The so-called ‘altcoins’, so popular during the pandemic, are now worthless. One of the stories revolves around the Nigerian SEC circular about Binance, labelling the operation, which does not have a local unit in Nigeria, as illegal. As the outlet reported, this mistake seemingly stems from a name mixup with the inactive company Binance Nigeria Limited being targeted for the dealings of the global cryptocurrency exchange Binance. Binance then took advantage of the SEC’s mistake to call out BNL as the scam entity.
- However, we explain what you need to know to work out the tax consequences in most cases.
- Mariblock subsequently published an investigation and the SEC reissued their circular.
- Donald Trump’s thumping election victory in the US, and the anticipation of it, have sparked a remarkable surge in the price of the cryptocurrency.
- Over the course of 2018 Gibraltar has seen a substantial increase in the use of cryptocurrency and the emergence of start-up ventures in the blockchain space.
- Gold, on the other hand, was valued for its strategic role in preserving wealth over the long term and for its position as a hedge against riskier investment options.
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The editorial mission of Criptonoticias focuses on explaining https://momentumcapital.reviews/ crypto, which is often complex, in simple jargon. Their coverage, for example, ranges from the viability of new coins to Bitcoin mining explainers to financial regulators outside of the United States. In an environment where cryptocurrencies are more accessible than ever, African media outlets are looking to cut through the noise. One of those outlets is Mariblock, launched by Nigeria-based financial journalist Oluwaseun Adeyanju in 2022. Buy, sell and spread your risk, all at the click of a button with our DigiGold account.
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And while Bukele is doubling down on the country’s adoption of Bitcoin with plans for the development of a ‘Bitcoin City,’ the second country that has adopted crypto as legal tender is taking a step back. Latin America has historically dealt with https://www.bankrate.com/investing/best-investments/ financial instability with frequent and brutal bouts of inflation, one of the key drivers for crypto adoption. Two of the main countries embracing crypto in the region have been Argentina and Venezuela, which have struggled with hyperinflation and volatile economies in recent years. Read our guide to How to be a successful investor, which looks at the far less high octane world of long-term investing and how to make it a success.
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Mariblock subsequently published an investigation and the SEC reissued their circular. For example, earlier this year, various publications were reporting on Bitcoin trading at a premium in Nigerian cryptocurrency exchanges, meaning that the price is higher than the average Bitcoin price. However, Adeyanju points out that this is a misconception on how the exchange rate in Nigeria works, which is why they published a story debunking this misleading narrative. Conversely, cryptocurrencies such as Bitcoin are, of course, digital- not tangible and the source of their demand is more concentrated, predominantly for investment. According to The World Gold Council, the recent volatility in the price of Bitcoin, may suggest that it mainly responds to speculative price momentum rather than a means of storing wealth over the long term. With crypto investing considered high risk, Peters says investors should only commit what they can afford, with crypto assets only forming a small part of their portfolios.
Gold vs. Bitcoin
Bitcoin was designed to be scarce, mimicking the properties https://www.tradingview.com/symbols/BTCUSD/ of gold, and introduced a novel confirmation system called Proof-of-Work (PoW) to validate transactions on a public ledger known as the blockchain. One of the biggest players in the space is CoinDesk whose profile rose after breaking the news that eventually led to the bankruptcy of cryptocurrency exchange company FTX and fraud charges for its CEO Sam Bankman-Fried. In 2022 the blockchain world experienced a so-called ‘crypto winter.’ Bitcoin lost three-quarters of its value (it has since bounced back).
With appropriate regulation, they could provide a more efficient means of payment and widen consumer choice. In a move that would have surprised few on the Rock, it was reported that a football team playing in Gibraltar’s first division would remunerate its players with cryptocurrency. Gibraltar United, which made headlines last year following the major investment by former Real Madrid right-back Michel Salgado. At Onfido, we’ve also seen a concerning trend when it comes to crypto fraud. As public interest in crypto spikes or as the price of cryptocurrencies rises, fraud attempts also increase. With Bitcoin hitting an all-time high of $78,795 in November 2024, and estimates that there are now over 9,000 different cryptocurrencies worldwide, it’s unsurprising that crypto-related fraud has increased in 2024.
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In general, if you have received cryptoassets as a form of reward then they will usually be taxable. On the other hand, if you receive cryptoassets as an unrequested gift without doing anything in return then they will generally not be in scope of income tax. However, when making a gift, the person making it should consider if there are any inheritance tax or capital gains tax consequences. https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_forex.html Gold has been recognised as an important and tangible store of wealth and form of exchange for thousands of years. It is owned not only by individual investors, but also institutional investors and central banks all over the world.
