This Week in Bitcoin: Digital Money Makes the World Go Round

This week we saw that despite some countries being less open to cryptocurrency than we would have wanted to, this amazing innovation continues to fascinate the whole world. This was evident in stories from all over the globe that were covered in this week’s daily editions of Bitcoin in Brief.

Also Read: Devere Group Adds Bitcoin Cash and EOS to Crypto Exchange App

Poloniex Responds to Complaints

On Monday we reported that Poloniex, the US-based cryptocurrency trading platform which was taken over by Circle earlier this year, has finally responded to complaints by its clients about frozen accounts. The company tried to reassure clients their funds were safe and that it has taken steps to increase the speed of the identity verification process. Additionally covered was the fact that the UK’s Financial Conduct Authority (FCA) has revealed it is investigating two dozen unauthorized cryptocurrency-related ventures and has also opened seven whistle-blower reports in 2018 alone.

McAfee Warns of War on Crypto

The big news on Tuesday was that cybersecurity expert turned pump and dump guru John McAfee has issued another bullish prediction. Bitcoin (BTC) will surpass $15,000 in June, but will dip in July, McAfee predicted. His prediction was in contrast with Russian analysts who expect that value of BTC will continue to drop, even below the psychological $6,000 USD threshold.

McAfee also also talked about “the war we are all engaged in”, Claiming that the banks, the government and the US Securities and Exchange Commission have declared war on crypto. He advised crypto enthusiasts to take action – write their congressmen and press banks and credit card companies with demands for crypto transactions. McAfee called on his followers to also write the SEC and ask “to leave us alone, because we are not a security […] we are a currency.”

China Fights Impersonators and Fraudsters

A couple of stories that show cryptocurrency is still a hot topic in China were our focus on Wednesday. First, Chinese social media has erupted in anger this week after the use of a Mao Zedong impersonator at the Boao Blockchain Forum for Asia in Hainan province. Second, a Chinese procurator’s office has reportedly prosecuted 98 people and recovered 1.7 billion yuan (about $270 million) in an alleged Onecoin pyramid scheme. Additionally covered were high market awareness in Germany, a London mosque that accepts bitcoin donations, a new green mining farm in Canada and an MMA champ’s love for crypto.

Asus Creates 20-GPU Mining Motherboard

On Thursday we reported that Taiwanese computer hardware manufacturer Asus has created a new motherboard with support for up to 20 graphics cards, designed specifically for crypto miners. The company explains that: “Mining is a numbers game; it’s only worthwhile if the value of the cryptocurrency you generate exceeds the cost of producing it. Increasing the number of graphics cards per node is a great way to stack the deck in your favor.” We also reported about a Singaporean businessman acquiring a Japanese exchange; some ripple-loving alleged Russian hackers shaking down Canadian banks; and a Colombian soccer star launching his own coin.

Expanding Horizons in Uganda, Bahrain and Georgia

Countries not often mentioned in the news made headlines on Friday. First, Binance could be opening a new office in Uganda, CEO Changpeng Zhao revealed at The Africa Blockchain Conference. “I was very impressed by the enthusiasm of Africans to introduce cryptocurrency and blockchain technology. It was surprising to see that cryptocurrencies enjoy not only an increased interest from the people, but also the active support of many representatives of African banks and government officials,” CZ stated. Second, Bahrain has recently enjoyed a spike in online trade using cryptocurrency due to an absence of limiting regulations and a shop selling crypto-priced items is set to open soon in Riffa. Lastly, we reported that a luxurious apartment has been put on sale for 25 bitcoins in Georgia.

Blockchain on the Agenda in Spain, Slovenia, Estonia and Hungary

Governments all across Europe were our focus on Saturday.  Lawmakers in Spain have issued a unanimous call for adopting regulations that favor the implementation of crypto and blockchain technologies. The government of Slovenia has adopted an action plan to underpin the implementation of blockchain technology in the country and create a regulatory framework for cryptocurrencies. In Estonia, officials have scaled down plans to issue a national cryptocurrency, which were criticized by both the European Central Bank and local banking authorities. And in Hungary, “The newly established Ministry for Innovation and Technology, along with the enhanced national digital wellbeing strategy, can help local blockchain players embrace innovative solutions and improve their fundraising potential,” said Péter Benedek, the CEO of Blockchain Competence Center (BCC).

This Week in Bitcoin Podcast

Catch the rest of this week’s news in the This Week in Bitcoin podcast with host Matt Aaron.

What other stories in the bitcoin world caught your attention this week? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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