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An electronics engineer from South Africa has deeply regretted a decision to erase a document containing keys to his Bitcoin (BTC) wealth. The now inaccessible Bitcoin wallet had 20 BTCs worth over $900K at the current exchange rates.

As reported by Mybroadband, a South African media outlet, the engineer is only 24 years old and uses the alias, Mark Michaels. According to the publication, Michaels entered the BTC mining scene after reading about it “on the internet.”

At the time, the engineer was in seventh grade, and the leading cryptocurrency was worth far less than a dollar at $0.08.

Explaining how he got access to a computer at such an early stage, Michaels said they “had a home computer” which their parents would allow them to use but under supervision.

The engineer later built his own computer that was powered by an “AMD X3 processor and 512 MB of RAM.” After a few other upgrades, including using a dedicated card from Nvidia, GeForce GTS 250, he used the machine as a Bitcoin mining rig.

However, the young engineer noted that he doesn’t remember how much time the mining process took. Unfortunately, since the cryptocurrency was in its early stages, there were no trading avenues.

Michaels’s Mined Bitcoin “Was Practically Worthless”

As such, Michaels lost value of his stash of 20 Bitcoins. The engineer noted that he “got bored of it” because the mining process minced every power out of his computer, and he “couldn’t do much” with the machine “while it was busy.” After waiting for it to finish, the final product “was practically worthless.”

Seven years after mining the coins, the price of the leading crypto rose to $1K per coin, and Michaels tried to gain entry to his wallet. In the recovery attempt, the engineer collected “all the hard drives, memory sticks, CDs, and DVDs in the house” and perused through each one of them.

Unfortunately, he wasn’t lucky after seven days of looking. Apart from going through the storage devices, Michaels also attempted to recover deleted data from his “main hard drive” but to no avail.

Interestingly, after the failed attempts, the South African electronics engineer made peace with himself. He added that he was not in it for the money.

Notably, Michael seems to have now entered the cryptocurrency space for the money. According to the South African media outlet, the engineer holds small amounts of cryptocurrencies and mines the second-largest cryptocurrency.

Beware of A BTC Trading Company Promising 400% ROI in Less Than 24 Hours, CMA Tells Kenyans

As Michaels makes conservative crypto investments, Capital Markets Authority, a Kenyan investments watchdog, has cautioned Kenyans from investing with Fxbitinvest, a firm dealing with BTC trading. According to the financial watchdog, the firm is promising unrealistic and mouth-watering ROI to lure investors.

In a statement, the CMA observed that the Bitcoin trading company offers an ROI (return on investment) of up to 400 percent in less than 24 hours. Notably, the regulator disclosed two paybill numbers used. According to CMA, the numbers are registered under “CRYPTO FX INVESTMENT [and] FXBITINVEST.”

The regulator also identified three persons behind the company. Two of the named, Hassan Juma and Geoffrey Koome, are Kenyans, while the third is “an anonymous director (domiciled in North America).”

In its cautionary statement, the regulator urged those who have already fallen victim to “report to the nearest Police Station.” However, to prove their claims, they’ll need to provide documents such as the national identity card and “bank deposit slip or Mpesa statement.”

PBoC Fights Illegal Cryptocurrency Trading in Shenzhen

More than lodging their claims with the police, defrauded investors can directly engage the Capital Markets Authority through the regulator’s complaints portal.

Apart from Kenya, China has taken the fight against illegal crypto trading to Shenzhen city. According to reports, the People’s Bank of China (PBoC), the country’s central bank, has closed more than ten firms suspected of facilitating illegal activities involving cryptocurrencies.

The reports also indicated that PBoC has pinpointed a website adverting oversees deposits and foreign exchange against the law.

Interestingly, the Chinese central bank has launched a program to educate Shenzhen residents on how to operate within existing financial laws. The move by PBoC is the latest in the country’s decision to drive out cryptocurrency-related activities, including Bitcoin mining and trading.

Bitcoin Bull 

Plan B, the creator of the Stock-to-Flow (S2F) model, has stood by his earlier predictions. In his recent observations, he said that Bitcoin (BTC) reaching $64K wasn’t the end of this year’s BTC bull run. Last week, he retweeted a tweet he posted early last month.

Notably, the retweet was accompanied by the words “just to reconfirm this message from last month.” On July 2, Plan B observed that BTC’s bull market is only getting started despite the leading cryptocurrency losing more than 50 percent from its all-time high.

At the time, Plan B, who also operates under the @100trillionUSD account on Twitter, referenced his S2F model, which indicated that “this bull is not over and $64K was not the top.”

The Bitcoin supporter also indicated that Bitcoin will close this month changing hands at not less than $47K.

The retweet was one of the many documentations of Plan B’s S2F model since 2019. On the first day of this month, he noted that the trend was favoring the leading virtual currency because of an increasing realized capitalization.

Bitcoin Needs to Rally Above $45K for The Bulls to Be In-Charge

According to him, the realized capitalization represents “the average price at which all 18.77 BTC” last changed hands. He added that BTC investors liquidating their assets are doing so at a profit, unlike “in May and June.”

The S2F and its updated version, S2FX (S2F cross-asset), focuses on scarcity and BTC’s issuance rate. These two factors are expected to push the king coin’s value higher over time.

However, others in the crypto space are skeptical of the return of a bull run. For instance, a Twitter user commented on Plan B’s retweet, noting that for BTC to resume an upward trajectory, it needs “to cross the 45K” something “that may not happen until mid to late” September.

Luckily, Bitcoin may not take that long to return to its glory after momentarily touching the $45K mark over the weekend. At the time of writing, BTC was trading at $45,785 and had a 24-hour low of $42,848.

Stay Calm, Cool, and “Keep Euphoria Low”

Others were supportive of Plan B’s comments. For instance, @ming_yuh replied to @100trillionUSD, saying, “I like your approach. Stay calm and cool throughout these little pumps. Keep euphoria low, and don’t let the bears think for a moment there is reason to sell.”

As Plan B defends his BTC prediction, Gary Gensler, the US Securities and Exchange Commission’s chairman, considers Satoshi Nakamoto’s innovation to be real. While speaking at the virtual Aspen Security Forum on August 3, Gensler revealed his regulatory vision towards cryptocurrencies.

The SEC chairman started his remarks by quoting BTC’s whitepaper and the coin’s anonymous creator. Gensler said that Nakamoto’s “innovation spurred the development” of virtual currencies and the technology that underpins them, blockchain.

The SEC executive also noted that the asset is nearing a valuation of two trillion US dollars ($1.83 trillion).

Gensler said that before joining the SEC, he covered a lot about crypto and its technology while at MIT (Massachusetts Institute of Technology).

Due to his work at the learning institution, he “came to believe that” BTC creator’s “innovation is real,” despite the crypto ecosystem being covered by excessive “hype masquerading as reality.”

Nakamoto’s Innovation Is A “Catalyst for Change”

The executive added that the innovation is likely to continue being a “catalyst for change” in the traditional finance industry. Gensler also pointed out the difference between fiat and crypto.

According to him, “Nakamoto was trying” to come up with money that’s outside the control of traditional financial institutions like central banks.

Unfortunately, he noted that cryptocurrencies are yet to honor “all the functions of money.” For the SEC chairman, virtual currencies can be considered as extremely “speculative stores of value,” adding that they are yet to gain mainstream adoption as an accounting unit and “as a medium of exchange.”

Despite all the praises on BTC and the technology behind it, Gensler pointed that crypto is mainly being used to circumvent laws meant to prevent money laundering “sanctions, and tax collection.” He added that crypto assets are powering “extortion via ransomware.”

On cryptocurrency regulation, the SEC executive noted that he’s “anything but public policy-neutral.” Gensler explained that this entails protecting financial stability, consumers, and investors. It also involves “guarding against illicit activity.”

 

Real estate investors in Portugal can now use Dogecoin to buy luxurious apartments. This marks a huge step towards boosting crypto adoption.

Dogecoin started as a joke, but the coin has now taken over the crypto sector, with Portugal allowing DOGE holders to use the token to invest in real estate. You can now buy a luxurious apartment in Lisbon, Portugal, using Dogecoin.

FNTX Capital Suisse, a crypto payments and OTC liquidity provider, has partnered with a property developer based in Portugal to list condos that can be bought using crypto.

Through the partnership, buyers will be able to buy the apartments using various tokens, including Bitcoin, Ethereum, Dogecoin, and Cardano. Buyers will have to use the ‘Real Estate Exchange’ platform on FNTX. The platform has already seen some activity, with three listings being made. These include a two-bedroom apartment at 1.57 Dogecoin equivalent to $690,000. Another listing includes a penthouse being sold for 5 million Dogecoin, equivalent to $2.2 million.

Crypto for Real Estate

A recent report revealed that U.S real estate sellers were warming up to accepting cryptocurrencies as payment. The report indicated that 71 real estate listings were done in April, mentioning cryptocurrencies and mostly Bitcoin.

Arte Surfside, a Miami-based luxurious apartment, has also joined the crypto sector after stating it would start accepting crypto payments, specifically, Bitcoin and Ethereum. The luxurious apartments house Ivanka Trump.

Growing trend

Besides the U.S. real estate sector, other countries have also become more receptive to accepting cryptocurrencies as a payment method. On May 12, the largest outdoor venue in Montreal, Canada, Beach Club, stated that it would allow the purchase of alcoholic products using cryptocurrencies from 2022. The club has a capacity of 100,000.

The Beach Club owner announced this on a social media post, saying, “Beach Club will officially be the first club in Canada to accept Bitcoin and Ethereum as a method of payment.”

However, the post only stated that the venue would accept Bitcoin and Ethereum payments and did not detail how this would be actualized. The owner stated they were considering several crypto platforms to integrate into their payment system.

The announcement came out as a way of giving the Beach Club free publicity. If the business were keen to start adopting crypto, it would have done so at this critical time when Bitcoin and other cryptocurrencies have made their way to wealthy investors.

Bitcoin price up 

Vinny Lingham, an ex-Gyft CEO and Civic’s co-founder said that Bitcoin (BTC) still has a chance to reach $100,000 before the end of this year. Coming from Lingham, the Bitcoin price projection carries some weight considering other such forecasts made by the executive.

His past correct predictions have earned him the title “oracle.” His current BTC forecast comes as the leading cryptocurrency has lost more than 40 percent in the last 90 days.

Although his predictions aren’t always a 100% hit, he has more hits than misses compared to other people. Also, Lingham takes a conservative approach in his predictions, and they are not always positive. In his latest projections, the Civic co-founder exuded confidence in the leading cryptocurrency’s price being expressed in six figures before we bid 2021 goodbye.

In a tweet, Lingham said that Bitcoin would only reach 100,000 USD “if $30K continues to hold.” His tweet was met with comments from those with a vivid history of the executive’s former predictions. For example, Twitter users responded by saying that “the legend has spoken.” They continued to note that Lingham’s previous predictions about BTC, Ethereum (ETH), and FIL came to pass.

A Big Bitcoin Rally Is Coming Later This Year

Other commenters were more optimistic, noting that the leading cryptocurrency can go close to $170K “by Christmas.”

Notably, his recent prediction came four days after he revealed that a “big rally” is brewing and will manifest “later this year.” However, the anticipation of a big rally was only a reminder of what he had said in May this year. At the time, Lingham told his 184K followers on Twitter that this year’s Bitcoin behavior mirrors similar trends in 2013.

Crypto enthusiasts camped on the tweet’s comment section to thank the ex-Gyft CEO for being bold at a time when the market is experiencing negative pressure. One of the commenters thanked Lingham for being “pretty bold,” adding that the Bitcoin market hasn’t been this “bearish for a long time.”

The ex-Gyft executive also commented on El Salvador’s move to legalize Bitcoin. Accompanied by an emoji of an exploding head, he said the leading cryptocurrency has transitioned “from being non-state sanctioned” to “state-sanctioned money.” However, he noted he’s undecided on whether such a move is beneficial “or bad.”

Bitcoin Can Reach $160K in 2021, Celsius CEO

While Lingham sees a high of $100K, Alex Mashinsky, the CEO of Celsius, thinks the king coin is on its way to 160,000 USD before the end of this year. Although the executive admitted that BTC is yet to reach its high this year, he noted the market had to experience a correction after BTC’s historic high of more than $63K

Speaking to Cointelegraph, Mashinsky said that he had tweeted about the current market situation way back in February and March this year. The Celsius CEO compared Bitcoin to a spring that had been stretched “too much and we put too much leverage.” Along the way, a lot of “people got greedy.”

Unfortunately, not everyone sees a bring future for Bitcoin. For instance, Scott Minerd, Guggenheim’s CIO, thinks BTC is yet to see its bottom. For Minerd, BTC’s real bottom is at $15,000. Minerd is the CIO of Guggenheim Partners and the chairman of Guggenheim Investments. The investment firm has approximately 270 billion USD in assets under management.

Last week, the CIO tweeted that Bitcoin will first enjoy support at $20K before declining further. According to Minerd, the recent price rally has been propped by liquidity from “central bank.” As such, a decline in the central bank liquidity leads to a decrease in BTC price.

A Lower BTC Price Motivates Investors

The Guggenheim executive even advised people not to be in a hurry to invest in Bitcoin even at $20K, saying that he doesn’t see a need for people “to be putting money in Bitcoin right now.”

However, Mike Novogratz, the CEO of Galaxy Digital, sees falling prices as a motivation for institutional investors to join the space. In an interview with CBNC last week, he said that Bitcoin could reach lows of $25K. However, Novogratz noted that although he’s “less happy” compared to when the king coin was at $60K, he is “not nervous.”

The Galaxy Digital CEO backed his lower BTC price projection with the ongoing cryptocurrency crackdown in China. According to him, Asia, China, to be specific, accounts for a large chunk of crypto activities. Therefore, with the current regulatory pressure in the country, “it’s hard to call a bottom” just yet.

 

 

Bitcoin users in the US can now make payments on food chain restaurants using Bitcoin. Some of these restaurants include Muscle Maker Grill and Buppa Gump Shrimp.

Every day is recording an increasing number of institutions accepting Bitcoin. This is increasing the mass adoption of these crypto assets, and more people are investing in crypto. Bitcoin is leading the chart with it having the most liquidity, given that it can be accepted as a payment method on different platforms.

Using BTC to pay for Food

One of the major food companies in the US to announce they will start accepting Bitcoin payments is Landry's Inc. This firm deals in dining, hospitality, and entertainment and runs other small franchises. Tilman Fertitta, the company's CEO, commented on the development, stating that his company, alongside franchises, will start accepting BTC payments.

BTC adoption will be slowly incorporated in their different franchises. They would start with their branches in Mastro before progressing to other franchises. Fertitta has been a great supporter of cryptocurrencies. The CEO also sponsors an NBA team that also accepts Bitcoin payments. Food chain restaurants will not start receiving Bitcoin payments in addition to cash, credit cards, and debit cards.

Crypto integration in real estate

Besides being used to purchase food, Bitcoin and other cryptocurrencies are also being used in the real estate and property sector. One of the prominent companies that are venturing into this industry is Mercado Libre. This is the most prominent digital marketplace in South America. Recently, the firm stated they would start listing real estate firms on the site using cryptocurrencies.

The company stated that they have been taking note of the growing interest in crypto assets in the region. By embracing crypto, the region will be able to deal with the high levels of inflation that make it impossible for people to hold their assets in cash. Mercado Libre had earlier held a webinar aimed at educating people about the crypto market and how the market can enhance business processes.

Besides restaurants and real estate, other industries are also joining the race to integrate Bitcoin as a payment method. Tesla had earlier in the year spearheaded this race after they started accepting purchase payments using Bitcoin. This move has also pushed other companies to now adopt cryptocurrencies. If the adoption increases, it will see the values of cryptocurrencies shoot, which will positively impact the crypto market cap.