Mainstream Media are out in force today beating Bitcoin as one of society’s great ills, but you have to expect that as cryptocurrencies are now recognized as a break in government control of wealth and the flow of money.
Case in Point
Curtis Jackson, better known as hip-hop artist 50 Cent, is a bitcoin millionaire – although he only discovered it this week.
Back in 2014, he announced that he was accepting bitcoins for his album, Animal Ambition, released in June that year. Bitcoin was worth around $660 at the time.
Jackson received approximately 700 bitcoins from the album, which was worth around $400,000 at the time. The sum has since swelled to about $8 million, as the cryptocurrency surged to $11,000. He would have cashed out about $15 million if he had sold the bitcoins on December 17, when cryptocurrency peaked at about $20,000 per token. The artist boasted about his good fortune on Instagram.
Last February, 50 Cent was discharged from bankruptcy after paying $22 million of debt. The rapper had filed for bankruptcy in 2015, citing debts of $36 million and assets of less than $20 million.
The over reaction is typical in the crypto world, technically those profits were already taxable, G-BiTX has built an exchange based on compliance with international money laundering laws and tax regulations and as the regulations tighten more and more people will turn to proper exchanges like them.
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Bitcoin, Ethereum, Ripple here to Stay
Bitcoin, Ethereum, Ripple are volatile but will remain part of the financial landscape for a long time to come. Regulation and management are the key factors.
The recent crash of bitcoin and other cryptocurrencies was caused by an absence of regulation, one expert told RT. Given digital money doesn’t have intrinsic value, its price against fiat money doesn’t bear logical explanation.
“For example, the price of shares is the actual value of the company and its profitability. The price of oil and gold cannot be physically lower than the cost of mining them as minerals,” Teletrade financial consultant Mikhail Grachev said in an interview with RT.