South Korea might ban exchanges? *Gulp* 🙊
In my humble opinion...
the FOMO is real.
I find it incredibly interesting that Wall St. is snapping up any company that claims to be remotely related to blockchain. They must be desperate for some sort of crypto exposure while institutional custodianship is an issue (also means bitcoin itself is not a crowded trade)
— HODL Beckham Jr. (@HODLbeckhamjr) January 11, 2018
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Warren Buffet admitted he was wrong about crypto, and Goldman Sachs thinks Bitcoin could exist as a functioning currency. Awesome.
Meanwhile, on the other end of the financial spectrum, Mike Novogratz is following up his previous decision to suspend his crypto hedge fund with this: a full-service merchant bank called Galaxy Digital Holdings. Some people are describing this as crypto's version of Goldman Sachs in Canada (uh, we're not sure it's up to that caliber, but let's run with it). Novogratz had canceled his plans for a cryptocurrency hedge fund due to "market conditions," (although we're sensing some FUD*) and will instead create an industry-standard merchant banking business. Speaking of Goldman Sachs, their economic team released a note claiming that they could reasonably see "Bitcoin succeed as a form of money." Revolutionary, Goldman. The team explained that Bitcoin's anonymity, tax avoidance, impressive store of value and functionality without a central bank all make the cryptocurrency economy incredibly appealing. Their consensus? In the right circumstances, it could absolutely work. Still not convinced? Tom Lee, the co-founder of Fundstrat Global Advisors still thinks that crypto is still going through a "price discovery process," where Bitcoin could easily double in price. So take that as you will.
*FUD = fear, uncertainty, and doubt
South Korea's crypto scene is riding the struggle bus right now. Ripple's right behind. #BuyTheDip?
South Korea's crypto news for the day is as per usual, challenging and confusing. Bloomberg released a report saying that South Korea's Justice Ministry is currently drafting a crypto-exchange shutdown bill. Over the past several months, the South Korean government has increasingly become involved with cryptocurrency exchanges, going so far as to ask for trading volume, exchanges' sales, tax information, and more. Korea's Ministry of Strategy and Finance "[does] not share the same views as the Ministry of Justice on a potential cryptocurrency ban," (AKA, he's overwhelmingly more pro-crypto than most of the government) which is good news for now. Coinone has apparently been under investigation for their margin-trading service over the past few weeks, and other exchanges have been meeting with government officials for tax and legal reasons. South Korean exchanges scramble to stay in the legal green zone as laws surrounding crypto continue to change at a rapid pace.
Unfortunately, Ripple (XRP) has been bearing the brunt of the blow from South Korea's legal issues, taking a significant tumble over the past week. The question is now if this is an opportunity to buy the dip or get out of a dying currency. Overall, we're confident South Korea won't do anything incredibly drastic regarding digital assets – after all, nothing is currently finalized. Our sources say there are many pro-blockchain/ lukewarm-crypto people in the Korean government, and the bill is very unlikely to successfully pass. Will South Korea's 'Bitcoin Zombies' stop trading, even with a ban? Heck no. Hang tight, everyone.
So, you're going to pay your taxes on your crypto gains. Congrats on being responsible! Now here's how you do it.
The place your computer's most likely being highjacked for crypto mining? Public wifi. Fire up those phone hotspots, everyone.
Here's a good question: who the heck controls the @Bitcoin Twitter account? Some people think it's (ironically) a pro-Bitcoin Casher, or a crypto enthusiast who got lucky.
Coin to Watch
a $94 portable Bose SoundLink Micro Waterproof Bluetooth speaker. It's portable, durable, and has the sexy curves of a beautiful sound system. The color ain't bad either.