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On Thursday, July 4, two bitcoin transactions were made from three wallets associated with the bankrupt exchange Mt.Gox. The recipients of the funds include one of five exchanges designated to make payments to affected users. Operating from 2010 to 2014, Mt.Gox was the largest crypto exchange in the world at that time, accounting for more than 70% of all Bitcoin trading volume. However, a series of hacker attacks resulted in the exchange losing 850,000 BTC, which would be worth more than $50 billion at today's exchange rate. The bankruptcy resulted in a seven-and-a-half year trial before a plan was developed in 2021 to reimburse affected users.
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Market analyst Christian Cifoa believes a possible Fed rate cut will likely push Bitcoin to an all-time high above $150,000. His analysis is based on parallels between the current market scenario and past Fed rate cuts. Reflecting on the Fed's actions in July 2019, the expert noted the rapid growth of Bitcoin after the first rate cut - in a few weeks the asset grew from $7,400 to $14,000. However, the downward trend continued until the onset of the pandemic, which resulted in a global economic collapse similar to the 2008 global financial crisis.
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In the USA, Congressman Matt Gaetz introduced the bill allowing Federal Income Tax to be paid with Bitcoin. Florida's representative introduced a bill that would amend the Internal Revenue Code of 1986 to allow taxpayers to use Bitcoin to pay taxes. The proposed amendment authorizes the Treasury to “develop and implement a method that will allow any tax imposed on an individual to be paid in Bitcoin” under the stated title. This move could be a game-changer in increasing the adoption of cryptocurrencies in the United States. This innovative legislation is not just a minor adjustment to the existing Treasury law. It represents a significant shift in the government's approach to digital assets. *This is not investment advice.
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Manufacturers have struggled to make services for smart devices profitable, leading to problems for consumers. But these machines could be corralled to create blockchain-linked decentralized cloud infrastructure, says E&Y’s Paul Brody. Over a decade ago, I got into the blockchain business because I wanted to fix the Internet of Things. A decade later, both businesses are thriving and both still have big problems with their business models. It may well be that, like the original internet, we can never really escape bad business models once they take root. I am, for one, skeptical that we’ll ever be free from the our-service-is-free-because-you-are-the-product model of social media, for example.
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