The start of 2020 has been excellent for crypto users that have invested in
Bitcoin and other major coins. The most popular currency surged to over $9,000
this week and registered a growth of over 20% since the beginning of the year.
All of the other mainstream coins followed, and plenty of the smaller ones
had even bigger jumps. Let’s hope the trend continues in the near future.
I won’t focus on the price in this post, though, so don’t expect advice on
whether to buy or sell crypto. Instead, I will go through the most important
industry highlights and news from the past week.
Crypto Scams Emerging
I decided to start with a warning because the rise of Bitcoin’s price and
other coins usually attracts a lot of attention. People who don’t know the
industry well decide to invest, and that opens the door to countless scammers.
Unfortunately, the latest wave is not an exception from this rule. There are
reports about emerging scams on the likes of
Instagram. I’m pretty sure all social media will be hit by such problems,
and I recommend that you be extra careful.
Do your homework before you decide to invest in something, use proper
anti-virus software, and follow common sense. If something looks fishy, you
should probably stay away from it.
There are enough legit ways to buy crypto or invest in credible projects, so
there’s no need to take big risks.
The main reason stated was Visa’s desire to invest in innovation. Plaid has
developed a network that allows the users to connect their financial accounts to
the apps they use daily on all kinds of devices for easier control and
The likes of Coinbase and Abra work with Plaid, as well as many other
companies related to the crypto industry.
One of the key takeaways from this is that they should all benefit from the
investments of Visa and the bright future of the project as a whole.
Fidelity will manage all the Bitcoin funds of the London-based firm.
The company is obviously interested in growing its assets in Europe and is
investing heavily. Fidelity already has a digital office in Europe, and one of
the goals is to attract more institutional players.
I believe that’s great news for the crypto industry in general. The arrival
of such huge establishments improves the credibility of the sector and attracts
more users. Not to mention that Fidelity and companies of a similar caliber
could push for favorable legislation.
Since the regulation of the cryptocurrencies will be one of the main topics
of the future, that could help.
Bithumb Goes to Court to Fight Large Tax Bill
I already reported on the story that South Korea doesn’t really recognize
crypto as money, so the country doesn’t have the right to tax crypto companies.
It was expected that the local exchange Bithumb would seek a refund of the
$69 million in taxes paid to Korea’s National Tax Service, and that’s exactly
the case. The company is
taking the institution to court on the grounds that it has categorized
crypto gains as assets, while the country’s official legislation doesn’t apply
to Bitcoin and other digital currencies.
I’m pretty sure that this case will force South Korea to create new laws, and
I hope the country is sensible on the matter.
US Congress to Look at Crypto’s Role in Funding Terrorism and Other Illegal
One of the reasons so many countries are pushing for crypto regulation is
because digital assets are allegedly used to fund terrorism and other illegal
activities. That forced the US Congress to
start exploring the matter.
What happens in 2020 could be critical, and I hope that the government will
apply sensible legislation. The USA already has had the bitter experience of
banning alcohol and gambling in the past, so there are bad examples of previous
I believe that the state should hear the business and the users this time
around and find a way to make it work for everyone involved.
This is it from the crypto world for the week, and let’s hope the good trends
continue. As always, feel free to add your own input by sharing interesting news
and highlights in the comments section below, and check out our
if you want to learn more.
Jerry Summer has a wide-ranging interest in gambling and the gambling industry. He's made a living out of both playing poker and betting on sports.
The English Premier League and the NBA are among Jerry's primary areas of expertise. He's knowledgeable about many other sports, too, along with poker and several casino games.