Congress Split on Crypto | Hodler’s Digest

Maps have been mostly in the green this week with a huge 10% spike in Bitcoin on Tuesday over the course of 48 hours the leading crypto gained $1,000 it was good news across the board as 98 out of the 100 top Kryptos posted gains also this Goldfinger aka Peter Schiff thinks bitcoin is doomed billionaire Marc Lasry thinks he'll hit 40 K in five years in former chief strategist of the White House Steve Bannon is in talks to release his own crypto currency for the populist movement here is your weekly hot euler's digest congress talked crypto this week in a hearing titled the future of money digital currency they discussed the use of cryptocurrency and blockchain arguing whether central banks should introduce the digital currency ultimately banks need to decide themselves that they were in or out of crypto at one point a central bank digital currency was described as one of the worst financial ideas of recent times but one that was still conceivable the Federal Reserve adopting a central bank digital currency would result in it becoming the overwhelming credit allocator of the US economic and financial system if the aught money becomes digitized its nature will not be changed and it will still be centralized the main thing that would get in the way of mass adoption was tracking profits and losses for capital gains taxes one congressman pushed for an outright ban and another argued the case for simple regulation pointing out that just because it can be used for illegal activity doesn't mean it should be criminalized after all criminals use computers claims and cars to commit crime and all of those things are still legal talk of a centralized cryptocurrency is worrying so let's hope the more pragmatic voices win out in regards to crypto and regulation this week on the Joe Rogan experience Peter Schiff went after Bitcoin and he went right for the jugular as a libertarian he said that it was tailor-made for him he hates government and there is plenty wrong with fiat and you know I missed out of the Bitcoin bubble but but this bubble was tailor-made for me however he does think that bitcoin is the perfect bubble and that the smart people are selling some true believers are the ones willing to go down with the ship he regrets not getting into cryptocurrency earlier as Bitcoin was below just $10 when he first heard about it contrary to popular belief it is his understanding of how Bitcoin really works not his ignorance that informs his views he went on to compare it unfavorably to gold and he also committed the sacrilege of giving Satoshi the wrong name ship also believes governments will use bitcoins failure as a way to criticize the free market and expand the government Peter Schiff did correctly predict the 2008 financial crash so let us know in the comments if his warning worries you or if this is just shift spreading thud and shilling for his gold company Elon Musk was forced by Tesla investors this week to apologize to a diver for insulting him on Twitter hopefully he has learned a valuable lesson in the timeout corner but not all billionaires are petulant children take Marc Lasry for example this week he said Bitcoin could reach 40 K with investors making five or ten times their money in just a three to five year time frame he believes this will happen as the cryptocurrency is becoming more widely accepted as well as becoming easier to trade last three runs a distressed debt investment firm which manages nearly 10 billion dollars in assets he regrets not buying into Bitcoin earlier but he did clarify that all the crypto he Huddle's was bought using his own personal funds don't worry mark although you relate to the party you were more than welcome and since Bitcoin spiked 10% on Tuesday the sky's the limit we hope a Swiss Army knife has many utilities a corkscrew a compass even a pen maybe one day they might even add a cold storage key but for now 6 group the parent company of Switzerland's major Stock Exchange have settled for adding crypto trading to its budding digital platform set to launch in mid 2019 it will be a fully regulated platform for trading digital assets the service is set to offer a range of services including initial coin offering Consulting sixth group spokesperson Steve admirer claimed that there is a real need for the establishment of train parentsí and accountability in the crypto world meyer also noted the company wants to build a bridge between the traditional financial services and digital communities he did clarify however that nothing is 100% and that they are open to crypto but no plans are set in stone earlier this week Switzerland was named the second most favorable country for icos outperformed only by the u.s. former White House chief strategist Steve Bannon confirmed his plans to get a decrypt out of this week possibly issuing a token for the worldwide populist movement vannin also mentioned he owned some Bitcoin but he didn't say how much we are working on some tokens now utility tokens potentially for a populist movement on a worldwide basis that they have to be quality Bannon also criticized the ICO market too many investors I think have been blown out by things that are not thought through the collaborative effort on issuing his own tokens would likely be through talks with investors and head fund managers as coin Telegraph previously reported Bannon intends to then distribute them via his own private investment firm bannon's particular brand of populism is currently spreading throughout Europe in America governments in Italy and Hungary have recently elected far-right parties that ran on anti-immigrant anti-globalist platforms and don't forget hashtag Magga never has the term white paper seemed more appropriate Novogratz is a true believer but he's still a realist he explained this week to their obstacles preventing widespread block chaining crypto adoption the increasing cost of technical talent the doubts of conventional investors think about how institutional investors operate it's hard to tell your boss I have money in places you've never heard of you need a trusted name custodian a Japanese bank or HSBC or IC e or goldman sachs to allow institutional investors to feel comfortable he urges the public to get into blockchain and crypto reassuring people that it's not necessary for a users to understand the tech in detail Novogratz predicted that Bitcoin would hit 10k by the end of 2017 and technically he was right it did hit 10k but it then skyrocketed to 20k in December his latest prediction is more general but just as bold he the mass adoption of crypto and blockchain can be expected in just five to six years well Mike we certainly prefer your crystal ball to peter ships ship did predict the 2008 financial crisis is he right about Bitcoin let us know in the comments below and as always like subscribe and hotle coin telegraph like subscribe and model you

9 thoughts on “Congress Split on Crypto | Hodler’s Digest”

  1. Cryptocurrencies will rise again. This is not a financial advise. I mean crypto will seize the power. But Ripple can go to hell.

  2. The banks are misleading the public.
    Money has been digital since the 60s with the introduction of computers by banks. So we already have digital money, only 3% is physical cash.
    The question is a bout crypto currency. And at the moment there is only one, Bitcoin.

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