Swiss crypto financial firm Bitcoin Suisse has added gold, silver, and platinum to its platform, allowing users to trade the precious metals against both bitcoin (BTC) and ether (ETH), as well as five other major fiat currencies.
The precious metal trades are available for 24/7 trading with immediate cash settlement, the company announced on May 26. The offering is not physically settled, it said, and claims are limited only to crypto and fiat.
Users can invest a minimum of 100 Swiss francs ($103) without custody fees for holdings up to $103,000. Bitcoin Suisse notes that with precious metals, the firm is adding “assets which have been part of long-term investment strategies.”
The three metals can also be traded against the Swiss franc, the United States dollar, the British pound, the euro, and the Danish krone.
“By offering seamless precious metals trading, we go beyond the crypto asset class for the first time,” said Stefan Lütolf, head training, and liquidity management at Bitcoin Suisse.
“It’s an excellent way to move between the two assets with the click of a button,” he added, claiming the new product is in response to rising demand for “scarce, highly valuable assets such as gold and bitcoin.”
Lütolf is not sold to the idea that Bitcoin may be Gold 2.0 just as yet, but the company is preparing for a time when that becomes a reality. The Zug-based firm says “all precious metals on offer are stored by a trusted banking partner. Purchases are backed 100% by the Bitcoin Suisse bank guarantee.”
Bitcoin is increasingly drawing comparisons with gold, an asset so often referred to as the original “safe haven”. Bloomberg recently stated that BTC will mature into a gold-like store of value in 2020, citing coronavirus-induced trillion-dollar stimulus and mainstream adoption as key drivers.
However, tradable products that connect BTC and gold or other precious metals remain few and far between. That is beginning to change, as platforms offering the asset class have started to emerge, including the announcement by peer-to-peer exchange Paxful in April, allowing trades between bitcoin and gold.
What do you think about the Bitcoin Suisse BTC-gold offering? Let us know in the comments section below.
The post Bitcoin Suisse: Users Can Now Trade Gold Against Bitcoin and Ethereum appeared first on Bitcoin News.
A row with Twitter has provoked U.S. President Donald Trump to threaten to close down social media platforms. This follows Twitter tampering with Trump’s tweets to alert people to fact check his claims. Trump is further outraged by Twitter’s use of “fake news” sources to fact check his tweets. Meanwhile, some people are happy with Twitter’s action.
Trump Warns Social Media Platforms: Clean Up Your Act or Be Shut Down
U.S. President Donald Trump on Wednesday threatened to regulate or shut down social media companies after Twitter added a warning to two of his tweets, alerting readers to fact check the president’s claims. Outraged, Trump tweeted back at Twitter that the company “is now interfering in the 2020 Presidential Election.” He added: “They are saying my statement on mail-in ballots, which will lead to massive corruption and fraud, is incorrect, based on fact-checking by fake news CNN and the Amazon Washington Post.” He further exclaimed:
Twitter is completely stifling free speech, and I, as President, will not allow it to happen … Republicans feel that social media platforms totally silence conservatives voices. We will strongly regulate, or close them down, before we can ever allow this to happen.
“We saw what they attempted to do, and failed, in 2016. We can’t let a more sophisticated version of that happen again,” Trump declared. “Just like we can’t let large scale mail-in ballots take root in our country. It would be a free for all on cheating, forgery and the theft of ballots. Whoever cheated the most would win. Likewise, social media. Clean up your act, now.”
Trump’s Tweets Spark Twitter Storm
On Tuesday, Trump tweeted several times about mail-in ballots. Two particular tweets read: “There is no way (zero) that mail-in ballots will be anything less than substantially fraudulent. Mail boxes will be robbed, ballots will be forged & even illegally printed out & fraudulently signed. The governor of California is sending ballots to millions of people, anyone living in the state, no matter who they are or how they got there, will get one. That will be followed up with professionals telling all of these people, many of whom have never even thought of voting before, how, and for whom, to vote. This will be a rigged election. No way.”
However, Twitter for the first time attached a message that reads “Get the facts about mail-in ballots” to Trump’s tweets, linking to a page disputing the president’s accuracy. The page states that “Trump makes [an] unsubstantiated claim that mail-in ballots will lead to voter fraud,” citing news sources Trump often calls “fake news.” According to the page, Trump’s “claims are unsubstantiated, according to CNN, Washington Post and others. Experts say mail-in ballots are very rarely linked to voter fraud.”
Brad Parscale, Trump’s 2020 reelection campaign manager, issued a statement on Tuesday in response to Twitter’s action. “We always knew that Silicon Valley would pull out all the stops to obstruct and interfere with President Trump getting his message through to voters,” he wrote, adding:
Partnering with the biased fake news media ‘fact checkers’ is only a smoke screen Twitter is using to try to lend their obvious political tactics some false credibility.
Some People Commend Twitter for Fact-Checking Trump
Comments flooded Twitter on the matter, with some criticizing Twitter’s action for editing any tweets at all while others are glad that Trump got fact-checked. One user commented: “Twitter made a huge mistake. They have now injected themselves into a U.S. election and decided to become editorialists, rather than a platform. All platform protections should be immediately revoked and Twitter should be treated as a publisher. They did this to themselves.”
Another user opined: “So glad that Twitter fact checked the lies spew by Donald Trump, if they have done that early we could have avoided listening to POTUS lying about the coronavirus and saved over 100,000 American lives.” A third user expressed, “Frankly, it’s appallingly that Trump has not been banned across all platforms for his constant lies and dangerous misinformation. We all have to follow the rules,” adding:
They’re a private business with terms and conditions. When you violate those terms, there are consequences.
Besides Twitter, other centralized platforms, like Youtube, have been known to censor users’ posts, prompting them to look for decentralized alternatives, such as Zeronet, Mastodon, and Gab.
What do you think about Trump’s threat and Twitter fact-checking Trump? Let us know in the comments section below.
The post Trump Threatens to Close Down Social Media Platforms After Twitter Tampers With His Tweets appeared first on Bitcoin News.
Cryptocurrency payroll service Bitwage has announced the launch of a Bitcoin 401 (k) plan, allowing companies to give their employees a BTC-based retirement plan.
In a press statement, Bitwage, which claims to have tested the product on its own employees for 10 months, said workers now have the ability to invest their pre-tax and post-tax dollars in BTC, through their employer.
A 401(k) is a retirement plan that allows employees of a company to save and invest for retirement on a tax deferred basis. Under the plan, companies can match employee contributions in part, or in whole.
The pre-tax plan, also known as traditional 401k, allows investment deferrals on income tax until withdrawal while the post-tax plan or Roth 401k allows investments that are tax-free on qualifying withdrawals.
Based out of San Francisco, Bitwage is collaborating with crypto exchange Gemini, pension service provider Leading Retirement Solutions, and custodian service owner Kingdom Trust on the plan.
“All funds will be converted on Gemini automatically for each pay period. Employees will be able to choose to buy and sell between USD and bitcoin as they want,” said the company.
Bitwage stated that it is also looking to integrate Gemini’s trade facility directly into the Bitcoin 401(k) plan so that “institutional as well as retail investors have access to the same Gemini trading tools inside of tax-incentivized retirement accounts.”
The company claims that it’s 401k plan helps small businesses meet requirements for the U.S’ Paycheck Protection Program (PPP), a government loan scheme for incentivizing worker retention during the Covid-19 crisis.
As a means of keeping more workers employed, the PPP, managed by federal authority Small Business Administration (SBA), offers 100% loan forgiveness to businesses that commit 75% of the funds to the payroll.
Bitwage’s BTC plan gives employers the option to provide retirement benefits that qualify as part of the 75% expenses, it said.
“It turns out that retirement benefits are included in the expenses that can be counted towards the 75% payroll expenses and they are not included in the $100,000 yearly salary cap per employee,” Bitwage explained.
“This gives companies an opportunity to provide matching or profit-sharing contributions to employee 401k accounts in order to help close the gap to receive full loan forgiveness,” the company adds, stressing that its 401k plan allows employers to get more out of PPP loans, while providing employees “innovative investment options.”
Bitwage, which operates in the U.S, Europe, Latin America, and Asia, has over 30,000 users and has processed over $100 million in transactions.
What do you think about the Bitwage Bitcoin 401k plan? Let us know in the comments section below.
The post Bitwage and Gemini Partner to Launch Bitcoin-Based Retirement Plan for Employees appeared first on Bitcoin News.