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Buy NBA tickets with Bitcoin

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Billionaire Bitcoin skeptic-turned-bull Mark Cuban has said his Dallas Mavericks NBA team will accept Bitcoin “next season.”

Cuban Turns On To Bitcoin Acceptance
In remarks on Twitter following publication of group line-ups, Cuban, who as of late as June last year called Bitcoin an “bubble,” affirmed fans would have the capacity to buy tickets with Bitcoin later in 2018.
The move is development for both US ball and Bitcoin acknowledgment in sport, Cuban having warmed to Bitcoin extensively finished the most recent last six months.
“It is interesting because there are a lot of assets which their value is just based on supply and demand,” he told Bloomberg in an October meet, amid which he had invested.
Most stocks, there is no intrinsic value because you have no true ownership rights and no voting rights. You just have the ability to buy and sell those stocks. Bitcoin is the same thing. Its value is based on supply demand. I have bought some through an ETN based on a Swedish exchange.
Most stocks, there is no natural esteem or intrinsic value since you have no evident proprietorship (ownership) rights and no voting rights. You simply can purchase and offer those stocks. Bitcoin is a similar thing. Its esteem depends on supply request.
Previously, in an evident publicity stunt, the billionaire had purchased $20 worth of BTC with a specific end goal to show its price would soon amend from highs of the season of around $2800.
Following In Footsteps Of Denmark’s Bitcoin Hockey Team
Outside the US, Denmark influenced a significantly more obvious motion to a month ago when a possession change of a noteworthy group hockey club brought about Bitcoin everything except assuming control.
Bitcoin Suisse’s three-year residency implies that Rungsted Seier Capital’s home stadium will now pass by the name Bitcoin Arena, while the team’s best player will get his compensation in BTC, official declarations expressed at the time.
The move “(paves) the way for others in- and outside of the world of professional sports to do the same,” a release added.
Cuban then stays tight-lipped on what spurred him to dispatch Bitcoin ticket deals for the time being.
What are your views about Mark Cuban’s decision to accept Bitcoin? Let us know in the comments!

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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