“But if the law around the area is fuzzy, and these things are not a security, how do you get recovery? You may get the satisfaction of winning, but you won’t get any cash. Where has the money gone? Why do criminals use bitcoin and ransomware? It’s not traceable.” Massive hit government blaming bitcoin mining Kardashian and Mayweather were hardly the only celebrities to pitch for crypto. In October last year – at the market’s height, when bitcoin had a market cap of $1.14tn – the actor Matt Damon made his debut as the Crypto.com pitchman, advising viewers that “fortune favors the brave”. The ad was seen as a turning point for crypto – a financial investment backed by a Hollywood A-lister.
The government itself has pointed to cheap electricity rates, enabled by government subsidies, as another major cause of the blackouts. A member of the board of the Iranian Blockchain Association told IRNA that the electricity used by cybercurrency miners in Iran was estimated to be about equal to the electricity lost by the network during distribution. Bitcoin price falls to $29.5K, but on-chain data reflects investors’ growing interest Slideshow ( 3 images )U.S. INVESTORS DIVE INThose interviewed by Reuters said compliance-wary U.S. investors, many of whom had been deterred by the opaque nature of the market in the past, are being attracted by the tightening oversight of the American crypto industry.