Daily Crypto News | July 11th, 2022
1. If Regulators Permits, Peter Schiff Will Sell The Troubled Euro Pacific Bank For Bitcoin
Gold enthusiast and a bitcoin skeptic Peter Schiff is still attempting to sell Euro Pacific, his bank. But because of its “crass noncompliance with the minimum capital requirements,” his bank’s operations have been put on hold by the Commissioner of Financial Institutions of Puerto Rico, also known as the OCIF.
Schiff asserts that the bank already has a buyer lined up, but the regulator won’t allow him to sell it.
He was questioned on Twitter on Friday about his willingness to trade his bank for bitcoin. The answer from Schiff, a vociferous opponent of bitcoin, was “Actually yes, I would sell the bank for anything if regulators let me sell it.”
2. Twitter vs. Elon Musk On $44B Twitter Deal
After Elon Musk, CEO of Tesla, stated on July 8 that he intended to back out of the $44 billion plan to acquire the social media giant, Twitter is apparently looking to sue him as soon as this week.
The Delaware Court of Chancery, a non-jury trial court that deals with corporation law in the state of Delaware, will hear the case once the company retains corporate law firm Wachtell, Lipton, Rosen & Katz, according to a July 10 Bloomberg story.
It’s not yet apparent, though, if Musk will ultimately decide to buy the platform, whether at the original agreed-upon price, at a newly negotiated one, or not at all.
3. Hong Kong Introduces Crypto Licenses Through AML Law
Members of the Legislative Council of the special administrative region of China have been presented with amendments intended to regulate the cryptocurrency market in Hong Kong. They must concur in two readings for the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022, which was published in the government gazette in June, to become a law.
The draft’s authors want to license virtual asset service providers (VASPs) and register precious metal and stone traders (DPMS). The intention is to require companies operating in the two sectors to comply with anti-money laundering and counter-terrorist funding regulations.
For instance, organizations dealing with cryptocurrencies that want to introduce a trading platform must apply for a license with the Hong Kong Securities and Futures Commission (SFC) and meet certain standards. The Financial Action Task Force on Money Laundering (FATF), which establishes international standards in the area, provided recommendations that were taken into consideration in the plan.
4. Bitcoin Miners Are Still Fine Despite The Price Drop
One of the causes that is said to have contributed to the collapse and insolvency of huge crypto organizations like 3AC and more recently Voyager is the fall in the price of bitcoin, which went from just under $30,000 at the beginning of June to below $20,000 by the middle of the month. However, these two well-known organizations are by no means the only ones who have been negatively impacted.
Many market participants, including bitcoin miners, have also had to deal with the increased risk of going bankrupt in addition to decreased prices. Many market participants were or still are over-leveraged, as the situation with 3AC has demonstrated. More bankruptcies might occur if prices see another big decline.
The long-term objectives of other market participants, including BTC miner Permian Chain, are unlikely to be much impacted by a further decline in the price of the leading cryptocurrency. Mohamed El-Masri, the founder and CEO of the Canadian cryptocurrency mining company, claims that their motivation comes from the basic worth of bitcoin. El-Masri further clarified via email to Bitcoin.com News that Permian Chain’s course cannot be changed by the short-term price volatility of the cryptocurrency asset or the associated media stories.
5. ‘Wolf of Wall Street’ Jordan Belfort Is Certain Of Long-Term Bitcoin Profit
According to Jordan Belfort, often known as the Wolf of Wall Street, if you look out three, four, or five years, he would be surprised if you didn’t earn money investing in bitcoin since the fundamentals are so solid.
In 2017, Belfort had doubts about cryptocurrencies like bitcoin, but now he presents himself as an expert in the field.
He acknowledged in the Yahoo Finance interview that, “Except for one thing, I was wrong about bitcoin going to zero,” while adamantly stating that he stands by what he said about cryptocurrencies back then. “I think the issue right now is you have to look at bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money.” he said.
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