While chart watchers wonder whether Bitcoin’s latest movement is the start of a bull run or simply a guppy rally, various individuals in the financial world continue to make long-term predictions. One such individual has claimed that the first and foremost cryptocurrency will not only revisit its all-time high price of around $20,000 but “quite likely” surpass that mark fivefold.
Up Next in Regulation
The good news for bitcoin and cryptocurrencies keeps coming this week after the bitcoin price jumped by over 10% a few days ago. Now the South Korean financial regulator is reorganising so it can "proactively respond to financial innovation in the fourth industrial revolution era" — meaning it's looking to nurture bitcoin, cryptocurrency and blockchain. The regulator — the Financial Services Commission (FSC) — has created the Financial Innovation Bureau to take oversight of the burgeoning crypto sector. "The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era," an FSC statement read. "The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges
Boost For Bitcoin As Korean Regulator Looks To Nurture Cryptocurrency
The good news for bitcoin hasn't stopped this week...
The chives growing in one crypto tycoon's California mansion carry a hidden message. Guo Hongcai, a beef salesman turned early bitcoin adopter from China's Shanxi province, is one of many freshly minted millionaires funneling parts of their wealth out of the country by purchasing real estate abroad. In April, Hongcai sold 500 bitcoin in the U.S. then used that money to buy a 100,000-square-foot mansion in Los Gatos, a 90-minute drive from San Francisco, California. His Rolls-Royce, also purchased with the fruits of bitcoin arbitrage, sits in the driveway close to a small chives garden. "It's very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want," he told CoinDesk.
China's Crypto Millionaires Are Using Bitcoin to Buy Real Estate Abroad
Bitcoin is flowing out of China, into California mansions – and changing global real estate patterns.
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