Florida Governor Ron DeSantis Proposes Creating a Cryptocurrency Payment System for State Fees

The American politician and attorney serving as the 46th governor of Florida, Ron DeSantis, announced the state’s 2022-23 budget proposal last week and proposed an idea to let businesses pay state fees with crypto assets. The governor’s “Freedom First Budget” suggests creating a department in Florida to accept state fees in cryptocurrencies.

Florida Governor’s Freedom First Budget Includes Crypto

The Republican governor of Florida, Ron DeSantis seems to be keen on allowing businesses in Florida to pay for state fees in crypto assets. Florida is becoming well known for its politicians who are positive about the digital currency economy as Miami Mayor Francis Suarez has been very vocal about supporting bitcoin. Suarez gets a portion of his salary in BTC and recently announced he plans to take a fraction of his 401k retirement plan and convert it into bitcoin.

A report published by Fortune says DeSantis has explained in recent times that he wants the Florida state government to become “crypto-friendly.” “Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” DeSantis wrote in Florida’s 2022-23 budget proposal.

During His Speech in Tallahassee, DeSantis Discussed Leveraging Blockchain Pilots to Bolster State-Operated Departments

DeSantis also spoke about the budget proposal in a speech on Thursday in Tallahassee. “Our view as the state government is this is something that we welcome and we want to make sure that the state government is crypto-friendly,” the Florida governor remarked. In addition to Miami’s Mayor Francis Suarez, crypto businesses like Blockchain.com, Etoro, and FTX have locations in Florida and Miami.

During his speech in Tallahassee, DeSantis also discussed blockchain technology. The Florida governor explained that the state aims to launch pilot programs that tether distributed ledger technology to state-operated entities like Florida Highway Safety and Motor Vehicles, and Medicaid payments. While DeSantis has officially launched his bid for reelection as the state’s governor, there are rumors DeSantis may run for president of the United States in 2024.

What do you think about Ron DeSantis proposing that Florida businesses could pay state fees with crypto assets? Let us know what you think about this subject in the comments section below.

This 7 days in Cash: Bitcoin and Ethereum Recuperate, Terra and Polygon Rally

Bitcoin and Ethereum managed to recapture floor soon after very last week’s marketplace wipeout. The market leaders have both of those began the weekend about 3% higher than very last Saturday. 

Bitcoin currently trades at $48,576. It’s drastically shy of its former all-time significant of $69,790, recorded on November 10 this year, but it’s still superior than last weekend’s crash, which bottomed out at around $45,000. 

Ethereum confirmed promising indicators of progress this 7 days, despite the fact that it unsuccessful to breach the $4,500 threshold. On Thursday it rose to $4,482 but right now it is again down to $4,061, which is all over 17% shy of its former all-time higher of $4,860 back on November 10.

This week’s crypto information cycle was a combined bag. On Monday, Bancolombia, the greatest bank in Colombia, declared a pilot method that will help a limited amount of clients to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Funds instantly from their lender accounts. 

The country’s economic regulator, the Monetary Superintendence of Colombia, will oversee the program, no doubt with an eye to possibly acquiring a regulatory framework around crypto. 

On Tuesday, the Biden administration released a doc identified as the “United States Strategy on Countering Corruption.” One of the proposals to aid struggle corruption is the establishment of a “National Cryptocurrency Enforcement Team” which will be tackling the criminal misuse of crypto. 

Although the U.S. federal government proceeds clamping down on crypto’s dark and seedy underbelly, Wednesday introduced extra savory information for law-abiding crypto lovers. 

A delegation of CEOs from 6 of the leading crypto companies, which includes Coinbase, Circle, FTX, and Paxos, visited Congress to make the case for the escalating importance of crypto and laws in a 5-hour listening to. Considering that this time final year, the delegation would have been laughed out of Washington, the information demonstrates a notable transform of heart.

In excess of the Atlantic on Thursday, a distinctive frame of mind prevailed. British MPs on the Treasury find committee, which is responsible for retaining a shut eye on the British treasury and all of its involved bodies, together with the Economic Perform Authority (FCA),  advised the chief govt of the FCA, Nikhil Rathi, that companies should really stop using the text “invest” and “investment” when selling crypto. 

Previous JP Morgan banker-turned conservative MP Harriett Morgan instructed Rathi: “The terms ‘your investment’ endorse the idea that this is an financial investment on par with an FTSE 100 organization or a unit rely on.”

On the similar working day, Bitcoin and Ethereum fell much more than 5% in 24 hrs soon after Chinese genuine estate developers Evergrande and Kaisa were being not able to make scheduled U.S. greenback bond payments.

Some altcoins experienced a terrific week, although. 

Terra shot up 11% in excess of the previous 7 times and at this time trades for $63.10 at the time of writing. Polygon also rose noticeably, swelling by a minimal over 13% to strike $2.08. On Thursday Polygon introduced it signed a $400 million offer with Mir to extend the project’s Ethereum scaling abilities. 

The value of Tezos jumped 37% above Monday night time after Ubisoft introduced it would faucet the blockchain to mint NFTs for its impending Ghost Recon activity. This is the first time a major video clip video game publisher has supplied NFTs, and the fact that it chose Tezos is huge information for the community.

Tezos is the 41st-major cryptocurrency by current market capitalization and it is at the moment truly worth $4.51.

Lastly, Solana took a beating this week. The foremost Ethereum competitor dropped practically 13% in the last seven days and now trades for $169. 

Concluding, it is been an all-all over good week, even though only just.

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Bitcoin, Ethereum Article Weighty Losses for the Week as Crypto Current market Continues Slump

Marketplaces ongoing to slide on Friday—with Bitcoin, Ethereum and Solana all struggling double-digit seven-day losses. 

Bitcoin was trading for $47,985.20 at the time of crafting, a 15% drop above the earlier week. The largest digital asset is down more than 30% from its all-time significant of $69,044.77 1 month ago, for every CoinGecko figures. 

Ethereum, the second largest cryptocurrency by sector cap, was also down 11.4% in seven days, buying and selling for just over $4,000. 

The altcoin marketplace also primarily took a beating. Solana, an Ethereum-competitor and the fifth-most significant cryptocurrency, was buying and selling for $173, shedding 25% of its worth in a 7 days. 

Other altcoins that suffered large losses over the previous seven times involved Polkadot (down 23% in a 7 days) Dogecoin (down 19%) Avalanche (down 21%). Almost all ended up down in the earlier working day as well. 

What could be producing the huge dip in price ranges? Decrypt noted yesterday that right after Chinese genuine estate builders Evergrande and Kaisa had been unable to make scheduled U.S. greenback bond payments, stock selling prices dipped—and cryptocurrency adopted suit due to the large variety of institutional traders with pores and skin in the recreation. 

Analyst and trader Alex Kruger informed Decrypt nowadays that it was also probably down to “year-finish revenue taking.” “Imagine efficiency charges, bonuses, audits, clean profits, tax loss harvesting,” he mentioned. “It takes place.” 

Bitcoin Cash developer Chris Troutner mentioned that it was probable down to this much too. He included that “​​prices generally feel to dip prior to the conclusion of the 12 months”—except for previous year, an fantastic calendar year when “institutional buyers piled into cryptocurrency to get ahead of inflation.”

In 2018 and 2019, Bitcoin’s price tag did dip at the end of the yr. This could be down to “folks promoting to purchase provides,” he explained to Decrypt. 

Whatsoever is resulting in the dip in selling prices, could a chilly crypto winter be all around the corner?

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Miami Mayor Francis Suarez Plans to Take a Fraction of His 401k in Bitcoin

Miami Mayor Francis Suarez Plans to Take a Fraction of His 401k in Bitcoin

During the first week of November, the reelected Miami mayor Francis Suarez explained that he would receive part of his salary in bitcoin via the payment processor Strike. A month later, speaking at Real Vision’s Takeover event in Las Vegas, Suarez revealed he plans to take part of his 401k in bitcoin as well.

Pro-Bitcoin Miami Mayor Plans to Convert a Portion of His 401k Into Crypto

Miami mayor Francis Suarez is a big fan of bitcoin (BTC) and he has spoken about his fascination with cryptocurrency on various occasions. In mid-October, Suarez told the press that he was building Miami into America’s crypto capital and the mayor stressed that cryptocurrency is a “major priority” for him. Suarez also told Chinese miners to relocate to Miami and leverage Florida’s abundant nuclear energy after China banned bitcoin mining.

Last month, Suarez revealed he was utilizing the third-party payment processor Strike to get a portion of his paycheck converted into bitcoin. Additionally, a growing number of mayors in cities across the U.S. have explained they too have an interest in getting paid in bitcoin. Now Miami mayor Francis Suarez is taking it a step further and converting some of his retirement money into bitcoin as well. Speaking with the Real Vision managing editor Samuel Burke in Las Vegas, Suarez remarked that it was a “personal choice.”

“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in,” Suarez said. Burke asked the Miami mayor if he would invest his 401k in bitcoin next year and Suarez replied, “Oh yeah! Definitely.” The Miami mayor further added:

Blockchain has succeeded so well because people have confidence in it. They have confidence in it because they see that it’s an open-source and an un-manipulatable system. And I think that is the source of the popularity and why it’s done so well.

Suarez Discusses Obtaining a Crypto Yield From Miamicoin, Paying Municipal Fees in Bitcoin

Suarez explained last month that Miami residents may soon get access to a “bitcoin yield” that stems from the city’s own crypto-asset called “Miamicoin (MIA).” New York City also has its own coin called “NYC” and both NYC and MIA can be mined. The Miami mayor also told Real Vision’s managing editor that Miami residents will soon be able to pay municipal fees in BTC.

“We just had an industry day for bitcoin exchanges, and we’re in the process of putting out an RFP (request for proposal) on that,” Suarez remarked during his interview. The Miami mayor told Burke that because he has income stemming from the private sector it gives him the right to invest his 401k in crypto. “I do have private-sector income,” Suarez concluded. “So, in fairness, my mayoral salary is not 100% of my income. So it’s a part of my income I can do this type of investment with.”

What do you think about Miami mayor Francis Suarez getting part of his 401k in bitcoin? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Company Cleanspark to Kick-Start 20 MW Immersion Cooling Initiative

cleanspark

Cleanspark, a sustainability-focused bitcoin mining company, has announced it will kick-start a 20 MW initiative in its Norcross bitcoin mining facility where miners will be cooled via immersion. The company will host more than 5,900 miners in this facility, which will be submerged into tanks of a biodegradable liquid. Cleanspark states this will help them save energy and increase the hashrate obtained from the miners.

Cleanspark to Use Immersion Cooling for New Facility

Cleanspark, a sustainability-focused bitcoin mining company, announced it will start shifting to the use of alternative, more efficient methods of cooling its miners. The company revealed the establishment of a 20 MW immersion cooling initiative in its already established Norcross bitcoin mining facility, being one of the first mining companies to implement such technology on a large scale.

The company will organize almost 6,000 miners that will be submerged in 180 tanks of liquid distributed across the whole mining facility. Cleanspark will not have to retrofit anything to install the tanks required for this, an advantage that immersion cooling presents. Each tank will hold 33 Antminer S19j Pro miners.

This move will allow the company to get better performance from the miners and at the same time save energy, reducing power consumption by 20%, according to a PR statement.

Immersion Cooling Picking Up Steam

While liquid cooling is not new in the mining industry, with some small miners managing to build their own immersion mining systems, it is just recently starting to make sense to implement this solution in mining operations working on a bigger scale. This has to do with the benefits these companies can now obtain by implementing this new technology in already existent data centers.

Cleanspark CEO Zach Bradford stated:

We are constantly seeking ways to make our operations more sustainable and productive while achieving maximum performance. Deploying an environment-friendly cooling technology that also increases the economics of our bitcoin mining operations was an obvious choice for us.

The company acquired the Norfolk data center in August, hoping for this initiative to be built before the end of the year. This is not the only project that big mining companies have announced using immersion cooling recently, either. Riot Blockchain, a Nasdaq-listed mining company, recently announced that it would cool half of the capacity of its new facility in Texas with immersion cooling, with 46K miners involved in that operation.

What do you think about Cleanspark’s move to leverage immersion cooling? Tell us in the comments section below.

Bitcoin jumps past $50K as US CPI data shows highest inflation in nearly 40 years

CPI data is in line with forecasts but still shows a huge spike, while the long-term consequences for Bitcoin are far from universally positive.

Bitcoin (BTC) surged over $1,000 in seconds on Dec. 10 as the United States Consumer Price Index (CPI) data showed inflation in November was worse than anticipated. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

November CPI conforms to expectations

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD running to $50,132 on Bitstamp as the data became public Friday.

An hour before the Wall Street open, the pair had already hit its highest level in over 24 hours.

CPI had been hotly awaited by both crypto and traditional finance analysts alike, with opinions favoring at least a 6.7% year-on-year increase for November, and even over 7%. In the event, the numbers broadly conformed to conservative guesses, reaching 6.8%.

The results nonetheless mean that inflation on CPI is at its highest in almost 40 years.

U.S. CPI data chart. Source: U.S. Bureau of Labor Statistics

Still rangebound

Bitcoin’s short-term successes did not last long, with BTC/USD back under $50,000 at the time of writing.

Related: Bitcoin could hit $100K, gold $2K in 2022 thanks to ‘deflationary forces’ — Bloomberg analyst

The largest cryptocurrency remained trapped in a range with no visible upside bias, this requiring a break above $53,600 to change, analysts previously argued. 

Altcoins were unmoved by the CPI event, with Ether (ETH) still down 1.3% over the past 24 hours.

Out of the top 10 cryptocurrencies by market capitalization, only Terra (LUNA) managed to eke out a small gain on the day.

Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law

Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law

The Prosecutor General’s Office of the Russian Federation has insisted that the term “cryptocurrency” should be added to the country’s legislation. The move would allow authorities in Moscow to confiscate digital assets that have been involved in criminal activities.

Russian Prosecutor General’s Office Prepares Amendments Allowing Seizure of Cryptocurrency


With cryptocurrencies being only partially regulated through the law “On Digital Financial Assets,” work is underway in Russia to adopt legislation introducing comprehensive rules for the turnover of bitcoin and the like. The Russian Prosecutor General’s Office has joined these efforts as it wants the term “cryptocurrency” added to the legal texts.

“We have developed amendments to a number of regulatory legal acts so that cryptocurrencies in illegal circulation are not only recognized as а subject of a crime, but there’s also a legal possibility of their arrest and confiscation,” Russia’s Prosecutor General’s Igor Krasnov said in an interview with RIA Novosti news agency.

Russian lawmakers are mulling over other legislative changes to establish a proper legal framework for cryptocurrencies. A number of activities related to digital coins remain outside the scope of the current law, including taxation, mining, and payments, for example.

Calls have been mounting among officials in Moscow to recognize cryptocurrency mining as an entrepreneurial activity and tax it accordingly. At the same time, the Central Bank of Russia (CBR) remains opposed to the legalization of digital currencies as a means of payment. The regulator claims these represent “money surrogates” that are banned in Russia.

The monetary authority is currently developing a digital version of the national fiat, insisting that’s exactly what the Russians need. The digital ruble will provide а low cost and reliable payment solution that also protects personal data, the head of the CBR, Elvira Nabiullina, promised in November. Bank of Russia is planning to commence trials for the CBDC in January 2022.

Last month, the Russian Prosecutor General’s Office also proposed recognizing cryptocurrency and other virtual assets as property in the country’s Criminal Code. Igor Krasnov explained in the State Duma, the lower house of parliament, that the legal definition will be used in court proceedings.

Krasnov also revealed that his department has already drafted a bill that would regulate the matter and expressed hope that lawmakers would support it. Digital currencies such as bitcoin have been recognized as property under several other Russian acts like the laws on bankruptcy and enforcement proceedings, the anti-money laundering legislation, and the country’s anti-corruption law.

Do you expect Russia to add the term “cryptocurrency” to its legislation? Share your thoughts on the subject in the comments section below.

Bitcoin hovers near $48K ahead of fresh key US inflation data

Inflation marks just the start of some key macro decisions that could keep Bitcoin down for months, warnings indicate.

Bitcoin (BTC) recovered above $48,000 on Dec. 10 after another fall took BTC/USD to lows of $47,350 overnight.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Taper tantrums

Data from Cointelegraph Markets Pro and TradingView showed the pair orbiting $48,300 at the time of writing as markets braced for November’s Consumer Price Index (CPI) readout.

As Cointelegraph reported, economists tip this month’s year-on-year inflation data to beat October at 6.7%.

While last month’s shock CPI news fuelled an uptick across Bitcoin and crypto assets, caution among analysts prevailed ahead of Friday’s figures.

“At this point I think the CPI data is moot. Markets have priced it in unless it’s to the extreme end,” popular trader Pentoshi argued on Twitter.

He added that the “real” potential market mover from the macro side should be next week when the United States Federal Reserve’s Federal Open Market Committee gives indications over the central bank’s asset purchase taper policy.

Increasing the rate of tapering — decreasing asset purchases — would pressure risk assets, commentators say, leading to reduced performance for Bitcoin. For Arthur Hayes, former CEO of derivatives platform BitMEX, this would only reverse once the Fed returns to “business as usual.”

“For those who are deciding whether to allocate more fiat into crypto, it pays to wait. I don’t see money getting any free-er or easier. Therefore, it pays to sit on the sidelines until the dust settles after a March 2022 or June 2022 Fed rate hike,” he wrote in his latest blog post on Thursday.

“Watch out for a puke fest in risk asset prices should the Fed hike, followed by a quick resumption of zero interest rate policy and aggressive bond purchases. When the Fed signals a return to business as usual, then it’s time to back up the truck.”

U.S. inflation chart. Source: Trading Economics

“Bottoms take time”

Such a prognosis ties in with existing medium-term forecasts for Bitcoin putting its cycle top further on in 2022 — not this month, as previously slated.

“Bottoms take time. Unfortunately, they do. And we’re getting close to it with Bitcoin,” he advised Twitter followers.

“After that, we’ll get another big cycle in 2022. All good.”

He added that compared to 2017, the last post-halving bull run year, Bitcoin was “probably” more toward the beginning of its peak phase than the end of it.

Meanwhile, separate data, which has shown Bitcoin copying price action from 2017 almost to the day, faces a key test this month.

Ripple chair’s pay-off plan to convince BTC miners to adopt Proof of Stake

Billionaire Chris Larsen said that miners should view the move away from PoW as “a net positive for their longevity.”

Executive Chairman and Co-founder of Ripple Chris Larsen has unveiled his plan for Bitcoin miners to move away from Proof of Work (PoW), saying they should view it as “a net positive for their longevity.”

He argues it could provide a major boost to the share prices of listed mining firms “as any new code proposal would almost certainly have to include lucrative incentives to gain their support.”

PoW is the consensus algorithm that secures Bitcoin (BTC) transactions on the blockchain. While the Bitcoin network is the most secure and reliable, the amount of energy BTC mining requires causes endless debate in the crypto space. In a Nov. 10 blog post Larsen wrote:

“The emerging solution among climate experts is that Bitcoin’s code needs to be changed to a low energy consensus algorithm like those used by nearly all other major crypto protocols. For example, while Bitcoin uses the energy of approximately 12 million US homes per year, other methods could drive that to fewer than 100 US homes.”

Ethereum is already halfway through the switch to Proof of Stake. While Larsen said this would make Bitcoin an “outlier” he concedes that any similar change would be opposed by most Bitcoin mining companies.

However he’s proposed a solution to fairly distribute the “900 Bitcoin per day” from block rewards and the “approximately 2.1 million additional Bitcoin are to be distributed through the year 2140.”

He suggests that the “least disruptive” solution to BTC’s energy problem is to “take a snapshot of the current hash rate of existing miners and then reward miners on a pro-rata hash power basis.”

“Existing miners would simply have rights to future Bitcoin rewards without the need to expend additional energy or make additional investments in mining rigs.”

The billionaire businessman explained that his plan would give miners “additional economic benefit” and “lucrative gains” because they would gain the same revenue with less operating costs going towards their power bills.

He suggested the “future rewards […] could be held and tokenized,” concluding that “while the process to enact these plans with consensus across the Bitcoin community will take time, the benefits far outweigh the risks.”

“These assets could be extremely lucrative to existing miners, especially as Bitcoin goes from its current climate disaster status to a truly green financial technology of the future.”

Larsen specifically referenced several U.S. mining stocks including Stronghold Digital Mining (SDIG), Hive Blockchain Technologies (HIVE), Canaan (CAN), Riot Blockchain (RIOT), BIT Mining (BTCM), Bit Digital (BTBT), Bitfarms (BITF), and Marathon Digital Mining (MARA).

Related: Proof-of-stake vs. proof-of-work: Differences explained

Needless to say, the proposals are unlikely to be welcomed by Bitcoiners — or miners who have ambitious plans to increase their share of the hashrate and would miss out on additional revenue through this plan. And judging by the controversy over changing the blocksize, if the proposal did gain some support it would almost certainly lead to a PoW fork.

WisdomTree amends Bitcoin ETF application, naming US Bank as custodian

U.S. Bank launched crypto custody services for institutional investors in October as part of a partnership with New York Digital Investment Group.

New York-based asset manager WisdomTree has amended its filing for a Bitcoin exchange-traded fund with the Securities and Exchange Commission to name U.S. Bank as its custodian. 

In a Wednesday filing, WisdomTree listed U.S. Bank National Association as the custodian for shares of its Bitcoin (BTC) trust. The filing is an amendment to its March 11 registration for a spot Bitcoin exchange-traded fund, or ETF, submitted to the SEC prior to U.S. Bank offering crypto custody services for institutional investors.

On Dec. 2, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of WisdomTree’s Bitcoin Trust. It’s unclear if the recent amendment is aimed at resetting the clock on a new spot Bitcoin ETF application, given WisdomTree waited 265 days between its initial filing and the SEC rejection. A separate ETF application for WisdomTree’s Ethereum Trust submitted to the SEC in May is still under review.

Related: US is ‘unquestionably’ behind the curve on crypto ETFs, says Brian Brooks

With more than $76 billion in assets under management, WisdomTree has also launched four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors. In addition, the company already has an exchange-traded product with exposure to a basket of cryptocurrencies on Euronext exchanges in Paris and Amsterdam.

Regulators in the United States have yet to approve a cryptocurrency exchange-traded fund. However, the SEC gave the green light to products linked to crypto futures, including BTC futures ETFs from investment managers ProShares and Valkyrie. Other U.S. firms including Fidelity have successfully applied with Canadian regulators for ETFs with direct exposure to crypto.