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Forbes - Hit the road, Jack 🐦

Good Tuesday morning. This is Billy Bambrough with the latest news and analysis from crypto-land.

🚨🚨 Last chance! Forbes CryptoAsset & Blockchain Advisor Black Friday sale has been extended for one more day! See below for details.
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24-hour crypto market snapshot
Bitcoin (+2%) $58,280
Dogecoin (+10%) $0.2227
Shiba inu (+34%) $0.00005204
Mixed messages 😕
Cryptocurrency prices are on the up this morning with traders waking up to a sea of green. The bitcoin price is surging toward $60,000 after dropping sharply toward $50,000 last week.

Ethereum is leading the major market higher, adding almost 8%. Its rivals Binance's BNB, solana, cardano and polkadot are all up between 3% and 6%.

Meanwhile, the price of dogecoin rival shiba inu is soaring, up over 30% over the last 24 hours, after major U.S. cryptocurrency exchange Kraken confirmed it would add support for the memecoin, following through with a promise made at the beginning of November. Read the full story on Forbes. Dogecoin has also surged, adding 10%.

Now read this: New people are coming to crypto—and they may not like bitcoin
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Twitter is founder free 🔓
Jack Dorsey's journey from Twitter founder (pictured left in 2009) to bitcoin believer (2021)
Jack Dorsey's journey from Twitter founder (pictured left in 2009) to bitcoin believer (2021) Getty Images
Dorsey out: Twitter co-founder and chief executive since 2015, Jack Dorsey, announced yesterday he's leaving the social media company, sparking speculation he could be looking to work more closely on bitcoin, cryptocurrency and the development of a decentralized internet known as web3. "If I were not at Square or Twitter, I’d be working on bitcoin," Dorsey said earlier this year, speaking at the Miami Bitcoin 2021 conference.

Why it matters: Dorsey, in addition to being regarded as one of the stronger voices against censorship at Twitter, is perhaps Silicon Valley's most high-profile bitcoin supporter after the mercurial Elon Musk. Dorsey has championed bitcoin, crypto and decentralization at Twitter, kicking off the Bluesky project, which envisions a set of openly published standards for social media companies, and adding the ability for Twitter users to send bitcoin tips (and maybe soon ethereum?).

Paying it forward: Dorsey remains the CEO of the payments giant Square, another company he founded, which is fast becoming a bitcoin powerhouse. Square kicked off the wave of payment companies adding support for bitcoin and crypto after it brought in huge bitcoin revenues via its Cash App. In 2019, Square launched a dedicated crypto division, contributing to bitcoin development and last year Square launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization aimed at pooling patents to encourage crypto innovation. Square said in July it was creating a new business dedicated to building decentralized finance (DeFi) applications for bitcoin and last month Dorsey teased a potential bitcoin mining business. Just this month Square Crypto released a white paper detailing plans to launch a decentralized exchange for buying and selling cryptocurrencies called tbDEX.

Blue skies ahead: Don't expect Twitter to abandon its bitcoin ambitions. Dorsey named Twitter's chief technology officer Parag Agrawal as its new chief executive. Agrawal has been responsible for much of Twitter's blockchain and other decentralized technologies, leading its Bluesky project.

Good to know: MicroStrategy's bitcoin stake has doubled in value to $7 billion
South Korea crypto tax delayed 🧾
⏰ An expected tax on cryptocurrency profits in South Korea is likely to be delayed by a year, it was this morning reported by Bloomberg, with the South Korean National Assembly’s finance committee approving a push back a tax of 20% on crypto profits of more than 2.5 million won ($2,105) until 2023.

🗣️ "The crypto industry is not entirely against the taxation, as it can ease speculative bubble and volatility in the long term if it’s done right," Erica Kang, the founder of blockchain community-building team KryptoSeoul, told Bloomberg.

🗺️ Countries around the world are in the process of updating their tax laws to include cryptocurrencies. Australia is set to implement a 27.5% tax on crypto gains from March next year while the U.S. is tightening tax reporting requirements as part of a major infrastructure bill.

Now read this: Iron Fish Raises $27 Million To Build A Cryptocurrency Beyond The Reach Of Surveillance States
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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