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BitPay Suspends BTC Donations to Hong Kong’s Largest News Outlet without Notification

  • Yuri Molchan
    📰 News

    Crypto payment processor platform BitPay again blocks Bitcoin donations in a troubled region – Hong Kong, chief editor of HKFP is willing to press charges

BitPay Suspends BTC Donations to Hong Kong’s Largest News Outlet without Notification
Contents

The US-located crypto payment platform BitPay has again damped its reputation after the incident with the burning Amazon forests that U.Today reported earlier. 

This time it has postponed a crypto donation to Hong Kong’s largest free media outlet, a crowdfunded one – Hong Kong Free Press.

The founder and chief editor, Tom Grundy, says that unless BitPay solves the issue, he is willing to start a legal action against them. 

BitPay suspends crypto donations

Tom Grundy, has posted a message, saying that crypto donations have been coming to HKFP since 2015. However, this time a certain amount of funds is crypto has been suspended by BitPay crypto payment processor.

This allegedly was done without any notifications or no reasons cited.

Previously, BitPay also delayed $100,000 in crypto sent to Amazon Watch, a non-profit group that ensures support for the Amazon region and was dealing with the fires that hit the area.

Now, the situation repeats itself with Hong Kong Free Press. All crypto donations to this media seem to be blocked by BitPay just when HKFP announced it accepts funds from people in Bitcoin and BCH after the protests broke out in Hong Kong.

Grundy also accuses the company of extremely high fees and ‘horrible’ customer service.

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The community bashes BitPay

The crypto community first responded with heavy criticism of BitPay after the incident with Amazon forests. Back then, the platform responded to Amazon Watch that the donation was delayed over an exceeded payment limit.

Now, the community are supporting Tom Grundy, recommending he chooses another instead of BitPay.

Grundy threatens to take BitPay to court

Tom Grundy has reached out to the founders of BitPay, saying that he is prepared to go far enough to get back on them for blocking the crypto donations to HKFP, even to press charges.

Cover image via www.123rf.com
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Can the US Federal Reserve Kill Bitcoin? Crypto Fund Manager Brian Kelly Knows the Answer

  • Alex Dovbnya
    📰 News

    The Fed could surely stifle the cryptocurrency industry, but it doesn’t have the power to completely kill it 

Can the US Federal Reserve Kill Bitcoin? Crypto Fund Manager Brian Kelly Knows the Answer
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Amidst the growing regulatory pressure in the US, many wonder whether it would be possible for the US Federal Reserve to ban Bitcoin. According to BKCM founder and CEO Brian Kelly, this would be very difficult, but there are certainly some ‘choke points’ that could put a spanner in the works for cryptocurrency enthusiasts.

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The Fed won’t stop Bitcoin

On Aug. 8, Kelly joined the team of CNBC’s ‘Squawk Box’ to discuss the future of Bitcoin as a hedge asset. Anthony Scaramucci, the former White House communications chief, was another notable guest who appeared on today’s show.

When 'the Mooch' stepped into the conversation and asked whether the Fed can put the brakes on Bitcoin, Kelly replied that it would be hard to achieve.

In terms of killing, that’s very difficult, that’s very much like the Internet”    

However, the central bank could block fiat on-ramps. That would make it much harder to buy BTC.

Major exchanges, such as Coinbase and Gemini, campaign for regulations to retain access to the fiat market.

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Bitcoin as a macrohedge

Kelly claims that macro funds started trading BTC as an alternative to gold in 2019. Still, the long-term Bitcoin bull admits that he hates the term ‘safe haven’ given the asset’s extreme volatility.

As reported by U.Today, the devaluation of the Chinese yuan conveniently coincided with Bitcoin breaking above $12,000, which is clearly a sign of capital flight.

When asked by Melissa Lee whether there it affected the rest of the crypto-loving Asian market, Kelly replied there was indeed a ripple effect. 

South Korea, Vietnam, most of Southeast Asia, that’s where you are seeing most of the capital flight coming from”      

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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