This week in Bitcoin – Aug 19th, 2019

Hi, I’m Nate Martin from and here’s what happened
this week in Bitcoin in 99 seconds. New Zealand’s tax agency, the Inland Revenue
Department, released a groundbreaking ruling, stating that salaries and wages may
be legally paid in cryptocurrency. Income tax will be applied to
such payments as per usual. To qualify, payments must be
in regular amounts in cryptos which are immediately convertible to fiat. Chinese crypto investor Dovey Wan tweeted
regarding the activities of PlusToken, a Ponzi scheme with a total
estimated value of about $3 billion. Wan claims the collapsed scheme
is now liquidating its ill-gotten gains on multiple major crypto exchanges, which may
be causing some downward price pressure. Samsung released its new S-10 range of
smartphones with preloaded support for cryptocurrencies like Ethereum. Notably absent from Samsung’s
Blockchain Keystore app was Bitcoin support, but the company issued an
update which adds this feature. The app stores private keys in the
Secure File system to improve the security of Android mobile wallets. Coinbase spent $55 million to
purchase Xapo’s Custody service. This service is famous for cold-storing
crypto assets in a high-security bunker under the Swiss Alps. It’s estimated that Coinbase now stores around
860,000 BTC – or roughly 5% of the total supply – thanks largely to this most recent acquisition. The company reports it now has $7 billion
in assets under management. And finally, after successful testing,
major new institutional crypto exchange service, Bakkt, has finally secured regulatory approval. The exchange will launch
on the 23rd of September. That’s what happened this week in Bitcoin.
See you next week.

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