De vooruitzichten voor goud lijken te vervagen naarmate de glitter van Bitcoin.

Volgens meerdere experts is een mogelijke reden voor de opmerkelijke recente prijsstijging van Bitcoin de enorme uitstroom van investeerders uit een andere populaire inflatiehedge: goud.

Spotgoud bezwijmde de afgelopen week en daalde met 4,62% ​​tot $ 1.857

Het activum steeg eerder samen met Bitcoin, dat meer dan 40% is gestegen ten opzichte van het dieptepunt van $ 28.000 vorige week .

In een Tweet op vrijdag zei Charlie Morris, oprichter en CIO bij ByteTree Asset Management, dat de terugval in goud te wijten kan zijn aan investeerders die overstappen op Bitcoin:

Likewise, earlier in the week, CNBC’s Mad Money host Jim Cramer said that the outflows from gold ETFs are “all going to crypto.”

Tracking inflows and outflows from Grayscale’s Bitcoin investment trust and gold ETFs back this assertion, as Grayscale has eclipsed gold:

The moves could be a sign of Bitcoin’s rising status as a legitimate asset class. Gold and Bitcoin have long been linked as both are seen as a way to protect wealth against inflation and macroeconomic uncertainty, but if the price movements over the last week are any indication, however, Bitcoin may be winning the narrative race.

In an interview with Bloomberg, Coinshares chief revenue officer Frank Spiteri said that the narrative surrounding Bitcoin as an inflation hedge is gaining legs “in the face of a highly unconventional monetary policy environment.”

Social recovery wallets could reduce crypto fund theft.

There are many drawbacks to electronic wallets in today’s market.

Using trusted guardians could protect public keys

Vitalik Buterin , co-founder of Ethereum, continues to innovate within the industry. His latest suggestion aims to address the growing issue of crypto wallet security.

Thefts and losses are among the main obstacles to the massive adoption of cryptocurrency. Millions of dollars are lost every year to scammers, hackers and wallet security exploits. No wallet is 100% secure, regardless of the business arguments of some electronic wallet manufacturers.

Ledger users have suffered greatly in recent months following the massive data leak from the company’s servers . The then vulnerable hardware e-wallets were emptied and the company did little to compensate its customers or even investigate the thefts.

There is an urgent need to find better security solutions, and Mr Buterin believes that the social recovery wallets are a step in the right direction.

What is a social recovery wallet?

A new type of smart contract wallet , called a social recovery wallet , could potentially offer a high level of security and would be much easier to use than the old options.

Mr. Buterin recognizes that hardware type wallets, or hardware electronic wallets, are not the ideal solution because users have to rely on the company that makes them. They continue to attract hackers and crooks, and remain a major failing point.

The ratio between stolen funds and the number of pirated devices is very high.

Multi-signature wallets are a step towards better security, but social recovery wallets could go even further, Buterin added.

A social recovery system has a single “signing key” that can be used to approve transactions. It also has a set of at least three “guardians”, a majority of whom can cooperate to change the signing key of the account.

Mr. Buterin added that this wallet would work normally, with a single key for signing transactions, but that its security feature would come into play in the event of loss:

The user can simply contact his guardian and ask him to sign a special transaction to change the public signing key recorded in the wallet contract, and replace it with a new one.

Appointing ‚guards‘ could also enhance security, as only trusted people would have access. To reduce the risk of attacks on guards and collusion, they do not need to be known to the public, or even to know the identity of each of them.

In 2023, South Korea will introduce a 20% tax on profits from crypto trading

After several postponements, the South Korean government is moving forward with a plan to tax cryptocurrency holders

On Wednesday, the South Korean government tabled an amendment to introduce a tax on profits from cryptocurrency trading.

After a legislative notice until 21 January, the amendment is likely to be implemented in February, Asia Today reported. However, Korea will only start imposing the cryptocurrency tax in 2023.

The proposal will introduce a variety of additional taxes on capital gains, with a progressive taxation schedule for profits in equity trading. For cryptocurrency holders, anyone with an annual income above 2.5 million won ($2,300) will be taxed at 20%. The threshold is much lower than that Profit Revolution defined for profits from stock trading, which will only be taxed if they exceed 50 million won ($46,000).

For cryptocurrencies owned before the start of the tax program, authorities will consider the highest market price immediately prior to 2021 or the actual acquisition price.

The proposed tax scheme has been postponed several times in 2020

Following pressure from local cryptocurrency advocates, the government initially postponed implementation until 2022. Now, the government seems to have set the final date, adding a further delay.

Although the relative popularity of cryptocurrencies in South Korea declined following the bear market of 2018, as evidenced by the closure of Binance Korea, the country remains an important hub for crypto adoption.

The South Korean government has supported a variety of blockchain-based initiatives in the contexts of digital identity and blockchain voting. In addition, it has designated the large urban centre of Busan to become a „blockchain city,“ although some reports suggest that such a classification lacks substance.

At the same time, the government has adopted a rigid stance for certain classes of crypto assets, requiring many local exchanges to remove privacy coins. In addition, it has placed executives of the prominent local exchange Bithumb under investigation for alleged fraud.