The United States government is now turning its attention to Bitcoin and investment opportunities in the digital currency space. You can also explore the internet and many other platforms like Bitalpha AI about learning how you can earn profit.
This comes as no surprise given the recent surge in Bitcoin’s price and the growing mainstream adoption of cryptocurrency.
In a statement released on Monday, the US Securities and Exchange Commission (SEC) said that it “is actively monitoring developments related to Bitcoin and other digital assets.” The SEC also cautioned investors about the potential risks associated with investing in digital currencies, such as volatility, fraud, and market manipulation.
- In May 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas for 10,000 BTC.
- On July 11, 2010, the now-defunct Bitcoin Market opened with a BTC/USD exchange rate of $0.03 per coin.
- In February 2011, Silk Road launched an online black market that would accept only Bitcoin as payment for illegal drugs and other items.
- In June 2011, Mt. Gox, then the largest Bitcoin exchange, experienced a hack that resulted in the loss of 850,000 BTC.
- In November 2013, Chinese digital currency exchanges BTC China and Huobi stopped accepting deposits in Yuan, due to restrictions imposed by the Chinese government.
- In February 2014, Mt. Gox filed for bankruptcy after losing 750,000 BTC of customer funds to hacks.
- In March 2014, the IRS issued a notice stating that Bitcoin would be treated as property for tax purposes.
- In November 2014, Microsoft began accepting Bitcoin as payment for digital content in its Windows and Xbox stores.
- In December 2014, Overstock became the first major retailer to accept Bitcoin as payment.
- On August 1, 2017, Bitcoin split into two cryptocurrency assets: Bitcoin (BTC) and Bitcoin Cash (BCH).
MicroStrategy’s Bitcoin holdings take a record $3.4 billion hits after the cryptocurrency’s price tumbles.
The business intelligence software company has been one of the most outspoken advocates for investing in bitcoin and holds more than 70,000 coins.
However, the recent drop in the price of bitcoin appears to have taken a toll on MicroStrategy’s bottom line.
In a filing with the Securities and Exchange Commission on Wednesday, MicroStrategy revealed that it had sold about 21,454 bitcoins for $650 million in cash as part of a “strategic shift” in its investment policy.
At current prices, those coins are worth around $3.4 billion less than when they were purchased.
What is the US Government saying about Bitcoin Investment?
The United States government is still trying to figure out what to do about Bitcoin, but in the meantime, some officials are offering their own thoughts on the digital currency.
In a recent interview, Treasury Secretary Jack Lew stated that the US government is keeping a “close eye” on Bitcoin. However, he also said that it would be premature to make any regulatory decisions about the currency at this time.
This sentiment was echoed by Federal Reserve Chair Janet Yellen, who testified before the Senate Banking Committee last week. Yellen said that the Fed is monitoring Bitcoin closely, but she did not offer any specific comments on possible regulations.
These remarks come as Bitcoin’s popularity continues to grow. The value of a single Bitcoin has skyrocketed in recent months, and the currency is now being accepted by an increasing number of businesses.
With all of this growth, it’s no wonder that government officials are taking notice. However, it’s clear that they are still trying to figure out what to make of Bitcoin. It will be interesting to see how this all plays out in the coming months and years.
The US government is still trying to figure out how to regulate Bitcoin and other digital currencies, but that hasn’t stopped some officials from warning against investing in them.
In September, Jamie Dimon, the CEO of JPMorgan Chase, called Bitcoin a “fraud” and said people who buy it are “stupid.”
More recently, US Treasury Secretary Steven Mnuchin said that Bitcoin is a “direct threat” to the US dollar and that his department is looking at ways to regulate it.
Mnuchin’s comments come as the value of Bitcoin has soared to over $11,000 per coin. While some see this as a sign that the digital currency is here to stay, others warn that it’s a bubble that could pop at any time.
Whether or not you believe Bitcoin is a good investment, it’s important to remember that digital currencies are still largely unregulated. That means there’s a higher risk of fraud and theft, and you may not have the same protections as you would with a traditional financial institution.
So if you’re thinking about investing in Bitcoin, be sure to do your research and understand the risks involved.