Finance

Bitcoin Price Prediction: Miner-Driven Growth Could Reach $120,000 by 2024

Written by admin12/07/2023

Standard Chartered Bank predicts a significant surge in Bitcoin’s value, expecting it to climb to USD$50,000 by the end of this year and subsequently reach a remarkable high of $120,000 by 2024’s close. This optimistic forecast follows an 80% increase in Bitcoin’s value since the beginning of the year, with its current trading position hovering around $30,100.

The British multinational financial institution initially proposed a $100,000 Bitcoin valuation by 2024 in April, but has now identified a 20% potential increase, which it attributes to several factors, including the recent banking-sector crisis. “Our initial estimate may have been too conservative,” reads the latest report, suggesting a more substantial rise on the horizon.

In the analysis, Geoff Kendrick, the bank’s leading FX and digital assets researcher, outlined a pivotal aspect that could catalyze this price escalation: Bitcoin miner profitability. As miners contribute significantly to the Bitcoin supply chain by creating and maintaining the ledger, Kendrick reasons that the increasing profitability per Bitcoin mined allows these miners to sell less while sustaining cash inflows.

Previously, miners were offloading 100% of their new coins, but if Bitcoin hits the forecasted $50,000 mark, Kendrick anticipates that they would only need to sell between 20-30%. This change equates to a daily selling reduction from 900 to merely 180-270 Bitcoins, leading to an annual reduction from 328,500 to a range of 65,700-98,550. This significant decrease in the net Bitcoin supply, approximately 250,000 Bitcoins per year, could intensify the demand and drive prices higher.

Moreover, an inherent supply and issuance mechanism, scheduled to halve the total number of Bitcoins that can be mined daily around April or May, will further limit supply. This mechanic has traditionally been instrumental in maintaining Bitcoin’s appeal, and its impending activation will only fuel this bull run further.

Despite the crypto sector’s significant losses in 2022, including the fall of multiple crypto firms and traditional-style banks, optimism pervades. Skyrocketing predictions have often accompanied Bitcoin’s previous rallies, and as history repeats, this sentiment shows no signs of abating. Standard Chartered’s report hence underscores that Bitcoin’s value ascension will be driven by the convergence of increased miner profitability, banking-sector crises, and inherent supply limitations.

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Finance

Are Bitcoin and the Stock Market Correlated?

Written by admin06/02/2023

Since bitcoin’s inception in 2009 to the late 2010s, it has shown a lack of correlation to the broader stock markets. Because of this, bitcoin proved to be an asset class for investors that remained largely independent of broader markets.

However, with an increase in awareness from retail and institutional investors, beginning largely in 2017 when BTC pushed through the USD$10,000 threshold, its independence has waned.

Increasing Interest Rates

For most of the last twelve months, bitcoin has been fighting the same downward pressure that’s been impacting both the stock and bond markets. Major central banks around the globe have been on a quest to tighten monetary policy in a battle to tame inflation down to a target of two percent.

Trailing twelve months comparison between bitcoin and the S&P 500 measured by percentage change. (Source: Yahoo!Finance).

“The price of bitcoin is maintaining the $19,000 level, but with the FOMC’s minutes and CPI ahead this week, the market will likely refrain from taking risks, which in turn will likely put pressure on bitcoin,” said Yuya Hasegawa, crypto market analyst at Bitban.

Macroeconomics

Rolling 90-business-day return correlation between BTC and stock indexes. Image note: Returns of bitcoin are represented by the Fidelity Bitcoin Index, U.S. equities by the S&P 500 Index, and U.S. growth equities by the NASDAQ Composite Index. All returns are in base currency (US$) and gross of fees. (Source: Fidelity Investments).

Macroeconomic factors continued to play an important role in driving the prices of cryptocurrencies, as well as other risk assets. Throughout the third quarter, the correlation of bitcoin with major stock indexes remained high, at over 60%.

For added context, a correlation above 50% is considered moderately strong and above 70% is very strong, while correlations between 30% and -30% are very weak. A value of 100% or 1 means that movements between bitcoin and the broader markets are perfectly synchronized.

With rising interest rates, investors wanting to de-risk their portfolios have weighed on bitcoin’s price as reflected in a rather underwhelming yearly performance of negative 37% as of January 31, 2023.

Some examples provided by Fidelity Investments of bitcoin’s price following macroeconomic announcements in 2022:

  • July 27: BTC increased by over 8% following the announcement by the Federal Reserve that it was raising interest rates by 75 basis points.
  • August 10: July U.S. CPI inflation came in below expectations at 8.5% (compared with 8.7% expected). BTC climbed 4% in the hours following the release of the CPI before slowing later in the day.
  • August 19: BTC plunged nearly 10%, falling in sync with traditional markets amid renewed fears that the Fed and other central banks will have to get more aggressive in fighting inflation. The decline started with unexpectedly high inflation data in Germany.
  • August 26: BTC dropped after Fed Chair Jerome Powell doubled down on restrictive monetary policy at the Fed’s Jackson Hole economic symposium.
  • September 13: BTC fell on the release of August U.S. CPI data, which showed an unexpectedly high 8.3% increase in prices (compared to 8.1% expected).

With its widespread adoption, it is clear that bitcoin is no longer on the fringe of the financial system. Tensions between Russia and the West over the Ukraine war could continue to roil markets, from energy prices to foreign exchange. Bitcoin’s tighter correlation with broad markets means it will not be immune.

Conotoxia Senior Market Analyst Daniel Kostecki gave his opinion on this correlation to CoinDesk last year.

“It is what is happening in the arena of international relations that seems to be the main driver of the markets for both stocks and cryptocurrencies,” he said.

2023 Bump

As of January 31, 2023, the YTD of bitcoin is up approximately 39%, while the S&P 500 and Nasdaq Composite are up 5.9% and up 10.8% respectively.

Analysts say that there is a multitude of factors behind bitcoin’s new rise in 2023, including the probability that interest rates will be lowered in the coming months, easing of short-term inflation, as well as massive purchases by large buyers, otherwise known as “whales.”

The U.S. dollar has also lowered, with the greenback down 8.5% in the last three months in terms of its strength against a basket of other notable currencies, such as the Euro, Pound and Yen.

If this is the case, bitcoin continues to show a coupling with macroeconomic indicators, despite showing less correlation with stock markets.

As bitcoin’s adoption continues to increase along with the development of applications built on top of the blockchain it is likely we would see a decoupling between the cryptocurrency and stock markets in the future.

“We expect them to not be as highly correlated going forward,” Ben McMillan, CIO of IDX Digital Assets said. “But I do think a positive correlation between bitcoin and risk assets, in particular things like technology stocks, is here to stay.”

That said, bitcoin is still a relatively new asset class when compared to its counterparts, like bonds, stocks and gold. Its relationship with them and macroeconomics will be closely watched.

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Finance

What Will Happen to Crypto in 2023?

Written by admin09/01/2023

2022 was a tumultuous year for the crypto industry. Crypto markets have fallen over 50% since their peak in 2021, while stock markets and bond markets globally have fallen in double digits.

Terra (LUNA)

The Terra ($LUNA) crypto token crashed from $120 to $0.002, a 99.9% correction between May 11 to May 12. Along with LUNA, the TerraUSD ($UST) stablecoin endured a significant crash from $1 to $0.30. The Terra blockchain was a platform created to peg stablecoins to fiat money, initially founded by 31-year-old South Korean Do Kwon. 

Combined, $LUNA and $UST had a market capitalization of roughly $50 billion, and the reasoning behind the crash is still unconfirmed. Interpol issued an arrest warrant for Kwan but was recently thrown out by a South Korean judge.

Three Arrows Capital

In June, Three Arrows Capital, a Singapore-based cryptocurrency hedge fund failed to meet its margin calls and repay the money lent from cryptocurrency broker Voyager Digital. The hedge fund subsequently filed for Chapter 15 bankruptcy in the United States. Not surprisingly, Voyager Digital declared bankruptcy the following month.

FTX

Arguably the biggest crypto story of the year was the fallout of FTX, one of the world’s largest crypto exchanges and custodians led by founder Sam Bankman-Fried, also known as ‘SBF.’ 

At the moment, SBF has pleaded not guilty in New York federal court to eight charges related to the collapse of FTX and hedge fund Alameda Research. He is facing charges of conspiracy to commit wire fraud and securities fraud, individual charges of securities and wire fraud, money laundering and conspiracy to avoid campaign finance regulations. In total, SBF is facing 115 years in prison.

In sum, FTX was once valued as a $32 billion company that used QuickBooks for its accounting methods, freely transferred client funds back and forth between FTX subsidiaries and Alameda Research and spent millions of dollars donating to U.S. Democratic politicians and even shadow donations to Republican politicians. FTX filed for Chapter 11 bankruptcy in the U.S. in November.

At this time, it appears FTX will be remembered as one of the biggest financial frauds in history. Depending on the total amount of money and crypto that bankruptcy auditors uncover, it will likely rank as the second largest financial fraud, right behind Enron.

Scams in 2023?

2023 has only just begun, and we are already hearing rumblings about further scams and potential defaults.

Logan Paul and CryptoZoo

Uncovered by a leading investigative journalist in the financial industry, Coffeezilla has put forward information that could incriminate famous YouTuber Logan Paul on his crypto game titled CryptoZoo.

      Binance

      This may shock most of our readers, but those in the industry wonder if Binance is financially stable after the FTX collapse. Largely, Binance has never revealed its liabilities and in fact, Binance CEO, Changpeng Zhao (also known as ‘CZ’) has indicated that the big four auditors have difficulties auditing crypto firms.

      “Many of them don’t even know how to audit crypto exchanges” – CZ, December 2022 

      Binance originally invested as a shareholder in FTX in 2019 and exited while receiving $2.1 billion in its own stablecoin ($BUSD) and in $FTT (FTX Tokens) as part of the deal. Now if Binance is forced to claw that back to FTX creditors, one wonders if Binance can remain afloat.

      What Will Happen to Crypto in 2023?

      With 2022 behind us, let’s throw out some of our predictions on what will happen to crypto and Bitcoin in 2023.

      1) Bitcoin Sees Positive Returns

      Often regarded as a hedge against inflation, we were able to put Bitcoin to the test with elevated inflation levels across the globe in 2022. As it turns out, Bitcoin’s return performed worse than U.S. stock markets. That said, Bitcoin’s network and decentralized nature have remained strong throughout a tough 2022. Crypto’s reputation was dented by the crises and scandals, but the salability and strength of its network have cemented itself as here to stay for the long run.

      Even Cathie Wood, the CEO of ARK Invest who posted a 150% return on her ARK Innovation ETF in 2020, believes that Bitcoin’s price is still on pace for US$1,000,000 by 2030.

      Bitcoin’s price chart since 2013. (Source: coinmarketcap.com).
      2) Global Bitcoin Adoption

      Currently El Salvador and the Central African Republic (CAR) are the only nations in the world where Bitcoin acts as legal currency. That will change in 2023 with likely candidates Saint Kitts and Nevis, Venezuela and Paraguay. In November 2022, Terrance Drew, the Prime Minister of the Caribbean nation of Saint Kitts and Nevis indicated the country may adopt Bitcoin Cash (BCH) as legal tender.

      Venezuela is a likely candidate as over 10% of its population owns cryptocurrency while its current year-over-year inflation rate stands roughly around 155%. Bitcoin would be regarded as a more stable currency for Venezuelans.

      Paraguay is a possibility as Carlitos Rejala, a member of Paraguay’s Chamber of Deputies has proposed a bill to have Bitcoin as legal tender in the country. Whether the bill is passed is up for debate, but Rejala has indicated he is willing to run for President which would accelerate the possibility.

      3) Regulatory Battles

      With the fall of FTX, the Ontario Teacher’s Pension Plan wrote down its stake to zero, taking a US$95 million loss barely a year after initially investing in the company. The loss has a limited impact due to the size of the fund ($242.5 billion) but these losses catch the attention of regulators and politicians. 

      We saw a movement towards further oversight in December in Canada and we will likely see more. The Canadian Securities Administration announced that it will require all crypto exchanges seeking registration to sign undertakings before they are formally under regulatory watch.

      This will take time as the wheels of government take a strong push to move, especially in an industry as complex and new as cryptocurrencies. Will 2023 be the year that regulators finally reach their limit?

      4) Rebuilding Trust

      Not only in crypto, but in many other industries like tech, rising interest rates, high inflation and a looming recession has forced many businesses to cut costs and cut them quickly. Years of zero interest rates will do that to an economy, where founders, venture capitalists and angel investors were flooded with cash and invested in any startup with a pulse.

      The crypto industry in 2023 will have to rebuild and regroup. Over-leveraged firms and poor exposure to bad counterparties will not be tolerated in crypto anymore. New firms that come into the space will have to demonstrate integrity, trust and positive cash flows in order for the industry to rise again.

      5) The Rise of Self-Custody

      Trust is at an all-time low in exchanges, which inevitably will lead to a rise in users holding their crypto in self-custody wallets. When trust is low, incumbents will consolidate, pushing investors to obtain crypto from financially stable institutions and place them in self-custody, which ultimately lowers the risk of default for many retail investors.

      If you do not own the keys, do you really own your Bitcoin?

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      Best Way to Buy Bitcoin in Canada
      Buying Crypto, Education, Finance

      What is the Best Way to Buy Bitcoin in Canada?

      Written by admin26/08/2022

      There are a lot of options when it comes to investing in cryptocurrency, but what is the best way to buy Bitcoin in Canada?

      The good news is there are plenty of methods to choose from so there is something for everyone. Below we have outlined the pros and cons of 10 different ways to purchase crypto. We have also given each one a score out of five for the following categories: convenience, security, and value.

      Read on to find out the best way to buy Bitcoin in Canada for you.

      How can I buy Bitcoin in Canada?

      The good thing about living in a relatively crypto-friendly country like Canada is there are lots of options to exchange fiat currency for Bitcoin and other cryptocurrencies like Litecoin and Ethereum.

      The first decision you have to make is whether you want to trade online or in person at a physical location. That’s right, you can actually swap cold hard cash for cryptocurrency!

      The next step is to choose a payment method. In a short space of time, trading platforms have expanded their ways to pay exponentially. While it may seem intimidating at first, don’t fear! We have compiled some of the most popular options out there to help you make up your mind.

      Crypto gift cards

      Crypto gift cards just like any gift card you might buy at a normal retail store. The main difference is you can’t buy goods and services with it. Instead, you can send someone a digital gift card with crypto assets from your own wallet or by buying a certain amount with fiat currency.

      Pros:

      • Potential to increase in value: A crypto gift card is essentially a hot wallet, meaning it holds a certain amount of crypto on it. This means the value could increase if you hodl it.
      • Great gift idea: Whether you are looking for a present for a Bitcoin maximalist or someone who knows next to nothing about crypto, a gift card is a fun and easy gift idea. The recipient doesn’t even need a bank account. All they need is a crypto wallet.

      Cons:

      • Lack of flexibility: Once you buy a gift card using fiat, you lock in your chosen coin. If the recipient is more into altcoins, for example, you’d probably be better off just sending them some cash.
      • Not secure: If a gift card gets lost in the mail, there’s not much you can do to retrieve your coins. Similarly, if it gets stolen, someone could easily extract the value for themselves. This is a lot riskier than simply sending it from your wallet.

      Convenience: 3/5

      Security: 1/5

      Value: 3/5

      Bitcoin ATM

      Bitcoin ATMs, also known as Bitcoin kiosks or BTMs, enable you to exchange cash for BTC, Litecoin, Ethereum, or other cryptocurrencies in person. Although they are different from the machines you would find at a traditional bank, just like an ATM, you can deposit or withdraw cash. The main difference is you buy cryptocurrency when you deposit cash and you sell it when you make a withdrawal.

      Bitcoin ATMs are a great option because they save a lot of the hassle of going through lengthy online sign up processes and they are one of the easiest methods to use.

      Pros:

      • Simple to use: It doesn’t get much easier than inserting cash into a machine and instantly buying your cryptocurrency of choice. All you need is cash, a phone, and a digital wallet. This makes it a great way to explore the market without the hassle of creating an account with an online exchange.
      • Direct: There is no middleman at all if you buy from an ATM. It’s a direct transaction so there’s no waiting for funds to arrive from your bank or for an online exchange to approve your transaction.
      • Secure: Bitcoin ATM providers are regulated by FINTRAC. If you are unsure about whether the machine you are using is legit, you can search for the name of the company on FINTRAC’s registry for peace of mind your transaction will be secure.

      Cons:

      • Must have cash: If you don’t happen to have cash on you, there are not a lot of options out there to buy at a machine. Fortunately, there are ways you can still transact without cash, such as via Interac® e-transfer.
      • Fees: one of the drawbacks of machines is that trading fees are usually higher than online exchanges. Of course this all depends on your personal preference and plenty of people prefer to use Bitcoin ATMs for the convenience and ease of use.

      Convenience: 5/5

      Security: 5/5

      Value: 3/5

      OTC Desk Locations

      OTC, or over-the-counter, involves buying cryptocurrency via a broker, either in person or virtually. This option is ideal for investors looking for a personalized service.You speak directly to an account manager who provides advice and handles the trade for you.

      The downside is you usually have to spend a certain amount to qualify, however, using private exchange services makes sense for large volume trades. 

      Pros:

      • Personalized service: Having someone else place a trade on your behalf removes a lot of the stress involved in buying Bitcoin.
      • Expert advice: OTC brokers usually have experience when it comes to making trades. If you’re new to the world of cryptocurrency, expert advice can help maximize your investment.

      Cons:

      • Fees: At the end of the day, you are paying for a service with OTC, and this is reflected in the slightly higher fees you pay.
      • Large volume: OTC is designed for people with large sums to invest in Bitcoin, meaning it is not suitable for the average customer.

      Convenience: 5/5

      Security: 5/5

      Value: 3/5

      Purchase Bitcoin direct from a seller

      There are forums and posts on sites like Facebook Marketplace, Reddit, and Craigslist (That’s right! Remember Craigslist?) as well as niche sites where people will literally sell you Bitcoin. Of course, there are risks involved because you’re essentially buying from a stranger.

      It is possible to find cheaper rates, but this method is more labour intensive than other alternatives. When you buy from a reputable company, you do not need to scour multiple websites for a cheaper deal, customers know exactly what to expect every time.

      Pros:

      • Bargain deals: People who buy crypto this way are usually looking to squeeze every satoshi they can out of a deal. It is possible to find some great rates, especially if you find a motivated seller.

      Cons:

      • Risky: Buyers take on a lot of risk when they buy directly from a seller online. Often there is no way of knowing if the seller will deliver what they promise.
      • Time consuming: Searching through page after page to find the best deal consumes a lot of time and effort.

      Convenience: 1/5

      Security: 1/5

      Value: 3/5

      INTERAC® e-Transfer

      INTERAC® e-Transfer is arguably the best way to buy Bitcoin in Canada. It is as easy as sending money to a friend, it takes just a few minutes, and the fees are relatively low. Transactions are secure when you buy Bitcoin via e-Transfer from a reputable company and service is convenient and fast.

      The sign up process is much shorter for e-transfer than it is for online crypto exchanges like Newton or Shakepay, which can take hours or even days to go through. Similarly, you don’t have to wait what seems like an age for a bank wire transfer to fund your account.

      Pros:

      • Fast: Transactions are usually seamless and completed in a matter of minutes.
      • Secure: So long as you are buying from a trusted source, you can rely on the proven INTERAC® e-Transfer infrastructure, so you know your funds will be safe.
      • Simple: All you need to get started for transactions below $1,000 is a phone number and there are no extra hoops you have to jump through like there are for online exchanges.

      Cons:

      • Limited transaction size: A downside to using e-Transfer is your bank will usually limit the amount you can send in one day. So long as you only plan to purchase Bitcoin below a few thousand Canadian dollars in value, however, this option is perfectly suitable.

      Convenience: 5/5

      Security: 5/5

      Value: 3/5

      Debit

      Buying digital currencies with a debit card is a simple way to join the cryptocurrency world. It works just like making a standard purchase online. All you need to do is pick a trustworthy trading platform, sign up for an account and enter your card details.

      The downside of debit transactions is that not all banks allow it and some operators will flag crypto purchases as fraudulent. This can lead to long, frustrating delays.

      Pros:

      • Fast: Most exchanges can process transactions quickly.
      • Simple: The sign up process usually takes a few minutes, unlike online exchanges.

      Cons:

      • Bank restrictions: Banks can sometimes get involved and prevent purchases from going through

      Convenience: 3/5

      Security: 5/5

      Value: 3/5

      Credit

      You should tread carefully when buying crypto with a credit card. Customers should avoid making speculative purchases and only spend what they know they can pay back comfortably.

      One of the key drawbacks of using a credit card is the fees. Banks usually charge more for purchases of cryptocurrency on credit because of the inherent risk the borrower might not be able to pay it back.

      Having said that, if you’re responsible and know what you’re doing, buying Bitcoin with a credit card is as equally straightforward as using a debit card.

      Pros:

      • Convenient: Just like debit transactions, the process is usually fast and simple.

      Cons:

      • Fees: There are cheaper options out there that are just as fast and convenient.

      Convenience: 3/5

      Security: 5/5

      Value: 1/5

      Bank wire transfer

      If the fees involved with using a credit card put you off and you have some time on your hands, bank wire transfers are a cheaper alternative. There are usually no bank fees involved in transferring money to fund your crypto account, however, whether you run into problems with your bank is another question.

      Bank transfers can take days to go through, especially if you are a first time buyer. This can be annoying to say the least, especially if you miss out on an opportunity with a Bitcoin price fluctuation, for example.

      Pros:

      • Free: Bank transfers to fund your account usually cost nothing.

      Cons:

      • Time: Wires sometimes take a day or two to go through.

      Convenience: 1/5

      Security: 5/5

      Value: 3/5

      Apps

      Some mobile apps, such as Wealth Simple, offer Bitcoin investment options. The apps are usually user-friendly and if you are familiar with how they work, funding your account is simple enough.

      It is important to exercise caution when choosing which app to go with. Make sure the app allows you to send BTC to your crypto wallet. Some providers only allow you to keep funds in their custody wallet, meaning you do not have total control over your crypto asset.

      Pros:

      • User-friendly: If you’re new to crypto, the apps will help to guide you through the whole process.

      Cons:

      • Lack of control: Some apps only allow you to keep funds in their custody wallet.

      Convenience: 2/5

      Security: 3/5

      Value: 3/5

      Online exchanges

      If you have looked into buying cryptocurrency at all you are bound to have come across online exchanges like Binance, Coinbase, and Kraken. These trading platforms are usually good for beginners and offer a wide range of altcoins in addition to the more established cryptocurrencies.

      While they are a lot of people’s first step into the crypto universe, many people soon start looking for alternatives. Users are put off by lengthy sign up processes, privacy concerns, and poor customer service.

      Pros:

      • Guidance: Most sign-up processes, while lengthy, are well designed and walk the user through step-by-step.

      Cons:

      • Slow: If you are using an exchange for the first time, it can take a long time to get your account approved and funded.
      • Invasive: Some online exchanges require you to surrender a lot of information before you can start trading.

      Convenience: 3/5

      Security: 3/5

      Value: 3/5

      Conclusion

      There is no shortage of methods you can use to buy Bitcoin. INTERAC® e-Transfer is the best way to buy Bitcoin in Canada from an overall perspective. It scored highest in our ratings and is generally fast, secure, and good value.

      The ultimate deciding factor in what defines “best”, however, is you. That is the great thing about cryptocurrency today: with more ways to buy than ever before there is bound to be an option that fits your needs and level of knowledge.

      Click here to buy using INTERAC® e-Transfer

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      Finance, Startup

      HoneyBadger Celebrates A Major Milestone

      Written by admin30/09/2020

      HONEYBADGER 100

      We are over the moon!

      HoneyBadger celebrates a major milestone with over 100+ Bitcoin ATM locations across Canada.

      Thank you to all the great businesses that have worked with us – from the early adopters who were open to trying out our kiosk concept to the national retailers who aligned with our vision to provide cryptocurrency services in Canada.

      Keep your eyes peeled – there will be 200 HoneyBadgers in the wild before you know it.

      To infinity and beyond,

      The HoneyBadger Team

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      Finance, Startup

      Canadian Cryptocurrency Regulations at HoneyBadger

      Written by admin14/07/2020

      Recent Changes at Our Kiosks:

      To transact with a HoneyBadger kiosk, you will now need to provide a phone number that can receive a text message for all transactions under $1,000. For all transactions over $1,000, we will need Identification (preferably a driver’s license) to be provided. Customers are also now limited to buying or selling a total of $10,000 every 24 hours. For more detailed information, please continue reading.

      FINTRAC Compliant

      If you have been to a HoneyBadger kiosk this month, you will have noticed some changes. As of June 1st, all cryptocurrency dealers in Canada, HoneyBadger included, are defined as “dealers in virtual currency” and must report as much to the Government of Canada so we proactively registered as a “Money Services Business” with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC is the financial intelligence body of the Canadian Government. In simple terms this means that we are now regulated and legally recognized as a financial institution in Canada. This is a huge win for Bitcoin and cryptocurrencies in Canada to finally have regulatory clarity. This now legitimizes our industry and gives us the opportunity to build a faster, more functional and extra fearless Bitcoin business!

      New Regulation, New Rules

      New regulation comes with some new rules, which we must comply with. The biggest change going forward is that customers must identify themselves before each transaction. To identify yourself, you will need:

        • Phone number that can receive a text

        • A piece of government issued ID

        • Backup proof for your identification such as a hydro bill

      Why do we need this? It is required by the Canadian Government to protect our financial system. Asking for this information assists in preventing money laundering. For more information, please see the Anti-Money Laundering (AML) and Know Your Client (KYC) directives.

      This might seem like a big change as we previously did not require personal information to use our service. We are confident that after your initial registration this will supercharge the top-notch service all our fellow HoneyBadgers have come to expect. Quicker transactions, better information and communication and new features such as quicker crypto-selling is all coming now that we have these programs in place!

      Information Requirements

        • $5.00 – $999.00 – Requires phone number

          • Receive text on your phone (2-Factor Authentication) to verify you at the machine

        • $1,000.00 – $10,000.00 – Requires phone number and identification

          • Receive text on your phone (2-Factor Authentication) to verify you are at the machine

          • ID only required on first transaction over $1,000.00

      How to Register

      Identification can be provided through our online portal. Any government-issued photo identification can be used at our kiosk such as;

        • Drivers License
        • Passport
        • Identification Card
        • Status Card

      All IDs can be submitted online at:

      If you are having trouble registering, please contact support. Alternative options include:

        • Sending a photo of your ID to us via email

      Thank You!

      Thank you in advance for adapting with us to the new regulatory environment in Canada. We at HoneyBadger are excited to get to know all of you, our amazing customers! Without you, we never would have made it this far. Here’s to continuing to build the most badass bitcoin experience in The Great White North!

      Over and out,

      The HoneyBadger Team

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      Finance, Startup

      HoneyBadger COVID-19 Response

      Written by admin18/03/2020

      Due to the increasing gravity of the covid-19 situation across Canada and the world, we at HoneyBadger would like to inform our valuable customers and partners what our kiosk availability will be.

      We will be keeping as many of our machines on and running as possible.

      However, due to the nature of our business, we do not have control over the locations our kiosks are located inside of. We are keeping in close contact with all of our partners to know which sites are open, have reduced/changed hours or have closed already.

      We are recommending all of our customers check our partner location websites for open hours or closures.

      They will have the most up-to-date information. For example: if you’d like to visit Grant Park Mall in Winnipeg, MB – please view https://www.grantparkshoppingcentre.com

      We will make every effort to let you buy or sell cryptocurrencies during this time. Whether you’re buying the dip, would like to sell coins for cash as a backup for extended quarantine, or need a loan for cash using your bitcoin as collateral – HoneyBadger has your back.

      Please visit www.badgercoin.com for a list of all our locations If you need any support, please reach us at:

      www.badgercoin.com/contactus

       

      If you’d like a cash loan, using your crypto as collateral please contact us at:

      www.badgercoin.com/lending

       

      As a final note — we would like all our customers to be confident using our machines. On every visit to a kiosk, we have a team of professionals clean down anything touchable at the kiosk with disinfectant wipes.

      Stay safe out there, keep yourself clean and we can get through this together.

       

      All the best,

      HoneyBadger

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      • Finance, Startup

      HoneyBadger Increases Canadian Footprint as Bitcoin Reaches an Unprecedented High

      Written by admin01/05/2019

      HoneyBadger Bitcoin ATMs provide fast, functional and fearless access to cryptocurrencies so Canadians can safely and securely empower their portfolio.

      Bitcoin surpassed $23,000 USD for the first time ever and it’s continuing to surge. After weeks of trading around $19,000 USD – close to the previous all-time high in 2017 – Bitcoin’s moment to shine could not be contained as the cryptocurrency tripled its value this year. This revelation coincides with the news that One River Digital Asset Management investments have taken a massive $600 million USD position in Bitcoin, with commitments of up to $1 billion USD in Bitcoin and Ethereum by 2021.

      As cryptocurrency has continued to grow in popularity, the team at HoneyBadger Inc. has followed suit with several new installations of Bitcoin kiosks across the country, providing effortless and secure access to this global monetary system. “We believe in making Bitcoin accessible to everyone,” explains General Manager, Mike Kitt. “As it becomes more mainstream, we want to ensure that people in all communities, not just large investors, have access to this system.” The company has been rapidly growing with over 125 kiosks and several more ready to launch in 2021.

      After setting up a digital wallet – with as little as twenty dollars and a mobile phone – users can simply visit a local HoneyBadger kiosk to start buying and selling Bitcoin, Litecoin and Ethereum within minutes. Bitcoin allows users to store its value, make payments and exchange digital currency across the globe, and it’s not as complicated as some might think. “It’s a currency that works on the Internet. So, it enables people to send value or Bitcoin to other people. It’s a lot like an email, it works anywhere on earth and doesn’t matter where you are or what country you’re in,” as Kitt describes it. HoneyBadger ATMs provide a straightforward way for Bitcoin beginners to get started, and there is seemingly no better time to jump on the bandwagon. The continued rise follows a slew of other notable investors and major institutions publicly reporting large bitcoin purchases such as Paul Tudor Jones, Stan Drukenmiller, Square Inc., MicroStrategy, Mass Mutual and Grayscale Bitcoin Trust. As public companies continue to add Bitcoin to their balance sheet, it adds validity to Bitcoin becoming a strong alternative to fiat currencies, and proves that there is strong potential to ultimately evolve into the main form of currency. For questions about cryptocurrency, email HoneyBadger support staff or call (1) 604-787-1220.

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