Kiyosaki believes that the drop in the Bitcoin price indicates that it is a good time to invest and become rich. The investor, who first bought BTC at USD 6,000 and USD 9,000, said gold is currently a bargain.

Robert Kiyosaki, the author of Rich Dad Poor Dad, has said that the drop in the Bitcoin price is excellent news. He recently shared with his more than 1.8 million Twitter followers that profits come when buying, not when selling. He explained that a good income is crucial for investors and suggested that BTC is getting closer.

The American investor recalled he first purchased the pioneering cryptocurrency at USD 6,000 and USD 9,000. He also told his followers that the time to become richer was coming. Concerning silver, he noted that the price is 50% below its all-time high, implying that it is a bargain.

Last year, Kiyosaki stated that BTC, gold, and silver make people smarter, wealthier, and more resistant to the Federal Reserve. It is no wonder that Kiyosaki has such a high opinion about the leading cryptocurrency on the market since he is a Bitcoin HODLer.

New York Mayor Does Not Regret Receiving His First Salary in Bitcoin

Eric Adams, the 110^th mayor of New York City, recently received his first Bitcoin payment during epic bearish price action. However, the cryptocurrency advocate said that he did not feel sorry about receiving his first salary in BTC.

He expressed excitement about attracting young people to that new technology, to which they historically did not have any access. Due to US Department of Labor laws, he received the payment in US dollars, which he converted into digital currencies on a cryptocurrency exchange.

The Bank of Korea Completes the First Phase of its CBDC Pilot Project

The central bank of South Korea said that it completed the first phase of its CBDC simulation testing in December. They are currently conducting the second phase, according to local media. The first phase of the pilot project included core functions of the sovereign digital currency, like distribution and issuance.

The financial institution expects the second phase to end in June 2022, after which they intend to establish an official launch and marketing plans.

A Study Reveals that Men Check the Bitcoin Price more often than Women

A recent study by the Journal of Business, Economics, and Finance indicates that 60% of women know little about cryptocurrencies, a critical element that affects investments. Meanwhile, two-thirds of men have a medium and high level of understanding of crypto assets.

According to the analysis, men follow their investments more often than women and take more risks. In the case of women, they try different investment tools due to their lower-income and level of knowledge about cryptocurrencies.

Although many analysts consider that the pioneering cryptocurrency is undergoing a catastrophic crisis, Kiyosaki views it as an opportunity. He agrees with other experts that investors should buy the dip to obtain significant profits in the long term. However, several studies show that the level of knowledge about BTC allows making better decisions.

By Alexander Salazar

Two Colombians would have received notifications for excluding their operations with bitcoin. The citizens would have been carrying out their activities in LocalBitcoins.

Colombian users of peer-to-peer, or P2P, bitcoin (BTC) exchanges may have to start confirming operations linked to the cryptocurrency environment in their tax reports.

That measure comes from the alleged request for these data to two Colombians by the Directorate of National Taxes and Customs of Colombia (DIAN), according to information published by DiarioBitcoin.

The tax agency would have sent notifications about irregularities in their tax returns. According to reports, although these notifications would have gone to taxpayers on December 23, they would also represent declarations for the year 2019.

The emails would receive the title: “Possible inaccuracies in the income and complementary tax return, the taxable year 2019 for operations carried out with cryptocurrencies.” This factor is particularly evident since there was no legislation managing this type of tax.

In fact, to this day, there is still no legislative clarity regarding operations related to bitcoin and cryptocurrencies in the South American nations.

Colombian data Could Come from LocalBitcoins

According to the media, it is unclear if there was an express reference from the DIAN to LocalBitcoins. The collaboration of the Finnish Tax Authority (Finland is the country in which the exchange got registered) appeared in the investigation. Therefore, it is logical to think that they are activities carried out through this trade.

The Colombian agency reportedly told citizens that possible inaccuracies got determined in the gross income made in the income tax return and supplementary statements for the taxable year 2019.

In the body of the email, there would be specific information on the operations carried out that year by taxpayers and the equivalent in local currency, the Colombian peso.

Although it is unclear if the exchange directly delivered the data of its users, the company gets ruled by Finnish law, so it would be possible that the tax body of the European country had demanded that data and then shared it with the Colombian entities.

LocalBitcoins policy has been consistent in complying with regulations. According to these regulations, they have progressively increased the demand for personal data to confirm their users’ accounts on the platform, according to KCY policies. This complying has been one of the most prominent elements behind the drop in LocalBitcoins trading volumes worldwide.

Colombia Might be a Difficult field to carry out Activities in Exchanges

The DIAN would be requiring the confirmation of commercial activities in LocalBitcoins. Along with this measure, the DIAN would also add new requirements for the rest of the exchanges that carry out these operations or have clients in the country.

Binance’s case also deserves to be mentioned. The largest trading site in the bitcoin world today has already given Colombians enough trouble: Blocked accounts, a conflict involving the Dutch police and the DEA (the United States Drug Enforcement Administration). ), as well as lack of responses to those affected.

Various bitcoin and other cryptocurrencies disappeared from the accounts of Colombians who could appear on the list of those investigated by the European country. One of the victims would wait for a response for at least $80,000 in bitcoin and the stablecoin Tether missing from his balance.

By: Jenson Nuñez

Eight platforms got authorized by the Venezuelan government to work with bitcoin. Some of these exchanges have a license to operate, but they could not do it due to some technical adaptations.

The Venezuelan government revoked two licenses to bitcoin exchanges that were operating without complying with the provisions of the National Superintendence of Cryptoactives (Sunacrip).

This information got reported by the superintendent, Joselit Ramírez, on his Twitter account. He said the names are CriptoMundo and Cave Blockchain.

Ramírez explained that at least seven exchanges work in Venezuela, and they have the license of that government entity. These are Cryptoactive Antwerp Coin, IO Financial Advisory, CriptoEx, CriptoVen Trade, Digital Factoring, Venecrip, and the state-owned Platform Patria.

In the aforementioned social network, the official also highlighted that in the Caribbean country, there are some exchanges that, although they have the Sunacrip license, are not currently active due to technical adaptations.

According to Ramírez, the disabled exchanges are Cristo Vzla, Cryptia Exchange Vzla, Vale Canjeable Ticketven, Inversiones Financieras 1444, CriptoExchange, and Cryptoactive Banking.

Given the situation, Ramírez suggested users refrain from using unauthorized platforms to perform their transactions and other operations related to bitcoin to grant legitimacy to the activities carried out and the assistance for the services offered.

What about CryptoLago?

Joselit Ramírez’s tweets had comments with a question in unison: And CriptoLago? The uncertainty appears because this exchange, based in Zulia state, did not appear among the list of exchange houses enabled by the Venezuelan government.

Various tweeter questioned Ramírez’s message on the social network. Some tweets show concern about CriptoLago not appearing on any of these lists.

Sunacrip indicated that, in effect, the exchange house is open to set activities in Venezuela; The superintendent just failed to put the name of that exchange in his messages.

It is worth remembering that CriptoLago is an exchange that faced investigations by the blockchain analysis firm Chainalysis, as reported by various media outlets.

What to Know about Revoked Exchanges

Criptomundo and Cave Blockchain are the two exchange houses that can no longer operate in Venezuela. In the case of the first exchange, its page is disabled, but beyond that, there are no social media profiles or further information about that exchange, which appears to have taken the ban at face value.

In the case of Cave Blockchain, their website got enabled. They get defined as a web platform that brings products and services from exchange houses, offering personalization, confidentiality, and security.

Headquartered in Caracas, the company got founded to encourage the Intermediation of crypto assets within the Venezuelan market in crypto-assets and the International market. Beyond their website, they have an Instagram account. The company also shows photographs highlighting the variety of services they offer via email or phone.

By: Jenson Nuñez

Telegram CEO thinks that Russia’s decision would impact the development of the Bitcoin industry. Pavel Durov was in favor of regulations but with balance and cautions.

The founder of Telegram, Pavel Durov, rejected with strength the intention of the Central Bank of Russia to prohibit all activity related to bitcoin (BTC) and cryptocurrencies in that country.

In a message sent via Telegram, Durov explained that the restrictions against the cryptocurrency industry would encourage the migration of technology and information specialists. Likewise, he considers that it will destroy a group of sectors of the high-tech economy.

Durov believes that Russia’s decision could also affect the development of the blockchain industry. In that sense, he expressed that the Eurasian country is one of the regions with leadership in the number of “highly qualified” experts belonging to the industry.

According to Durov, the technology around Bitcoin improves the efficiency and security of several human activities, from finance to the arts.

Durov also added that distributed ledger technology solutions that employ cryptocurrencies as units of calculation are taking the place of the obsolete centralized financial systems of the second half of the 20th century.

The concern of the top executive of Telegram comes after the Central Bank of Russia declared in a recent report that bitcoin and cryptocurrencies represent prominent threats to the well-being of Russian citizens and the stability of the traditional financial system.

According to some traders and analysts, Russia’s announcement was one of the factors of the decay in the price of bitcoin to USD 33,500 on January 24. It has recovered just a bit, reaching USD 36,400.

Durov Approves Balanced Regulations

The CEO of Telegram voted in favor of the regulations but said people should be careful. The regulations Durov described are the ones that allow Russia to balance the distribution of power in the international financial system and become one of the main protagonists in the new economy.

Durov also commented that Russia observes neighboring countries, such as Ukraine or Uzbekistan, which have adopted more progressive bills regarding Bitcoin because they do not want to be left behind the technological and economic evolution.

Durov highlighted that the ban might stop various illegal players in the world of cryptocurrencies.

The previous Showdown between the Kremlin and the CEO of Telegram

Durov has faced decisions made by the Kremlin before. In 2018, Russia blocked Telegram from Internet users in that nation due to the company’s refusal to bring data on encryption keys that would allow the Russian intelligence service to decrypt Telegram messages.

The ban got lifted in 2020, according to Durov, due to the actions of the so-called digital resistance movement. This group received many donations in bitcoin from Durov for keeping alive proxies and VPNs that served to circumvent the blockade that the social network experienced.

By:Jenson Nuñez

Willy Woo connects the decline to a perception of risk on various investors. According to the analyst, the downturn is poorly related to the technical data of the network.

The analyst Willy Woo assured that the decline in the price of the cryptocurrency, which happened this weekend, does not receive backup from the technical fundamentals of the network.

The analyst exposed his views during his latest report on the bitcoin market, explaining that it is a sign of reaccumulation of the market.

Woo supports his views by stating that the recent movements of BTC get more connected to an environment that works in Risk-Off mode, which makes the perception of risk high, causing many investors to flee.

The analyst also adds that this perception of high risk became a factor that explains the weak performance of bitcoin, making the price of the cryptocurrency have a higher correlation with the stock markets.

Data from Bloomberg corroborates this increase, placing the 40-day correlation coefficient between Bitcoin and the Nasdaq 100 and S&P 500 Bitcoin indices at all-time highs.

Willy Woo explains, linking the downturn to the current macroeconomic environment, that typically, in these Risk-Off situations, bitcoin trades in a strong correlation with stocks and with little adherence to the data chain.

It is an explanation that shares many similarities with the one shown this Monday by the Spanish economist, Juan Ramón Rallo, who points to the possible increase in interest rates that the United States Federal Reserve (FED) intends to make this 2022, as the cause of the bitcoin drop.

Rallo explains that investors could be fleeing bitcoin and liquidating their positions to generate higher returns with financial assets and government bonds, among others.

A similar assessment came from the Goldman Sachs team, assuring that the possibility that the FED will apply a more aggressive policy than expected to control inflation would have brought fear among investors.

Downside Selling is not a Massive Activity

Woo also explained that this downward selling momentum does not experience backup from prominent investors. This situation takes place considering that most of the whales (owners of 1000 or more BTC) sold mainly during the past months of November and December, now being in a reaccumulation phase.

The analyst also saw that the actual selling by hodlers has been small compared to other bearish seasons, as these investors continue to hold onto their currencies. Woo says (and with this statement, he reinforced his build-up thesis) that this is nothing like what he saw in the last mini bear.

The analyst also compared the current market behavior with that observed between mid-2019 and the end of 2020. A period in which BTC oscillated between USD 10,000 for various months before jumping to almost USD 30,000 at the close of 2020; starting a bullish rally that lasted most of 2021.

By: Jenson Nuñez