TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. BitMEX Research classifies Libra as a fixed ETF. Iran mosques being used as mining safehouses. Billionaire Henry Kravis invests in crypto. Bitcoin and Ethereum trade at a 10% premium on South Korean exchanges. Bitcoin more popular than Kim Kardashian, and an IMF survey signals digital central bank-backed cryptocurrencies could be used in the future.
BitMEX Research Touts Libra as a Fixed ETF
BitMEX research, the investigative arm of the exchange, released a new direct comparison of Libra, the cryptocurrency project proposed by Facebook, and the ETF proposal from Blackrock. According to BitMEX, “Libra is analogous to the popular Exchange Traded Fund (ETF) model, where unit holders are entitled to the financial returns of a basket of financial assets,” but with fundamental disadvantages. As tongue-in-cheek as this comparison might be, it illustrates how Facebook could be evading hurdles by choosing to launch Libra as a digital currency instead of launching it as a different financial tool.
Iran Mosques Being Used as Mining SafeHouses
Mosques receive free energy in Iran. Iranians have set up Bitcoin miners in them. There’s around 100 here, producing around $260,000 USD a year. This money goes a long way in Iran’s choked sanctioned economy. https://t.co/fczwdqCPAd
— mahsa alimardani 🌒 (@maasalan) June 26, 2019
The mining ban the Iranian government has exerted is making miners apply unorthodox solutions to the problem and seek new sites to mine safely. Mahsa Alimardani, an Iranian-Canadian internet researcher, declared miners are using mosques as a safe haven for running their operations. According to her, there are mosques with more than 100 miners, producing $260K yearly. Mining hardware is being confiscated by the government due to the steep rise in power consumption believed to be the result of growth in bitcoin mining activity.
Billionaire Henry Kravis Invests in Crypto
Henry Kravis, the 365th richest person in the world, co-founder of global investment firm KKR, made its first foray into the cryptocurrency business. Kravis is reportedly backing up a cryptocurrency fund called ParaFI Capital, a blockchain dedicated company. The fund has a diversified portfolio, but focused their attention on the famous exchange Coinbase and MakerDAO, the startup behind the Ethereum based stablecoin Dai. A spokesperson for the billionaire declined to comment.
Bitcoin and Ethereum Trading at a Premium In South Korea
Bitcoin and Ethereum are trading at a 10% premium on South Korea-based exchanges compared to their international prices, according to a report from TrustNodes. The reason is due to South Korean KYC requirements needed to open a crypto exchange account. However, this has not sparked an exacerbated arbitrage movement.
Bitcoin Now More Popular Than Kim Kardashian
According to a report from Coinbase, Bitcoin is now more popular than social influencer Kim Kardashian. In fact, Americans searched three times more information about Bitcoin than about the fashion and lifestyle icon during the month of June, and this tendency is just getting bigger. More than 58% of Americans say they have heard of crypto.
IMF: Central Bank-Backed Currencies Could be a Reality
The IMF (International Monetary Fund) mentioned in an article the occurrence of digital, central bank-backed cryptocurrencies could indeed be a thing, based on results of a regional survey. Still, there are just four test pilot programs. Despite this, there are various advantages in issuing such currencies: more efficiency on monetary policy implementation and countering stateless cryptocurrencies.
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