circulation.

This event is not to the liking of Salinas Pliego who, during the interview, said that as long as Ethereum does not show a finite amount of emission, he does not believe anything, because there can be more emission and the asset depreciates.

Salinas Pliego’s Stance about Other Cryptocurrencies

The Mexican billionaire is not a bitcoin maximalist but firmly believes that other cryptocurrencies can be very helpful. It specifically mentions monero (XMR), and Zcash (ZEC), which are developed to bring greater privacy to their users.

Salinas Pliego considers privacy to be one of the weak points of bitcoin. He says that if he sends 1 BTC from his portfolio, the other user should already know about the portfolio that is sending the BTC.

He also added that users will be able to see how much the ones involved in the trade have, which is not at all private and is a very nice way to close a deal.

By: Jenson Nuñez

Criptoloja and Mind The Coin are the exchanges that received the permits in Portugal.

Exchanges are considered “virtual asset service providers.”

The Central Bank of Portugal granted licenses and permits to two bitcoin and cryptocurrency exchanges to work as virtual asset service providers in the country. The exchanges Criptoloja and Mind The Coin are the first two entities recognized under this concept, as was made public by the banking regulator on June 19.

In the announcement, there is a mention claiming that the operators will be able to offer services of exchange by fiat, transfer, custody, and administration of cryptocurrencies. Likewise, both entities and natural or legal persons must report their actions to the Portuguese tax office.

For its part, the Central Bank of Portugal (BCP) affirmed that the appointment of these companies as exchange operators of virtual assets happens under article 112-A of Law 83/2017, relative to money laundering, and the Notification of the BCP number 3/2021, of April 23, 2021, which regulates the activities directly.

Pedro Borges, CEO of Criptoloja, told specialized media that the exchange had applied as an exchange operator before the Portuguese authorities on September 29, 2020. The company could release to the public its full services in the coming weeks. At the moment, it is in a stage of registering users who want to trade on the platform.

The bank approved the commercial operations of these companies framed in the regulatory suggestions of the International Financial Action Group, which establishes the figure of virtual asset service providers (VASP, for its acronym in English) for those entities that operate with any form of money transmission.

Even non-custodial services, such as decentralized exchanges, would fall under this FATF definition. This could have potential consequences on the privacy of users of Bitcoin (BTC) and other cryptocurrencies around the world.

Portugal Might be Opening its Doors to Bitcoin

Portugal is one of the most Bitcoin-friendly countries in Europe from a fiscal and legal point of view. Sharing a border with Spain, which has more severe fiscal policies on cryptocurrencies, companies, and investors may start to rely on the Portuguese country for greater benefits and advantages.

While, in Portugal, there are no specific responsibilities acquired for the activity with cryptocurrencies, in Spain, there are several legal frameworks that do impose the payment of taxes on investors according to the profits and exchanges they make.

This year the number of cryptocurrency taxpayers in Spain faced a reduction, with 15,000 summoned by the authorities. During 2020 that figure surpassed 60,000 taxpayers, which could suggest that many investors have not reported their activities, have not sold their cryptocurrencies for euros, or could have moved their investments to another jurisdiction.

It is also vital to consider that Portugal offers professional residents in the areas of technology, innovation, and arts, the payment of fewer taxes, which keeps being attractive for entrepreneurs in the cryptocurrency world.

By: Jenson Nuñez