The U.S. Securities and Exchange Commission (SEC) has asked the court to quash a subpoena issued by crypto exchange Coinbase that demands documents related to the crypto markets and personal communications of SEC Chair Gary Gensler. The SEC argues that the subpoena is irrelevant and imposes undue burden. SEC Seeks to Quash Coinbase Subpoena in […]
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Tether CEO and Ripple CEO Clash Over USDT — Brad Garlinghouse Says ‘I Wasn’t Attacking Tether’
Tether CEO Paolo Ardoino has responded to remarks made by Ripple CEO Brad Garlinghouse, branding him as an “uninformed CEO” and accusing him of fostering uncertainty about stablecoin USDT amid a U.S. Securities and Exchange Commission (SEC) investigation into his company. In reply, Garlinghouse clarified that his comments were not an attack on Tether but […]
Bitcoin News
Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig Wright
In the unfolding lawsuit between the Crypto Open Patent Alliance (COPA) and Craig Wright, three key witnesses who had early interactions with Bitcoin’s creator, Satoshi Nakamoto, provided their testimonies. Among them were early Bitcoin developers Martti Malmi and Mike Hearn, as well as Adam Back, the creator of Hashcash, the proof-of-work (PoW) algorithm integral to […]
Bitcoin News
Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction
Tuur Demeester, a Bitcoin evangelist, has recently shared his views on Bitcoin’s potential to reach the million mark by 2028. Demeester’s view on this topic presents a cautious contrast to some of the more bullish predictions in the crypto community.
This tempered perspective comes when others, such as Samson Mow, express strong confidence in Bitcoin’s ability to hit this milestone following its next halving.
Million Bitcoin By 2028 Is Not Certain
Demeester’s skepticism was articulated in response to a post sharing a graph by investor Fred Krueger, which suggested that Bitcoin might reach the ,000,000 level by 2028.
While appreciating the graph’s model, Demeester expressed uncertainty, acknowledging the unpredictable nature of the market and its capacity to defy even the most well-constructed models.
Will it take BTC until after summer 2028 to reach M? I don’t know, but I do know that every beautiful model (as is this one
) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16
— Tuur Demeester (@TuurDemeester) February 2, 2024
The anticipation surrounding BTC’s price of million is closely tied to its halving events, which occur approximately every four years. After this year’s halving, the next halving is set to occur in 2028. These events reduce the number of new BTC mined per block by half, limiting the supply and potentially impacting the price.
The upcoming halving, set for April this year, will see the daily minting of Bitcoin slashed from 900 to 450 coins. Such supply changes have historically led to significant price movements, lending credibility to the various models predicting substantial future price increases.
Amid these predictions, an X user, claiming ownership of the growth plot referenced by Demeester, chimed in with insights. They argued that some market laws, like the time value of money in the stock market, are less likely to be broken.
Similarly, the natural adoption rate of Bitcoin might constrain its “explosive” growth, providing room for market movements without breaking the underlying model.
Hi Tuur, this plot is mine. Some laws are not broken by Mr Market, e.g. the stock market grows by ~7% p.a. This cannot be broken to the upside because of the time value of money (essentially).
The time-based power-law likewise is hard to break to the upside because that would go…— hcburger (@hcburger1) February 2, 2024
Diverse Views On Bitcoin’s Future
Other Bitcoin enthusiasts, like Samson Mow, CEO of Jan3, are more optimistic. Mow envisions Bitcoin reaching million, potentially in a sudden surge causing “max pain” for several market players.
This dramatic increase, he suggests, could happen swiftly, within “days or weeks,” though the precise starting point remains uncertain.
My main prediction is the run up to M happens in days to weeks. Starting point TBD.
— Samson Mow (@Excellion) January 14, 2024
In analyzing potential triggers for a Bitcoin rally, Mow considers various factors. These include Bitcoin-specific metrics like exchange-traded inflows (ETF), the BTC hashrate, and whale activity on Bitfinex. Additionally, Mow looks at broader economic indicators such as Tether’s USDT assets under management, government debt payments, and Debt-to-GDP ratios.
These are the #Bitcoin macro indicators I’m looking at:
ETF inflows
Hashrate
Finex whale accumulation
200 WMA trend
Tether USDt AUM
Govt interest payments on debt
Debt GDP ratios
Nation-state Bitcoin adoption
Real inflation
M3 money
— Samson Mow (@Excellion) January 28, 2024
Mow believes these factors, combined with nation-state adoption, real inflation rates, and the M3 money supply, could significantly influence Bitcoin’s performance.
Amid the debate, Bitcoin saw quite a surge in the past 24 hours, reclaiming the ,000 mark with a current trading price of ,123.
Featured image from Unsplash, Chart from TradingView
Snowden Blasts Elizabeth Warren as ‘Pro-Banker,’ Claims She ‘Rolls Over’ for JPMorgan Boss in Crypto Clash
This week, the crypto community actively discussed Massachusetts Senator Elizabeth Warren’s remarks labeling crypto as a potential threat. Additionally, JPMorgan boss Jamie Dimon voiced a similar sentiment, asserting he would close crypto down if he held governmental power. In response to Warren and Dimon’s statements, Edward Snowden, the former National Security Agency (NSA) contractor and whistleblower, publicly criticized Warren for her inclination towards banks.
Snowden Accuses Warren of Favoring Big Banks in Crypto Tussle
Recently, Democratic Senator Elizabeth Warren of Massachusetts has been advocating for revisions to U.S. banking regulations to encompass cryptocurrencies. Her opposition to crypto has intensified, as evidenced on CNBC’s “Squawk Box,” where she labeled crypto as a “threat” and emphasized that the U.S. government must not let it persist. Lately, Warren has shown increased favor towards the banking sector, even advocating for a central bank digital currency (CBDC) during an April interview with Chuck Todd.
In a recent Senate banking committee oversight hearing, Warren engaged in discussions about this matter with several leaders from America’s foremost banks. The hearing saw Warren in agreement with key figures like Bank of America’s CEO Brian Moynihan, JPMorgan’s Jamie Dimon, Wells Fargo’s Charles Scharf, and other top brass officials from some of the largest financial institutions in the U.S. Although Warren was previously recognized as a formidable adversary of the banking sector, recently, it seems she’s finding common ground with them. Warren stated:
I am not usually holding hands with the CEOs of multibillion-dollar banks — But this is a matter of national security.
Digital currency proponents have expressed strong disapproval of Warren’s anti-crypto position. The statements of the Massachusetts politician have faced mockery and criticism, with accusations that she is “bought and paid for by the banks.” On Dec. 8, 2023, whistleblower and privacy advocate Edward Snowden aimed a pointed remark at the official, expressing his views on the social media platform X. Snowden said:
So now we live in a world where a pro-banker Elizabeth Warren sits, stays, and rolls over for the CEO of JP Morgan so long as he feeds her self-serving attacks on his industry’s primary competitor. What’s next, a pro-war Bernie?
Snowden is a crypto advocate despite expressing concerns about their lack of privacy. He has hinted at buying bitcoin (BTC) at certain price levels in the past and has also mentioned that he uses BTC to pay for servers pseudonymously.
Amidst the escalating debate, Warren’s shifting stance highlights the complex dynamics between traditional finance and emerging digital currencies. As crypto advocates like Snowden continue to challenge her views, the narrative underscores cryptocurrency’s profound impact on the intersection of politics, finance, and technology.
What do you think about Snowden’s criticism of Elizabeth Warren’s anti-crypto remarks? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Technical Analysis: ETH’s Strong Averages Clash With Oscillator Signals
As ethereum marks a significant price of ,250, its movement within a 24-hour range of ,151 to ,271 reflects strong activity in the crypto market. With a substantial trade volume of .82 billion and a market capitalization of 9 billion, ether demonstrates its continued and dynamic presence in the digital currency landscape.
Ethereum
Ethereum’s current oscillators present a mixed view. The relative strength index (RSI) at 81.5 suggests neutrality, whereas the Stochastic and commodity channel index (CCI) lean toward a more bearish sentiment. These mixed signals from the oscillators indicate a nuanced market sentiment, with traders potentially weighing the robust performance against possible overvaluation concerns.
The moving averages present a unanimously bullish outlook for ethereum. Exponential moving averages (EMAs) and simple moving averages (SMAs) across all periods (10, 20, 30, 50, 100, 200 days) advocate a strong positive position. This consensus among moving averages highlights an underlying strength in ether’s price trajectory, suggesting sustained trader confidence.
The 4-hour chart underscores a clear uptrend, characterized by higher highs and lows, indicative of bullish momentum. The 15-minute chart reveals more granularity in ethereum’s price action, showing notable volatility. The chart displays a bullish reaction after a drop, suggesting a potential entry point during rebounds. However, the smaller subsequent candles and volume spikes point to moments of indecision, highlighting the need for cautious short-term trading strategies.
Bull Verdict:
Ethereum’s current market indicators, particularly the strong signals from moving averages, suggest a continuing bullish trend. The consistent buying signals across various timeframes indicate sustained trader confidence and potential for further price appreciation.
Bear Verdict:
Despite the overall bullish indicators, the mixed signals from oscillators cannot be overlooked for a cautious bear perspective. The high RSI and mixed messages from the Stochastic and CCI hint at possible overvaluation risks and potential market saturation. Short-term volatility, as seen in the 15-minute chart, suggests a precarious market that could be prone to sudden corrections.
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What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
XRP Community And Cardano Founder Engage In Heated Clash
The XRP community and Charles Hoskinson, the founder of Cardano, are currently in the cryptocurrency spotlight as both parties have been involved in a fiery dispute lately.
XRP Community And Charles Hoskinson Face Off
On Tuesday, November 28, an XRP community member, Mr. Huber, took to X (formerly Twitter) and called out Charles Hoskinson. The post was accompanied by a snippet video of Hoskinson calling the XRP community conspiratorial. The post read:
I’m sorry, @IOHK_Charles, but for two years you did everything you could to make the #XRPcommunity to look ridiculous and embarrass us in public. I know you offered peace, but only to come out of nowhere and call us crazy conspiracy theorists again. No look at you. It’s funny what can happen in a year, isn’t it?
Mr. Huber’s X post criticized the Cardano founder on the previous statements he made towards Ripple. Basically, about Ripple’s allegations of corruption in the United States Securities and Exchange Commission’s (SEC) ranks.
Mr. Huber asserts that Hoskinson assisted in the “trivialization and cover-up of Joseph Lubin’s corruption.” According to Huber, it didn’t help the founder because Cardano’s native coin, ADA, is now categorized as a security by the SEC.
In response to the accusations, the co-founder asserted that Huber was unaware that he was paying for Lubin’s price. The Cardano founder stated:
You believe that assisting in the trivialization and cover-up of Joseph Lubin’s corruption is a constructive approach to bringing clarity to Cardano. But the opposite is true. Joseph Lubin is smirking in your face because you don’t realize that you are paying for Lubin’s price.
Hoskinson further restated that there is no proof of the allegations against the Ethereum co-founder Joe Lubin. As Hoskinson believes, Joseph Lubin did not influence the SEC’s decision to treat Ethereum differently than XRP. Hoskinson stated:
Still waiting on a single piece of evidence for the latter. If you cannot provide it, then yes, you are spreading conspiracies and slander. That’s what this has been about for two years now. And somehow you guys still fight.
Serious Allegations Need Solid Evidence
Hoskinson’s criticism of the dissemination of slander and conspiracies highlights the importance of solid evidence before accusing people of serious allegations. However, members of the XRP community have since criticized Charles Hoskinson’s remarks on the issue.
So far, the Cardano founder asserted that his rejection of the allegations is unrelated to whether Ethereum received a free pass from the SEC. He further discerns between “unsubstantiated conspiracy” theories and what he believes is a valid criticism of regulatory approaches toward cryptocurrencies.
Dollar vs. Bitcoin Clash: Experts Flex Opposing Views; SBF Trial Update — Week in Review
Berkshire Hathaway’s Charlie Munger says most crypto is going to zero, while a Jefferies analyst says bitcoin is actually set to thrive in the case of a dollar collapse. Meanwhile, American economist Jeffrey Sachs says central bank digital currencies (CBDCs) are the real money of the near future. Get caught up on all this as well as the latest updates from the Sam Bankman-Fried trial just below, in the Bitcoin.com News Week in Review.
Analyst Warns of US Dollar Collapse, Predicts Bitcoin Owners to Benefit
Global financial services firm Jefferies has warned of “the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin.” An analyst from the firm explained that the Federal Reserve, and other G7 central banks, “will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another.”
Berkshire Vice Chair Charlie Munger Warns Most Crypto Investments Will Go to Zero
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.”
American Economist Jeffrey Sachs Heralds End of Dollar Hegemony: ‘Central Bank Digital Currencies Will Become the Basis of Payments’
Jeffrey Sachs, an American economist and best-selling author, has stated that the end of the dollar’s hegemony is near and that central bank digital currencies (CBDCs) will become the basis of cross-border settlements. For Sachs, the abuse of the U.S. dollar as a geopolitical weapon is one of the factors that will contribute to its demise in the coming decade.
Inside Caroline Ellison’s Explosive Testimony — Former Alameda CEO Accuses SBF of Directing Fraud at FTX
In bombshell testimony on Tuesday, Caroline Ellison, former CEO of Alameda Research, accused Sam Bankman-Fried of directing herself and others to commit fraud under his leadership at FTX and Alameda. Taking the stand in a red dress, Ellison stated “Alameda took several billions of dollars from FTX customers and used it for investments.”
Do you think bitcoin will thrive if the USD collapses? Will CBDCs bring anything other than more invasive financial surveillance? Let us know your thoughts in the comments below.
US Congress Members Clash on the Potential Effect of Proposed Tax Rules on the Crypto Industry
Members of the U.S. Congress have expressed concerns about the possible problems that implementing the newly proposed crypto tax reporting requirements could create in the entire industry. Patrick McHenry, Cynthia Lummis, and others reacted differently to the potential effects of these proposals on decentralized finance platforms and stablecoins.
U.S. Congress Members Concerned Over New Tax Obligations for Defi Exchanges and Stablecoins
Several U.S. Congress members have expressed concerns over the newly proposed crypto-related tax reporting rule revealed recently by the U.S. Treasury Department and the Internal Revenue Service (IRS) and its possible effect on several elements of the cryptocurrency industry.
In a recent post on social media, Wyoming Senator Cynthia Lummis stated that while she was encouraged by the exclusion of significant parts of the crypto machinery, including miners, stakers, validators, and wallet providers, others were still included in the proposal.
Lummis, who has stressed the crypto industry is being pushed offshore before, declared:
I’m encouraged to see the U.S. Treasury finally issue its rules regarding tax reporting requirements for crypto brokers … however, I have serious concerns about the rule’s potential impact on decentralized crypto asset exchanges & its treatment of U.S. dollar-backed stablecoins.
The recently presented proposal would require cryptocurrency brokers to divulge information about their customers, giving the IRS names, addresses, and gross proceedings related to each customer transaction.
Also, the proposal’s definition of “broker” would require some decentralized finance exchanges to report the same information. This has been criticized by industry actors, who say that it makes compliance difficult.
Lummis encouraged anyone impacted by this rule to submit comments to the Department of the Treasury and the IRS during the public comment period, which will be open for two months.
More Reactions
Other members of Congress have also criticized the proposal, stating that it could disrupt the activities of the cryptocurrency industry in the U.S.
Patrick McHenry, Chairman of the House Financial Services Committee, said on August 25 that this rulemaking proposal constituted an “ongoing attack on the digital asset ecosystem” from the Biden administration.
McHenry stated:
The Biden Administration must end its effort to kill the digital asset ecosystem in the U.S. and work with Congress to finally deliver clear rules of the road for this industry.
Nonetheless, Senator Elizabeth Warren has supported this proposal, explaining that “a strong rule is essential to prevent wealthy tax cheats from hiding income in digital assets, and one should be implemented by the end of the year.”
What do you think about the reaction of Congress to the crypto tax proposal? Tell us in the comments section below.
Clash of Presidential Contenders: Bitcoin Gains Prominence as 2024 US Election Approaches
With the 2024 U.S. presidential election drawing near, the enthusiasm of bitcoin and cryptocurrency advocates has intensified, as two candidates have emerged in the race who openly express their support for bitcoin and willingly accept the dominant digital asset for campaign contributions. Initially, it was Democrat Robert F. Kennedy Jr. who vocalized his stance on cryptocurrencies. However, not long after Kennedy’s announcement, Republican presidential contender Vivek Ramaswamy followed suit by declaring that his campaign is now embracing bitcoin as well.
Biden and Trump’s Animosity Towards Bitcoin
In just over a year, the American populace will cast their votes for the next leader of the United States on Tuesday, November 5, 2024. As the nation awaits this occasion, it has become apparent that a familiar rivalry may once again take center stage. Both the current U.S. president, Joe Biden, and the former 45th president, Donald Trump, have thrown their hats into the political ring, sparking widespread curiosity and skepticism among the public. The question on everyone’s lips is: What has propelled these two figures to lock horns once more in the pursuit of power?
“There’s no way the next election will actually boil down to Biden vs. Trump is there? I mean…seriously?” John Lennon’s son Sean Ono Lennon tweeted at the end of April.
Crypto enthusiasts are well aware of where both Biden and Trump stand when it comes to the world of digital currencies. These two politicians have made their disdain for bitcoin and decentralized crypto ventures abundantly clear. The incumbent president, Biden, has been vocal about his intentions to impose taxes on crypto traders and miners, as evidenced by the comprehensive guidance published by the White House on the matter. In January, Biden’s administration unveiled a detailed “roadmap to mitigate cryptocurrencies’ risks,” advocating for enhanced regulatory measures. Moreover, during this year’s G7 Summit, President Biden addressed concerns surrounding the debt ceiling, highlighting the involvement of crypto traders.
In a video published by Sky News, Biden’s resolute stance is showcased as he adamantly expresses his refusal to negotiate certain agreements with Republicans when he said:
I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistants at risk.
Bitcoin has found itself on the receiving end of Donald Trump’s scorn as well, with the former president openly expressing his skepticism, even going so far as to label it a potential “scam.” In June 2021, Trump further articulated his disapproval, highlighting his concern about bitcoin emerging as a formidable competitor to the U.S. dollar. He made his stance unequivocally clear, stating his unwavering desire for the dollar to retain its status as the global currency. However, despite his reservations about cryptocurrencies, Trump has shown a pragmatic side by leveraging blockchain technology to his advantage. Notably, he successfully sold two sets of non-fungible token (NFT) collections minted on the Polygon network.
2 U.S. Presidential Candidates Who Support Bitcoin
In a recent development, Robert F. Kennedy Jr., a Democratic candidate vying to succeed Joe Biden, made headlines by declaring his campaign’s acceptance of bitcoin donations. Kennedy stands apart from many of his Democratic peers, as he champions the notion of utilizing the free market to tackle climate change and has expressed his opposition to central bank digital currencies (CBDCs).
During the Bitcoin 2023 event held last week, Kennedy boldly asserted, “As president, I will make sure that your right to hold and use bitcoin is inviolable.” Notably, Kennedy’s decision to embrace bitcoin for campaign contributions was swiftly followed by another presidential contender.
In an update on Saturday, Vivek Ramaswamy, a Republican candidate took to Twitter to reveal an announcement from his campaign. Ramaswamy declared, “Just announced we’re officially accepting bitcoin donations. Give . Let’s make the 2024 election a referendum on fiat currency.” Ramaswamy, a 37-year-old entrepreneur and author, launched his bid for the presidency on February 21, 2023, as a Republican contender. Hailing from Birmingham, Alabama, his campaign resonates with the slogan, “A New American Dream.”
During an exclusive interview with CBS News, Ramaswamy stated:
The thriving Bitcoin universe should actually better empower me to do what I want to do as the U.S. president, which is to stabilize the U.S. dollar as a unit of measurement and put the Federal Reserve back in its place with that as its single mandate.
In stark contrast to Biden and Trump, Ramaswamy sets himself apart with a distinct vision of reducing government influence and addressing the longstanding issue of national debt. This past Saturday, as he unveiled his campaign’s pivotal decision, Ramaswamy provided supporters with two avenues for contributing: a dedicated donation page powered by Bitpay, welcoming bitcoin contributions, and another page hosted on opennode.com. It’s worth noting that all the prominent aforementioned political figures – Biden, Trump, Kennedy, and Ramaswamy – have officially thrown their hats into the presidential race. However, they won’t be the only contenders seeking the coveted office in 2024.
Joining the fray is Nikki Haley, a Republican candidate whose stance on bitcoin (BTC) remains unknown. Although Marianne Williamson, a Democrat, is also in the running for the presidency, her performance during the 2020 Democratic nomination was lackluster. On the other hand, governor Ron DeSantis of Florida, while yet to formally announce his intentions for the 2024 race, is widely suspected to throw his hat into the ring as a contender for Biden’s seat.
DeSantis has garnered attention for his favorable remarks about bitcoin, highlighting the current administration’s aversion to cryptocurrencies due to their inherent resistance to control. Showcasing his commitment, DeSantis spearheaded legislation that resulted in Florida becoming the pioneering state to ban central bank digital currencies (CBDCs), setting an influential precedent that other Republican-led states are eagerly attempting to emulate.
What are your thoughts on the growing acceptance of bitcoin by presidential candidates in the 2024 election? Do you believe cryptocurrency will play a significant role in shaping the future of political campaigns? Share your insights and join the discussion in the comments section below.