Monthly Archives: April 2014

Pensco Allows Self-Directed IRA Investors To Invest In Bitcoin

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“Since late 2013, PENSCO clients have been able to use their retirement funds to purchase bitcoin via the Bitcoin Investment Trust (BIT). The BIT is a private, open-ended trust that is invested exclusively in bitcoin. The BIT is sponsored by Alternative Currency Asset Management (ACAM), a wholly-owned subsidiary of SecondMarket Holdings, Inc. and is audited by Ernst & Young.  Another potential way PENSCO clients can now use their retirement funds to purchase bitcoin is to establish a legal entity, such as an LLC, and to invest in bitcoin through the LLC. This would allow individuals to hold bitcoin as an investment, while also leveraging the tax-advantaged status of their IRA accounts.”

http://finance.yahoo.com/news/pensco-provides-self-directed-ira-141100087.html

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BitPay Opens European Headquarters in Amsterdam

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“BitPay, the world leader in business solutions for the Bitcoin digital currency, has officially opened its European Headquarters in Amsterdam. This office will handle sales, implementation and merchant support for BitPay’s 7,000 merchants in Europe. Pieter Poorthuis joins BitPay as a Senior Sales Engineer for sales and customer implementations in the Eurozone. Pieter previously managed implementations for ING’s mobile payments products.  Marcel Roelants has also joined BitPay’s Board of Advisors. Marcel is a former General Manager of MasterCard in the Netherlands, and was previously Managing Director of General Electric in Belgium.”

http://finance.yahoo.com/news/bitpay-opens-european-headquarters-amsterdam-133000890.html

BitPay, the world leader in business solutions for the Bitcoin digital currency, has officially opened its European Headquarters in Amsterdam. This office will handle sales, implementation and merchant support for BitPay’s 7,000 merchants in Europe, with the goal of acquiring and serving 30,000 merchants in Europe by the end of 2014.

Moe Levin has joined BitPay as the company’s European Director of Business Development. Moe speaks five languages and has several years of Bitcoin experience, most recently as a conference organizer in Amsterdam and Miami.

“Being Bitcoin ready is about more than accepting bitcoin, it’s about being ready for the future,” says Levin.

Pieter Poorthuis joins BitPay as a Senior Sales Engineer and is responsible for sales and customer implementations in the Eurozone. Pieter previously managed implementations for ING’s mobile payments products.

Marcel Roelants has also joined BitPay’s Board of Advisors. Marcel is a former General Manager of MasterCard in the Netherlands, and was previously Managing Director of General Electric in Belgium where he managed 170 people.

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Sacramento Kings NBA Franchise Launches Bitcoin-Only Online Store

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“The Sacramento Kings NBA Franchise has officially launched a bitcoin-only marketplace on BitDazzle, a purchasing platform for online merchants that specializes in bitcoin.  The news follows the announcement that the Kings would become the first US professional sports team to accept bitcoin this past January, when the team inked a deal with Georgia-based merchant processing specialist BitPay.  The new website, KingsBitcoin.com, is a co-branded effort between the two organisations that will allow Kings fans to purchase gear, merchandise and tickets using bitcoin.”

http://www.coindesk.com/sacramento-kings-nba-franchise-launches-bitcoin-online-store/

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Chicago Sun-Times First Major US Newspaper to Accept Bitcoin

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“Following its successful test with bitcoin micropayments provider BitWall back in February, the Chicago Sun-Times has announced that it has partnered with San Francisco-based bitcoin startup Coinbase to accept bitcoin payments.  That test saw the newspaper receive more than 700 bitcoin donations over a 24-hour trial period in support of the non-profit Taproot foundation, which offers pro-bono service work to organisations tackling social problems.  The announcement makes the Sun-Times the first US newspaper to accept bitcoin as a payment option, a move that editor in chief Jim Kirk indicated was in line with its digital-first promotional strategy.”

http://www.coindesk.com/chicago-sun-times-becomes-first-major-us-newspaper-accept-bitcoin/

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Texas Generally Exempts Bitcoin From Money Transmission Laws

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“The document draws a line of distinction between bitcoins and other digital currencies and sovereign currencies like the dollar. According to the memorandum, digital currencies are not recognized as legal tender in Texas because they lack backing from an institution like a central bank, do not have intrinsic value and do not carry any guarantees of redemption.  Overall, the statements clarify the statutes which govern the establishment of third-party bitcoin exchanges that handle sovereign currencies, providing a clearer path for those who might seek licensure in Texas.  As a result, the exchange of digital currency and sovereign currency does not qualify as a money transmission.”

http://www.coindesk.com/new-texas-memorandum-outlines-initial-bitcoin-exchange-guidelines/

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Tax-free zones created around 8 NY colleges under Start-Up NY

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“Gov. Cuomo has touted the program as a way to entice new businesses to New York, which is among the highest-taxed states in the country.  The state is spending taxpayers’ money on ads running across the country to promote the program.  Existing businesses have expressed concern that the new companies will have an unfair advantage.  If accepted into the initiative, businesses will operate with no income tax, business tax, corporate tax, state taxes, local taxes, sales tax, property tax and franchise fees for 10 years. To be eligible, businesses must create new jobs in the first year. Higher-paid workers would have to pay income taxes after five years.”

http://www.lohud.com/story/news/politics/albany-watch/2014/03/13/colleges-named-tax-free-zones-start-ny-initiative/6403251/

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‘There Are Fortunes To Be Made In The Tech Sector’

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“Three U.S. states — Nevada, Florida, and California — have already passed laws permitting autonomous, driverless cars on their streets.  There is simply no telling how much robotics and other technologies and advances therein will change our lives.  Moreover, my personal opinion is that America’s technology boom will be its saving grace. While it may not prevent us from slipping to number two in terms of GDP, behind China and its 1.4 billion people, it will prevent us from sliding any further.  My view: In addition to the right opportunities in gold, silver and other natural resources, there are fortunes to be made in the tech sector.”

http://www.moneyandmarkets.com/is-larry-edelson-a-doomsayer-59924

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Pocket Enormous Tax Savings in Puerto Rico

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“Never before have such incredible tax incentives been available to Americans so easily.  You see, to spur job growth and economic activity in general, the Commonwealth of Puerto Rico introduced these enormous tax incentives for incoming residents and service businesses.  Specifically, for Puerto Rican residents and businesses that qualify—mostly expatriates from the US mainland or their enterprises—the recently enacted Act 22 and Act 20 provide for a zero tax rate on capital gains and certain interest and dividends earned by individuals.  And, if you a run a business that exports services like I’m doing here, they also provide for low single-digit tax rates on your profits.”

https://www.caseyresearch.com/cm/pocket-enormous-tax-savings-in-puerto-rico

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Why I REALLY Moved to Puerto Rico, and You Should Too

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“This is the new land of opportunity. There is a critical combination here of an underutilized but well-educated workforce, a culture that is obviously changing for the better, and a tax regime that is committed to letting entrepreneurs reinvest more of our money back into our businesses.  Add those three together, and there would be something good going on down here. But there’s another factor: The Internet. With the ability to do many jobs from the convenience of anywhere, thanks to Skype, GoToMeeting, Gmail, Dropbox, and thousands of other tools that finally make the home office a reality, the opportunity is enormous.”

http://www.caseyresearch.com/cdd/the-volcker-rule-and-you-whats-your-bank-doing-with-your-money

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MtGox CEO ordered to U.S. for questioning on failed bitcoin exchange

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“The chief executive of Japan’s Mt. Gox, once the world’s leading bitcoin exchange, was ordered to the United States to answer questions related to its U.S. bankruptcy case, filed after the company lost $400 million of customers’ digital currency.  U.S. Bankruptcy Judge Stacey Jernigan on Tuesday ordered Mark Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox.  Mt. Gox customers want its chief executive and majority owner, Mark Karpeles, to explain why the exchange shut down in February and what happened to their 750,000 bitcoins, which the company said were stolen in a computer hacking attack.”

http://in.reuters.com/article/2014/04/02/bitcoin-mtgox-karpeles-idINDEEA3100V20140402

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