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Bitcoin the New Reserve Asset of Wallstreet? | This Week in Crypto – Oct 12, 2020

Financial services firm Square has purchased nearly $50 million in Bitcoin, claiming that the asset “aligns” with the company’s purpose. The enterprise bought a total of 4,709 BTC, which is approximately one percent of the company’s total assets. Jack Dorsey, Square’s CEO tweeted a whitepaper on Twitter describing how the company purchased Bitcoin on the OTC market, which used 99Bitcoins’ OTC guide as a reference.

John McAfee, the creator of arguably the world’s most prominent antivirus software, has been arrested in Spain on account of his refusal to file tax returns between 2014 and 2018. He is also facing a lawsuit from the SEC for allegedly promoting digital token offerings while failing to disclose the roughly $23 million in payments he received, and in so doing, violating present securities laws.

Britain’s top financial watchdog, the FCA is looking to ban all products tracking the prices of top cryptocurrencies like bitcoin. The FCA has commented that too many people have lost money on digital assets and that the risks associated with crypto trading are unusually high. The ban will take effect in 2021 and is sparking outrage from analysts.

Lawmakers in Romania are following in the footsteps of the U.S. Marshal’s Office and looking to auction off roughly $7,000 in bitcoin seized from criminal operations. Romania has announced it is opening the auction up to legal entities only. All firms looking to take part in the auction must employ specific security tactics, such as KYC protocols.

And now, this week’s Bitcoin Quick Question is: What is Dollar-Cost Averaging?

Dollar-cost averaging, also known as DCA, is a long term investment strategy.

It allows you to disconnect from the short-term price volatility by investing a fixed amount of US Dollars or other fiat currencies in Bitcoin, at regular time intervals.

For example, acquiring $50 worth of BTC every week, or 1% of your monthly salary upon receiving it.

With DCA you don’t need to time the market, instead, you’re creating an average entry price that, assuming your investment thesis is correct, will generally trend higher.

If you want to learn more about investing in Bitcoin, visit the link in the description below.

Have a question you want us to answer? Just leave it in the comment section below.

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That’s what’s happened this week in crypto. See you next week.

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