Saylor believes that Bitcoin will remain volatile, and its value will continue to grow in the long term. Tesla sold USD 170 million worth of Bitcoin, which they consider an excellent alternative to store value.

MicroStrategy CEO Michael Saylor recently predicted that the price of Bitcoin will keep climbing forever. Furthermore, he said that there would be many more advantages for the pioneering cryptocurrency in the future.

Saylor expressed that they consider that Bitcoin will remain volatile as it connects to the entire cryptocurrency market. However, that does not prevent him from believing that its value will continue to grow in the long term.

The executive is confident in Bitcoin, which led MicroStrategy to buy 8,957 BTC in the third quarter. With that acquisition, they increased their holdings to 114,042 BTC. The recent all-time high of the cryptocurrency caused its value to rise exponentially.

The businessman and investor said he would evaluate new opportunities to raise more capital to implement his Bitcoin strategy. Additionally, he said that his company is willing to create partnerships that help it buy more BTC.

However, MicroStrategy is not the only company that has Bitcoin on its balance sheet. The list also includes Tesla, Square, and Marathon Digital Holdings, among others.

Elon Musk’s Company Tesla Owns Bitcoin

In July, Elon Musk said that Tesla owned 42,000 BTC, equivalent to more than USD 2.6 billion. In the first quarter, the company declared to the SEC that the value of its Bitcoin holdings was USD 2.48 billion.

The company then sold USD 170 million worth of Bitcoin to demonstrate the liquidity of the pioneering cryptocurrency. They consider the crypto asset to be an excellent alternative to keep cash on their balance sheet.

Michael Saylor recommended that Elon Musk invest the proceeds from the sale of his Tesla shares in Bitcoin. That comment responded to a Twitter poll by Elon Musk about whether he should sell 10% of Tesla shares.

Jack Dorsey’s Company Square Has Bitcoin

Square co-founder and CEO Jack Dorsey, who has long championed Bitcoin, said that his company owns 8,027 BTC.

Furthermore, he expressed that his hopes for the cryptocurrency go beyond its financial capabilities. He even believes that Bitcoin will create (or help create) world peace.

Dorsey noted that his goal is for Bitcoin to become the native currency of the Internet. Likewise, he said he would be working on Bitcoin if he were not on Square or Twitter.

Marathon Digital Holdings Inc Also Holds Bitcoin

Marathon Digital Holdings, an American cryptocurrency mining business, has more than USD 460 million worth of Bitcoin.

The market capitalization of that company is approximately USD 7.5 billion. That amount is substantially smaller than that of Square or Tesla. So far, they have mined about 2,516 BTC by themselves.

The company has not sold Bitcoin since October 2020 and even bought 4,812 BTC in January 2021. The continued accumulation has allowed them to reach a volume of around 7,453 BTC.

Bitcoin is trading at around USD 64,848 and has accumulated a 2.5% profit in the past week. Its trading volume is above USD 49.4 billion, and its market capitalization is approximately USD 1.2 trillion, according to CoinGecko.

By Alexander Salazar

The Mexican authorities suggest treating cryptocurrencies as goods since they consider they should have an income tax. The Spanish-speaking country does not yet have an established tax regime on Bitcoin and other cryptocurrencies.

The Taxpayer Defense Attorney (PRODECON) of Mexico stated cryptocurrencies should have a 20% Income Tax. Through that policy, citizens would have to pay that levy on any transaction with Bitcoin or other cryptocurrencies.

PRODECON argues that operations with those assets should comply with the provisions of article 126 of the Income Tax Law. That postulate of the Law requires users to pay a 20% tax rate on the total amount.

This parameter currently applies to the disposal (sale, transfer, or donation) of assets such as real estate. The buyer must retain the said value, which would be applicable even with no fiat deposit when exchanging cryptocurrencies.

Decentralized public agency PRODECON provides guidance, advice, research, and legal defense in tax matters. As it aims its services at both federal tax authorities and taxpayers, it seeks to regulate the use of cryptocurrencies in Mexico.

The Tax Would Apply to Transactions Above MXN 227 Thousand

Only those conducting transactions of less than MXN 227 thousand, around USD 11 thousand, or purchasers outside of Mexico could be exempted from the tax. In those cases, they should present the documentation that proves it within a maximum of fifteen days after the operations with cryptocurrencies.

Of course, that would only happen if the Income Tax Law declares cryptocurrencies as goods. Currently, no type of tax regime forces anyone to pay taxes for transactions with assets such as Bitcoin.

Several cryptocurrency exchanges like Buenbit and Letsbit have recently arrived in Mexico, which represents exponential growth. Besides, OSL recently announced that Mexicans would be able to trade Bitcoin without fees.

To celebrate the expansion into Latin America, OSL announced that its new customers would not have fee costs until late2021. That measure is a strategy of the company to attract professional and institutional investors making large transactions with cryptocurrencies.

The Securities Commission Reiterates Mexican Banks Cannot Trade Bitcoin

The Securities Commission does not allow banks to trade Bitcoin in Mexico since the state has not recognized cryptocurrencies. For that reason, Mexicans turn to unbanked platforms to buy, sell and store those assets.

The president of Mexico’s National Banking and Securities Commission (CNBV), Juan Pablo Graf, said that cryptocurrencies are well regulated. He also said that there would be no changes in the future.

The FinTech Law of Mexico stated that FinTech platforms, financial intermediaries, and cryptocurrency exchanges must register. They added that they must comply with some regulations and report some operations to the Financial Intelligence Unit (FIU).

The growth of Bitcoin and other cryptocurrencies in the market does not go unnoticed by regulators from many countries. PRODECON considers that crypto assets should have income taxes just like tangible assets in Mexico. It is just a matter of time before the Mexican Income Tax Law declares those assets as goods.

By Alexander Salazar

In Spain, Banco Santander boosted an ETF fever, many companies and banks participated on blockchain platforms, and a businessman said he lost his Bitcoin holdings. As for El Salvador, Bukele announced he would invest Bitcoin in remodeling 20 local schools while the Chivo Wallet faces problems.

In the last week, some relevant Bitcoin-related news, including a false theft and an investment in schools, originated in Spanish-Speaking countries. Those and other events reveal the growing relevance of crypto assets and blockchain technology in those regions.

Argentine Cryptocurrency Exchanges Expand to Other Countries

In Argentina, cryptocurrency exchanges have expanded to other countries in the last week. For example, Buenbit could arrive in Mexico while Letsbit could reach Colombia and Peru.

Besides, there was a confirmation that the facilities of Bitfarms farm in Argentina will move to a private power plant. The Canadian company joined the Albanesi Group to install its Bitcoin at the Modesto Maranzana thermoelectric power plant in Córdoba.

People Will Have Bitcoin Accounts in Colombian Banks

In Colombia, the Flapz flight market will accept Bitcoin and other cryptocurrencies for its services. The firm, which offers trips in Latin America, agreed with a platform to enable that payment mechanism.

Bitcoin exchanges had a crucial victory since they can have accounts in Colombian banks starting next year. That is what the head of the Financial Superintendency of Colombia, Jorge Castaño, expects to happen.

The Government of El Salvador Will Invest Bitcoin in Schools

The pioneering cryptocurrency is already yielding profits for El Salvador, the first country to adopt it as legal tender. President Nayib Bukele announced his government would use the proceeds of the Bitcoin trust of the Central American country for remodeling 20 local schools.

The country can boast of its Bitcoin earnings, but the Chivo Wallet app continues to face problems. A citizen went to jail for creating a profile with the personal data of another Salvadoran citizen. He wanted to claim the USD 30 bonus in BTC that the government grants, which adds to other recent fraud cases with the wallet.

Two Criminals Attack a Businessman to Steal His Bitcoin in Spain

In Spain, Banco Santander boosted a fever of Bitcoin exchange-traded funds (ETFs), and Caixabank celebrated the arrival of blockchains in the country. According to the director of foreign trade and treasury, Julio de la Paz, blockchain facilitates international trade.

The participation of around 400 companies and 15 banks in a trading platform built on the Hyperledger Fabric network proved that. Besides, government representatives believe that blockchains benefit real estate registries but could not replace the Spanish Registry.

On the other hand, two masked men kidnapped, tortured, and robbed businessman Zaryn Dentzel in Madrid. Although he initially claimed that they had stolen his Bitcoin holdings, that seems not to have happened. According to the police, the confusing testimony was due to the initial state of nervousness of the victim.

Mexican FinTech Albo Receives a Fine for Selling Bitcoin

In Mexico, FinTech Albo received a fine of about USD 500,000. The company was offering the sale of Bitcoin, among other services, without express authorization.

Additionally, a survey revealed some common errors among Mexicans when referring to Bitcoin. Although more than 75% claimed to know the cryptocurrency, the query found that that is not entirely true.

Venezuela

Venezuelan Bitcoin miners obtained a legal victory at the cost of a defeat for the National Superintendency of Crypto Assets and Related Activities (SUNACRIP). A court in Caracas ruled in favor of returning cryptocurrency mining machines previously seized under the protection of SUNACRIP.

Finally, Venezuelan economist Aarón Olmos said that the FATF guidelines would allow cryptocurrency companies to endure in the ecosystem. The CEO of Olmos Group pointed out that this international organization seeks to regulate the use and trade of Bitcoin and other crypto assets.

By Alexander Salazar

The lack of knowledge about Bitcoin among young people led Adams to think about that initiative. The New York mayor-elect wants to deal with regulators to make New York a Bitcoin-friendly city.

The elected mayor of New York, Eric Adams, wants the schools to teach about Bitcoin (BTC) and other cryptocurrencies. He recently noted that many young people on the streets asked him about Bitcoin and blockchain technology during the election campaign.

Given that situation, the politician believes that education about crypto assets plays a crucial role. Nevertheless, he recognizes that it is a challenge even for experts in the area to explain.

Adams is interested in guiding young people about Bitcoin because he expects New York to become a Bitcoin-friendly city. In other words, he wants cryptocurrencies to be part of the daily life of citizens.

The mayor of New York has expressed his interest in the pioneering cryptocurrency for a long time. After he won the election, he said that he intended to receive the payment for his services in Bitcoin. However, he clarified that that would only be for his first three paychecks instead of his entire salary.

Adam Wants Bitcoin to Return to New York Despite the BitLicense

Although Mayor Eric Adams is openly a bitcoiner, he will need to deal with regulators and legislation in his state. His objective is to overcome the obstacles that prevent New York from becoming a crypto-friendly city.

The BitLicense (Bitcoin License), which dates back to 2015, is one of the hindrances he has to face. That regulation drove away many of the companies from the industry making life in the city. It imposes high license costs to operate and exposes the personal information of users, among other things.

The Superintendent of Fiscal Services, Benjamin Lawsky, announced the first regulatory framework for digital currency firms in New York on June 3^rd. The official legally established that it was born after two years of research to protect consumers and avoid money laundering. He also stated that the regulation sought to implement cybersecurity rules that adapt to companies working with digital currencies.

It is just a matter of time before seeing what the mayor will decide regarding the adoption of Bitcoin in New York. However, the Department of Financial Services of the city has not released the conclusions of a citizen consultation conducted in 2020.

They wanted to know what people thought about a change in the BitLicense in which companies could acquire a conditional license. That measure would allow the latter to do business with those firms that already had the full authorization.

The Department of Financial Services proposed that initiative to find the actual or perceived obstacles by companies that obtain the BitLicense. According to Reuters, companies could spend several years waiting to have that license.

The relevant role of Bitcoin and other cryptocurrencies in the world economy is increasingly evident. The mayor of New York is aware of that situation, which has led him to seek ways for his city to adopt those assets massively.

By Alexander Salazar

Amid a bullish scenario, the prices of Ether and Bitcoin recently hit new all-time highs. The value of Ethereum’s cryptocurrency has increased by around 540% so far in 2021.

Bitcoin (BTC) and Ether (ETH), the largest cryptocurrencies by market capitalization, have been bullish this week. While the former recently reached an all-time high of USD 68,641.57, the latter hit a new all-time high of USD 4,857.25.

Ether is currently trading at around USD 4,747 and has accumulated a profit of 3.3% in the past week. Its daily trading volume is above USD 20.4 billion, and its market capitalization is nearly USD 564 billion, according to CoinGecko.

The price of Ether is about the same as that of Bitcoin five years ago. Since then, the pioneering cryptocurrency has increased its value by more than 1,300% and consolidated in recent weeks.

In the last week, the price of BTC soared to more than USD 68,000, after holding high above USD 60,000 for the past three weeks. Experts believe that several factors conditioning the fluctuation of the largest cryptocurrencies by market capitalization have led to that.

Yuya Hasegawa, a cryptocurrency market analyst at the Japanese bank BitBank, argues that the price of Bitcoin has increased for two reasons. She considers that the fall in real bonds by 1.09% in the last ten years and the generalized global inflation have contributed to it.

The Price of Ether Grows More than that of Bitcoin in 2021

This year, the rise in the price of Ether has remained above the value of Bitcoin, accumulating growth of 415%. Meanwhile, the first cryptocurrency on the market has increased by 125% and is currently trading at around USD 67,314.

The market capitalization of Ether is around USD 563.8 billion, while that of Bitcoin is above USD 1.27 trillion, according to CoinGecko. Regarding the general cryptocurrency market, the dominance of Ether represents 18.46%, while that of Bitcoin is 41.59%.

The current market capitalization of Ether is the same as that of the entire cryptocurrency ecosystem eleven months ago. The global value is above USD 3 trillion, an increase of 500% this year, which shows the growing interest in the ecosystem of those assets.

The Cryptocurrency Market Exceeds USD 3 Trillion

The entire cryptocurrency market recently exceeded USD 3 trillion for the first time. That happened amid higher interest from traditional finance and investors seduced by vertiginous rises but worried about inflation.

Contrary to the euro and the US dollar, Bitcoin has a set number of 21 million coins, gradually issued. That rule is impossible to change without controlling the integrity of the decentralized network. It is precisely the scarcity of the crypto asset that contributes to making it more valuable.

Some investors consider cryptocurrencies a way to hedge against inflation in both Europe and North America. Those buying those assets at a given price may receive considerable profits in the medium to long term.

Bitcoin and Ethereum represent more than 40% and just under 20% of the market, respectively. In contrast, the volatility of smaller cryptocurrencies is higher.

By Alexander Salazar

The new all-time high of Bitcoin of USD 68,500 represents a 73% increase from its September lows. The Salvadoran government announced that it would invest the differential of its BTC purchases in hospitals and schools.

Many Salvadorans have received and held the government’s USD 30 Bitcoin (BTC) bonus since September. They have seen their savings revalue thanks to the current bullish rally, which is why the fraction of the cryptocurrency now represents USD 44.4.

The government of El Salvador decided to send the equivalent of USD 30 worth of BTC to each citizen who downloaded the Chivo app. The state created that cryptocurrency wallet to promote the use of Bitcoin in the Central American country.

However, people started receiving the bonus in a month of many corrections for the price of Bitcoin. When the Bitcoin Law entered into force, the cryptocurrency lost 11% of its value in US dollars.

In September, Bitcoin averaged USD 45,562, for which the USD 30 stimulus equaled around 0.00065844 BTC. However, the fraction of BTC would be higher if the credit occurred on the days when the price reached lower levels.

The value of Bitcoin recently hit a new all-time high of USD 68,530. In other words, it rose by 72.9% from its lowest price in September, when it traded for up to USD 39,600 per unit. Taking that price range as a reference, the holders of the Chivo wallet bonus have gained an even greater differential. It has reached 0.00075757 BTC and is currently worth around USD 51.15.

The Salvadoran government has taken advantage of buying the dips, which has helped them make a profit when the price has rebounded. In September, the value of Bitcoin suffered a correction by around 7% from the previous month. That allowed them to send the Chivo wallet bonus to users at a discount.

El Salvador Finances Projects with Earnings from Its Bitcoin Fund

Nayib Bukele, President of El Salvador, has spoken about the benefits of buying Bitcoin when its price drops. He has already announced several purchases of BTC for his country during the corrections. On October 11^th, the head of state said that the users who had saved part of the USD 30 bonus had a 40% profit.

The president also announced the construction of a veterinary hospital and the remodeling of 20 schools. He said that his government would finance them with the positive differentials left by the rise in the price of Bitcoin in October. The president announced on Twitter that the Salvadoran State holds 1,120 BTC in its reserves.

Not everything has been positive for the adoption of the pioneering cryptocurrency in the Central American country. There were various failures in the use and configuration of the Chivo wallet, which caused some users to lose their balances. More than 700 people have reported that they have been victims of identity theft. The hackers have used their personal data to claim the payment of the bonus.

The relevance of Bitcoin in the world economy is increasingly evident, of which the government of El Salvador is aware. The latest all-time high the value of the cryptocurrency has reached once again proves its ability to recover from its worst lows.

By Alexander Salazar