Bitcoin price latest – Elon Musk sends cryptocurrency price soaring after dubbing himself ‘The Dogefather’
ELON Musk named himself the “Dogefather” before his appearance on Saturday Night Live, in a tweet that immediately sent the cryptocurrency soaring.
He labelled “joke” cryptocurrency Dogecoin the “people’s currency” and suggested he had bought an undisclosed amount for his son, X Æ A-12.
He also threatened to buy out so-called “crypto whales” hoarding large stockpiles of Dogecoin and turn the fledgling form of cash into mainstream currency.
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” he tweeted.
“I will literally pay actual $ if they just void their accounts.”
Ethereum’s and Dogecoin’ price is continuing to rise at a faster rate than Bitcoin.
On Sunday, a new record was broken as Ethereum reached $2,953 – up nearly 1,500 per cent since this time last year. One analyst claimed this week that “a ride to $5,000 is imminent”.
This means its value has risen by more than 1,300 per cent in less than a year and is currently outperforming Bitcoin in terms of percentage growth.
The price of dogecoin shot up from $0.25 to $0.30 in less than 15 minutes after Musk posted a cryptic tweet reading: “The Dogefather” – “SNL May 8”.
Read our cyptocurrency live blog below for the very latest updates…
HMRC DEMANDS BRITS HAND OVER CRYPTO DATA
HM Revenue & Customers is demanding people under investigation for tax evasion hand over data on the cryptocurrencies they hold.
It also wants information on other assets commonly used by organised crime and Latin American drugs cartels, The Times reports.
A new section on the tax forms sent to those under investigation states they must declare “worldwide assets, liabilities and business interests”.
David Jones from Hacker Young, the accountancy firm, said: “HMRC suspects that an increasing amount of hidden wealth is slipping through its fingers thanks to the rise of cryptocurrencies and other unsanctioned money transfer systems.
“This demand for information is an important step in HMRC’s fightback against that.”
CONTINUED: INVESTING IS ‘NOT AN EASY WAY TO MAKE A FORTUNE’
Buffett has said that most people will fare better by owning an S&P 500 index fund instead of betting on individual stocks.
He said many of the novice investors who jumped into the market recently and drove up the value of video game retailer GameStop are essentially gambling.
INVESTING IS ‘NOT AN EASY WAY TO MAKE A FORTUNE’
Billionaire Warren Buffett warned people not to think investing is an easy way to make a fortune as he answered a variety of questions at Berkshire Hathaway’s annual meeting on Saturday.
Buffett said it can be tough to pick the long-term winners and pointed out that in 1903 there were more than 2,000 car companies, and nearly all of them failed even though cars have transformed the country since then.
“Theres a lot more to picking stocks than figuring out what will be an incredible industry in the future,” said Buffett, who is known for his remarkably successful investing record.
“I just want to tell you that its not as easy as it sounds.”
Buffett said the stock trading platforms that allow people to buy and sell stocks for free, such as Robinhood, are only encouraging that gambling.
VISA ‘LEANING TOWARDS CRYPTOCURRENCY’
Visa is leaning towards the cryptocurrency “in a very, very big way”, according to CEO Al Kelly.
He said the company is “extremely well-positioned”, adding: “Our focus is on five different opportunities that we see in this space,” Bitcoin.com reports.
- Enabling consumers to make a purchase of these currencies or bitcoin.
- Enabling digital-currency cash-outs to fiat.
- Enabling financial institutions and fintech partners to be able to offer a crypto option for their customers.
- Upgraded infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC.
- Just working with central banks.
UZBEKISTAN LEGALISING CRYPTOCURRENCY TRADING
Uzbekistan looks set to legalise cryptocurrency trading.
The National Agency for Project Management under the President of the Republic of Uzbekistan (NAPM) said in a statement: “Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies.
“The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself.”
The country previously banned all citizens from trading in crypto and the rules have fluctuated since.
INVESTING IN SAFEMOON & DOGECOIN ‘LIKE BETTING ON A SLOT MACHINE’
Experts have compared investing in SafeMoon and Dogecoin to betting on a slot machine.
Speaking to Business Insider, Susannah Streeter, an analyst at British financial services company Hargreaves Lansdown, said: “Gains are being fueled by frenzied chat across social media with influencers jostling for position to push their favored coins.”
She added: “Its model appears to be geared towards helping early holders of the currency get rich, as others pile in after them, pushing the price up further.
“Traders buying in late with the expectation of celestial rewards are likely to be sorely disappointed when the price falls back to earth with a bump.”
Edward Moya, a market analyst at crypto platform Oanda, warned further, stating: “Many view it as a pump-and-dump coin. Safemoon’s initial buzz started off as many anticipated it will have a similar rise like dogecoin. It seems unlikely Safemoon will ever make it to the moon.”
DOGECOIN MILLIONAIRE IN 69 DAYS
A man became a Dogecoin millionaire in 69 days.
Glauber Contessoto, 33, bought five million Dogecoins at around $0.045 on February 5, CNBC reports.
He then shared a screenshot of his Robinhood account on the r/dogecoin subreddit on April 15 that showed the value of his investment to be little over $1m – meaning it took him about 69 days to make the impressive sum.
Contessoto posted a video on YouTube explaining how he got involved with cryptocurrency.
In it he says he was inspired by Elon Musk when he tweeted about Dogecoin and invested his entire life savings into it.
ALIBABA ‘BOUGHT $20M IN BITCOIN’
Alibaba is rumoured to have bought $20m in Bitcoin.
Twitter users are sharing claims the E-commerce giant has garnered a share of the cryptocurrency following the company’s announcement that its 2021 Q1 earnings report will hit the market on May 13.
CNBC’S Ran Neuner weighed into the chat, tweeting: “USA: Tesla buys $1,5bn in Bitcoin. China: Alibaba, hold my beer.”
BITCOIN SUCCESS IS ‘DISGUSTING’
An American billionaire investor and businessman has described Bitcoin’s success as “disgusting”.
Charlie Munger, vice chairman of Berkshire Hathaway, said its impressive performance over the last year, and cryptocurrency generally, is “too volatile” to be considered a global medium of exchange.
Speaking at the multinational conglomerate’s annual meeting on Saturday, he added: “Of course I hate the Bitcoin success.
“And I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.
“I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization.”
BITCOIN HEADING TOWARDS $100K
Bitcoin could be heading towards $100,000, according to one expert.
Using his BTC stock-to-flow cross-asset model, Plan B, @100trillionUSD, found that Bitcoin has printed a new orange dot that lies at the middle of a bull-market cycle that will ultimately peak at $100k or above.
He shared his analysis on Twitter, saying: “New [orange] dot .. slightly down after 6 months up .. looks like the perfect setup for jump towards $100K .
“April close $57,200, March close $58,782, Feb close $45,240, Jan close $33,141, Dec close $28,992, Nov close $19,700, Oct close $13,816, Sep close $10,778.”
🟠New dot .. slightly down after 6 months up .. looks like the perfect setup for jump towards $100K🚀
April close $57,200
March close $58,782
Feb close $45,240
Jan close $33,141
Dec close $28,992
Nov close $19,700
Oct close $13,816
Sep close $10,778 pic.twitter.com/wLcbzN4qfm
— PlanB (@100trillionUSD) April 30, 2021
ELON MUSK – IS HE THE ‘DOGEFATHER’?
One lucky investor in “joke” cryptocurrency Dogecoin has netted themselves a $10billion fortune – but could the anonymous moneybags be none other than Elon Musk?
The mysterious online wallet, which caught the attention of Reddit users and crypto bloggers, has been accumulating the high risk meme currency for the past two years and has around 30% of all Dogecoin in circulation.
Commentators and internet sleuths believe a cryptic trail of transactions may hint that the man behind the multibillion dollar account is the self-proclaimed “Dogefather” Musk.
However, there is no proof that the multibillionaire Tesla boss is linked to the account – and he has previously said his endorsement of the coin is a “joke”.
DRUG DEALERS PAID £3.5M IN BITCOIN AND CRYPTOCURRENCY
Two drug dealers who sold to cocaine over the dark web were paid more than £3.5million in Bitcoin and cryptocurrency in two years.
Jehanzeb Amar and Salahydin Warsame were sentenced to 13 years and six months, and ten years and six months respectively for running the commercial-scale operation, BirminghamLive reports.
The pair were caught after using websites LetsWork and TheOnlyLw.
Prosecutor Michael Harrison said: “The main drug on offer was cocaine although other Class A drugs were available, such as heroin and LSD. Payments were to be made by cryptocurrency.”
$350MILLION STOLEN BY RANSOMWARE GANGS
Ransomware gangs forced victims into coughing up almost $350million last year in the US – up threefold from 2019 – said a task force.
Companies, government agencies, hospitals and school systems are among the victims of ransomware groups.
The epidemic of ransomware sees hackers freeze the computers of a target and demand a payoff.
Experts are demanding far more aggressive tracking of Bitcoin and other cryptocurrencies.
While those have won greater acceptance among investors over the past year, they remain the lifeblood of ransomware operators and other criminals who face little risk of prosecution in much of the world.
CHINA CRACKS DOWN ON CRYPTO FRAUDSTERS
China has ramped up its crackdown on financial scams, from cryptocurrency swindles to bogus patriotic fundraising, as new anti-fraud rules take effect.
Officials have already shut about 6,000 peer-to-peer (P2P) platforms in a purge of an industry that still owed victimised investors over $100billion as of last August.
Last year, China busted over 7,500 financial scams, according to the regulator, up 27% from 2019.
The clampdown on swindlers comes as rules combating illegal fundraising come into force on May 1, said a local financial regulator.
“Previously, you asked victims to go to court. Now, victims can bring officials to court for negligence of duty,” said the official.
TURKEY’S CRYPTO TRADING PLATFORM ICRYPEX ANNOUNCES JOINT VENTURE
Turkey’s crypto trading platform ICRYPEX has announced a joint venture with Hedef Girişim Sermayesi Yatırım Ortaklığı A.Ş. and İdealist Danışmanlık A.Ş.
ICRYPEX says it offers investors a “cutting-edge, super-fast and low commission multi-asset crypto trading platform while supporting crypto currency wallet services”.
AMSTERDAM PENTHOUSE BOUGHT IN BITCOIN
A buyer has registered to purchase a penthouse in Amsterdam with bitcoins – the first property purchase of its kind in the Netherlands.
The prime real estate was up for 21 bitcoins – around one million euros – but because of the cryptocurrency’s fluctuating price, the timing of the sale is key.
But it is not thought to be a new trend – as Marc van der Lee of the NVM tells Omroep Brabant: “How do you want to link it to the asking price for a house? Then you would have to determine the rate of the bitcoin every day and that same day.
“Adjusting the bitcoin asking price for the house. This is almost impossible with the current system.”
HMRC NOT CLAMPING DOWN ON CRYPTOCURRENCY
HMRC said it is not launching a crack down on people’s cryptocurrency assets despite fiery rumours circulating this week.
Tax officials also branded accountants at UHY Hacker Young who sparked the claims as simply “scaremongering”.
One of the UK’s largest accountancy groups, UHY Hacker Young, said HMRC were going to demand data, or a “statement of assets”, on the holdings of cryptocurrencies to catch out tax evaders.
“The majority of individuals and businesses pay the tax that is due – however there remains a determined minority who refuse to play by the rules,” a HMRC spokesman said.
“We take robust action to make sure that everyone pays the tax due – from individuals operating in the hidden economy through to action against sophisticated organised crime groups, and complex investigations into offshore structures used to hide earnings and other assets.”
HOW RISKY IS RIPPLE’S XRP?
Brits have been warned that they risk losing ALL of their money if they invest in bitcoin and other cryptocurrencies.
The UK’s money regulator the Financial Conduct Authority issued the warning at the start of the year.
It said that among the risks are the price going up and down by a lot and very suddenly – known as price volatility.
“If consumers invest in these types of product, they should be prepared to lose all their money,” the financial regulator said.
It also highlighted the lack of protection if something goes wrong.
When you put your money into a savings account with a bank and it goes bust, you’re usually covered by the the Financial Services Compensation Scheme (FSCS) up to £85,000.
CARIBBEAN ISLAND COULD BECOME HOME TO WORLD’S FIRST BITCOIN COMMUNITY
A Caribbean island could become the first place in the world to use Bitcoin instead of money.
Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.
A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.
But planners say their new development on paradise isle Bequia will be “the world’s first fully Bitcoin-enabled community”.
The 39 luxury villas will be sold in the cryptocurrency, and Bitcoin will be taken as payment for everyday essentials at the development’s shop, restaurant, café and cinema.
WHAT IS ETHEREUM?
Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.
In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.
It was founded by eight people, one of whom is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.
Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.
WHAT IS CRYPTOCURRENCY MINING?
Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.
Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.
Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.
CRYPTO NO – WARNING TO BITCOIN INVESTORS… MORE
The FCA’s warning comes as a ban on some crypto-related investment products comes into force.
Firms offering other cryptoassets must now be registered with the FCA as part of the regulator’s efforts to tackle money laundering. Anyone who does invest in cryptocurrencies should check the firm they are using is registered with the FCA.
Despite the increase in regulation, some crypto related investments are not protected in the same ways as others.
Consumers are unlikely to be protected by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 of your savings if a firm goes bust.
You’re unlikely to take your complaint to the Financial Ombudsman Service (FOS) either, which typically only covers traditional savings and investments if something goes wrong.
CRYPTO NO – WARNING TO BITCOIN INVESTORS
Brits have been warned that they risk losing ALL of their money if they invest in Bitcoin and other cryptocurrencies.
The financial watchdog flagged the risks after the price of bitcoin rocketed to record levels this year.
The Financial Conduct Authority (FCA) said people need to be aware of the risks, ranging from prices going up and down suddenly, to the lack of protection if something goes wrong.
Investments in cryptocurrencies like Bitcoin, as well as financial products related to them, often promise high returns but “generally involves taking very high risks with investors’ money” the FCA said.
“If consumers invest in these types of product, they should be prepared to lose all their money,” the regulator added.
$1BILLION INVESTMENT IN CRYPTO BY VENTURE CAPITAL GIANT
Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups, the Financial Times reported.
The new fund is aiming to raise between $800 million and $1 billion from investors, the report said citing people familiar with the matter.
News of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla diving into the space.
RISKS OF BUYING CRYPTOCURRENCY
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky. Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money. You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later. That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis
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