Twitter founder Jack Dorsey: Crypto will deliver a global currency
Jack Dorsey has a lot of thoughts and plans for cryptocurrency. In a February 2 interview with Joe Rogan, the Twitter founder and CEO had a lot to say about the topic. In a wide-ranging interview that covers topics of censorship, app development, politics and other topics, Rogan steered the conversation towards Dorsey’s Cash App, which allows users to buy and sell Bitcoin Core (BTC). Rogan asked why Dorsey’s team introduced cryptocurrency exchanges in the app. Quite simply, Dorsey believes in a future of one global currency, if it is or isn’t BTC, and that starts in small steps. He said: “I believe the Internet will have a native currency […]
More investors taking on smart beta ETFs
Research from VanEck reveals that investors are increasing their allocation towards smart beta ETFs, as opposed to market capitalisation and active strategies. Smart beta cumulative net flows as a percentage of total flows has grown from 11.7 per cent to 21.7 per cent between 2016 and 2018, according to VanEck’s ETF IQ Scorecard for December 2018. “By strategy, smart beta ETFs are gaining in popularity, now accounting for about one-quarter of all inflows at $1.6 billion over the year to date, as investors seek targeted investment outcomes and wealth-building strategies not offered by traditional ETFs, which track market capitalisation indices,” VanEck said. Meanwhile, net flow allocation to active exchange-traded products […]
Long-dormant Bitcoin whales resuming activity could rock price action, analysts say
The number of active Bitcoin (BTC) wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements, Bloomberg reports Jan. 11. Bloomberg bases its report on data and analysis from crypto analytics startup Flipside Crypto, which sealed the backing of major crypto exchange Coinbase and veteran crypto venture capital firm Digital Currency Group (DCG) back in November. According to Flipside, as of Oct. 2018, a high number of long-inactive Bitcoin holders — defined as those that haven’t transferred their Bitcoin for between six and thirty months — have begun to transfer their coins, resulting in wallets active over the past month now […]
XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency
In a move that has given a boost to the cryptocurrency market, FlashFX, a payment transfer platform, has announced the launch of its latest cross border payment solution using XRP that is targeted to improve the concept of foreign exchange in Australia. Nicolas Steiger, the Chief Executive Officer of FlashFX stated that: “We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.” FlashFX has always worked with the mantra […]
Ten years of bitcoin is about more than boom, bubble and bust
This weekend will mark the 10th anniversary of the very first transaction involving bitcoin. A decade later the future of bitcoins and the host of the so-called cryptocurrencies that it spawned is still uncertain. On 12 January 2009, someone who called themselves Satoshi Nakamoto sent 10 bitcoins to a US software engineer, Hal Finney (they may, some believe, have been one and the same). The coins were virtually worthless and it took more than two years before the first exchange of bitcoins for goods – 10,000 bitcoin for two pizzas worth about $US30 ($42) – occurred. For most of their history cryptocurrencies have been a curiosity, a peer-to-peer anti-establishment version […]
ASX says shock departure of blockchain guru won’t affect its rollout
The Australian Securities Exchange (ASX) said its plans to switch over to blockchain technology are on track despite the surprise departure of high profile chief executive Blythe Masters from its tech partner Digital Asset Holdings (DA). Ms Masters, the high-flying JPMorgan Chase executive who was part of the team credited with the creation of credit default swaps (CDS), has played a crucial role introducing the blockchain startup’s technology to the financial sector. Digital Asset said Ms Masters had stepped down for personal reasons but added she will remain involved with the company. DA chairman AG Gangadhar will act as interim CEO until a replacement is found. “Working as part of […]
PlayChip listing confirmed on Independent Reserve
The PlayChip Foundation has announced the listing of its PlayChip token on Independent Reserve, Australia’s first regulated cryptocurrency exchange. PlayChip will be the first Australian ERC20 token and first gaming token to be listed on Independent Reserve. The token will be paired with three fiat currencies – AUD, USD and NZD, allowing for users of the PlayChip to convert directly from the token into cash following the winning and withdrawal of tokens. The listing has been scheduled for January 2019, with a firm date to be announced prior to the end of this year. The PlayChip will serve as a utility token at the core of an online gaming ecosystem […]
ATO eyes cryptocurrency activity in annual tax returns
The Tax Office has restated warnings to Australians trading cryptocurrency to declare profits in their annual returns, amid an increase in questions about reporting requirements. Bitcoin and other cryptocurrencies are considered property, not currency, for tax purposes in Australia, making them liable for capital gains tax when sold for a profit after July 2017. If the cryptocurrency is held by an Australian resident taxpayer for more than 12 months before being sold or used, the taxpayer may be eligible for the 50 per cent capital gains tax discount, making them a cryptocurrency “investor”. Exemptions for personal use apply, including to assets worth less than $10,000, which are maintained for personal […]
