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Vitalik Buterin owns 500000 Ethereum

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Vitalik Buterin

Russian-Canadian Programmer and Co-Founder of Ethereum (one of the leading crypto currencies) holds around 500000 Ethereum, with current market price it’s worth more than $500 million in Net worth of Vitalik Buterin. Ethereum Co-Founder is a college dropout who started to pursue his passion at a very early age and it seems like that is paying off sweetly.

Ethereum is at all-time high of price more than $1000 per unit, making it one of the best performing crypto currencies in past one year with gains of more than 10000% in just 2017.

Ethereum started 2018 with a bang, gained more than 40% in first week alone and still counting. This massive Bull run is not only making money for its investors but also for its Founders as well, in Feb 2016, Vitalik Buterin announced that he holds around 630000 Ethereum, but later he sold 25% of his total holdings and currently holds around 500000 Ethereum, taking his net worth to a whopping number of $500 million that half a Billion dollars, They way Ethereum price is rising this year, it is pretty much possible that his net worth could touch the mark of $1 billion in near future.

Ethereum bills itself as a blockchain app platform where transactions are used to pay for decentralized computing power. (The most visible of these apps so far has involved the breeding and trading of digital cats) Despite its intentions, the coin’s skyrocketing value has much less to do with enabling trustless apps than the sort of wild speculation that drove a nearly 20x increase in bitcoin over last year.

Ethereum is making people rich, just like Bitcoin. The big difference between Ethereum and any other crypto currency is that acceptance of Ethereum is much higher than any other crypto currency (Bitcoin is an exception). We are experiencing a Flood of ICO’s and almost all of them are based on the structure provided by Ethereum, making it more useful than anything else.

 

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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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