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Bitcoin Miner Riot Blockchain Names Jason Les CEO
Nasdaq-listed mining company Riot Blockchain (RIOT) has named Jason Les as its new CEO after serving as as independent director on Riot’s board since 2017.
In a statement, Les said Riot is "extremely well-positioned" to capitalize on the opportunities in bitcoin mining, given the company's "strong balance sheet" and "fleet of next-generation miners."
The company now has a total market value of over $2.5 billion.
Quarterly earnings for the mining company are expected by March 31.
Riot shares have gained over 140% already in 2021, currently trading just above $40. Bitcoin rallied roughly 50% over the same period.
French official wants to change how Europe regulates crypto and blockchain
According to one French official, crypto and blockchain projects should be supervised at the European level.
Robert Ophèle, chairman of Autorité des Marchés Financiers, addressed crypto-realted regulatory issues at the 5th Annual Conference on FinTech and Regulation.The official argued that financial supervisors must take a new approach in regulating blockchain-based financial instruments due to massive growth in the market.
Ophèle proposed that the European Securities and Markets Authority, or ESMA, should be the responsible authority for this new area of regulation and supervision.
The official said that current rules hamper the development of blockchain technology as they were designed for centralized systems.
Why did Tesla allocate only 7.7% of its cash reserves to Bitcoin?
In light of Tesla’s $1.5 billion purchase of Bitcoin, market bullishness is at a fever pitch. In fact, right now, many anticipate that corporate treasurers worldwide will follow Tesla’s lead and take a closer look at an allocation towards cryptocurrencies.
According to Avanti Founder Caitlin Long, there’s a reason that Tesla allocated only 7.7% of its $19.4 billion cash reserves to the cryptocurrency.
In addition to this, Tesla cannot make any upward revisions in market price until a sale. This impairment charge opens companies up to many negative impacts, including sudden hits to their earnings.
As things currently stand, if a company invests in a Bitcoin Fund, the value gets marked up or down, whereas, if it buys Bitcoin directly, value only gets marked down. This may explain why companies prefer to get indirect exposure to digital assets.
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