There was a time when Bitcoin was the hot news in all forms of media. There were confusions regarding its credibility and liquidity. Now, flouting all of that in air, comes the wrapped Bitcoins amidst all the discussions about wrapped tokens. What is Wrapped Bitcoin or WBTC? Is Wrapped Bitcoin a good investment? – Get all your questions answered in this post!
WBTC (Wrapped Bitcoin) is nothing but an ER- 20 token which bridges the differences between Bitcoins and Ethereum Blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins. This initiative helps the owners of Bitcoins to bring in the value of it to the programmability of Ethereum through a combination. 1 Bitcoin can be converted into 1 WBTC through a WBTC partner.
This conversion can be done through numerous platforms that are available online today. The reversibility of this process makes it easier and convenient for the users to juggle between BTC and WBTC. The 1:1 ratio of Bitcoin supported WBTC is transparently verified through a “proof of reserve” system. It allows the users to participate in Decentralized Finance which is also known as DeFi.
Although they differ in the terms of procedures, they unite when it comes to the end result. They are all BTCs in the Ethereum platform at the end of the day. The following are a few important and popular WBTC models –
Centralized BTC wrapping model
Here the owner gives the BTCs to a centralized intermediary where they crypto up your Bitcoins and issue a Ethereum- 20 token which corresponds with the value of Bitcoin. Here you are completely dependent on the intermediary for your wrapping. BitGo is an example.
Trustless BTC wrapping model
Unlike the one mentioned earlier, here the wrapping is more decentralized. The responsibilities of the intermediary are transferred to the smart contract. Since the BTC is locked in a network contract, the platform cannot update or adjust it without your approval. Hence it becomes a trust-less system.
Synthetic Assets
In this case, a synthetic asset of the same value is issued after the Bitcoin is wrapped into a smart contract. The asset is not backed by the BTC but the native tokens and liquidity pools.
The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. There are however some disadvantages like delay in blockchain and cryptocurrencies coming to the mainstream. However, there is no doubt that the benefits outweigh the risks. Here are a few reasons why WBTCs are a good investment.
1. Alliance with Ethereum Blockchain
Ethereum is the largest ecosystem as far as any cryptocurrency is concerned. The very integration of Bitcoin with Ethereum is beneficial for the user due to its large reachability and exclusive facilities like dapps, DEXs, games etc. Through this integration, Bitcoin users can gain access to Decentralized Finance without having to lose any Bitcoins.
2. Liquidity
The liquidity offered by WBTC is diverse and spread out because of Ethereum. This is especially when various instances have shown us how various functionaries like Decentralized Exchanges lack the required liquidity to function to their maximum potential. In the case of WBTC, this lack does not come up at all and rules out chances for functioning in a way less than the best.
3. Scalability
Flexibility or Scalability of the wrapped Bitcoin is another important reason why this investment is really good. After wrapping, WBTC exists in the Ethereum blockchain rather than Bitcoin itself. This makes transactions easier and cheaper.
4. Decentralized Finance
The advent of DeFi has in fact paved the way for WBTC. It has transformed centralized finances to a decentralized one. Today users have been allowed to replace banks and have been facilitated with the option for providing liquidity in return for rewards as far as popular apps like Compound is concerned.
5. Better Functionality
As mentioned earlier, the integration with Ethereum has opened a wide expanse of opportunities for Bitcoin users. They can make use of the facilities like smart contracts to leverage WBTC. BTC lacks this facility. Smart contracts being self-executing pre-programmed protocols give tremendous impetus to the blockchain sector.
6. Yield Farming
This is another DeFi protocol that allows users to lend out their crypto currencies for interest. It is a passive income for many which is not granted by any other blockchain sectors. The popular app, Compound allows this to be done among many others.
WBTC (Wrapped Bitcoin) is an ER- 20 token which bridges the differences between Bitcoins and Ethereum blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins.
Is WBTC the same as BTC?
WBTC stands for Wrapped Bitcoin and is simply an ERC20 token that represents Bitcoin. One WBTC equals one BTC. BTC can be converted into WBTC and vice-versa.
Is WBTC backed by BTC (Bitcoin)?
WBTC is an Ethereum token that’s backed one-to-one by bitcoin (BTC), which means that one WBTC is always equal to one bitcoin.
Is Wrapped Bitcoin a Good Investment?
The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. Better functionality, scalability, liquidity, decentralized finance are some the advantages of WBTC.
Conclusion
While WBTCs are safe and a good investment, one must watch out for any kind of frauds or theft that can likely happen in this situation. It must also be noted that WBTC is just a Bitcoin in the Ethereum platform and there is absolutely no difference in values. Blockchains are the pioneers of a new tech revolution. Embrace it first before everybody follows your suit.
A new cryptocurrency named DubaiCoin had been in the market limelight after Dogecoin and Shiba Inu Coins. The digital coin saw a surge of more than 1,000 % in the time span of 24 hours. Let’s look at the further information about this new digital coin.
The new digital coin named DubaiCoin had seen a surge of over 1,000 % in a time span of 24 hours. This was because numerous media had reported the digital coin to be the official digital coin of Dubai. The value had shot up after a press release claiming it to be the official cryptocurrency of the country.
The digital coin was made by the cryptocurrency startup Arabianchain technology and had claimed that it was the official cryptocurrency of the West Asian city. This led to the major rally in the increase of the price of the coin.
Dubai Government’s response to DubaiCoin
The Dubai Government had responded conveying that it was not an official digital coin or cryptocurrency of the country and warned the investors claiming it to be a phishing scam. The government had denied it to be the official cryptocurrency and also added that the cryptocurrency was not approved by any official authority.
The government also warned that the website that was promoting the campaign was a phishing site which is designed to steal the information of the users accessing the website. The surge of the coin had brought it to the notice of the Dubai Electronic Security Centre after which it issued the statement.
The cryptocurrency which was trading at USD 0.17 had seen a surge to USD 1.13 as of 27 May 2021.
The Arabianchain Technology that founded the DubaiCoin claims that it provides the first public, decentralized and blockchain driven on an agreement in the MENA region. The company has denied making any claims such as the digital coin being the official cryptocurrency of Dubai and also added that the website was fake.
The company has conveyed that they haven’t made any claims and mentioned the website URL and said that it was fake and a scam. They also added that the press release was published on the Dub-pay site.
How to Invest in DubaiCoin from India
Since there was a surge of 1000 % in the value of DubaiCoin it is obvious that everyone would want to invest into it. However it should be noted that the cryptocurrency hasn’t officially been made the digital coin of Dubai and the Dubai government has also rejected the claim.
However, the digital coin is not available on any cryptocurrency exchange platforms but DubaiCoin is available for exchange at HitBTC and Cryptopia. If you are interested in the digital coin then you will be able to get it by exchanging your Bitcoin or Binance coin at exchanges where there is availability of DubaiCoin.
The press release mentioned that DubaiCoin will soon be used for the purchase of goods and services both online and offline and the cryptocurrency is expected to replace the traditional fiat currency of the country.
FAQ
Can you invest in DubaiCoin in India?
As of now DubaiCoin is unavailable on any major exchange but traders can exchange bitcoin or Binance coin with DubaiCoin at exchanges where DubaiCoin is available.
Is Bitcoin allowed in Dubai?
Yes trading in bitcoin is allowed in Dubai.
Is Dubai coin fake?
According to Dubai Media Office, DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
Iran which is also widely known as Persia is a country in the Western Asia. It is the second largest country in the Middle East. The country has updated its rules on the officially mined cryptocurrencies in the country. Let’s look at what the country is planning to do with the mined cryptocurrencies in the country.
The Iran authorities have announced a new policy where they officially mined cryptocurrencies of the country for the payment of imports. They had updated its rules on the officially mined cryptocurrencies of the country in order to widely use it for the payments of imports.
According to a report from Financial Tribune, the Central Bank of Iran has announced that the licensed banks and the financial payment companies can use the cryptocurrencies that are mined by the licensed miners to use it for the payment of imports.
Iran had been hit hard by the sanctions internationally to see the use of cryptocurrency to operate outside the financial controls that follow a traditional way. In the year 2020, the Central Bank of Iran had amended its regulations on the cryptocurrencies so that the miners could mine bitcoins and other digital coins under the control of the government officially.
The miners who could mine under the government will get access to subsidized energy and they will have to provide their mined cryptocurrency to the government for the import payments. Now, the government has taken the further step to extend the legal use of cryptocurrency to the additional groups within the country.
The Central Bank of Iran has not given any further details about the new framework that was announced, they have conveyed that lenders and moneychangers have been notified about it regarding the crypto payment.
In the year 2019, Iran had legalized cryptocurrency in the country by implementing a lot of strict rules and regulations in order to control it. Accepting the cryptocurrency mining in a way to sanction the resistant fund, some thought that Iran was moving towards becoming a bitcoin nation.
The miners in the country were doubtful about the idea that Iran would directly deal or create a large group to deal with bitcoins, But the latest update indicated that it would like individual businesses to leverage the digital coins within the country.
Bitcoin Miners in Iran
A bitcoin miner who is based in Tehran has conveyed that she doesn’t believe that the Central Bank of Iran would touch bitcoin in any way and added that the system would provide just rates and the other details and the digital coin will have to transfer the coins from the sender to receiver directly.
They also noted that the regulations the central bank has laid on cryptocurrencies on how to use them will only motivate or promote the miners to conduct the cryptocurrency mining illegally.
FAQ
Is Iran using Bitcoin?
Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies
Is there a Bitcoin ATM in Iran?
No, there is no Bitcoin ATM in Iran.
Is crypto currency legal in Iran?
In 2018, Iran legalized cryptocurrency mining in order to monitor and regulate the mining farms.
Conclusion
It is considered that no miner in the country is interested to provide their bitcoins to the government as there is a really high charge for the use of electricity and gas in the country and the law would just result in reducing the cryptocurrency mining in Iran.
Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad Poor Dad. The book was published in 1977 and has become the New York bestseller having a sale of around 40 million copies worldwide. He had previously praised the properties of bitcoin. Let’s look at what Robert T Kiyosaki has to say about cryptocurrency.
Estimation of Robert Kiyosaki about Cryptocurrency
Robert Kiyosaki has estimated that the cryptocurrency would climb to over USD 1 million in the period of next 5 years. He conveyed that he had bought bitcoin when it was USD 9,000 and thought that he had been cheated but he said that the reason he had bought crypto at such a price was due to the shut down of the economy because of Covid.
He added that now he looks like a genius as the digital coin had even crossed the mark of USD 50,000 and he estimates it to cross a million mark. He conveyed that bitcoin is still untested and even if the value crashes he said that he has other sources which would allow him to sustain and hence he could bear the risk.
Viewpoint of Robert Kiyosaki on Cryptocurrency
Kiyosaki has conveyed that he feels that for the older generation it is very important to understand the cryptocurrency market as the real estate and the gold guys are being phased out and the world is moving towards crypto.
Robert T Kiyosaki pointing towards Warren Buffet said that there is this battle against the old guys and the younger generation against the cryptocurrency where people like Warren Buffet are Anti-Crypto. He added that the cryptocurrencies are now challenging the dominancy of the US Dollar and other fiat currencies.
Price of Bitcoin
What Robert Kiyosaki said about Bitcoin?
When Robert T Kiyosaki was asked in an interview if it is too late to buy a bitcoin, he answered that there is always an entry point and that he had bought the coins when it was at USD 9000. He said that he thought that he had been cheated in the beginning but later the coin has increased to around USD 50,000.
He added that he wished that he had bought the coins at 10 cents like most of the people. He pointed out that cryptocurrencies and Gold stand out due to the devaluation of the US Dollars, money printing by the government and the external stimulus.
Future of Bitcoin According to Robert Kiyosaki
Robert Kiyosaki was further asked about whether would interfere in one form or the other or if they would lay in some restrictions on the digital coin such as even making it illegal which is believed by some of the well-known investors and hedge fund managers.
He replied saying that he feels that the government would try but he feels that the problem is too big and said that the pension amounts have been depleted and the baby boomers have no money in hand.
He added that they had shut the economy and are planning to print another USD 19 trillion and added that it has never worked and said that bad money would drive out the good money. He said that so people like him would never spend the bitcoin and would never keep his hand on it.
Robert T Kiyosaki said that he would buy bitcoin again today or the day after as he is bullish on it. He added that he is not bullish over bitcoin but he is bearish about the Biden government and has claimed that they are a group of communist people. He added that they would just print money and that they are Central Bankers.
FAQ
What is the Net worth of Robert Kiyosaki?
As of 2021, Robert Kiyosaki’s net worth is roughly $100 million.
Who is Robert Kiyosaki?
Who is Robert Kiyosaki is a Writer, Author, Businessperson, Investor, Entrepreneur, Motivational speaker.
What does Kiyosaki say about Bitcoin?
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years.
Conclusion
However, Kiyosaki has mentioned that he still prefers Gold and Silver. He added that he favors gold and silver as it is considered to be God’s money and added that God put it there.
Bitcoins are considered to be one of the best cryptocurrencies available in the market and has the largest market capitalization among cryptocurrencies. But other than the volatility recently a new controversy has raised against the digital coin. In this article let’s look at how this cryptocurrency consumes a lot of energy which is more than the consumption of certain countries.
Tesla had recently announced that it would not accept the payment through bitcoins for the purchase of their electric cars citing the reason that mining of bitcoins consumes a lot of energy and it is harmful to the environment. In this article let’s look at how this cryptocurrency consumes a lot of energy which is more than the consumption of certain countries.
How Bitcoin consumes so much energy?
The mining of bitcoins is where the major energy is consumed. It is considered to be power hungry where the top end computers are used to verify transactions that use heavy software which consumes a lot of energy.
It is estimated that bitcoin mining consumes around 121.36-terawatt hours of energy on an annual basis which is not expected to reduce until the price or value of the cryptocurrency falls. The rising of price and demand for bitcoins will let the miners to run more and more machines which will increase the power consumption.
It is considered that if bitcoin was country, then it would be part of the top 30 energy users around the world. It was found that bitcoin consumed more energy can certain countries like Argentina, Netherlands and United Arab Emirates.
The energy consumed by bitcoin is expected to power up all the kettles used in the United Kingdom for the next 27 years.
If the bitcoin miners have to mine the bitcoins, they will have to connect to the cryptocurrency network using the specialized computer systems. The miners will have to verify the transactions and record them on the blockchain network and they would get a bitcoin in return as a payment.
The miners to increase their profits they would often connect a large network of miners into the network, at times even a full warehouse of miners. This would lead to an increased usage of electricity as the computers or the systems would be working constantly to record the transactions on the blockchain network.
In the beginning, when bitcoin was introduced, mining of the cryptocurrency was much more easier and didn’t required the high-end systems but as the demand increased the bitcoin miners are forced to use a specialized system that are fast enough to withstand the competition.
Bitcoin Energy usage compared with other countries
Environmental Damage due to Bitcoin Mining
David Gerard who is the author of the 50-foot blockchain had explained that bitcoin is actually anti-efficient. He conveyed that even if someone finds a hardware or a system which is efficient it would just compete with the similar hardware and make it inefficient. This means that the energy usage of bitcoin and the emission of carbon di-oxide will just increase as the demand for the cryptocurrency keeps increasing.
The only solution as of now is to move to a sustainable source of energy. As the Tesla CEO, Elon Musk had announced that they would start accepting the bitcoins when the cryptocurrency starts using a renewable source of energy, in the same way using a renewable source of energy that is not harmful to the environment should be used.
As electricity is generated mainly through the burning of coal, it releases a huge amount of CO2 into the atmosphere so it is suggested that bitcoin miners should resort to another sustainable source of energy.
FAQ
How much electricity does a Bitcoin transaction use?
Bitcoin currently consumes around 110 Terawatt Hours per year
Why does Bitcoin use so much energy?
As Bitcoin gained popularity more miners started mining in it, which increased the computing power required to crack bitcoin.
How much does it cost to mine 1 Bitcoin?
The cost to mine one BTC is 8206.64$.
Conclusion
However, another important fact to be noted is that the energy consumed by the unused home appliances in the United States would be enough to power the bitcoin mining for a year. The major energy consumption in most of the countries is due to the unused home appliances.
The cryptocurrency Polygon which is also known as Matic has gained more than 30 % on 12 May 2021 in a 24-hour cycle. The Matic crypto had gained from a low of USD 0.85 to a high of USD 1.2. The cryptocurrency has seen a major growth in the year 2021. Let’s look at what exactly is this Polygon crypto and Is polygon crypto a good investment or not?
Polygon is a framework or more of a protocol for building and connecting the blockchain networks which are compatible with Ethereum connections. It is an open-source technology that will help the developers with certain tools that will help them to ready the network and deploy them or a secure sidechain that will help to leverage the security of the Ethereum network through smart contracts.
Matic Network is a cryptocurrency that is used to power the transactions and to pay the fees on the Matic network. Matic had recently merged with Polygon where the Matic Network got rebranded as Polygon.
The Polygon crypto was launched during the year October 2017 under the name Matic Network. It was formed by a team that had contributed to a number of projects that were associated with the Ethereum ecosystem.
In February 2021 the Polygon (Matic) had rebranded from the name Matic Network. During the time of rebranding, the token had seen a surge in its price from USD 0.0175 to USD 0.446 as of 12 March 2021. The crypto saw an increase of around 2,548 %.
Reason for the Rise in price and Further use of Polygon
The rise in the price of Polygon or Matic Network is due to the rise in the price of Ethereum. Matic Network or Polygon is a highly scalable network that will help the users who are looking to transfer the cryptocurrencies at a very low transaction fee.
The crypto and their network have a lot of advantages which include scalability, user experience and security. You can check the website of Polygon as they are working with a lot of companies and also undertaken a lot of interesting projects.
Polygon Projects
Matic Network is mainly used by the people in order to transfer their crypto funds through the Ethereum network at a very high speed and little expense. Since the Ethereum network is usually at its peak transferring crypto directly through the Ethereum takes a lot of time and is really expensive.
This is the major reason why people use Polygon instead of Ethereum which will help them transfer their crypto assets to the Ethereum chain without worrying about the expensive fee or the long duration. As the price of Ethereum increases the network of Ethereum becomes more congested and hence people shift to Polygon.
These are the major factors for the rise in the price of Polygon and the experts believe that Polygon has a huge potential to grow in the near future.
Investing in Polygon again depends on your risk appetite. Like any other cryptocurrency, you should be investing the money you are ready to lose so that your emotions don’t play a role.
However, the experts believe that as the decentralized finance industry, cryptocurrency is gaining traction in the recent years, it is believed that tokens such as Polygon will have an increased demand in the future. This is because a lot of users would opt for a faster and much cheaper option to transfer the cryptocurrency funds.
FAQ
What is Polygon Coin?
Polygon (MATIC) is an Ethereum token that powers the Polygon Network, a multichain scaling solution for Ethereum. Polygon aims to provide faster and cheaper transactions on Ethereum.
What is Matic network?
Matic Network is a blockchain scalability platform which provides secure, scalable and instant transactions.
Where can I buy a crypto polygon?
Polygon Crypto is available on major exchanges including Binance and Coinbase.
Conclusion
Polygon is more like an alternative for the Ethereum network and the investors have started preferring it because of its advantages and scalability options. The Polygon token would be a crypto to be watched out for in the coming years.
One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.
The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.
Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.
Earlier Restrictions by China on Cryptocurrency
The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.
In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.
Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.
The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.
Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.
Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.
The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).
The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.
Impact of the Regulation by China on the Businesses of Cryptocurrency
The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.
Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.
After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.
The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.
FAQ
What did China say about Cryptocurrency?
The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.
Why is Cryptocurrency banned in China?
China banned Cryptocurrency to curb money laundering.
Is it legal to buy Bitcoin in China?
No, It is not legal to buy Bitcoin in China.
Conclusion
Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.
Elon Musk is an American entrepreneur and a Business Magnate. He is the founder, Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage investor of Tesla, founder of the Boring company and also the co-founder of Nueralink and OpenAI.
He is one of the richest men in the world. Elon Musk has been posting a series of tweets on the major cryptocurrencies such as Bitcoin and Dogecoin from the past few months. Let’s look at why Elon Musk is not launching his own cryptocurrency.
Elon Musk is regarded as the father of Dogecoin. He was the major reason for this volatile meme currency to increase its market capitalization and for a lot of users to invest their money into it. He has also promoted bitcoin and Dogecoin through a several number of tweets on his twitter platform.
He has also had a lot of optimistic views about the cryptocurrencies especially bitcoins and dogecoins. He had posted a tweet where he conveyed that there are a lot of chances that cryptocurrencies will be the future currency on the planet.
Elon Musk’s View on Cryptocurrencies
While a lot of financial managers and investors have always been pessimistic about these digital coins and always regarded them as a bubble, Elon Musk on the other hand always stayed optimistic. Even Tesla has bought bitcoins worth billions of dollars.
The company had also started accepting bitcoin as a payment method for purchasing their products. But recently they had stopped accepting this cryptocurrency.
Reason Why Elon Musk is not launching his own Cryptocurrency
The main reason which was quoted by the company for the stoppage of accepting bitcoins as a payment gateway was due to the environmental harm caused by the digital coin. This was a major controversy against the billionaire as he was the one who promoted it and later claimed that bitcoins were causing a lot of pollution.
Elon Musk had posted a tweet which conveyed that the company will no longer accept bitcoins as a payment method as mining bitcoins require a lot of electricity and the major source of electricity is from coal and this leads to a lot of pollution and due to the reasons regarding sustainability.
He had also conveyed that the company Tesla will not sell any of their bitcoins and the company would start accepting cryptocurrency as a payment method as soon as the bitcoin miners would move to a sustainable source of energy.
Environmental Sustainability can be one of the major reasons for Elon Musk to not launch his own cryptocurrency. But Elon Musk had conveyed that they were looking for other cryptocurrencies that use less than 1% of bitcoins energy for transactions.
A twitter user had recently asked Elon Musk, why he was not creating his own cryptocurrency from the scratch which would do everything he requires technically and have a lot of dev support and wouldn’t have a high concentration of ownership initially.
Elon Musk had replied to the tweet saying that, if only Dogecoins won’t be able to do it, he said he would look in for creating another one.
Only if Doge can’t do it. Big pain in the neck to create another one.
Elon Musk Clarified that Tesla has not sold its Bitcoin, but Tesla has stopped taking Bitcoin as a mode of payment for its cars.
Does Elon Musk invest in Cryptocurrency?
Elon Musk has actively supported dogecoin, a cryptocurrency that started as a joke which portrays a shiba inu dog.
Conclusion
Elon Musk had recently promoted Dogecoin while hosting a live show on the TV. Dogecoin is the fourth largest cryptocurrency in the market and has increased more than 659 % during the year. However, Elon Musk considers that the digital coin has a long way to go.
Elon Musk has been in the limelight since he had gained the title of the world’s richest man. He has been called as the crypto king after his tweet went viral and the shares of the meme-based currency Dogecoin had soared in its value.
Elon Musk is the CEO of Tesla and SpaceX but recently there was a company named Elonspace being registered in the United Kingdom. Let’s look at the further details of the company.
There has been a recent filing on the Companies House which is the official business registrar of the United Kingdom. The newly registered company was a sole proprietorship which was registered under the sole director named Elon Musk PhD and the name of the company was Elonspace Ltd.
When they looked at the entry made in the Companies House, the birth month and nationality of the director is the same as that of Elon Musk, Tesla and SpaceX CEO.
Even though the company and the name of the director sound similar to the real Elon Musk who is the CEO of Tesla and SpaceX both are different individuals. Elon Musk had not completed his PhD and had dropped out of it after two days of his enrollment.
When looked at the other details such as the UK based location and the country of residence it is different from the original Elon Musk. Hence the company does not seem to be a fake one as the details provided are different.
The contact address provided by the Elonspace Ltd is located in West London which is a tower building that is used for student accommodation. The registered work entered by the company indicated that it involves in IT, data processing and computer facility management.
The student accommodation tower used as a correspondence address for Elonspace Ltd. in West London
The real identity of Elonspace Ltd remains unknown as of now. But an interesting fact to be noted is that a new crypto with the same name as the registered company had been promoted on the social media posts.
It was founded that the cryptocurrency which got promoted on the social media post was during the same week the company had registered with the register. However, the representative of the crypto company had conveyed that they wouldn’t be able to provide any classified information about the company and the owner as it is and would be a violation of their NDA.
About Companies House
Companies House is the United Kingdom’s registrar of companies. They also act as an executive agency and the trading fund of Her Majesty’s Government. They are located in Crown Way, Cardiff. It is an executive agency that is sponsored by the Department of Business, Energy and Industrial Strategy.
All the forms of companies that are permitted by the United Kingdom Companies Act are registered under the Companies House.
FAQ
Does Elon musk owns Elonspace Ltd?
No, Elon musk does not owns Elonspace Ltd.
Who owns Elonspace Ltd?
The sole director named under Elonspace Ltd is Elon Musk PhD.
Where is Elonspace Ltd located?
Elonspace Ltd is located in West London which is a tower building that is used for student accommodation.
Conclusion
There has been no much information available about the newly registered company the crypto token which is spread on the social media. We will have to wait for more information to be provided about the company.
“City of Dreams”, as many people express Mumbai, is a place that helps bring dreams to reality. Angel Investors are one of the means for you, to help achieve your dreams. Thereby, find the list of Angel Investors in Mumbai and get an insight on their specific Market Interests, Contact details and Major Investments. It is also essential for you to clear certain Myths about Angel Investors. We are here to help you out on all of it.
Mumbai isn’t just the well-off city, but the Economic Hub of India, that has various Industrialists, CEOs, Entrepreneurs, Well-known companies, Directors, Producers, Artists, and what not! The place ‘Mumbai‘ has its own culture and architecture that makes it the spot of tourist attraction. Well, a place that is full of life and energetic minds, requires a guide and a financial supporter to enthusiastic people, for building up the initial base of their dreams. Thus, here comes the Role of Angel Investors who act as wizards for breeding minds to help them act upon their dreams.
Before, moving ahead to get insights on Angel Investors, Lets’ understand the Pre-built Myths about Angel Investors and the Reality Strike.
Myths vs Reality of Angel Investors
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Arihant is the MD at Ideaspring Capital (an early-stage VC) and Hive Technologies (platform for launching startups in big data space). He acts as the MD at Patni Financial Advisor and as a Director of Nirvana Venture Advisors. An Entrepreneur, Financial Advisor, and Venture Capitalist, Arihant completed his B.Sc in Chemical Engineering from the reputable University of Pennsylvania and MBA from Babson College, with concentration in Entrepreneurship. He also did a Masters in Statistics from Columbia University.
Anupam Mittal is the Founder & CEO of People Group, which has created ventures like Shaadi.com, Mauj Mobile, and People pictures. He is one of the prominent angel investors in Mumbai with over 20 investments. He completed his studies in Commerce field from the esteemed Boston College. Before People Group, he served as the Product Manager at MicroStrategy in Washington.
Ratan Tata, one of the most influential business tycoons of India, is an investor & philanthropist. He is the recipient of India’s esteemed awards Padma Vibhushan and Padma Bhushan for his immense contribution to the country. He was associated with advisory boards for various companies like Mitsubishi, Temasek, JP Morgan Chase, and Rolls Royce. He serves as the former Chairman of the Tata Group. He completed his Bachelor of Arts from the esteemed St. Xaviers College, Mumbai.
Markets Interested
Digital Media, Education, Healthcare, Ecommerce, Technology
Anirudh, the MD at Artha India Ventures (an early-stage investment firm) is an energetic investor in startups and also a prominent member of the Indian Angel Network. He has a vast understanding and experience of the Indian Startup Ecosystem. He is always on a hunt to find new ideas and accept new challenges. Before Artha Ventures, he acted as the Investor director at FindUrClass and Klip.in. he obtained his Bachelor Degree in Economics & Business Administration from the esteemed Austin college
Zishaan is a successful entrepreneur and a prominent angel investor. He is the Founder and CEO of Toppr, an online education platform. Before getting associated with Toppr, he also co-founded a Phone commerce marketplace Chaupaati Bazaar, which was later acquired by the Future Group. He has also worked with Opera Solutions on various strategies and consulting projects. Being a graduate from IIT Delhi, in 2015, he was awarded the Young Alumni Achiever Award.
Anand Mahindra, the Chairman of Mahindra group, is a reputable businessman and also an active investor in emerging startups. He founded Project Nanhi Kali, an NGO that provides financial and academic support to underprivileged girls across India. He was included in the Fortune Magazine’s List of ‘World’s 50 Greatest Leaders’. He did his MBA from the reputable, Harvard Business School.
Anand Mahindra’s Investments
Thinkerbell Labs, Local circles, among many others.
Kunal, the Co-founder of FreeCharge (Online mobile recharge platform), is a successful entrepreneur, mentor, and among the top angel investors in Mumbai. He acts as an active advisor at AngelList. He is also the Founder of CRED, Advisor to the board at Times group, and had been an advisor at Sequoia Capital.
Sandeep Tandon, the Co-founder of FreeCharge (Online mobile recharge platform), is an active angel investor in Mumbai. He has invested in and mentored various early-stage startups. Being the Member Board of Directors at CRED, partner at Whiteboard Capital, Non-executive chairman of Aavas Financiers, and the Member of Board of Advisors of Iron Pillar, Sandeep got exposure to various domains. He completed his studies in Engineering from the esteemed University of Southern California.
Markets Interested
Digital Media, Ecommerce, B2B, Online Marketplaces, Matrimonial, Healthcare
Sandeep Tandon’s Investments
Pocket Aces, Bharat Bazaar, ShaadiSaga, Flyrobe, Spinny among many.
Sanjay, the Director of CORE (Centre of Recognition and Excellence), is a prominent angel investor of Mumbai. He was the recipient of the “Angel Investor of the Year” award by LetsVenture in 2017. He is an active member of Indian Angel Network, Mumbai Angels, B2B 1K Ventures & CIO Angel Network, Venture Nursery. He has angel invested in more than 100 startups in diverse sectors. He did his Executive education in Venture Capital from the esteemed The Wharton School.
Ronnie, the Co-founder & Chairman of upGrad and also the Founder of Unilazer Ventures, is an entrepreneur and an experienced angel investor. He is also famous for the creation of UTV, leading Mass media aggregate. He did his Bachelor’s degree from the Sydenham College of Commerce & Economics.
Jitendra, the Founder of Citrus Pay, Jupiter, Lazy pay & MD of PayU India, is a well-experienced angel investor. He has got expertise in the field of Banking & Financial Services industry. Before Citrus, he was associated with ICICi Bank and as the Chief Manager of Global Investment Banking Group.
Vishal, the Founder & CEO of GOQii (platform from health and wellness solution), Vishal Gondal, is an entrepreneur cum angel investor. He has acted as a major contributory in modifying the journey of many startups. Believing in leading and motivating startups to get extraordinary results, Vishal expresses the importance of extra effort & commitment Before, he was associated with the Walt Disney Co. and India Games Ltd.
Haresh, Partner at True North (Private equity firm), is one of the active investors in the Indian startup ecosystem. He is an alumnus of the reputable IIT Bombay & IIM Calcutta. Earlier, he had been associated as a Group CEO at Viacom18 & Network18. He also acted as the General Manager of Times Group & the Amitabh Bachchan Corporation.
Ajeet Khurana, the Former CEO of Zebpay (Mobile wallet for cryptocurrencies), is an entrepreneur and angel investor. He is skilled in building teams, ensuring performance, scaling, digital strategy, planning, and negotiation. He was also associated as an Advisor at Kalaari Capital, a Consultant at ii5 Ventures ltd and as the CEO of IIT Bombay’s business incubator: SINE. He completed his MBA from The University of Texas at Austin.
Markets Interested
Cryptocurrency, E-stores, Fashion, Technology, Digital Media, Healthcare
Ajeet Khurana’s Investments
Medd, WittyFeed, Leaf Wearables, Stitchwood among others
Sanjay, an Operating Partner at GSF India (Venture capital firm & accelerator), is a wise mentor and an active angel investor. His portfolio is majorly composed of tech startups. He also acts as an Independent Director at Easy Home Finance Ltd. Earlier, he served as the President & CMO at Reliance Capital and also as the Marketing Head at Allianz Life Insurance. He excels at negotiations & alliances.
Anuj, the Co-Founder of Venture Catalysts (Start-up Incubator) & Samyakth Capital (Hybrid growth fund), is among the prominent angel investors in Mumbai. He has over 15 years of experience across various fields which includes real estate, financial services, manufacturing, and internet companies. By profession, he is a chartered accountant.
Markets Interested
Digital media, Cryptocurrency, Fintech, Ecommerce, Education, Real Estate
Anuj Golecha’s Investments
LenDenClub, Inc42, Koinex, Fynd, Supr Daily, Bharatpe among many.
Japan, the Co-Founder & Managing Partner at Sixth Sense Ventures, is a well-experienced angel investor. He has mentored and invested in various Indian startups and helped them in their journey of growth & development. He is also the Chartered Member of TiE Mumbai. Earlier, he served as the Director at IDFC Investment Advisors Ltd.
Anand, the CEO at Everest Flavours ltd., is an active member of the Indian angel network and Mumbai angels. He has got immense experience in International Trade.
He is also member of National Executive Committee of FICCI (Federation of Indian Chambers of Commerce and Industry), Managing Committee of FIEO (Federation of Indian Export Organisations). He has his footprints set on various social and charitable organisations.
Amit, the Co-Founder & Director of Raay Global and also the Chairman of Nirvana Venture Advisors, is a prominent angel investor in the Indian startup ecosystem. Additionally, he is also a promoter shareholder of Patni Computers and former Director of PCS Technology Ltd., Partner at The Hive-India & Ideaspring Capital. He holds a Bachelor in Commerce and an MBA from Babson College, Boston.
Vaibhav, he is a partner at Karnavat & Co and a prominent angel investor. In addition to that, he is a partner at Itreat Grocers LLP and also acted as CEO of Jewelex International Pvt Ltd. He did his Bachelor of Commerce in Accounting & Finance from the H R College of Commerce & Economics and is Chartered Accountant by qualification.
Dr. Apoorv, the Co-founder & President of Venture Catalysts, is one of the prominent angel investors in Mumbai. He also acts as the Board member at TiE Mumbai. Earlier, he served as the Vice President of Indian Angel Network and as the General Manager at Amity Innovation Incubator. He did his Ph.D. in Incubation from Amity University, Graduated in Engineering from HBTI, Kanpur, and Diploma in Mentor Studies of Berkley Institute of Management, University of California, USA.
Rajeev, the Founder of Magnetic Partners, is a well-experienced angel investor in the Indian start-up ecosystem. Earlier, he acted as the CEO & MD of JM Financial Services.
Pravin, He is the General Partner at Seedfund (Early-stage venture capital fund) and the owner of the Infinity Technology Venture Fund. In addition to that, he acts as the Board Member of TiE Mumbai and as an Advisor at Aavishkaar India Micro Venture Capital Fund.
The Founder & Director of Malpani Ventures, Dr. Aniruddha, is a doctor-turned angel investor. He also acts as the Director at Solidarity Investment Advisors and the Board member of Invention Labs.
Aakrit, the Co-founder & CEO of Haptik (Conversational AI Platform), is an entrepreneur and an active angel investor. He is also the co-founder of Flat.io, a real estate platform and the Director of Winmark Enterprises Earlier, he served as the director at Flurry Inc., Business Technology Analyst at Deloitte Consulting LLP and as a Financial analyst at Chicago Transit Authority.
Markets Interested
Education, Technology, AI, eCommerce, Healthcare
Aakrit Vaish’s Investments
Unacademy, ION Energy, Dataweave, Haikujam, Tookitaki, Talent Litmus among others
Bharat, the CEO & Senior President of Aditya Birla Group, is an active member of the Indian Angel Network, CIO Angel Network, Venture Nursery, and The Indus Entrepreneurs. He is an experienced person in varied fields like Strategy, Mergers & Acquisitions, business development, and investing. He is the recipient of the “Professional Achiever – Finance Sector” Award from the ICAI.
Bharat Banka’s Investments
OYO, Perpetuiiti Tech, Invenzone, TalView, Vegayan, AdStringo, InstaSafe among others
Devesh Chawla, Founder & CEO of Chatur Ideas, a Startup enabling platform. He is an active investor, TEDx speaker, and mentor to budding entrepreneurs. He is a recipient of various awards which includes “Youth Leadership Award” by Trade Commissioner of Canada, “Mahatma Gandhi Samman Award”, “Entrepreneur of the Year 2018″ and “CEO of the Year 2019”
He did his MBA in Finance and Insurance from the Mumbai Education Trust-Institute of Management and his Bachelor’s Degree in Computer Engineering from the Rajiv Gandhi Institute of Technology.
Devesh Chawla’s Investments
NUOS, Cloudrino, Hublio, Koonk Technologies, and others.
Vikram, the Founding partner at 8i Ventures, is a prominent angel investor. He also acts as the Board Advisor to Blue Tokai and Signzy, and the co-founder & Board Member of Eight Capital. He did his MBA in Accounting & Finance from the New York University, MBA in Personnel Management & Industrial relations from the XLRI Jamshedpur and Bcom in Finance from the Shri Ram College of Commerce.
Farooq, the Co-founder of Fynd (Online Shopping Platform), is an entrepreneur and an active angel investor. He is a graduate from the IIT Bombay and also was associated with Opera Solutions before founding Fynd. He is an alumnus of the esteemed IIT Bombay.
Abhishek Shah, the Founder & CEO of Wellthy Therapeutics is a prominent angel investor in the Indian startup ecosystem. He did his MBA in Finance, strategy & Leadership from the Esteemed Indian School of Business.
Markets Interested
Consumer Internet, Enterprise Software, E-commerce, IT, Food & Beverage, AI, Healthtech, Big Data
Abhishek’s Investments
Bizly, ZipDial (Acquired by Twitter), Innerchef, Haptik, Greatist, Silverpush, Meddo Health, myUpchar.com, Doxper, among many
Sohil is an Early stage investor and a prominent entrepreneur. With experiences in firms like Bank of America, Fortune Financial Services & Intellecap Impact Investments, he has explored his field of interest with enthusiasm and curiosity. He completed his MS in Finance from The University of Michigan.
Bhavik, the Founder & Chairman of Vamaship (India’s largest e-commerce logistics marketplace), is a focused investor & entrepreneur. He also serves as a Director at BVC ventures. Being a part of various angel networks, he has gained exposure in several tech enabled startups. With regards to academic exposure, he was part of Harvard, London School of Economics, Indian School of Business, Singularity University & Narsee Monjee.
Markets Interested
Mobile Advertising, Social Media, Digital Media, Transportation, Logistics, E-commerce, Travel & Tourism, Software Technology
Siddharth is the Founder & CEO of Noesis.tech. He was also the founding partner at 369 Solutions. With a keen passion for technology, Siddharth constantly attempts to create a platform to monetize knowledge.
Being associated with Protiviti India & StyleCracker as Consultant and Advisor at Umoja & FoxyMoron Media Solutions, he gained immense experience and exposure in his field of domain.
This was our list of Angel Investors in Mumbai. Hope the contact details of these Angel Investors helped you! If you are an investor or know any Angel Investor in Mumbai, connect with us at shubham@startuptalky.com to get featured in the list.
Alan Joseph
