Richard Byworth, the CEO of Diginex, considers that two factors will lead Bitcoin to reach USD 175,000 in 2021. He considers that institutional investment and the imminent devaluation of the US dollar will contribute to increasing its value.

Discussions about the fate of Bitcoin’s price among analysts, crypto influencers, and traders seem to never end. The reason is that the main cryptocurrency on the market exerts a huge influence on the price of other crypto assets. For that reason, Richard Byworth, the CEO of the Diginex exchange, predicts that Bitcoin will reach USD 175,000 in 2021.

Byworth said that two simultaneous forces are putting upward pressure on the pioneering cryptocurrency. The first factor involves the US government’s multi-million dollar stimulus packages to address the economic crisis that the COVID-19 pandemic has caused.

This sudden increase in monetary liquidity has led to massive capital investment in cryptocurrencies. At this particular time, large financial institutions are beginning to see Bitcoin as a potential store-of-value asset.

According to the CEO of Diginex, the second factor that is increasing the value of Bitcoin is its scarcity. Following last year’s Bitcoin halving event, the reward that the blockchain’s miners receive had a reduction by half.

The amount of Bitcoin in daily circulation fell short of the increase in demand. Only a few companies, including Tesla and MicroStrategy, are buying 40% of the annual supply of Bitcoin.

Diginex Predicts a Price of USD 175,000

Taking these elements into account, Diginex has created a model to predict where the price of Bitcoin is going. As a result of this exercise, they estimate a price of USD 175,000 per unit before the end of 2021. Currently, this is one of the most optimistic predictions about the price of the cryptocurrency that Satoshi Nakamoto created.

The CEO of the company stated that they believe that the way they are beginning to see institutional adoption is key. He noted that traditional companies and institutional mutual funds are seriously considering buying Bitcoin. They think of Bitcoin as a store of value in the face of a possible depreciation of the US dollar.

The change in the regulatory landscape completes the list of stimuli that would bring the price of Bitcoin to the level that Diginex raises. A growing number of institutions, such as the Commodity Futures Trading Commission (CFTC), are working on regulations for the cryptocurrency market.

Final Comments on the First Cryptocurrency

Regarding the anonymity of Bitcoin, the CEO of Diginex clarified that the cryptocurrency is not particularly private. He explained that it is easy to track transactions through the blockchain, which the FBI does to catch criminals.

Richard Byworth added that Diginex uses tracking tools to trace the origin of funds coming onto the exchange. He believes that the idea of Bitcoin being anonymous could be a bit old.

To conclude, Byworth discussed Diginex’s cryptocurrency EQUOS, which will not have a pre-sale like other native exchange tokens. However, he said that users can earn it by making transactions or mine it by staking within their platform. Besides, it will have a limited supply of 1,000,000 tokens, which they expect to issue in around 2 years.

By Alexander Salazar

The businessman shared a tweet auctioned as an NFT in his account. The art designer known as Beeple wants to purchase the collectible for $ 69 million.

Tesla CEO Elon Musk just did it again. Now by posting a tweet in which he sells a song about NFT that he offers in NFT format. In this way, the CEO is taking advantage of the boom that non-fungible tokens are currently going through.

The announcement appeared through his Twitter account. Musk shares with his followers just over two minutes of a clip where a statuette makes presence and at the top says NFT and has a phrase that says: “Vanity Trophy,” surrounding a golden globe that rotates on a detail-filled ornament. Among them is a dog, which is an interpretation of Dogecoin. The ornaments rest on the HODL inscription: “hold on for dear life.”

Although it lacks a name, the song is a techno track that repeats the following lyrics: “NFT for your vanity, computers never sleep, it’s verified…”

Elon Musk’s tweet appears as NFT on the Valuables platform, built on Ethereum and the Matic Network. The platform allows users to tokenize and place individual tweets for sale. According to the price record, the list of offers for Musk’s NFT is headed by @sinaEstavi, for USD 1,121,000, equivalent to 625.6 ether (ETH).

The Twitter account user @beeple, an artwork designer, asked Musk to purchase his NFT: “I’ll give you $ 69 million for it.” To which the employer responds: “420M Doge.”

Musk later posts in another tweet where he says he loves music. It makes his heart sing.

NFT is Gaining More and More Ground and Market Value, and it’s Happening on a Very Rapid Scale

Every day more news appears about non-fungible tokens. NFTs are digital assets or tokenized versions of the real world. These tokens have the particularity of not being interchangeable with each other. They can work as proof of authenticity in the crypto-environment.

The NFTs began to be seen more in the market when the CryptoPunks cryptographic art project aired on July 24, 2017. In 2021 their popularity reflects through the high figures offered in the auctions.

Among the most sought-after collectibles is the album on NFT by the band Kings Of Leon, which on March 13, 2021, raised more than USD 2 million from the auction of the collection of non-fungible tokens as the promotional package of their new album When You See Yourself.

Recent notable NFTs include Beeple’s work, “Every Day: The First 5,000 Days.” The first NFT of artwork appeared on Christie’s auction house, and its price marked USD 69.3 million on March 11, 2021.

On March 15, 2021, the Portuguese-born soccer player, Cristiano Ronaldo, broke NFT world records in a collectible card for the 2020-2021 season that sold for $ 289,920. Rick and Morty’s creator is also in the business.

By: Jenson Nuñez

Lohan clarifies that every proceeds from one of his tokens went to Save The Children. An NFT collection of the actress reached $ 81,000.

The American actress and model, Lindsay Lohan, is always making evident her support for bitcoin (BTC) and cryptocurrencies, primarily through her social networks, to the point of launching her non-fungible tokens (NFT) based on the Ethereum blockchain.

Lohan’s NFT launches happened through the Rarible digital asset marketplace. The first of the tokens was announced on February 10 by the actress on her Twitter account.

The collectible token appears as an image of the actress and the word “Lightning” about Bitcoin’s network of instant payment channels and its low commissions. Its purchase happened thanks to the user “Loopify” for around USD 17,000. Days later, the work’s resale occurred for about USD 70,000.

In a message accompanying the token, Lohan assures that the proceeds from the sale of her NFT will go to charities that accept bitcoin to “empower younger generations to adapt and learn about this revolution that humanity is witnessing.

The description made by the movie star is about bitcoin and digital assets that have currently gained ground in vast sectors of the world economy.

The next token that the actress placed for sale was called Rolling in the Bitcoin and is an image in which the actress appears to evoke the painting “The Starry Night” by Vincent van Gogh. The collectible is currently on sale for about $ 80,000.

The NFT possesses a description in which Lohan gives thanks for love received from every user who dared to purchase her previous token. She also clarified that every fund the token received went as a donation to the Save The Children foundation.

“Rolling in the Bitcoin: There is a lot of potential in this digital currency that Nakamoto created,” She said in her message.

Another Lohan NFT, which goes by the name “Bitcoin to the Moon,” aired for International Women’s Day. It is a token that resembles an image of the artist, along with a yellow Volkswagen beetle vehicle, and on the front, it has the Bitcoin logo. However, it seems to be contradictory since Rarible works on the Ethereum network.

The image looks like a poster from the Disney film Herbie: Fully Loaded, on which the actress worked in 2005, and its price circled 42,000.

In the NFT description, the actress left a message for women: “Empowering all women who give wings to this dream of freedom through Bitcoin. Happy Women’s Day to all the champions! “She also assured that she would buy” artworks” from other women to support them.

“I have donated a part to Save The Children and gave USD 10,000 to one of the bidders. Thank you all, stay tuned…” Added Lohan.

Non-fungible tokens are digital assets that make life in the market and symbolize real-world objects and people, including songs and artworks. They can’t be interchangeable with each other and function as a digital certificate of authenticity.

By: Jenson Nuñez

FinTech companies currently generate more than 9,000 direct jobs in the South American country. The cryptocurrency ecosystem seeks to consolidate with the regulatory sandbox that the authorities approved.

Companies that are dedicated to digital credits and payments dominate the FinTech industry in Colombia by almost 60%. The most recent Fintank 2020 report on the sector indicates that 322 companies that focus on financial technologies make life in the country.

The areas that it covers are digital credit and payments, business finance, wealthtech, regtech, cryptocurrencies, blockchain solutions, crowdfunding, insurtech, and neobanks. The report states that 94% of the companies are SMEs, that is, small and medium-sized enterprises.

The Colombia FinTech business association supported the research, which highlights the constant growth of the sector in the last four years. The number of jobs that have emerged demonstrates this. While there were around 2,162 direct jobs related to FinTech in 2017, the number reached 9,308 workers in 2020.

“FinTech solutions have proven to be fundamental for the financial inclusion of individuals, independent workers, micro-establishments, companies, and businesses in general. They are here to stay and revolutionize financial services,” according to the report by Juliana Carmona, Director of Operations at Colombia FinTech.

Bitcoin and Other Cryptocurrencies in Colombia

Regarding the field of cryptocurrencies or blockchains, the document notes that 4.6% of the 322 FinTech companies are related to Bitcoin. The above suggests that around 15 Bitcoin companies remain active in the South American country’s market.

Although the analysis does not directly mention startups, those that are related to cryptocurrencies include various services. Among them are platforms for the exchange of crypto assets, means of payment, companies that develop solutions with blockchains, and companies that offer support for smart contracts in the finance sector.

The report states that the Bitcoin companies affiliated with Colombia FinTech generate 2% of a total of 9,308 jobs. In other words, the 15 companies that connect with crypto assets provide direct jobs to 186 people.

Colombian authorities already approved the installation of a regulatory sandbox for FinTech and cryptocurrencies in 2020. This could contribute to increasing the numbers significantly in the coming years. The country authorized 9 partnerships for conducting tests between banks and Bitcoin exchanges in January. The pilot plan to evaluate transactions with cryptocurrencies will begin in March.

Those associations were as follows: Bancolombia with Gemini, Davivienda and Powwi with Binance, Banco de Bogotá with Bitso and Buda, Coltefinanciera with Obsidiam, Coink with Banexcoin, and Movii with Panda and Bitpoint.

Local banks will also be able to evaluate transactions that relate to Bitcoin. Regulators seek to obtain evidence to create a legal framework that is based on “experience, data, and knowledge.”

The authorities of Colombia had held a strong position against the pioneering cryptocurrency for years, but they are now easing it. This “truce” with cryptocurrencies that the country is now trying to establish is already way ahead when it comes to blockchains.

By Alexander Salazar

The event occurred on March 11, 2013, at the height of block 225,430 of the Bitcoin network. The fork happened by accident right after an update of the bitcoind nodes.

Since Bitcoin appeared in the financial world, more than 15 forks of its protocol went through a successful process, most of them due to changes and agreements coming from the community. However, there is also a record of unexpected events that have put the record of its operations in check; as such events took place this month but eight years ago.

March 11, 2013. It was on this date when Bitcoin users started to note to report weird information from the network. Some developers pointed out that the blockchain just reached block 225,431, while others stated that block 225,430 had recently been mined. There was a difference of one block in the registers of diverse servers.

They still did not know that an unexpected hard fork had occurred and that they were looking over records from two parallel chains. At that time, there were two bitcoin blockchains under a similar mining process. This situation placed under risk the network’s operation since a monetary system cannot hold two ledgers simultaneously and continue to work as functional money.

An update to the bitcoind node client is what had caused the unexpected fork. The community was facing an accidental hard fork that needed an urgent solution as soon as possible to avoid the collapse of bitcoin’s price and keep order in the consensus of the network.

That March 2013 is a Date to Remember

The fork happened in the bitcoind code (BerkeleyDB) complete migration to a more advanced one (LevelDB). The developers of this software accidentally implemented a change in the Bitcoin protocol rules.

The new customer removed a database lock limit essential for gathering vital information and transactions on the network. While in Bitcoin, the block is 10,000 BDB (big data block) according to its consensus rules, this new version of the bitcoind client did not have any limitations.

The fork started its way in block 225,430. With the mobilization of the prominent companies of that time – Bitpay, BitcoinStore, and MtGox -, together with the mining operators, there were chances to set a reversion and let the original chain lead the way. The node operators rolled back the bitcoin update, reinstalling the previous version (0.7.2), and everything went back to normal for block 225.454.

The event brought with it serious consequences. Mining profit losses of $ 26,000 reports started to enlighten the community as miners from the scrapped chain claimed rewards of 25 BTC per mined block. Knowing that 24 blocks were in the mining process in parallel, this represents about 600 BTC, which as of today would be worth more than 35 million dollars.

By 2015, three years after the unexpected fork on March 11, an accidental hard fork appeared to amaze the community once again. However, this situation came to good terms relatively quickly, and only six parallel blocks were active before the miners returned to the consensus of the original network. A series of events have left scars of war on Bitcoin, but that has also made it a more solid network to face this kind of situation.

By: Jenson Nuñez

This figure exists in some countries as a customer ombudsman to defend customers from banks. Some doubts persist about how to transfer this figure to the free world of cryptocurrencies.

Nadia Calviño, The Minister of the Economic of Spain, serves as a leader of a regulatory initiative to create the «Financial Customer Defender,» which intends to expand it to the world of cryptocurrencies even if the nature of this technology might prevent it.

The draft of the Spanish law prepared by the Ministry focuses on turning on the European Union’s legislative project on cryptocurrencies, MiCA, an acronym for “Markets in Crypto-assets,” which excludes digital currencies issued by central banks in Europe.

According to sources from the web newspaper La Información, the Bank of Spain, the National Securities Market Commission (CNMV), the Ministry of Economy, and the General Directorate of Insurance and Pension Funds (DGSFP), are joining forces to impulse this legal proposal.

The Financial Customer Ombudsman would assume these bodies’ current powers to intercede in cases where the customer needs a representation to face a financial institution.

This portal’s sources indicate that the banks will have to assume costs for the damages suffered by their clients up to 30,000 euros (EUR), although this confirmation remains unclear. The amount could surpass 30,000 euros.

How Far Do the Responsibility of the User and the Role of the Financial Institution go?

However, the scope of this law and how they are planning to apply it remains unclear too. The events that occur in the world of cryptocurrencies sometimes can’t be fixed, as well as they do not always directly involve financial entities.

In this way, several questions could invade the roundtable: How far do the user’s responsibility and the financial institution’s role go? Why does a bank have to assume the damages that its clients suffer on other platforms?

The Ministry could gain the ability to launch a public consultation regarding this law as soon as it can. It should be essential to consider that the financial customer advocate’s role also applies to other services that don’t relate to cryptocurrencies.

Will they Include Fraudulent Investment Pyramid Schemes and Referral systems?

On the other hand, it is also worth asking: will they include fraudulent investment pyramid schemes and referral systems?

According to the same portal (La Información), these answers are pending, although the banks are not happy with this idea.

According to a report by a consulting firm named “Oliver Wyman,” the media adds that banks would have to assume 2.4 billion euros a year to facilitate the resolution of financial conflicts if this legislation is approved.

In Spain, organizations such as the CNMV seek to implement more effective regulations on Bitcoin and cryptocurrencies. One of these regulations might be the supervision they wish to implement in advertisements.

By: Jenson Nuñez