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Bitcoin (BTC) Property Sales Accelerating With Record $1.25 Million Purchase, Says Turkish Real Estate Firm

Turkish real estate company Antalya Homes says the third Bitcoin halving event that took place on May 11th is a boom for the country’s property industry. In a statement released on Monday, the real estate firm, which supports Bitcoin payments and offers virtual property tours to clients, reveals that the use of cryptocurrencies in property […]

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Turkish real estate company Antalya Homes says the third Bitcoin halving event that took place on May 11th is a boom for the country’s property industry.

In a statement released on Monday, the real estate firm, which supports Bitcoin payments and offers virtual property tours to clients, reveals that the use of cryptocurrencies in property sales has become widespread as people adapt to new normals in the midst of the pandemic. Antalya Homes says the Bitcoin halving also gave the market a healthy boost.

As Bitcoin surged to $10,000 a week after the halving, company chairman Bayram Tekce says buyers took the chance to use their BTC to purchase properties.

“With the effect of the increase in Bitcoin value after halving, investors made capitalization sales that are reflected as an increase in property sales.”

Amid the rising popularity of Bitcoin, Tekce also reveals that the real estate firm recently brokered a record-breaking sale using BTC as payment when it closed a deal for an Antalya villa.

“We brought the buyer and the seller together on an online meeting and finalized the negotiations. Antalya Homes brokered the payments with Bitcoin. This sale, worth $1.25 million, was the highest valued property sale ever made using Bitcoin in Turkey.”

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The post Bitcoin (BTC) Property Sales Accelerating With Record $1.25 Million Purchase, Says Turkish Real Estate Firm appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/16/bitcoin-property-sales-accelerating-with-record-125-million-purchase

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Equals Posts Revenue Increase with Strong B2B Demand

The performance of its B2B offerings boosted the overall business.

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Equals Group plc (AIM:EQLS), previously known as FairFX, has released its financial details for the last five months, ending on November 30, showing an average daily revenue of £114,000.

The company’s overall business performance improved as in the previous six months, the average daily revenue came in at £110,000, while it was £108,000 in the previous year.

Despite the growth, Equals’ foreign exchange businesses were heavily impacted by the impact of the pandemic on the traveling industry. In fact, most of its revenue was generated by the B2B channels.

Equals’ B2B business portfolio, includes International Payments, proprietary Spend platform, Faster Payments, and business IBAN products, all of which together brought in around £82,000 in revenue daily in the past five months, a 9 percent jump in the numbers from the previous year.

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The daily revenues from Equals’ travel products, on the other hand, only came in at £12,000 per day on an average, compared to £34,000 generated on a daily basis last year. The Group, however, is expecting a partial rebound in demand next year and full recovery in 2022.

Effect of Wirecard Collapse

Equals’ businesses were further impacted by the collapse of Wirecard. The migration of its card infrastructure cost the company around £1 million, out of which 50 percent is a write-down of Wirecard stock and the rest need to be recovered from the supply chain.

“Despite the economic fallout from both Covid-19 pandemic and the collapse of Wirecard, the level of activity we are experiencing from our customers, particularly those in International Payments, but also now on the Spend platform provides us with increasing confidence for a recovery in 2021 and beyond,” Equals CEO, Ian Strafford Taylor said.

Meanwhile, the Group recently acquired the international payments business of Effective FX for £1.575 million.

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Bitcoin Has Highest Monthly Close in History, Two Analysts Say $25K By Year End

After setting new all-time highs on multiple crypto exchanges on Monday (November 30) and closing the month at the highest ever price level, at least two crypto analysts now expect the Bitcoin to reach $25,000 by year end. According to the CryptoCompare index (which takes the average of the Bitcoin price across multiple exchanges), the […]

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After setting new all-time highs on multiple crypto exchanges on Monday (November 30) and closing the month at the highest ever price level, at least two crypto analysts now expect the Bitcoin to reach $25,000 by year end.

According to the CryptoCompare index (which takes the average of the Bitcoin price across multiple exchanges), the Bitcoin price reached the intraday high of $19,850 at 15:10 UTC on November 30, which was just $20 shy of Bitcoin’s all-time high (ATH) of $19,870, which was reached on 17 December 2017.

However, since different crypto exchanges have their own idea of what the ATH price is, various exchanges conider that Bitcoin surpassed its ATH price yesterday.

Here are a couple of examples.

Binance tweeted at 15:14 UTC:

Kraken tweeted 21 minutes later:

In fact, the Binance CEO was so excited about Bitcoin’s price setting a new ATH yesterday that he sent out the following tweet to make fun of those weak hands that had their BTC holdings:

Amid all the confusion, Sam Bankman-Fried, the CEO of crypto exchange FTX, said that the real new ATH price should be at least $20,000 (presumably to avoid all uncertainty):

Last Sunday (November 29), crypto analyst Lark Davis said that a record monthly close is significant because the last two times that Bitcoin had a monthly close that was higher than the previous ATH price, it “mooned super hard.”

Of course, everyone is in agreement that one of the main drivers for the current Bitcoin bull run has been the increasing amount of interest from institutional investors and high net worth individuals.

Yesterday, Michael Sonnenshein, the Managing Director at Grayscale Investments (which is one of the largest buyers of Bitcoin) suggested during an interview with Melissa Lee on CNBC’s “Squawk Box” that the current Bitcoin bull ran is far from over:

CNBC also interviewed Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini and his twin brother Cameron Winklevoss yesterday, who explained why they expect the price of Bitcoin to reach $500,000 or more within the next decade.

Their comments about Bitcoin came during an interview with Seema Mody and Andrew Ross Sorkin on CNBC’s “Squawk Box”.

Mody started by asking Tyler what the twins have been doing during the past eight months while Bitcoin has been experiencing a “meteoric” price increase.

Tyler replied:

“So we’ve just been HODLing. Our thesis is that Bitcoin is gold 2.0 and it will disrupt gold. If it does that, it has to have a market cap of $9 trillion. So we think Bitcoin could price one day at $500,000 a bitcoin. So at $18,000 Bitcoin, it’s a HOLD or at least if you don’t have any, it’s a BUY opportunity because we think there’s a 25x from here.”

Earlier today, the Binance CEO made the following “price prediction” for Bitcoin:

Simon Peters, a crypto analyst at social trading platform eToro, said in a note shared with CryptoGlobe:

“Bitcoin’s upwards trajectory continues to excite investors. We have seen a 66% increase in the number of people holding a bitcoin position on eToro today, compared with the last time the crypto’s price hit an all-time high in December 2017…

“Whilst this meteoric rise does look similar to the run of 2017, there are some fundamental differences which indicate bitcoin could go higher still.

“Firstly, it isn’t just the average person on the street buying bitcoin. Larger investors, such as pension funds and hedge funds, are investing in crypto with many seeing it as a hedge against inflation.

“Secondly, the demand continues to outweigh the supply, with investors looking to hold onto their bitcoin.

“For these reasons, bitcoin could continue to climb this year. If we maintain the current rise, then $25,000 before the start of 2021 is on the cards. There will be some selling at $20,000, and this could see a short move backwards. But if bitcoin shrugs off this selling and continues rising, then New Year’s Eve at $25,000 is there for the taking.”

And even Macroeconomist and crypto analyst Alex Krüger, who rarely offers price predictions for Bitcoin on Twitter, seems convinced that Bitcoin’s price is on its way to reaching $25,000 before the end of this year.

Featured Image by “SnapLaunch” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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South Korea Approves Postponing Crypto Tax Enforcement Until 2022

South Korea’s National Assembly has approved the postponement of the country’s 20% cryptocurrency tax enforcement until early 2022. This conclusion was reached after recent regulatory talks concerning the amendment of several tax laws in the country. South Korean Assembly Ratifies 20% Crypto Tax According to South Korean news agency Yonhap, lawmakers on Nov. 30 agreed … Continued

The post South Korea Approves Postponing Crypto Tax Enforcement Until 2022 appeared first on BeInCrypto.

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South Korea’s National Assembly has approved the postponement of the country’s 20% cryptocurrency tax enforcement until early 2022.

This conclusion was reached after recent regulatory talks concerning the amendment of several tax laws in the country.

South Korean Assembly Ratifies 20% Crypto Tax

According to South Korean news agency Yonhap, lawmakers on Nov. 30 agreed to delay the start of the crypto tax regime until January 2022. As previously detailed by BeInCrypto, reports emerged in November that such a decision was imminent.

As part of the Planning and Finance Committee session held on Nov. 30, lawmakers also ratified the government’s 20% crypto tax policy. Back in June, the Ministry of Economy and Finance proposed a 20% capital gains tax on cryptocurrency trading profits exceeding 2.5 million won ($2,250) per annum.

South Korea Government Crypto

At the time, the proposed crypto tax plan was to come into effect in October 2021. However, the National Assembly’s decision will see enforcement of the rule delayed by a further three months.

The additional grace period is to give cryptocurrency exchanges ample time to create the necessary crypto tax reporting infrastructure. Platforms will also need to move forward with integrating real-name trading accounts on their systems.

Real-name Trading Accounts Required for Tax Reporting

Presently, only the “big four” — Bithumb, Coinone, Upbit, and Corbit — are in compliance with the real-name trading accounts rule. This law became mandatory in South Korea following the legalization of cryptocurrency trading back in March 2020.

Exchanges that fail to comply with the law will have to shutter their operations in the country. Some commentators say the cost of compliance to these strict laws may force smaller volume platforms to move abroad.

South Korea’s planned crypto tax policy will reportedly treat virtual currencies as transferrable income like real estate and not like interest or dividends. In some ways, the rule bears similarities with the cryptocurrency tax treatment utilized by the US Internal Revenue Service (IRS).

Amid the emergence of different tax policies, intergovernmental bodies like the Organization for Economic Co-operation and Development (OECD) are trying to streamline the crypto-financial reporting system. The move is part of efforts to foster greater international cooperation in combating crypto tax evasion.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/south-korea-approves-postponing-crypto-tax-enforcement-until-2022/

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