Crypto News Roundup: $500,000 Bitcoin prediction from the 4th Week of August 2020

The last week of August came with a lot of exciting news 🤩. In today’s news roundup: Tensions are high as all indications show a coming bull run for Bitcoin. The Winklevoss brothers have made another WILD prediction. After cracking down on several cryptocurrencies, China has gist for you. You won’t believe what happened to Tesla. Russia is about to use blockchain in the most exciting way. Enjoy!

Bitcoin Price May Hit $500,000, says Tyler Winklevoss

Ah! We’ve heard all sorts of predictions for Bitcoin but this one blew our minds 🤯. If you’ve been following the crypto industry, then you may know the Winklevoss brothers. They own Gemini exchange and have been in the news for making millions of dollars from early Bitcoin investments. They are popular in the industry for their larger-than-life predictions but this may just take the cake.

Tyler Winklevoss believes that Bitcoin could hit $500,000 if it ever surpasses the value of gold. 

Yeah, this may seem like a reach but let’s look at it from his angle. He believes that as the value of the gold, oil, and the US dollar decrease, more people will use Bitcoin as a safety net. Judging from the rise in Bitcoin use, this may not be farfetched. But with how unpredictable the financial markets can be, we’ll have to see how it goes.

China Will Use its Yuan Crypto at the 2022 Olympics

China is leaving everyone else behind and unveiling its digital currency 🚀. Sun Guofeng, the head of the monetary policy department at People’s Bank of China confirmed the news.

According to Guofeng, China will use its digital currency during the upcoming olympics. The most exciting part is that it can be converted to fiat banknotes in the ratio 1:1 (1 digital yuan = 1 Chinese yuan). The exact launch date is still unclear but you’ll know as soon as we do. 

The FBI Have Arrested a Hacker in $4 million Tesla Cyberattack Plot

The American Federal Bureau of Investigation (FBI) recently arrested a Russian citizen named Pavel Kriuchkov for an attempted ransomware attack on Tesla. The 27-year old attempted to bribe a Tesla staff with $1 million to install the malware on Tesla computers.

If successfully installed, the malware would have allowed the hacker to steal sensitive Tesla data. Fortunately, the employee reported the situation to Tesla executives who called the FBI. 

Kriuchkov and his partners planned to demand $4 million from Tesla after stealing the data.

A vote via the Blockchain

The Russian Ministry of Digital Development and Communications recently tested a blockchain voting system. The voting system is in partnership with Rostelekom, a Russian telecommunication giant.

The test involved 30,000 people and votes were counted in less than 1 minute according to Rostelekom spokespeople. Russia will use the voting system in its partial parliamentary election in the Kursk and Yaroslavl regions this September.

FTX Acquires Blockfolio for $150 million

Remember Blockfolio, the portfolio tracking app? Well it turns out that FTX, a crypto exchange, is buying the company. The $150 million deal will involve cash and crypto. FTX is well-positioned for the deal since its interests are aligned with that of Blockfolio. 

FTX allows traders to get the best out of futures markets and  offers ERC-20 tokens that can track bitcoin’s volatility. 

Blockfolio allows people to create a portfolio of cryptocurrencies and track their performance over time. It also allows people to monitor market moves when they search for a token in the app. It has been downloaded over 6 million times and raised $17million in a recent funding round.

One More Thing…..

Brazil is Heading Towards Crypto Regulation 

Brazil is attempting to regulate crypto. On Monday, Senator Soraya Thronicke, a member of Brazil’s Social Liberal Party proposed new crypto rules. 

The rules are for “virtual asset” (mostly crypto) businesses, their taxes, crypto crimes, and how they protect customers. The proposal calls for stricter punishments for crypto crimes within Brazil’s crime laws.

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