Bitcoin price latest – Elon Musk sends cryptocurrency price soaring after dubbing himself ‘The Dogefather’

BITCOIN HEADING TOWARDS $100K

Bitcoin could be heading towards $100,000, according to one expert.

Using his BTC stock-to-flow cross-asset model, Plan B, @100trillionUSD, found that Bitcoin has printed a new orange dot that lies at the middle of a bull-market cycle that will ultimately peak at $100k or above.

He shared his analysis on Twitter, saying: “New [orange] dot .. slightly down after 6 months up .. looks like the perfect setup for jump towards $100K .

“April close $57,200, March close $58,782, Feb close $45,240, Jan close $33,141, Dec close $28,992, Nov close $19,700, Oct close $13,816, Sep close $10,778.”

ELON MUSK – IS HE THE ‘DOGEFATHER’?

One lucky investor in “joke” cryptocurrency Dogecoin has netted themselves a $10billion fortune – but could the anonymous moneybags be none other than Elon Musk?

The mysterious online wallet, which caught the attention of Reddit users and crypto bloggers, has been accumulating the high risk meme currency for the past two years and has around 30% of all Dogecoin in circulation.

Commentators and internet sleuths believe a cryptic trail of transactions may hint that the man behind the multibillion dollar account is the self-proclaimed “Dogefather” Musk.

However, there is no proof that the multibillionaire Tesla boss is linked to the account – and he has previously said his endorsement of the coin is a “joke”.

DRUG DEALERS PAID £3.5M IN BITCOIN AND CRYPTOCURRENCY

Two drug dealers who sold to cocaine over the dark web were paid more than £3.5million in Bitcoin and cryptocurrency in two years.

Jehanzeb Amar and Salahydin Warsame were sentenced to 13 years and six months, and ten years and six months respectively for running the commercial-scale operation, BirminghamLive reports.

The pair were caught after using websites LetsWork and TheOnlyLw.

Prosecutor Michael Harrison said: “The main drug on offer was cocaine although other Class A drugs were available, such as heroin and LSD. Payments were to be made by cryptocurrency.”

$350MILLION STOLEN BY RANSOMWARE GANGS

Ransomware gangs forced victims into coughing up almost $350million last year in the US – up threefold from 2019 – said a task force.

Companies, government agencies, hospitals and school systems are among the victims of ransomware groups.

The epidemic of ransomware sees hackers freeze the computers of a target and demand a payoff.

Experts are demanding far more aggressive tracking of Bitcoin and other cryptocurrencies.

While those have won greater acceptance among investors over the past year, they remain the lifeblood of ransomware operators and other criminals who face little risk of prosecution in much of the world.

CHINA CRACKS DOWN ON CRYPTO FRAUDSTERS

China has ramped up its crackdown on financial scams, from cryptocurrency swindles to bogus patriotic fundraising, as new anti-fraud rules take effect.

Officials have already shut about 6,000 peer-to-peer (P2P) platforms in a purge of an industry that still owed victimised investors over $100billion as of last August.

Last year, China busted over 7,500 financial scams, according to the regulator, up 27% from 2019.

The clampdown on swindlers comes as rules combating illegal fundraising come into force on May 1, said a local financial regulator.

“Previously, you asked victims to go to court. Now, victims can bring officials to court for negligence of duty,” said the official.

TURKEY’S CRYPTO TRADING PLATFORM ICRYPEX ANNOUNCES JOINT VENTURE

Turkey’s crypto trading platform ICRYPEX has announced a joint venture with Hedef Girişim Sermayesi Yatırım Ortaklığı A.Ş. and İdealist Danışmanlık A.Ş.

ICRYPEX says it offers investors a “cutting-edge, super-fast and low commission multi-asset crypto trading platform while supporting crypto currency wallet services”.

AMSTERDAM PENTHOUSE BOUGHT IN BITCOIN

A buyer has registered to purchase a penthouse in Amsterdam with bitcoins – the first property purchase of its kind in the Netherlands.

The prime real estate was up for 21 bitcoins – around one million euros – but because of the cryptocurrency’s fluctuating price, the timing of the sale is key.

But it is not thought to be a new trend – as Marc van der Lee of the NVM tells Omroep Brabant: “How do you want to link it to the asking price for a house? Then you would have to determine the rate of the bitcoin every day and that same day.

“Adjusting the bitcoin asking price for the house. This is almost impossible with the current system.”

HMRC NOT CLAMPING DOWN ON CRYPTOCURRENCY

HMRC said it is not launching a crack down on people’s cryptocurrency assets despite fiery rumours circulating this week.

Tax officials also branded accountants at UHY Hacker Young who sparked the claims as simply “scaremongering”.

One of the UK’s largest accountancy groups, UHY Hacker Young, said HMRC were going to demand data, or a “statement of assets”, on the holdings of cryptocurrencies to catch out tax evaders.

“The majority of individuals and businesses pay the tax that is due – however there remains a determined minority who refuse to play by the rules,” a HMRC spokesman said.

“We take robust action to make sure that everyone pays the tax due – from individuals operating in the hidden economy through to action against sophisticated organised crime groups, and complex investigations into offshore structures used to hide earnings and other assets.”

HOW RISKY IS RIPPLE’S XRP?

Brits have been warned that they risk losing ALL of their money if they invest in bitcoin and other cryptocurrencies.

The UK’s money regulator the Financial Conduct Authority issued the warning at the start of the year.

It said that among the risks are the price going up and down by a lot and very suddenly – known as price volatility.

“If consumers invest in these types of product, they should be prepared to lose all their money,” the financial regulator said.

It also highlighted the lack of protection if something goes wrong.

When you put your money into a savings account with a bank and it goes bust, you’re usually covered by the the Financial Services Compensation Scheme (FSCS) up to £85,000.

CARIBBEAN ISLAND COULD BECOME HOME TO WORLD’S FIRST BITCOIN COMMUNITY

A Caribbean island could become the first place in the world to use Bitcoin instead of money.

Luxury home owners on Bequia will be able to use the digital cryptocurrency to do their grocery shopping or buy a coffee, developers say.

A small number of shops around the world already accept Bitcoin as payment and a few houses have been sold using it in the UK.

But planners say their new development on paradise isle Bequia will be “the world’s first fully Bitcoin-enabled community”.

The 39 luxury villas will be sold in the cryptocurrency, and Bitcoin will be taken as payment for everyday essentials at the development’s shop, restaurant, café and cinema.

WHAT IS ETHEREUM?

Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.

In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

It was founded by eight people, one of whom is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.

Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.

WHAT IS CRYPTOCURRENCY MINING?

Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.

Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

CRYPTO NO – WARNING TO BITCOIN INVESTORS… MORE

The FCA’s warning comes as a ban on some crypto-related investment products comes into force.

Firms offering other cryptoassets must now be registered with the FCA as part of the regulator’s efforts to tackle money laundering. Anyone who does invest in cryptocurrencies should check the firm they are using is registered with the FCA.

Despite the increase in regulation, some crypto related investments are not protected in the same ways as others.

Consumers are unlikely to be protected by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 of your savings if a firm goes bust.

You’re unlikely to take your complaint to the Financial Ombudsman Service (FOS) either, which typically only covers traditional savings and investments if something goes wrong.

CRYPTO NO – WARNING TO BITCOIN INVESTORS

Brits have been warned that they risk losing ALL of their money if they invest in Bitcoin and other cryptocurrencies.

The financial watchdog flagged the risks after the price of bitcoin rocketed to record levels this year.

The Financial Conduct Authority (FCA) said people need to be aware of the risks, ranging from prices going up and down suddenly, to the lack of protection if something goes wrong.

Investments in cryptocurrencies like Bitcoin, as well as financial products related to them, often promise high returns but “generally involves taking very high risks with investors’ money” the FCA said.

“If consumers invest in these types of product, they should be prepared to lose all their money,” the regulator added.

$1BILLION INVESTMENT IN CRYPTO BY VENTURE CAPITAL GIANT

Venture capital giant Andreessen Horowitz is looking to raise a fund of as much as $1 billion to invest in cryptocurrencies and crypto start-ups, the Financial Times reported.

The new fund is aiming to raise between $800 million and $1 billion from investors, the report said citing people familiar with the matter.

News of the development comes as cryptocurrencies surge in value this year, with a clutch of top-tier firms including Tesla diving into the space.

RISKS OF BUYING CRYPTOCURRENCY

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky. Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

Investing in cryptocurrencies is not a guaranteed way to make money. You should also think carefully about making purchases with a cryptocurrency.

For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later. That’s a 15% drop.

These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis

MORE ON DOGECOIN – ‘FUN VERSION OF BITCOIN’

Dogecoin was invented as a “fun version of bitcoin” by software engineers Jackson Palmer and Billy Markus and a single coin was worth just $0.005405 in January.

It can be traded on crypto exchanges and more popular mainstream trading apps.

At the start of 2021, the currency was worth about half a cent – even as bitcoin prices surged to nearly $30,000.

However, dogecoin has now pushed back towards the record highs it experienced earlier this month.

An 8,000 per cent price increase this year has now seen it overtake more widely-used cryptocurrencies like Litecoin.

DIGITAL GOLD

Cryptocurrencies like Dogecoin have a reputation of being seen as “digital gold” thanks to renowned investors such as billionaire hedge fund manager Paul Tudor Jones backing it.

“Until recently, established brokers, advisors and banks wrote-off crypto as ‘too volatile’—as they did with today’s household tech brands 20 years ago, failing to recognise it as a legitimate asset-class in advice issued to investors,” Stephen Kelso, head of capital markets at ITI Capital, told Forbes.

“Now we’re seeing a dramatic change in approach from asset and wealth managers, who increasingly advise their clients that Bitcoin is a preferential investment over gold.”

DOGECOIN ‘JOKE’

On April 1, Elon Musk tweeted that his private rocket company SpaceX would put “dogecoin on the literal moon” – sending its price up 35% – and even once posted a Dogecoin instruction manual on social media.

Ben Weiss, CEO at the bitcoin ATM operator CoinFlip, told Business Insider: “Many people view Doge as the ‘people’s cryptocurrency’ because it was created as a joke”

“Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency.”

‘PEOPLE’S CURRENCY’ – ELON MUSK RE DOGECOIN

Earlier this year, Elon Musk labelled “joke” cryptocurrency Dogecoin the “people’s currency” and suggested he had bought an undisclosed amount for his son, X Æ A-12.

He also threatened to buy out so-called “crypto whales” hoarding large stockpiles of Dogecoin and turn the fledgling form of cash into mainstream currency.

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo,” he tweeted.

“I will literally pay actual $ if they just void their accounts.”

Musk himself even weighed on the DH5 account, speculating the cash could have been stockpiled by Robinhood Markets – the trading company at the centre of the controversy over a GameStop trading frenzy. Responding on Twitter to a poster suggesting as much, he wrote: “Sounds like it is.”

ELON MUSK DUBBED HIMSELF ‘THE DOGEFATHER’

Dogecoin surged once again after Musk dubbed himself “The Dogefather” in a tweet hyping up his upcoming appearance on hit US show Saturday Night Live.

The coin’s price shot up from $0.25 to $0.30 within 15 minutes.

And like all cryptocurrencies, Dogecoin fluctuates wildly with investments swinging widely in the blink of an eye, with much of the ‘Dogefather’ value already falling off the coin.

Speculation that Elon Musk – the world’s second richest man – is behind the multibillion dollar wallet has been rife, but the entrepreneur said in January his comments about the cryptocurrency were “just meant to be jokes”.

But that has not stopped keen fans and speculators attempting to link Musk to the incredible Dogecoin fortune, with crypto blogs The Daily Chain and Cryptoticker both tying the Tesla chief to DH5.

ELON MUSK – IS HE THE ‘DOGEFATHER’?…MORE

Called DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L, or simply known amongst crypto communities as DH5, the Dogecoin wallet has a current balance of $10.7billion.

Created as a cryptocurrency parody in 2013, Dogecoin is based on the ‘Doge’ meme, which portrays a Shiba Inu dog – and while it is currently enjoying a boom, there is no guarantees of making money in the extremely volatile crypto markets.

The Tesla boss has previously dismissed his endorsement of the coin as a “joke”.

Crypto fans, however, point to a transaction received in February for 20.06281971 DOGE, which is believed to refer to the SpaceX’s bosses birthday on June 28, 1971.

Another for 25.14031995 DOGE received on the same day could refer to March 14, 1995 – the record-breaking day date 13 astronauts were simultaneously in space. 

ELON MUSK – IS HE THE ‘DOGEFATHER’?

One lucky investor in “joke” cryptocurrency Dogecoin has netted themselves a $10billion fortune – but could the anonymous moneybags be none other than Elon Musk?

The mysterious online wallet, which caught the attention of Reddit users and crypto bloggers, has been accumulating the high risk meme currency for the past two years and has around 30% of all Dogecoin in circulation.

Commentators and internet sleuths believe a cryptic trail of transactions may hint that the man behind the multibillion dollar account is the self-proclaimed “Dogefather” Musk.

However, there is no proof that the multibillionaire Tesla boss is linked to the account – and he has previously said his endorsement of the coin is a “joke”.

HOW TO SPEND YOUR BITCOINS

Crypto website Coinbase says paying with Bitcoin has its advantages as you don’t have to give as much personal information such as your name and address when buying online.

Instead, transactions are stored in a network called the blockchain.

The cryptocurrency can be spent anywhere so you could avoid forex fees on overseas purchases.

It can also be cheaper for retailers as they don’t have to pay fees to VISA or Mastercard to accept card payments through chip and pin readers.

Some shops will accept Bitcoin like any other currency. They may display a sign on their website or shop window that says Bitcoin accepted here.

WHAT ARE THE RISKS OF BUYING WITH CRYPTOCURRENCIES?

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky. Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

Investing in cryptocurrencies is not a guaranteed way to make money. You should also think carefully about making purchases with a cryptocurrency.

For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis. The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later. That’s a 15 per cent drop.

These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.