Bitcoin Daily: Bermuda Mulls ICO Rules, UK Bitcoin Mining Farm Wants Investors

Bitcoin moved above the $9,000 mark on Tuesday (March 20), CNBC reported. Finance ministers and governors reportedly had “productive talks” at the G-20 meeting in Argentina. Italy’s central bank leader even said that crypto should not be completely outlawed — despite its risks. But bitcoin was trading at below $9,000 — $8,902.69 — as of 7:33 P.M., according to Coindesk.

Crypto can backed by all sorts of assets, from gold to oil — and even Swiss real estate, Venture Beat reported. On Tuesday (March 20), SwissRealCoin announced a coin that allows investors to have access to the value of Swiss real estate. “Real estate is a very traditional and stable asset class and therefore a very good choice for a real stablecoin,” Marc P. Bernegger, cryptocurrency entrepreneur and ICO advisor at SwissRealCoin, told Venture Beat.

And the bear market for altcoins? Well, it might be over, Bloomberg reported. Fundstrat’s analysis of altcoins found a 75 percent drop in altcoins over the last 64 days after a rally that lasted 62 days. But the company found that sell-offs are often about the same length of time as the surges that occurred before them, meaning the tide could turn for altcoins. Yet altcoins have gone through periods of “purgatories” after previous bear markets, so Fundstrat says that investors should stay in larger cryptos such as bitcoin for now.

In Bermuda, the government just might revolutionize crypto regulation for initial coin offerings (ICO), Coindesk reported. If a proposed law were to pass, issuers would have to have the permission of the minster of finance before they begin their operations. “Bermuda has an opportunity to become a global leader in the FinTech space by being one of the first countries in the world to specifically regulate ICOs [Initial Coin Offerings],” David Burt, who is the country’s minister of finance, has said.

And a tech company in the U.K. is seeking to raise 10 million pounds for a bitcoin mining farm, News BTC reported. Bladetec plans to create a farm distributed between three cities — Surrey, London and Suffolk. Investors have to pony up at least £5,000 to get in on the action.