Commodity strategist predicts Bitcoin ETF could get the nod in US next month

September 22, 2021 Coin Telegraph

Canada

A Bitcoin ETF could be approved by U.S. regulators by October. according to Bloomberg Intelligence Commodity Strategist Mike McGlone.

Bloomberg Intelligence Commodity Strategist Mike McGlone believes it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves the country’s first Bitcoin exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Sept. 21, McGlone asserted that Canada is extending a competitive lead over the United States after approving Bitcoin ETFs from 3iQ and Coinshares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the United States will not want to miss out for much longer.

When asked about a timeframe on potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year, and this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

#bitcoin still going to 100k this year, Q4 2013 and Q4 2017 both saw 300% + rallies.

What would make BTC do that again?

A BTC ETF getting approved in the USA.
— Lark Davis (@TheCryptoLark) September 22, 2021

The SEC is currently yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments, lobbied the SEC to approve an ETP arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.

Canadian politician says he supports Bitcoin as federal election looms

September 17, 2021 Coin Telegraph

Bitcoin

The former cabinet minister, known by some as Mad Max, has been outspoken in his criticism of vaccine mandates, mask mandates, and lockdowns in Canada during the pandemic.

Maxime Bernier, founder and leader of the People's Party of Canada, has said he supports the adoption of cryptocurrencies in the country.

In a Sept. 14 tweet, Bernier said cryptocurrencies were “another new and innovative way” to counter the actions by central banks, which he claimed were “destroying our money and economy.” The Canadian politician has criticized the Bank of Canada for “printing money” and called out Prime Minister Justin Trudeau for his economic policies.

Bernier, a former cabinet minister known by some as Mad Max, has been outspoken in his criticism of vaccine mandates in Canada at a time when the number of COVID-19 cases continues to rise in the country. He has also advocated for ending lockdowns and mask mandates and against the rollout of a vaccine passport system.

The politician’s remarks come before a Canadian federal election scheduled for Sept. 20, with the People's Party currently holding no seats in the country’s parliament. Though many right-leaning politicians worldwide have adopted pro-crypto stances as part of their campaigns or policies once in office, the role of Bitcoin (BTC) and crypto is seemingly not a one-party issue.

Canada has often paved the way for many initiatives in the crypto space. Ethereum co-founder Vitalik Buterin is Russian-Canadian and investments firms have been able to successfully launch crypto exchange-traded funds while U.S. regulators have yet to reach a decision on the investment vehicle.

However, many Canadian lawmakers, including Trudeau, have been largely silent on the role cryptocurrencies may play in the country’s economy. Trudeau’s half brother Kyle Kemper is an outspoken Dogecoin (DOGE) enthusiast whom the Canadian government once paid to speak at a blockchain conference.

Cointelegraph reached out to the People's Party of Canada, but did not receive a response at the time of publication.

Canada’s ‘Mad Max’ Supports Bitcoin — Says ‘I Hate How Central Banks Are Destroying Our Money and Economy’

September 16, 2021 Bitcoin.com

Canadian investment firm plans to plant trees matching buys in Bitcoin ETF

August 27, 2021 Coin Telegraph

bitcoin etf

The investment firm filed the application for its Bitcoin ETF with Canadian securities regulators in February.

Accelerate Financial Technologies is planning to match each investment in its pending Bitcoin exchange-traded fund with the planting of thousands of trees.

According to a Friday report from Bloomberg, the Calgary-based investment services company has pledged to plant 3,450 trees for every $1 million CAD — roughly $792,000 at the time of publication — invested in its Bitcoin (BTC) exchange-traded fund, or ETF.

The move is part of Accelerate’s aim to have its Bitcoin ETF be carbon negative — that is, removing more carbon dioxide from the atmosphere than the energy required for Bitcoin mining and transactions would create. The company claims each major investment would result in the offset of 1,000 tons of carbon dioxide.

Accelerate chief investment officer Julian Klymochko pushed back against the idea the company’s initiative was analogous to greenwashing, or falsely marketing oneself as environmentally friendly. He said the firm preferred planting trees instead of purchasing carbon credits to label the product carbon negative.

Ninepoint Partners LP is planning to offer a green Bitcoin ETF seemingly similar to that proposed by Accelerate. In May, the company said it would purchase carbon credits to offset the environmental impact of the crypto in its fund.

Many companies in the crypto and blockchain space — including mining firms — have announced solutions using green or renewable energy sources given the concerns over the technology's potential environmental impact. In May, Bank of America analysts said that Bitcoin's energy usage has increased 200% since 2019 and is now comparable to that of a small developed nation. Prominent figures in the space including Tesla CEO Elon Musk have also expressed concern about the network’s “increasingly rapid use of fossil fuels.”

The investment firm filed the application for its Bitcoin ETF with Canadian securities regulators in February. Accelerate plans to list the product on the Toronto Stock Exchange under the ticker ABTC, offering units in both U.S. and Canadian dollars.

While the Securities and Exchange Commission has yet to approve any crypto ETF in the United States, Canadian regulators have given the green light to many firms applying for Bitcoin and Ether ETFs in 2021, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management.

Canadian Bitcoin miner Blockstream joins crypto unicorns with $3.2B valuation

August 24, 2021 Coin Telegraph

Canadian Bitcoin miner Blockstream joins crypto unicorns with .2B valuation

Adam Back

Blockstream has secured $210 million in fresh investment from a U.K. private equity firm and crypto exchange Bitfinex's operator.

Canada-based Bitcoin (BTC) infrastructure firm Blockstream, co-founded by cryptographer and cypherpunk Adam Back, has hit unicorn status with its latest valuation at $3.2 billion.

The company, which focuses on various Bitcoin-related areas — including operating as a mining service provider and developing renewables-based infrastructure intended to “green” the veteran cryptocurrency — has raised $210 million in its latest financing round, according to the Canadian newspaper The Globe and Mail.

Blockstream’s new backers, which join existing investors like Twitter CEO Jack Dorsey, are the United Kingdom-based private equity firm Baillie Gifford and Hong Kong-based iFinex, the operator of crypto exchange Bitfinex.

In a statement about the grounds for Blockstream’s $3.2 billion valuation and the fresh capital investment, Baillie Gifford wrote that it has “enormous respect for Blockstream’s founders and management team” and believes that “its settlement network for Bitcoin-based assets and securities has the potential to transform the design and operation of capital markets.”

Blockstream Chief Strategy Officer Samson Mow has reportedly said that the investment will support the company’s further growth and help it to expand its mining operations. The company has recently acquired ASIC maker Spondoolies and, according to Mow, plans to develop its own ASIC miner to use for its own operations and to sell on the retail market “sometime in 2022.”

Mow also disclosed that Blockstream aims to raise more capital in the coming months to expand its various initiatives. These have to date included the Blockstream Satellite network, which broadcasts the Bitcoin blockchain worldwide 24/7 and the launch of a service called Blockstream Energy, which allows energy producers to sell surplus electricity to proof-of-work miners.

In March of this year, Blockstream announced the launch of a security token backed by the company's mining operations, intended to serve as a more flexible alternative to investing in Bitcoin mining stocks or physical mining infrastructure.

Canadian regulator alleges OKEx operator violated securities law

August 19, 2021 Coin Telegraph

Canada

The commission has made similar allegations against Bybit, crypto exchange KuCoin and Polo Digital Assets.

The Ontario Securities Commission claimed Aux Cayes FinTech Company Limited, a legal entity in the Republic of Seychelles that operates crypto exchange OKEx, has failed to comply with the province’s law governing securities.

In an Aug. 18 notice, the Ontario Securities Commission, or OSC, alleged that Aux Cayes may have engaged in illegal activity and could face regulatory action if it fails to cooperate with authorities. According to the OSC, crypto asset products offered through OKEx are considered securities and derivatives, and subject to the Ontario securities law. The regulator claims Aux Cayes has failed to comply with the region’s registration and prospectus requirements.

The OSC issued a warning to all crypto asset trading platforms operating in the province in March that they must be in compliance with the securities law by April 19 or face regulatory action. Though the regulator’s enforcement team said Aux Cayes did respond to limited inquiries in June, the platform failed to provide “basic information about its Ontario clients,” including the number of accounts and aggregate holdings.

The enforcement team is recommending the OSC order Aux Cayes to cease all crypto trading, be prohibited from acquiring any securities, and potentially pay millions of dollars in penalties and disgorgement fees. According to an Aug. 19 notice, the agency has scheduled a hearing for Sept. 15 to address the allegations.

The commission has made similar allegations against Bybit, crypto exchange KuCoin and Polo Digital Assets, the parent company of Poloniex. In all cases, the OSC alleges the platforms failed to contact the securities regulator by the April 19 deadline and were in violation of the securities law. Major crypto exchange Binance announced in June it would cease providing services to users located in Ontario.

Blockchain-based digital art installation to launch on Vancouver bridge

August 9, 2021 Coin Telegraph

Art

The Kusama Network is taking the shape of digital artwork as part of a massive installation by the Vancouver Biennale.

Canadian public art exhibition organization Vancouver Biennale is preparing to unveil an art installation that combines physical and digital realities withblockchain technology.

Located on the south side of the Cambie Street Bridge in Vancouver, the new Voxel Bridge installation is a blockchain-based augmented reality (AR) experience that can be viewed with iOS or Android devices. According to local enthusiasts, the installation is getting ready for the public launch this Tuesday and will run until spring 2023.

The art object is a 1,800 square meter installation by New York-based artist Jessica Angel that explores how public space can be constructed and utilized in both digital and physical realities. Shaped in the real world in the form of a massive two-dimensional vinyl mural, the piece also simultaneously exists in augmented reality through the app and resides on a blockchain network.

“Art is a mobilizing force with the power to bridge seemingly dissimilar worlds, and Voxel Bridge exhibits this capacity,” Angel said. “This installation transcends the enjoyment of art into a unifying and experimenting effort that enables blockchain technology, AR, and public art to examine new ways of interaction,” the artist noted.

Vancouver Biennale opens a bridge into the digital world. Voxel Bridge, by the Colombian artist Jessica Angel, turns a venerable piece of city infrastructure into a hybrid immersive art work. #VanBiennale https://t.co/JYMiCsli1f pic.twitter.com/10jVcnQWh5
— BLAH CITY (@BLAH_CITY) July 16, 2021

The installation is a digital, visual representation of the Kusama network, a decentralized blockchain network that is built as a “canary” chain to the major blockchain network Polkadot.

Viewers can specifically see, touch, and hear the history of the Kusama Network via twenty different interactive animations, with each of those being represented in the form of a unique nonfungible token (NFT) existing on the blockchain. The NFTs will be sold on the Kusama art marketplace RMRK, with funds directed to offset the cost of producing the project, which reportedly went over-budget at more than $300,000.

The Kusama Council initially proposed the project in October, describing the project as a multidisciplinary piece and a “high impact art installation.” “Voxel Bridge will provide an experiential perspective of the Kusama Network, rather than a technical one,” a council member stated.

Voyager Digital acquires crypto payments company Coinify

August 2, 2021 Coin Telegraph

Business

"As the adoption of cryptocurrency payments gains momentum, the acquisition of Coinify brings a global payment infrastructure to Voyager's digital asset ecosystem," said Voyager co-founder and CEO Stephen Ehrlich.

Crypto-asset trading firm Voyager Digital has arranged to purchase payments company Coinify in a deal worth $85 million in cash and stock.

In a Monday announcement, Voyager said it would issue 5.1 million shares of its stock — worth roughly $70 million at the time of publication — as well as provide $15 million in cash to Coinify investors. The company said it would retain $5.5 million in cash from Coinify’s balance sheet.

The acquisition of Coinify is aimed at helping Voyager expand its capabilities, potentially giving crypto users around the world more options for cross-border payments. Voyager has been publicly listed in Canada since 2019, while Coinify said it was currently available in Europe, Asia, North America and South America.

The price of Voyager Token (VGX) surged significantly in January as the company announced many acquisitions and mergers, rising from roughly $0.15 on Jan. 1 to a yearly high of $6.97 in February. At the time of writing, the price of VQX is $2.49, having risen more than 3% since the announcement of the Coinify acquisition.

Canadian border town suspends Bitcoin mining over aesthetic concerns

July 23, 2021 Coin Telegraph

Bitcoin mining

City officials have imposed a three-month suspension on new Bitcoin mining operations to make roads and buildings more presentable.

Massena, a town along the New York border with Canada has placed a temporary suspension on new Bitcoin (BTC) mining operations in the area.

According to a report by the Associated Press on Friday, Massena Town city officials mandated the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns.

Steve O’Shaughnessy, a Massena Town supervisor said miners littered roads with trailers laden with computers and other hardware required to mine Bitcoin. The AP report quoted O’Shaughnessy’s statement to WWNY-TV, saying:

“We don’t want it littered with these trailers that are pumping out Bitcoin. We just want to make sure if they are going to come here, that it’s a nice presentable building.”

City officials will reportedly use the 90-day moratorium to ensure that roadsides in Massena Town are decluttered with trailers and shipping containers moved off-road.

Meanwhile, Massena Electric is reportedly looking to sign deals with three crypto firms. According to the AP News report, the power company also has its own moratorium on working with new crypto miners.

With small border towns in North America hemorrhaging factory jobs over the past decade, Bitcoin and crypto mining operations represent a return of some industrial activities to places like Massena.

Cheap electricity in these areas is often a major draw for Bitcoin miners and in return, these companies offer the promise of jobs and bootstrapping the local economy.

Indeed, with China’s massive crypto mining crackdown and the expected East-to-West hash rate migration, these smaller towns in North America might play host to more Bitcoin mining activity.

Meanwhile, the major North American Bitcoin mining operations continue to upscale their capacity amid the current hash rate drop in a bid to capture a larger portion of the market.

North American Bitcoin miners controlling a larger share of the global hash rate distribution may also contribute to putting the industry in better standing with regulators especially in the area of environmental conservation.

SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

July 23, 2021 Coin Telegraph

Canada

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad,” SEC Commissioner Hester Peirce said.

Securities and Exchange Commissioner Hester Peirce has voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs).

During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce pointed out that many other countries such as Canada have already been trading crypto ETFs, while the U.S. is still deciding whether to approve such a trading instrument. She stated:

“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead.”

The SEC commissioner also mentioned her concern that U.S. regulators could be overstepping their remit by forcing the local crypto industry to play by a separate set of rules than everyone else.

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio, and sometimes we’re thinking in one-off terms of a particular product standing on its own, and we forget that people are building portfolios,” she noted.

Peirce’s latest remarks come in line with her recent criticism of U.S. crypto regulation, with the SEC commissioner last month once again urging authorities to refrain from overregulating the crypto industry. Despite calling for a softened regulatory stance on crypto, the commissioner still believes that clear crypto rules are critical for the industry to thrive without fear of breaking the law. A long-running crypto advocate, Peirce is widely referred to as “Crypto Mom” within the crypto community.

As previously reported, U.S. regulators have delayed multiple approvals of crypto ETFs recently after consistently postponing such decisions over the past several years. In the meantime, some countries have already approved or launched Bitcoin ETF trading, with 3iQ and CoinShares’ Bitcoin ETF going live on the Toronto Stock Exchange in April. Canadian fund managers Purpose Investments and Evolve Funds Group previously launched Bitcoin ETF trading as well.

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