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PayPal Rolls Out Crypto for All US Customers

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Crypto Twitter reacts to the announcement and answers the question: Just how big a deal is PayPal? 

PayPal is rolling out crypto to all its users and increasing transaction limits from $10,000 to $20,000. In this episode, NLW breaks down the community response to the news, including an interesting discussion of whether the company’s BitLicense requires PayPal to hold 1:1 all the BTC its customers pay for.



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Tesla CEO Elon Musk Becomes World’s Second-Richest Person as Company Approaches $500B Market Value

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According to the Bloomberg Billionaires Index, Elon Musk’s net worth has gained over $100 billion since the beginning of the year.

The CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk has surpassed Bill Gates to become the world’s second-richest person. According to a Bloomberg report, Musk’s net worth reached a new milestone on the 23rd of November, jumping by $7.24 billion to $128 billion. 

As Tesla stock has continuously increased since the beginning of the year, the net worth of the company’s CEO has also been rising. As noted in the Bloomberg report, the increase in Musk’s net worth can be tied to the steady surge in Tesla stock. Tesla has been recording gains over the past year. Approaching a $500 billion market value, the Electric Vehicle (EV) company is currently up 4.18% to $544.41 at premarket trading. This shows an increase over its previous close of $521.85. 

Tesla Elon Musk Becomes The World’s Second-Richest Person

According to the Bloomberg Billionaires Index, Elon Musk’s net worth has gained over $100 billion since the beginning of the year. Back in January, Bloomberg ranked Musk the 35th richest person in the world. Notably, Tesla shares make up about three-quarters of Musk’s net worth. 

TSLA has gained 675.78% in the last twelve months and 523.73% in its year-to-date record. Over the past three months, the company surged 29.54%. In addition to recent gains, the EV company added over 24% over the past month. Also, Tesla stock has jumped 27.88% over the past five days. 

Since the debut of the Bloomberg Billionaires Index daily ranking in 2012, this is the second time Bill Gates has been ranked lower than the world’s second-richest. Gates, the co-founder of Microsoft Corporation (NASDAQ: MSFT), was ranked number one on the billionaire index for years before Jeff Bezos surpassed him in 2017. 

Bloomberg Billionaires Index noted that Amazon.com Inc (NASDAQ: AMZN) CEO Jeff Bezos is the world’s richest person with a total net worth of $182 billion. Since the beginning of 2020, Bezos has added $67 billion to his net worth. 

The Gates Foundation

The Bloomberg report further said that Gates’ net worth would have been higher if he has not been donating to several charities over the years. In 2000, Bill Gates and his wife Melinda Gates founded the Bill & Melinda Gates Foundation. Since then, the billionaires and philanthropists have donated billions of dollars to charities. 

Bill Gates private foundation has been committing funds in support of the creation and distribution of an effective coronavirus vaccine. Similarly, several individuals, organizations, and the government have been making significant efforts to fight the global health crisis. 

Coinspeaker earlier reported that the Gates Foundation committed an additional $70 million for the COVID-19 vaccine. As of the 13th of November, the private foundation has pledged a total of $156 million to counter the unprecedented pandemic. 

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Coinbase Ditches US Customer Tax Form That Set Off False Alarms at IRS

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Cryptocurrency exchange Coinbase has decided to discontinue sending customers 1099-Ks, the U.S. tax form which led the Internal Revenue Service (IRS) to mistakenly think traders had underreported their gains. 

The exchange will instead use the 1099-MISC form, at least for customers who earn interest on lending and similar products, it said in a Tuesday blog post, The post appeared to suggest that traders who do not meet the criteria for the 1099-MISC will likely not receive any kind of forms from Coinbase to help prepare their returns. When asked for comment, a Coinbase spokesperson simply sent CoinDesk a link to the post.

Coinbase said in the post that it will not issue IRS form 1099-Ks for the 2020 tax year. Used by some crypto exchanges to report transactions for eligible users, the 1099-K form can often be confusing because it reports only the gross proceeds of crypto transactions, without taking the base price into account.

Hence, the forms can sometimes show all transactions as generating revenue even if some may have actually caused a loss. If you bought a coin for $1 and sold it for 50 cents, your 50 cent loss would appear to be a gain, for example. This in turn may lead to exchanges reporting a significantly inflated tax burden for the user. 

This scenario seems to have played out recently when the IRS sent at least dozens of crypto users notices warning that they had underreported their holdings. Such warning letters had also been sent to crypto users last year. 

In its blog post Coinbase said that it will not issue form 1099-Bs either. The crypto exchange’s post added that 1099-MISC forms will be sent to users who earn “$600 or more in crypto from Coinbase Earn, USDC Rewards, and/or Staking in 2020.” These are income-generating products, similar to bank deposits.

But the post also did not indicate whether in the absence of a form 1099-K, regular crypto sales would be recorded on the 1099-MISC forms as well. Customers who don’t receive any forms from Coinbase and sold or converted crypto in 2020 are still responsible for reporting to the IRS and should consult a tax professional, Coinbase said. 

If the 1099-MISC became standard for traders, “a lot more people are gonna get it because the threshold for getting a 1099-MISC is very low” said Shehan Chandrasekera, head of tax strategy at CoinTracker, a portfolio monitoring service. Whereas a 1099-K is strictly for payees receiving more than 200 transactions a year worth over $20,000, the 1099-MISC would capture everyone getting $600 and up. 

While switching to the 1099-MISC is “not a perfect solution” to problems faced in crypto tax reporting, it could help Coinbase improve its compliance status by subjecting more users to reporting requirements, Chandrasekera said.

He pointed out that the switch to a new form doesn’t solve the “cost basis issue,” because the 1099-MISC form also has no place to report the price a cryptocurrency may have been purchased for. Even if there were a place in the form, Coinbase wouldn’t necessarily be able to find the information, therefore making it the user’s responsibility to keep track of the price for which they bought the assets, said Chandrasekera, who is a certified public accountant (CPA).



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Bitcoin Price Surpasses $19,000, It’s Less Than 3% from ATH

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With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.

Bitcoin is really close to its ATH market price as it has just crossed $19,000. The coin is trading at around $19,201.39 after rallying over 1.2% in the past one hour. Apparently, the asset is less than 3% shy of its all-time high achieved during the 2017/2018 bull rally.

According to the data provided by CoinGecko, Bitcoin price is now up over 162% in the past years. The asset has performed significantly better than traditional stocks, whereby the Dow is up 6.58% in the past one year. On the other hand, Gold’s market price has been falling in the past few weeks and is trading around $1800 after shedding 1.77% in the past 24 hours.

Bitcoin has been in existence in less than two decades and has surpassed in value return on many assets that have been in existence for hundreds of years. 

Speaking to media outlet CNBC last week, BlackRock chief investment officer Ricky Rieder said that Bitcoin could take gold’s place to a larger extent. According to Rieder, Bitcoin possesses more functionality than passing a bar around.

Chances of Bitcoin Price to Hit ATH and Situation in Crypto Market

With Bitcoin near its all-time high at a time when the coronavirus pandemic has put most economic sectors at standstill, analysts believe it is past the ‘tulip bubble’.

A new bull wave has awakened most altcoins that have been consolidating or in the downfall since 2018. Led by XRP, third by market capitalization, that rallied 38% yesterday and is now up another 35% today.

According to the data from Coinmarketcap, the total crypto market capitalization stands at $571,712,479,334, with the past 24-hour volume at $293,201,651,353. Notably, Bitcoin’s market dominance stands at approximately 62.4% with the rest shared amongst over 7000 digital assets. Data from analytics firm CoinGeek shows Bitcoin has a market capitalization of $356,241,048,046 with its past 24-hour trading volume at $40,964,307,457. 

There are notable fundamentals that have attributed to Bitcoin spiking in recent months. On top of the list is increased adoption by institutional and retail investors. Whereby, Grayscale Investment recently reported that its Bitcoin portfolio has surpassed 500k units of BTC and the total assets under management over $10 billion.

Notably, Bitcoin whales have been accumulating more coins and the total number of whales has been reported to be on the rise. 

“The amount of #Bitcoin whales with at least 10,000 coins (currently $185M or more) has ballooned to 114 the past couple days as prices soared above $18k. Additionally, the amount of holders with at least 1,000 $BTC ($18.5M) has hit an ATH of 2,449!” researchers from Santiment, an on-chain market analysis platform, stated.

With Bitcoin supply diminishing over time and mining difficulty on the rise amid heightened demand, the asset is poised to skyrocket further in the coming months.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”





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