Milo, a Miami-based fintech startup is launching the world’s first crypto mortgage offering for a 30 year-term. Instead of selling one’s bitcoin holdings for mortgage payments, the company now lets Americans and international customers use their Bitcoin stacks as collateral for purchasing real estate in the US. The solution allows clients to continue with their Bitcoin holdings while diversifying into real estate, all the while keeping the potential price appreciation of both. Commenting on the development, Josip Rupena, Milo founder and CEO, said: “There are countless stories of people buying property with bitcoin proceeds only to see it increase in value and be worth millions more. With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto. We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.” Milo has already granted some loans as part of its early-access stage, and expects the service will be available to most applicants on its waiting list in the coming months.  However, as of yet, it remains unclear as to how much Bitcoin (BTC) will be needed to secure a loan, or the level of over-collateralization needed to balance out the cryptocurrency’s volatility. Miami Mayor Francis Suarez, a proponent of bitcoin, also commented on Milo’s new offering, in a statement that the bitcoin mortgage is a “groundbreaking achievement” for advancing U.S. dominance in the Bitcoin ecosystem. “To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate,” he added. Milo isn’t the first company to dabble into crypto mortgages. In Aug 2021, United Wholesale Mortgage tested crypto mortgage repayments with Ether (ETH) and Bitcoin (BTC) in a pilot program. However, a month later, the plan was scrapped due to regulatory uncertainty.

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Mixed martial artist Francis Ngannou will be taking half his purse for UFC 270 in the form of Bitcoin, according to his Twitter post yesterday. In addition to getting paid in BTC, Ngannou is also planning to give away $300,000 worth of the flagship cryptocurrency to his fans via Cash App. I believe bitcoin can empower people everywhere. So I’m excited to partner w/ @CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoin pic.twitter.com/8JEvJ1UYu1 — Francis Ngannou (@francis_ngannou) January 18, 2022 Jack Dorsey’s Cash App has formed similar partnerships with several NFL players, including Los Angeles Rams wide receiver Odell Beckham Jr. and Green Bay Packers quarterback Aaron Rodgers, while allowing them to receive their salary in Bitcoin. Prior to his latest announcement, Ngannou had earlier tweeted that bitcoin is big in Africa: “I’ve been talking with my family and friends in the crypto space. Bitcoin is huge in Africa and I’m thinking of taking half my fight purse in it, Bitcoin is the future and I’m a believer.” Ngannou earned a reported £400,000 for his title win against Stipe Miocic last year, meaning he could earn in six figures worth of bitcoin if he decides to convert his UFC 270 purse. The MMA fighter will take on ‘Bon Gamin’ Ciryl Gane on January 23 at the Honda Center in Anaheim, California, and is set to earn a guaranteed $750,000. Ngannou is not the first professional MMA fighter to receive earnings in Bitcoin. In Dec. 2021, American MMA fighter Kevin Lee said that the Russia-based Eagle Fighting Championship will pay him in Bitcoin. UFC has formed a partnership deal with Crypto.com to become its official cryptocurrency partner. Furthermore, the MMA company even launched a non-fungible token (NFT) collection to celebrate UFC 268: Usman vs. Covington 2. Beyond crypto.com, Coinbase and FTX have signed up numerous team sponsorships and endorsement deals to target mainstream users. In fact, FTX brought Tom Brady as a ‘brand ambassador’ along with MLB slugger Shohei Ohtani and NBA sharpshooter Steph Curry.

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Earlier this month, Fidelity Digital Assets, a division of Fidelity Investments, released a report on cryptocurrency developments and their possible future implications. The adoption of cryptocurrencies by sovereign nations is one of the topics covered in the paper.  “This past year saw some major moves by world governments with regards to digital assets,” Fidelity described. The report discusses countries like China that have banned cryptocurrency and countries like El Salvador that took the opposite approach and made BTC legal tender. “We think the two developments observed this year couldn’t be more opposed. Time will certainly tell which path is more successful,” the report authors discoursed. Though, they noted: “An outright ban will be difficult to achieve at best, and if successful, will lead to a significant loss of wealth and opportunity.” The authors continued, “We also think there is very high stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers,” expounding: “Therefore, even if other countries do not believe in the investment thesis or adoption of bitcoin, they will be forced to acquire some as a form of insurance.” Fidelity illuminated, “In other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.” The investment firm established: “We, therefore, wouldn’t be surprised to see other sovereign nation states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Last week, El Salvador’s president, Nayib Bukele, projected that two more sovereign countries would embrace bitcoin as legal cash this year. Nigel Green, the CEO of deVere Group, is more positive. Three more nations are expected to embrace BTC as legal cash this year, according to him.

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The Northwest Arkansas Council, a non-profit organization, is offering $10,000 worth of Bitcoin to professionals who move to live in the region. Regarded as one of the top places to live in the United States due to its job opportunities and low cost of living, the region currently consists of merely 540,000 inhabitants. To lure tech professionals and entrepreneurs to settle in the area, the local authorities initially offered $10,000 cash but recently decided to add the option to accept the amount in bitcoin instead. However, they can still choose to accept the amount in cash if they prefer. “While we’ve had overwhelming interest in the initial incentive program, we’re continuing to seek out unique and in-demand talent in the STEAM and blockchain professions,” the website reads. Commenting on the development, the President and CEO of the Northwest Arkansas Council, Nelson Peacock, said: “We’re offering remote tech professionals and entrepreneurs $10,000 in bitcoin to bring your talents to the region. Why bitcoin? Northwest Arkansas is experiencing explosive growth in the tech sector, specifically within blockchain-enabled technologies, and this incentive embraces the growing trend of cryptocurrency as a payment option by employers.” To be eligible, applicants must relocate to Northwest Arkansas within six months of acceptance to the program and sign a one-year lease or buy a home. Furthermore, he/she/they must be at least 24 years old and have at least two years of work experience. Additional conditions include living outside of the state of Arkansas and being a US citizen or having the credentials required to work legally in the U.S.. In addition to the Bitcoin incentive, the NWA Council is also offering to give remote workers a bicycle to navigate the region’s mountain biking trails including free membership to local theaters and museums. So far, over 35,000 people have applied from over 115 countries and 50 states, the NWA Council said.

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Because several bitcoin ETF applications were declined before 2021, a big segment of the cryptocurrency community has been anticipating the introduction of the first bitcoin exchange-traded fund (ETF) for years. The Slump in Bitcoin Futures ETFs Continues Finally, after the first US bitcoin futures, ETF was approved, Proshare’s bitcoin futures ETF debuted with a bang, grabbing about $1 billion in total volume in its first 24 hours. Months later, on January 13, 2022, the Proshares Bitcoin Strategy ETF (BITO) is trading for $26.96, down 39.12 percent from its November 10, 2021 peak of 44.29.   In mid-November, Bloomberg contributor Katherine Greifeld stated that the ‘bitcoin futures ETF mania is receding.’ “While the Proshares fund swallowed $1.1 billion in two days – the fastest an ETF has ever done so,” Greifeld noted at the time. The financial author went on to examine the Vaneck ETF, pointing out that the fund’s lower management fees could set it apart from the competition. At the time, Greifeld quoted Bloomberg Intelligence senior ETF analyst, Eric Balchunas, who said: “There’s definitely a lull going on right now relative to the launch mania and so Vaneck has their work cut out for them in trying to get people excited again.” Valkyrie’s BTF is Down 37%, Vaneck’s XBTF is Down 27%, and the Total Open Interest in Bitcoin Futures Across Cryptocurrency Exchanges is Down More Than 38% The Valkyrie Bitcoin Strategy ETF (BTF) experienced the same thing when it hit an all-time high (ATH) of $26.67 per share on November 9, 2021, and now trades at $16.70 per unit, down 37.38 percent from the ATH. The Vaneck Bitcoin Strategy ETF (XBTF) is down only 27.70 percent from its peak of $58.08 per unit on November 19, 2021, to its current price of 41.99 per unit. Despite the fact that Proshares and Valkyrie ETFs were launched before Vaneck, they all show a significant correlation with the spot price of bitcoin and the crypto asset’s futures markets. Open interest in futures markets has decreased since mid-November, as has total bitcoin futures open interest across cryptocurrency exchanges. The largest open interest in bitcoin futures was approximately $28 billion on November 11, 2021. The total open interest on most major derivatives markets is currently $17.22 billion. That’s a 38.50 percent drop in the last two months, and the pattern looks a lot like bitcoin’s spot market price behavior.

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The cryptocurrency market has had a record year in 2021, briefly surpassing $3 trillion in value in November. Two of the most valuable cryptocurrencies i.e., Bitcoin and ether, both reached new highs, while Altcoins like meme-inspired dogecoin grew in popularity. Other digital assets, such as nonfungible tokens, or NFTs, were auctioned alongside fine art for millions of dollars at prominent auction houses like Sotheby’s and Christie’s. NFTs representing in-game assets and digital land, in addition to art, saw a significant increase in value. Retail and institutional investors have shown interest in blockchain-based applications, such as decentralized finance, or DeFi, fueling the expansion of Web3, which is the decentralized version of the internet based on blockchain technology that powers NFTs and underpins cryptocurrencies. All of this contributed to the mainstreaming of cryptocurrency in 2021. People started to read, learn and accept the world of cryptocurrencies on a huge scale. And even though the market is going through a correction it is also a matter of time that the market will bounce back. In the year 2021, the crypto market saw a lot of changes. Large corporations, diverse governments (countries), influential and well-known individuals such as Elon Musk and ex-Twitter CEO and internet entrepreneur Jack Dorsey have all had an impact. This has a significant impact on public awareness, as well as the price of cryptocurrencies like Bitcoin and Ethereum, among others. So let’s take a look at the most happening events this year to do a detailed review of the 2021 crypto market. These events can be held responsible for shaping the crypto market last year. Though there were countless defining moments this year, here are the 6 major highlights from 2021. Bitcoin Reaching Its ATH and the Launch of Taproot  Bitcoin reached its all-time high price of $68,000 in November 2021. And it’s the highest bitcoin price ever recorded. Bitcoin’s recent market pricing demonstrates a continuous increase in market price, despite occasional price drops. Let’s have a look at the price of Bitcoin in 2021. The price of Bitcoin increased to its highest point before falling to its lowest point in the first half of 2021, as indicated in the graph below. However, due to tremendous demand for Bitcoin and the impact of favorable news, the price rose sharply to its all-time high in November. The year 2021 also saw the release of Taproot, a significant technological update to the Bitcoin protocol. Taproot is a three-part upgrade that boosts network security, privacy, and scalability. Since the activation of Segregated Witness’s block capacity boost in 2017, Taproot is the most significant upgrade to the Bitcoin network. Taproot served as a reminder that Bitcoin is a flexible technology that can evolve to improve usability and user experience. The future success of Taproot will serve as proof that Bitcoin can adapt.  El Salvador Made Bitcoin a Legal Tender in the Country El Salvador became the first country to embrace bitcoin as legal cash when it passed a new law in June. El Salvador’s law permits bitcoin to be used to pay for goods and taxes. According to CNBC, businesses can price their products in bitcoin, and exchanges will not be subject to capital gains tax. The government of President Nayib Bukele is banking on Bitcoin to boost the country’s economic growth and investment, given that the price of Bitcoin continues to rise. We’ll go over Bukele’s concept for a Bitcoin city here. The city will be built near the Conchagua volcano to take advantage of the country’s geothermal energy, which will be used to power both the city and cryptocurrency mining, which is an energy-intensive process of solving complex mathematical calculations 24 hours a day, 7 days a week to verify and add crypto coins to the Blockchain network. It’s worth noting that El Salvador already has a Bitcoin mining pilot project underway at a geothermal power station near the Tecapa volcano. Residents in Bitcoin city, according to Bukele, will not have to pay any income, property, capital gains, or even payroll taxes. The city would be constructed to attract international investment. Ethereum On The Top of its Game It’s no surprise that bitcoin’s dominance, a measure of BTC market capitalization compared to the market capitalization of other digital assets, declined from 70.2% to 40.1% in 2021, thanks to Ether’s stronger asset price performance. Bitcoin’s decline is not solely due to ETH; rather, crypto projects have sprung out with a variety of use cases that are not directly competitive with Bitcoin.  From EIP 1559 through the approaching shift to proof-of-stake, Ethereum has had huge catalysts. Both events are crucial in the development of a narrative for Ethereum’s native asset, as well as the evolution of Ethereum as a technology. EIP 1559 established ether’s position as “gas” in the ecosystem, requiring that it be … Continued

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