Financial services firm Square has bought nearly $ 50 million in Bitcoin, claiming the asset “aligns” with the company’s purpose. The enterprise purchased a total of 4,709 BTC, which is approximately one percent of the company’s total assets. Jack Dorsey, CEO of Square, tweeted a white paper on Twitter describing how the company bought Bitcoin on the OTC market, which used the 99Bitcoins OTC guide as a reference.
John McAfee, the world’s leading anti-virus software creator, is arguably arrested in Spain for refusing to file tax returns between 2014 and 2018. He is also facing legal action from the SEC for allegedly promoting digital ticket offerings while failed to disclose the approximately $ 23 million in payments it received, and in doing so, violated existing securities laws.
Britain’s top financial watchdog, the FCA looks to ban all products from tracking the prices of top cryptocurrencies like bitcoin. The FCA has noted that too many people have lost money on digital assets and that the risks associated with crypto trading are unusually high. The ban will take effect in 2021 and is the subject of anger from analysts.
Legislators in Romania are following in the footsteps of the U.S. Marshal’s Office and are looking to auction off about $ 7,000 in bitcoin seized from criminal operations. Romania has announced that it is opening the auction to legal entities only. All companies that want to participate in the auction must use specific security tactics, such as KYC protocols.
And now, this week’s Bitcoin Quick Question is: What Is A Dollar Cost Average?
Average dollar cost, also known as DCA, is a long-term investment strategy.
It allows you to disconnect from the short-term price volatility by investing a fixed amount of US Dollars or other fiat currency in Bitcoin, at regular time intervals.
For example, acquire $ 50 worth of BTC per week, or 1% of your monthly salary on receipt.
With DCA you do not need to time the market, instead, you are creating an average entry price that, assuming your thesis is correct, will tend to be higher overall.
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That’s what’s happened this week in crypto. See you next week.