This week's crypto news: 🌳 Taproot
Tim Cook says he personally owns cryptocurrency.
On Tuesday, Tim Cook said he personally owns cryptocurrency.
After Cook was asked if he owns bitcoin or Ethereum, the Apple CEO replied, “I do.
“I think it’s reasonable to own it as part of a diversified portfolio,” Cook told Andrew Ross Sorkin at The New York Times DealBook conference. “I’m not giving anyone investment advice by the way.”
Cook added that he had been interested in cryptocurrency “for a while,” but clarified that his views are personal and that Apple isn’t accepting cryptocurrency as payment or buying cryptocurrency itself.
Taproot, the highly anticipated Bitcoin upgrade, is now live!
Taproot, a highly anticipated upgrade to bitcoin, went into effect on Sunday at block 709,632.
This is bitcoin’s first major upgrade since 2017, and it will impact the blockchain in a number of ways.
Taproot will introduce what’s called Schnorr signatures, which will help bitcoin transactions become more private, efficient and less expensive. Most importantly, the upgrade will better enable bitcoin to execute smart contracts on the blockchain.
Biden to sign the bipartisan infrastructure bill into law.
President Biden will sign the $1.2 trillion bipartisan infrastructure bill into law on Monday. The legislation includes tax reporting provisions that apply to digital assets like cryptocurrency and nonfungible tokens, or NFTs.
Cryptocurrency “brokers,” which are mainly exchanges, will be required to issue a 1099-like form disclosing who their customers are. Businesses and exchanges will also be required to report each time they receive over $10,000 in cryptocurrency.
Many lobbyists within the cryptocurrency community believe more clarity in the definition of “broker” is needed. They also argue that requiring disclosure of transactions over $10,000 is unconstitutional.
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