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Short on cash, El Salvador doubles down on Bitcoin dream

Economic Times

Economic Times · 1y ago

Short on cash, El Salvador doubles down on Bitcoin dream

El Salvador is doubling down on its Bitcoin dream despite economic challenges, with President Nayib Bukele pushing ahead with plans to make the country a cryptocurrency haven. This move may affect the country's chances of receiving financial support from the International Monetary Fund (IMF), as the IMF has recommended removing Bitcoin's legal tender status. Critics question the decision to invest taxpayer dollars into a risky asset, while most Salvadorans remain hesitant about using Bitcoin due to concerns about its volatility and lack of understanding. Nevertheless, Bukele's Bitcoin swing has rebranded El Salvador and boosted tourism.

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El Salvador to transfer 'big chunk' of bitcoin to physical vault

Economic Times

Economic Times · 1y ago

El Salvador to transfer 'big chunk' of bitcoin to physical vault

El Salvador's President Nayib Bukele has announced that a significant portion of the country's Bitcoin assets will be transferred to an offline device and stored in a physical vault within the country. The exact size of the Bitcoin holdings remains unclear, but recent gains in cryptocurrency value have increased the country's portfolio to around $407 million. El Salvador made history by adopting Bitcoin as legal tender in September 2021, despite facing criticism, particularly from the International Monetary Fund. Additionally, Bukele has plans to establish a tax-free crypto haven called Bitcoin City.

How a taxi driver in El Salvador got rich with Bitcoin

Economic Times

Economic Times · 11m ago

How a taxi driver in El Salvador got rich with Bitcoin

Napoleon Osorio, a taxi driver in El Salvador, became the first to accept bitcoin as payment after the country made it legal tender. Osorio credits President Nayib Bukele's decision to embrace bitcoin for changing his life by providing employment opportunities and enabling him to start his own car rental business. Despite Bukele's efforts to promote bitcoin adoption, a study showed that 88% of Salvadorans have yet to use it. The IMF also expressed concerns, but a preliminary loan agreement was reached in August. Bitcoin's value has been volatile, but Osorio and others have benefited from its rise.

Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play

IndianStartupNews

IndianStartupNews · 1m ago

Harsh Jain's Dream11 enters casual real money gaming segment with Dream Play

Dream Sports, the company behind Dream11, has ventured into India's casual real-money gaming market with Dream Play, a new platform offering games like Carrom and Pool. Available on Google Play Store and App Store, Dream Play features various game modes and Mega Contests with cash prizes. This move positions Dream Play against established competitors like MPL and WinZO. Dream Sports, valued at $8 billion, reported significant revenue growth, further diversifying its offerings beyond fantasy sports.

Bitcoin more than doubles in 2024 on spot ETF approval, Trump euphoria

Economic Times

Economic Times · 7m ago

Bitcoin more than doubles in 2024 on spot ETF approval, Trump euphoria

Bitcoin more than doubled in 2024, reaching $100,000, driven by US approval of spot price ETFs and optimism around Trump’s return to the White House. This surge contributed to the cryptocurrency market’s value reaching $3.5 trillion. Analysts forecast further gains, with predictions of Bitcoin hitting $200,000 by 2025. Institutional adoption is growing, with companies like MicroStrategy significantly increasing their Bitcoin holdings, and anticipation that Bitcoin could replace gold as a “store of value.”

Dream11 to discontinue its investment arm Dream Capital

Entrackr

Entrackr · 1y ago

Dream11 to discontinue its investment arm Dream Capital

Dream Sports, the parent company of Dream11, has made the decision to shut down its venture capital and merger & acquisition arm, Dream Capital. This move comes in response to the government's implementation of a 28% GST on online real money games. Dream Capital, which was launched in August 2021 with a $250 million fund, focused on investing in startups in the sports, online gaming, and fitness-tech sectors. The discontinuation of Dream Capital was reportedly decided a few months ago, and Dev Bajaj, its head, will also be leaving the firm.

Will Bitcoin hit $1 million by 2030? 'Rich Dad Poor Dad' author Robert Kiyosaki thinks so

Economic Times

Economic Times · 1m ago

Will Bitcoin hit $1 million by 2030? 'Rich Dad Poor Dad' author Robert Kiyosaki thinks so

Robert Kiyosaki, author of "Rich Dad Poor Dad," predicts Bitcoin could reach $1 million by 2030. He emphasizes asset accumulation over short-term price movements, stating that "poor people focus on price, rich people on quantity." Kiyosaki stresses the importance of owning assets like Bitcoin, gold, and silver, rather than daily price monitoring. While some investors agree, others remain skeptical due to regulatory, technological, and market uncertainties. Kiyosaki previously forecasted similar high targets for Bitcoin and precious metals.

Fresh bitcoin hype shows crypto just can’t help itself

Wired · 1y ago

Fresh bitcoin hype shows crypto just can’t help itself

The prospect of a spot bitcoin exchange-traded fund (ETF) being launched in the US has fueled hype and a surge in crypto prices. Investment firms like BlackRock and Fidelity are preparing to launch spot bitcoin ETFs, which would allow investors to hold bitcoin through a conventional financial product. Although the arrival of a spot bitcoin ETF signifies greater acceptance of bitcoin in legacy financial institutions, analysts warn against mis- and overstating the impact on bitcoin's price. While some believe it will increase demand, others predict a potential price plunge as investors quickly cash out.

Dream11 Enters WinZO & MPL’s Turf With Foray Into Casual Real Money Gaming

Inc42 · 1m ago

Dream11 Enters WinZO & MPL’s Turf With Foray Into Casual Real Money Gaming

Dream11 has entered the casual real money gaming market with a new app, 'Dream Play,' launched in May. This app allows users to play carrom and win cash prizes, with plans to add more games like pool. The move is part of Dream11's strategy to diversify its offerings as the real money gaming sector in India faces challenges due to GST issues. Dream11 had also launched 'Dream Picks,' a real money fantasy app, earlier.

MicroStrategy’s $2 Billion Bitcoin Buy Is Largest Since 2020

Livemint

Livemint · 9m ago

MicroStrategy’s $2 Billion Bitcoin Buy Is Largest Since 2020

MicroStrategy Inc., the software maker turned crypto hedge-fund proxy, recently purchased 27,200 Bitcoin for approximately $2.03 billion. This marks the largest Bitcoin purchase by the company since it began acquiring the digital asset more than four years ago. MicroStrategy's co-founder and Chairman, Michael Saylor, initiated the investment in Bitcoin as a hedge against inflation in 2020. The company initially used cash for purchases but has since shifted to using proceeds from stock issuance and sales, as well as convertible debt sales. The latest purchase brings MicroStrategy's Bitcoin holdings to around $23 billion.

Bitcoin price drops to around $42,000 after spot ETF trading begins

Economic Times

Economic Times · 1y ago

Bitcoin price drops to around $42,000 after spot ETF trading begins

The price of Bitcoin dropped to around $42,000, down almost 10%, as spot Bitcoin exchange-traded funds (ETFs) began trading in the US. Bitcoin had reached a high of $46,000 last week and surged to a two-year high of $49,000. However, the recent dynamics have not met the expectations set by Bitcoin maximalists, and the market's ability to sustain upward momentum is in question. The approval of spot Bitcoin ETFs in the US is seen as a sign of a maturing market and regulatory support.

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