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  • UK man looks to buy landfill site amid search for $784m lost Bitcoin

    UK man looks to buy landfill site amid search for $784m lost Bitcoin

    Bild von Bitcoins vor einem Mond
    • James Howells claims to have lost a hard drive with 8,000 BTC at a landfill site in 2013.
    • The man now wants to buy the landfill site as the search for the lost BTC worth over $784 million continues.

    James Howells, the man who has been in search of his lost bitcoin worth over $784 million since 2013 is seeking to buy a landfill.

    Howell claims to have mistakenly discarded a hard drive that contained 8,000 BTC and is seeking to buy the landfill site where he lost it in an attempt to recover his fortune.

    The man filed a lawsuit in a bid to have the Newport Council dig up the landfill to try and find the lost bitcoin.  In over 10 years Newport Council has made no attempts to try to recover the discarded bitcoin.

    The quest for lost BTC

    James Howells reported that his fiance discarded the hard drive containing cryptocurrency estimated to have a market value of $784 million in the landfill site in 2013. In an attempt to get his crypto assets back, Howells wants to buy the landfill site.

    BBC recently reported that Howells has approached various investors with a bid to potentially buy the whole landfill site.

    Since 2013, Howells claims that Newport city council have disregarded his plea to be allowed to search for his fortune. The city council has announced plans to have the landfill site converted to a solar farm. They have since acquired planning permission to establish a solar power firm on the site.

    Howells had filed a lawsuit against the council seeking legal grounds to hunt for the accidentally discarded bitcoin. In January, a high court judge made a ruling dismissing the case that required Newport council to forcefully allow Howells to search for his bitcoin.

    During the hearing, Howells noted that Newport council claimed that granting him a search warrant would have detrimental effects on the people around Newport. Plans to close the landfill were also underway, and that would be soon.

    After failed attempts to have the council retrieve the hard drive worth millions for him, Howells offered to buy the whole landfill.

    “I have discussed this option recently with investment partners and it is very much on the table,” he said, according to the BBC.

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  • UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    UK man sues council after denying requests to dig for lost Bitcoin hard drive in landfill

    Crypto.com sues the US SEC after Wells notice
    • James Howell has been trying to get his lost hard drive back for 10 years
    • Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
    • The council have denied Howell’s requests to dig due to “environmental concerns”

    A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.

    James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.

    He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).

    Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.

    Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”

    “I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”

    Environmental concerns

    A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.

    If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”

    Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”

    Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.

    Howell said he didn’t want to go to court, but “this is the final shot.”

    The case is expected to be heard in December.

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  • Smartest man in the room has a warning about Bitcoin prices

    Smartest man in the room has a warning about Bitcoin prices

    • Morgan Stanley’s Mike Wilson is seen as one of the best analysts in Wall Street.

    • He warned that the S&P 500 is ripe for another 21% crash.

    • If this view is valid, we could see BTC prices crash as well.

    Bitcoin price dipped to about $24,000 as a somber mood engulfed the stocks and cryptocurrency industry. After rising to a high of $25,373 during the weekend, the BTC/USD price has struggled to retest it this week. And now, one of the best sell-side analysts in Wall Street, has issued a blistering warning about the market.

    Morgan Stanley’s Wilson warning

    In a note on Tuesday, Mike Wilson, the Chief Equity Strategist at Morgan Stanley, warned that the S&P 500 could crash by another 21%. If this happens, it means that the index could crash from the current $4,000 to about $3,140. 

    Wilson noted two main things that could push the S&P 500 index much lower in the near term. First, there is a reset of expectations about the Federal Reserve. The argument is that investors were expecting the Fed will start pivoting soon. 

    However, the reality is that recent data point to more hikes this year. Inflation remains stubbornly high while the unemployment rate has fallen to a multi-decade low of 3.4%.

    Second, corporate earnings have been a bit weak. Companies like Goldman Sachs and Home Depot published relatively weak financial results. According to FactSet, S&P 500 constituent companies have had a blended growth of -4.7% in the quarter, the worst since 2020. 

    Further, with the bond yield being highly inverted, there is a likelihood that the US will go through a major recession. Stocks tend to underperform in such a period. Mike Wilson is not the only analyst worried about stocks. In a widely-read report, Jeremy Grantham warned that the S&P 500 could crash to about $3,200.

    Implications for Bitcoin prices

    Mike Wilson did not mention Bitcoin prices in his note. He did not also mention cryptocurrencies in general. However, if his warning materializes, the fact is that it will have serious implications for BTC and other cryptocurrencies.

    In the past few months, Bitcoin and stocks have had a close correlation. A close look at the data shows that BTC and S&P 500 have a correlation coefficient of 0.91. A correlation of 1 or close to 1 is usually a sign that the two assets are closely correlated. 

    Therefore, if the S&P 500 crashes by 20%, there is a high possibility that Bitcoin price will drop further than that. As such, while it is too early to predict whether Mike Wilson will be right, it makes sense to start taking profits.

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