cryptocurrency

Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’

21/10/2021 by Idelto Editor

On October 20, the day bitcoin smashed a new all-time price high, the real estate platform Pacaso announced it will be accepting cryptocurrencies via Bitpay. The CEO of the real estate firm that helps people buy and co-own a second home, Austin Allison, says the firm has seen increased crypto adoption “across the real estate industry.”

Real Estate Platform Pacaso Now Supports Crypto Payments

The firm Pacaso is a real estate platform co-founded by Spencer Rascoff and Austin Allison. Rascoff is well known for co-founding Zillow Group and co-founding Hotwire.com as well. In October 2020, Rascoff co-founded Pacaso with Allison, and the company is considered a real estate platform that makes owning a second home easier by leveraging shared ownership. Pacaso’s business model is similar to the timeshare model but it’s also a touch different.

“Forget timeshares, with Pacaso, you own a home, not just a block of time,” the company’s website details. “You can book stays throughout the year, not annually. And resale? It’s fast and streamlined, and you set the price.” Now the firm has decided to accept crypto assets via the Atlanta-based digital currency payment platform Bitpay.

“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes,” said Austin Allison, Pacaso’s co-founder and CEO. “As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers.”

Bitpay CEO Is Seeing More Crypto Transactions Being Made for ‘Large Purchases Like Real Estate’

The announcement detailed that Pacaso customers will be able to choose from a myriad of digital assets like bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), and wrapped bitcoin (WBTC). Alongside this, Pacaso clients can also leverage five different stablecoins as well. Stephen Pair, CEO of Bitpay said in recent times the company has seen much larger transactions such as people buying homes.

“We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality,” Pair explained on Wednesday. “The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”

Pacaso says that paying with crypto will be just as easy as it would using fiat, as clients can leverage their crypto assets to use as a “down payment in their home, and finance the remainder of the transaction, or otherwise split payment between crypto and fiat currency.” Pacaso’s CEO sees mass adoption of crypto is “well underway” and with that homebuyers will want to utilize a variety of payment options.

“Whether you’re HODLing Bitcoin, diversifying out of a DOGE-heavy portfolio, or somewhere in between, Pacaso is here to help you realize your second-home dreams,” Allison concluded.

What do you think about Pacaso accepting cryptocurrency payments? Let us know what you think about this subject in the comments section below.

Bitcoin Smashes Through All-Time High Surpassing $66,000 per Unit

20/10/2021 by Idelto Editor

The spot price of bitcoin smashed through the leading crypto asset’s all-time high (ATH) surpassing $66,000 per unit after the first bitcoin exchange-traded fund (ETF) was launched in the United States. The last time bitcoin touched an ATH six months ago on April 14, 2021, the price tapped $64,804 per unit.

Bitcoin Records New All-Time Price High

The fiat value of bitcoin (BTC), measured in U.S. dollars, has reached an all-time high. The price has touched $66,299 per unit on Bitstamp, surpassing the digital asset’s ATH captured six months ago. At press time, there’s $39.6 billion in trade volume dedicated to bitcoin (BTC) trading.
Bitcoin’s market cap is $1.223 trillion and it is the sixth most valuable asset on the planet today.
Bitcoin’s ATH follows the launch of the Proshares Bitcoin Strategy ETF (BITO) that was listed on October 19, 2021. The bitcoin exchange-traded fund is the first ETF ever to be approved in the United States and it’s based on bitcoin futures markets.

Bitcoin’s greatest pair today is tether (USDT) commanding 59.97% of all BTC trades. This is followed by USD (14.99%), BUSD (4.61%), JPY (3.33%), EUR (3.20%), KRW (2.27%), and AUD (2.16%).
The top exchanges today include Coinbase, FTX, Bitfinex, Bitstamp, and Kraken, respectively. Coinbase commands 20.25% of the BTC volume today and FTX captures 14.68%.
Year-to-date, bitcoin (BTC) is up 456% in value and during the last 30 days, BTC has risen 37.8%.

At current prices, bitcoin dominance is currently at 45.4% and ethereum (ETH) dominance is about 17.3%.
Only 12 cryptocurrencies have outperformed BTC’s seven-day gains. Crypto assets like OKB, MATIC, and ZEC have seen gains above 19% this past week.
Bitcoin’s hashrate has been hovering around 140 exahash per second and the network’s next mining difficulty change is 12 days away.

What do you think about bitcoin smashing a new all-time high on Wednesday? Let us know what you think about this subject in the comments section below.

NBA Lands First Cryptocurrency Sponsorship With Coinbase

19/10/2021 by Idelto Editor

NBA agreed to a sponsorship deal with Coinbase, who will get WNBA, NBA G League, and USA Basketball branding.

NBA has agreed to a sponsorship deal with cryptocurrency exchange Coinbase, which will become the league’s exclusive crypto partner.
Coinbase will get WNBA, NBA G League, and USA Basketball branding, but the deal’s terms were not provided.
Bitcoin will most likely be sidelined given Coinbase’s priorities with marketing and “crypto.”

The National Basketball Association has agreed to a sponsorship deal with Bitcoin and cryptocurrency exchange Coinbase ahead of its 75th anniversary, CNBC reported. With the agreement, the exchange has become the exclusive cryptocurrency partner of the NBA.

“The tech firm wants to increase awareness around blockchain technology to grow the crypto economy,” the report said. “Hence, the NBA will provide the company exposure including in Tuesday’s regular-season tip-off games on WarnerMedia property Turner Sports. Coinbase will also get presenting partner rights for the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours.”

Coinbase will leverage nearly all of the platforms of the NBA, including the WNBA, NBA G League, NBA 2K League, and USA Basketball.

“In a statement, NBA executive Kerry Tatlock labeled Coinbase ‘a natural fit’ for the league’s cryptocurrency asset,” per the report. “NBA clubs have already leveraged crypto-related deals, including the Portland Trail Blazers’ jersey patch and Miami Heat arena naming rights.”

Although it is interesting to see the “crypto” industry advancing into the mainstream market, Bitcoin will likely be sidelined, given Coinbase’s priorities.

Bitcoin is the de-facto innovation and the precursor of all the activity in the “crypto” industry. But more importantly, it is inherently separate from that industry, as both seek different goals. While Bitcoin strives to establish a new financial system, “crypto” aims to improve the existing one.

The dividing line between Bitcoin and “crypto” should be part of Coinbase’s goal to “increase awareness” by leveraging its NBA exposure. However, that will likely not be the case, given that Coinbase is most often focused on establishing a high-time preference casino than empowering people by promoting education on freedom, sovereignty, economics, and Bitcoin.

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

19/10/2021 by Idelto Editor

The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media. The monetary authority is also preparing to move forward with a plan to reform the legislation that governs its own activities.

Iran Preps Pilot for Sovereign Digital Currency

The “national cryptocurrency” of Iran will enter its pilot stage soon, the recently appointed Governor of the Central Bank of Iran (CBI) Ali Salehabadi has unveiled. Speaking to reporters after his first meeting with lawmakers, the high-ranking official said the regulator is now studying potential risks and benefits associated with the initiative. Quoted by IRIB News and the Financial Tribune, he explained:

The pilot trial will start, once the Money and Credit Council approves it.

Salehabadi, who has been heading the CBI since Oct. 6, did not provide any further details regarding the Iranian central bank digital currency (CBDC). According to the English-language business daily, the new phase of the project is likely to be in line with earlier plans for the development of a national crypto.

The report notes that three years ago the Informatics Services Corporation, CBI’s subsidiary operating the country’s banking automation and payment services network, was tasked to develop a sovereign digital currency. A CBDC prototype was designed using the Hyperledger Fabric platform, later statements by its representatives revealed.

It became clear that the digital version of the Islamic Republic’s national fiat, the rial, was being developed on a private blockchain. Unlike cryptocurrencies based on public blockchains such as Bitcoin, the Iranian state-issued coin is not going to be mined.

The public was never updated on the progress of this initial project until more recent announcements came out that a “crypto rial” plan is underway. Officials have emphasized that the Iranian crypto is going to be a digital currency circulated by the CBI and not a decentralized cryptocurrency that could be used for small, cashless transactions, the publication details.

New Commission to Prepare Amendments to Iran’s Central Bank Law

Besides the digital currency announcement, Iranian media has also learned that the central bank’s new management and members of the Majlis agreed to establish a joint commission tasked to reform the legislation concerning the CBI. Its members will be expected to quickly finalize a long-awaited plan to update the law that governs the central bank’s activities.

Governor Salehabadi also said that a special working group will be formed to clarify the positions of the bank and the government regarding cryptocurrencies. While, executive authorities in Tehran have been going after crypto investing and trading, only allowing banks and licensed moneychangers to use coins minted in Iran to pay for imports, lawmakers have opposed the restrictive policies. They believe that friendlier regulations would help Iran to circumvent U.S.-led sanctions and boost its economy.

Mining has been the one crypto-related sector that has received more clarity in terms of regulation. Iran recognized the extraction of digital currencies as a legal industrial activity in 2019 and introduced a licensing regime for entities involved in the business. And although mining farms have been blamed for electricity shortages during the extremely hot summer this year, restrictions have since been lifted for authorized crypto miners which number over 50, according to the state-run power utility Tavanir.

Do you think Iran will eventually issue its own digital currency? Share your expectations in the comments section below.

Salvadoran President Nayib Bukele Taunts Economist Steve Hanke After Bitcoin’s Price Skyrockets

17/10/2021 by Idelto Editor

On October 15, the day bitcoin’s price surpassed the $60K per unit handle, Salvadoran president Nayib Bukele taunted the professor of applied economics at Johns Hopkins University, Steve Hanke, over his recent statements. At the time, the well known economist warned that El Salvador faces “financial ruin” with “Bukele at the helm,” after El Salvador’s president bought the bitcoin dip when the price was down.

3 Weeks Ago Steve Hanke Said ‘With Bukele at the Helm’ His Country Faces ‘Financial Ruin,’ Bukele Responds After Bitcoin Spikes and Says: ‘You Were Saying?’

When El Salvador adopted bitcoin (BTC) during the first week of September, the first day the law was enacted, BTC’s fiat value dropped a great deal. At that time, Salvadoran president Nayib Bukele told his Twitter followers that El Salvador was “buying the dip” as the country added 150 BTC to its stash. Meanwhile, the professor of applied economics at Johns Hopkins University, Steve Hanke, has criticized the Salvadoran president and tagged him in a Twitter post on September 23.

“Nayib Bukele is playing fast and [loose] with El Salvador’s tax dollars again,” Hanke said. “After bitcoin prices tumbled to a 6wk low, Bukele bought 150 more coins [and] proudly said that ‘We just bought the dip.’ With Bukele at the helm, ELSL faces financial ruin.”

Meanwhile, the leading crypto asset bitcoin (BTC) did fall into a slump in September, but as the month transitioned into October, BTC’s price skyrocketed. On October 15, Bukele decided to retweet Hanke’s September 23 statement and added a remark of his own. “You were saying?” Bukele tauntingly asked the well known economist. BTC has since been hovering above the $60K price range during the last 24 hours.

The following day, Hanke responded and said: “Yes, I was saying ‘financial ruin.’ Have you checked the price plunge of El Salvador’s dollar-denominated bonds since September 7th?” Hanke asked Bukele. “As the traders say, El Salvador’s bonds due in 2023, 2025, & 2029 are ‘distressed,’” Hanke added.

Hanke Says ‘Private, Digital Money Is Nothing New,’ and Claims ‘the Case for Crypto as a Driver of Innovation Is Thin’

Furthermore, the founder of Shapeshift, Erik Voorhees, also responded to Hanke’s tweet on Saturday with an animated GIF that shows goalposts moving. Another individual stated: “Hanke sounds like [the] people who were afraid of electricity in the 19th century.” Hanke has clearly stated that he’s not fond of bitcoin (BTC) many times, and he’s warned about El Salvador’s bitcoin adoption in June.

At that time, Hanke said he didn’t think it’s a good idea for the Latin American country to use bitcoin as legal tender and he further added that the decision could “completely collapse the economy.” Despite his angst toward bitcoin, the economist has said in the past that central banks fuel wealth loss and the world could use less of them. However, Hanke is a fan of the creation of currency boards, which essentially leverages monetary authority to maintain a fixed exchange rate with foreign currencies.

In more recent times, Hanke has said that “private, digital money is nothing new. Most money has been produced privately and in a digital form for decades,” Hanke claims. In an opinion editorial published via the National Review, Hanke stressed that “the case for crypto as a driver of innovation is thin.”

What do you think about Salvadoran president Nayib Bukele provoking Steve Hanke to respond? Do you agree with Nayib Bukele or do you agree with the economist Steve Hanke? Let us know what you think about this subject in the comments section below.