Bitcoin

Bitcoin

Norwegian Airlines to Accept Bitcoin as a Payment Mode

Norwegian Airlines to accept Bitcoin as a payment mode

The major airlines of Europe Norwegian Air will allow its passenger to buy tickets using bitcoin later this year, as reported by the local news agency. The CEO and the founder Bjørn Kjos, of the largest Scandinavian airlines, is a big fan of crypto. But his crypto ventures do not end here. He is also starting a digital currency exchange in Norway.

The citizen of Norway can purchase flight tickets using cryptocurrency. The NBX exchange will be functional for them from August this year. As per the local daily, the exchange will spread its services to the neighboring countries in the coming months.

The existing reward points of Norwegian Air will get integrated into NBX. The points the customers will be earning on the exchange can be employed to purchase air tickets.

The entire Kjos family has great faith in cryptocurrencies. Last year Lars Ola Kjos was the principal investor of cryptocurrency on the Norwegian scale.

Stig A. Kjos-Mathisen, the chief of the exchange, said, the customers will get a chance to get cash points on trading in the exchange. They can even earn cash if they make payment to the airlines through the exchange. The launch of the exchange has got postponed from last fall to August.

Once the exchange is launched, it will act as a payment solution to the airlines, which is the third major cheap-cost airlines in Europe. The passengers can buy tickets using this new solution instead of using their credit cards.

Many business houses who are accepting cryptocurrencies as a compensation option has to depend on a third-party compensation solution. But the Norwegian Airlines do not have to depend on others as NBX has developed the payment solution.

The head of the yet to be launched exchange also said NBX would work as a payment processor of cryptocurrencies for the airlines. In short, it will work as a complete payment solution for Airlines. In addition to Bitcoin, the transaction will also accept Ethereum and USDC.

Although Norwegian Airlines is not the first entrant in the market to accept cryptocurrency, a California based travel agency has initiated the process in 2013 by accepting Bitcoin as the payment option.

Bitcoin Breaches $11,800; How Soon is $15,000?

Bitocoin
  • Bitcoin goes beyond 11,800 USD price mark.
  • The coin may break out the major resistance level around 12,800 USD.

Bitcoin is the highest rated and best-performing coin of the current times. Contrary to popular perception, Bitcoin is yet to get into a price correction phase. The coin has recently breached 11,800 USD price level. It should be noted that it is the highest Bitcoin has got since March 2018. The coin has four major swings in the last 24 hours. The first hike was between 03:38 UTC and 11:05 UTC, and this hike made the coin to gain 3.5%. This was followed by a dip of 3.57% in the next 1 hour and 16 minutes. Again a hike of 3.36% was noticed between 12:22 UTC and 16:23 UTC. The latest hike between 17:39 UTC of yesterday and 00:47 UTC of today has made the coin to get a whopping 6.58%. This hike has helped the coin to go beyond 11,800 USD. The medium-term outlook is bullish for Bitcoin. The coin is likely to touch 15,000 USD by the end of this year. Let us look at the current details of the coin.

BTC Price Statistics-

Bitcoin Price Chart

Bitcoin (BTC) 26th June 02:37 UTC
Rank 1st
ROI (Return on Investment) 8,677.42%
Coin Circulation 17,780,775 BTC
Market Cap 202,085,413,735 USD
Value in USD 11,863.78 USD
All-Time High 20,089 USD
24h Volume 22,666,958,470 USD

BTC to USD Price Comparison-

Bitcoin got its first hike of the year between 27th March and 03rd April of 23.60%. Between 25th April and 15th May, the coin gained 58.47%. And this was followed by a dip of 9.71% over the next three days. The latest growth was made between 9th June and 25th June. This growth accounts for a hike of 54.45%, and this is credited for the success of Bitcoin breaching 11,800 USD price mark. The market cap on 26th May was 141,603,993,304 USD, and the value of each coin was 8713.26 USD. The current market cap and the value of each coin are respectively 42.71% and 36.15% more than the figures for the last month.

BTC Price Prediction-

As mentioned earlier, the coin is likely to have bullish medium-term. By the end of 2019, the coin may be roaming around 15,000 USD. The next resistance points are 12052.16 USD, 12313.4 USD, and 12835.88 USD. The support levels are 11268.44 USD, 10745.96 USD, and 10484.72 USD.

Conclusion-

Bitcoin is definitely one of the most promising and best-performing assets in the whole world. New investors need to have a long-term association with Bitcoin for reaping maximum profits.

Bitcoin Intraday Price Analysis: Will BTC Price Coin Cross $8700 Today?

Bitcoin News

Bitcoin Price is heading with the bullish trend. The market, on the other hand, is moving in a different direction. Most of the altcoins were dripped in red colors. Surprisingly, BTC is not only green but is rapidly touching new highs on the price chart.

The investors of Bitcoins are booking profits due to the same. Many analysts are predicting that Bitcoin can cross $8700 today. The predictions couldn’t be marked vague as the movement in the chart is astounding. Today’s movement in Bitcoin has made us remember a famous quote by Sheldon Cooper in Big Bang Theory, which says, “Today Is Anything Can Happen Friday.” The dialogue is well suited for the current momentum.

Current Statistics of Bitcoin (BTC):

The chart is taken from Trading View on 14th June 2019, at 22:51:29 UTC for price analysis.

BTCUSD 5 Day Price Chart

Summary of Statistics:

  • The price of Bitcoin is $8662.6.
  • The circulating supply is 17,759,375 BTC.
  • The market capitalization of Bitcoin (BTC) is $153,948,629,062.
  • The Return on Investment (ROI) is noted as 6,306.94%.
  • The 24hr volume of Bitcoin is $19,683,378,023.

The price in Bitcoin reflected bullish trend since the morning. The chart is indicating a shallow curve in the first half of the day. The fall in price was due to the market pullback, but Bitcoin came out safely. The BTC price jumped from $8194.1 to $8320, reflecting a progression by 1.55%. With a few ups and downs, the graph is moving with a nice pace and indicating price growth.

Bitcoin Price Prediction and Conclusion:

Bitcoin has once again outshined when other altcoins are suffering. The coin was unaffected by the price drop and managed to maintain a smile on its investors face. We are assuming that the currency will cross $8700 by tomorrow.

Also, the market could turn green tomorrow as the price drop in most of the coins is showing no legs. We believe that the drop in the crypto market was possible because of the selling pressure.

New Brazilian President Shows Hostility Towards Bitcoin, Proposes Introducing ‘Euro’ For South America

Brazil and Bitcoin

South America has been one of the favorable regions for cryptocurrencies, and demand for Bitcoin and other popular altcoins has always been on the merrier side. However, things in Brazil, the dominant force in South America, seems to be getting worse after Jair Bolsonaro was elected as the new President.

The man, infamous for his unapologetic racist behavior against the indigenous population of the country, is also against cryptocurrencies. His hatred towards Bitcoin has caused cancellation of an $11.5 million crypto project for the use by the indigenous population of the country. The government was introducing the crypto project for the natives, who largely remain unbanked traditionally; however, the hostility from Bolsonaro crushed everything.

The newly elected president is notoriously famous for working against the interests of the indigenous communities. He had recently said,

“The Indians do not speak our language; they do not have money; they do not have a culture. They are native peoples. How did they manage to get 13% of the national territory?”

When asked about Bitcoin recently at a press conference, Bolsonaro admitted that he knew nothing about Bitcoin. Still, he rejected it, stating that it is an evil force. It has unfortunately become a norm in the world that regulators, who have limited or no knowledge about Bitcoin or cryptocurrencies in general, yet they claim that digital currencies are threats to the economy. Not only in Brazil but many countries like the US, China, India, etc. the climate has become quite hostile towards cryptocurrencies.

Moreover, Bolsonaro wants a Euro-like single currency for the entire South American continent. The decision could prove disastrous, given the fact that unlike Europe, economies in South America are quite contrasting to each other. Also, despite Bolsonaro’s hostility, Brazilians are buying Bitcoin like never before, which is touted to be a hedge against the government’s uncertain economic policies.

Unknown Wealthy Bitcoin Client Wants To Buy 25 Percent Of Current Bitcoin Supply

Bitcoins

The leading cryptocurrency Bitcoin has attracted many investors, small as well as big. The coin is performing outstandingly in the market every-day and adopted by most people. Now, the anonymous crypto investor wants to purchase 25 percent of Bitcoin supply and not from crypto exchanges. The investor is thinking to use the services of a private peer-to-peer (p2p) network in order to buy the top cryptocurrency.

Dadiani Syndicate is a cryptocurrency investment company, which is approached by the wealthy bitcoin investor to buy almost 25 percent of BTC supply, the news was revealed by Forbes on May 30th, 2019.

Dadiani Syndicate is located at Mayfair, and it is the richest districts of London. The firm is a peer-peer network mostly for very rich investors. It allows crypto investors to buy and sell digital currency between one another. The platform was initially designed to enable crypto investors to pay for their cryptocurrencies, later the head of the firm, Eleesa Dadiani noticed that many clients wanted the company to assist them in buying and selling huge amounts of Bitcoin.

Dadiani Syndicate for the first time appeared in the news in 2018. The firm in 2018 had placed around 14 small electric chairs, designed by Andy Warhol in 1980s for sale. The sale was carried only through bitcoin and other cryptocurrencies.

The owner of the firm, Eleesa Dadiani, said one client of our firm has contacted us and said they are ready to buy 25 percent of the current bitcoin supply. However, various entities are trying to control the market.

Concerns over cost

Financial experts and company founder believes that buying an enormous amount of Bitcoin might lead to significant consequences in the market.

Dadiani said that

“A buyer of this size is going to push the price up to make this kind of accumulation even more expensive.”

No matter how small the change is in the price, it will impact the trade value because a huge amount of bitcoin is involved.

Another rebound in the price is only possible if the change in the price is significantly influenced by traders.

Dadiani sated, holders currently hold a huge amount of coins and they are not interested in selling them to other parties at any cost. Practically speaking, nearly less than 5 million coins are currently being distributed.

Senior market analyst of eToro, Mati Greenspan signaled out that an individual buying such a big amount of bitcoin might certainly affect its price.

He further mentioned various reasons and said not to worry about why an unknown wealthy investor is buying a large number of bitcoin supply.

Dadiani stated that bitcoin had attracted big investors, and it has never declined. She even said that the business could include other cryptocurrencies in the future if her clients start adopting other altcoins.

Bitcoin is on the run and breaking all its previous records of 2019. The coin has managed to surge by 120 percent from January 2019 onwards. Bitcoin even broke its $9000 resistance level today and has reached to 2019 peak level.

Israeli Judiciary Rules Bitcoin has an Asset and a Not Currency in Court Case; Bitcoin Investor liable to pay $800,000 Tax Bill

Israel and bitcoin

An Israeli Central District Court has given its verdict on the cryptocurrency case, involved between the Israel Tax Authority and blockchain startup founder. The court ruled the case in favor of the Tax Authority. The news was revealed by Israeli local source on 22 May 2019.

The blockchain startup founder, Noam Copel, argued in the court saying the profit gained from digital currency sales should be exempted from tax, and Bitcoin should be considered as a foreign currency. The Tax Authority of Israel opposed his claims.

The Israeli court, however, ruled in defense of the tax authority by saying Bitcoin is a financial asset and not a currency, the profits earned on cryptocurrency sale is liable for tax in Israel.

Now, the decision of the court has made Noam Copel to either pay the tax or appeal in the high court.

Bitcoin Tax Noam Copel to Pay

According to Globes, Noam Copel back in 2011 had purchased Bitcoin and sold them in 2013. The Bitcoin trade helped Copel to earn revenue of more than NIS 8 million. One of the points raised in the court by Copel was to consider Bitcoin the leading cryptocurrency as an international currency, similar to the dollar.

He further, requested the court saying:

“Bitcoin should be classified as a foreign currency and that his profits should be seen as exchange rate differences received by an individual, not in the course of a business, and therefore should not be taxed.”

Copel’s arguments were rejected by the court, according to the definition of the central bank, Bitcoin cannot represent currency, and so it cannot be considered as foreign currency. The agency says that the digital currency lies within the definition of an asset, and revenue is ‘subject to capital gains tax.’

Copel needs to pay a tax of worth NIS 3 million.

Court Ruling

Judge Shmuel Bornstein was ruling the cryptocurrency case; Bornstein mentioned Bitcoin could not be treated as a currency because Bitcoin strength is not promised. The tax authority pointed out that Bitcoin lacks the characteristics of a currency, and hence, the judge concluded, it shouldn’t be treated as foreign currency.

With respect to this matter, the judge referred to the definition of currency and said, according to Israel Bank, and currency should have some physical evidence. The cryptocurrencies and Bitcoin are viewed as property for tax purposes. The Tax Authorities in February 2018 had published a notice, stating the revenue earned from digital currencies will be under Capital Gains Tax (CGT). The same what the court currently ruled.

Looking at both the views, Copel expects that

“the trust users put in Bitcoin and its use as both a payment method and to benchmark value means it should be considered a currency.”

The Judge carefully observed both sides of the arguments and dis-approved the views of Copel saying he was not successful in proving his point of Bitcoin to consider as currency or it indicates alternative to coins and notes in any nation, Globes mentioned.

The former Tax Authority Deputy Head, Gidi Bar Zakay mentioned that the status of Bitcoin would be determined by a reality test. When Bitcoin receives massive acceptance from people, then they need to modify the law to adopt it so as to benefit the country from the digital currencies.