Crypto News: Trump’s 4th NFT, BlackRock CEO Backs Bitcoin, Germany Sells BTC

July 19, 2024

Crypto World

Maciej Zerelik

Keep up with the latest from StealthEX and CryptoDaily. This week, we deliver the most thrilling updates in the crypto world. Curious about the current buzz? Our digest offers new insights and the latest events. Stay informed and don’t let the newest developments pass you by!

Trump Eyes Fourth NFT Collection as Crypto Support Grows

Former President Donald Trump is planning to launch a fourth NFT collection. This decision follows the success of his previous NFT series. Trump is eager to continue tapping into the booming crypto market.

In a recent interview, Trump expressed enthusiasm about his past collections. “We sold out all 45,000 cards,” he said. “I did it three times, and I’m doing another because people want more.”

Earlier this year, Trump hinted at another collection during an event for his mugshot NFT holders. He stressed the importance of balancing supply and demand. “One did great, two did great, three did great,” Trump remarked. “At some point, maybe that turns around.” Now, he seems committed to moving forward with a new release.

Trump’s views on cryptocurrency have evolved significantly. Once a skeptic, he now sees U.S. leadership in crypto as essential. He warns that if the U.S. doesn’t lead, other countries like China will dominate the crypto space.

Trump’s alignment with the crypto community is also reflected in his choice of running mate. He has announced pro-Bitcoin Senator J.D. Vance as his partner, further cementing his support from the crypto enthusiasts.

BlackRock CEO Larry Fink Endorses Bitcoin

Larry Fink, CEO of BlackRock, has made a dramatic shift in his stance on Bitcoin. Once a critic, he now champions the cryptocurrency as “digital gold.”

Back in 2017, Fink was highly skeptical of Bitcoin. He even described it as an “index for money laundering.” This was a common view among many in the financial sector, who saw cryptocurrencies as risky and linked to illegal activities.

Over time, the perception of Bitcoin and blockchain technology has evolved. The potential benefits of digital assets have become clearer. Last year, at a New York conference, Fink spoke about the transformative power of blockchain. He stated, “The tokenization of securities will define the next generation of markets. Distributed ledgers will enable real-time settlement of transactions and change the entire ecosystem.”

In a recent interview with CNBC’s Jim Cramer, Fink discussed his change of heart. He now sees Bitcoin as a “legitimate financial instrument.” He emphasized its potential for offering unique returns and serving as a hedge against currency debasement. Fink said, “It is a legitimate financial instrument that allows you to have uncorrelated returns. It is an instrument to invest in when you’re worried about countries debasing their currency through excess deficits.”

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German Goverment Sold All Bitcoins

The German government finalized the sale of its remaining Bitcoin on July 12. The last transaction involved 3,846 Bitcoin, each valued at approximately $62,604. These Bitcoins were transferred to “Flow Traders and 139Po,” entities likely involved in institutional deposit or OTC services, as reported by Arkham Intelligence.

Most of the 50,000 Bitcoin sold by Germany in recent weeks came from asset seizures. This sale ended a period of heightened selling activity by the German government, which sold tens of thousands of Bitcoin in multiple batches. This large-scale liquidation contributed to Bitcoin’s price drop to $54,000 on July 5.

Despite the increased selling pressure, institutional investors took advantage of the price dip. Data from CoinShares indicated that U.S. exchange-traded funds (ETFs) experienced inflows of $295 million during the week of July 8. This reversed the recent trend of low inflows into these funds. This activity suggests that institutional investors continue to have confidence in Bitcoin’s long-term potential.

Nigeria Urged to Classify Bitcoin and Ether as Commodities

Following a recent court ruling in Illinois that classifies Bitcoin and Ether as commodities, Nigerian stakeholders are pushing for the Nigerian Securities and Exchange Commission (SEC) to adopt a similar stance. This move aims to enhance regulatory clarity in the country.

Cryptocurrencies are becoming increasingly significant in global finance, prompting calls for clear asset classification. Lucky Uwakwe, chairman of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN), emphasized the need for the Nigerian SEC to define crypto asset classes.

In an interview with Cointelegraph, Uwakwe said, “The Nigerian SEC should make rules that define the asset class of crypto assets or break respective crypto into asset classes and explain how such crypto qualifies as securities or commodities.” He pointed out the distinction made by the US SEC and the Commodity Futures Trading Commission (CFTC), which classify Bitcoin and Ether as commodities. Uwakwe also noted how protocols like proof-of-stake (PoS) or proof-of-work (PoW) could influence the classification of other crypto assets.

In Nigeria, the Commodity Board has traditionally focused on physical commodities like agricultural products, paying little attention to digital commodities. Oladotun Wilfred Akangbe, chief marketing officer at Flincap, a platform for African over-the-counter crypto exchanges, highlighted the diverse nature of cryptocurrencies and the varying interests from Nigerian governmental bodies.

South Korea’s People’s Power Party Pushes for Crypto Tax Delay

South Korea’s ruling People’s Power Party has put forth a proposal to delay the tax on profits from cryptocurrency trading. This move, submitted on July 12, reflects the party’s caution towards quickly taxing virtual assets, citing it as “not advisable at this time.”

The proposal highlights the higher risks associated with crypto assets compared to stocks. The party believes that an immediate tax could deter investors from the market. The original plan was to start taxing cryptocurrency gains on January 1, 2025. However, the new proposal seeks to push this date to January 1, 2028.

Ahead of South Korea’s general elections in April, the People’s Power Party had already promised to delay the crypto gains tax by two years. On February 19, the party stressed the importance of establishing a robust crypto framework before initiating taxation. They argue that a proper regulatory structure should precede any tax measures.

A representative from the party pointed out that, unlike the stock market, there are no mandated entities overseeing crypto transactions. This gap necessitates a couple of years to develop an effective oversight system. The Korea Economic Daily noted that the initial plan to tax crypto gains was set for 2021. However, resistance from industry leaders led to multiple delays, first to 2023 and then to January 1, 2025.

If the current proposal is approved, the crypto gains tax will be postponed by nearly seven years from its original plan. Currently, South Korean investors face a 20% capital gains tax if their annual gains exceed 2.5 million won (around $1,800). 

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.