Mauricio Di Bartolomeo, co-founder and CSO of Ledn, a Canada-based bitcoin lending platform, stated that Latam citizens are shifting to elect governments supporting bitcoin as a better money alternative. In an interview with Bitcoin News, Di Bartolomeo stressed that presidents like Bukele in El Salvador and Milei in Argentina have shown Latam that proposals including […]
Bitcoin News
Analyst Predicts: US to Face Its Own ‘Bank of England’ Debt Crisis Prior to Elections
Otavio Costa, a Macro Strategist at Crescat Capital, a multidisciplinary asset management firm, has expressed concern about the state of the U.S. government securities liquidity index and its potential implications for the future of U.S. debt. He suggested that the U.S. is on the verge of experiencing its own ‘Bank of England’ moment prior to […]
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Ripple CEO: Pro-Crypto Stance Will Win Votes in Upcoming Elections
Ripple CEO Brad Garlinghouse expressed his view on the political landscape in the U.S. regarding cryptocurrency regulation on social media platform X on Monday. “You’ll hear this a lot more in the next few months in the U.S. — candidates will only gain votes for being pro-crypto, and absolutely lose them for being anti-crypto. There’s […]
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As UK Elections Approach, Crypto Industry Leaders Turn Attention to Keir Starmer, Labour Party
With U.K. opinion polls indicating a strong performance by the Labour Party in the July 4 elections, crypto executives and lobbyists are reportedly focusing their attention on party leader Keir Starmer. The crypto industry has also prioritized two other pro-tech Labour Party leaders in its ongoing effort to influence the U.K. government’s policy on digital […]
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Ripple Doubles Contribution to Fairshake PAC to Promote Crypto in 2024 Elections
Ripple announced a million contribution to Fairshake, a federal super Political Action Committee (PAC) supporting pro-crypto political candidates in the 2024 elections. This follows a similar million contribution made in 2023. The investment is part of a broader industry effort to promote policies fostering financial innovation in the U.S. Ripple criticizes the Securities […]
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Uniswap Creator: Biden Administration Mistaken in Believing Crypto Irrelevant to 2024 Elections
Hayden Adams, the creator of the decentralized finance platform Uniswap, has warned the Biden Administration that it is gravely mistaken to believe that crypto will be irrelevant in the 2024 election. Adams also criticized the administration for allowing the U.S. Securities and Exchange Commission and Senator Elizabeth Warren to wage an all-out war against crypto, […]
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Swing State Voters Highlight Cryptocurrency as a Key Issue for 2024 Elections, Survey Finds
A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
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Coinbase Reveals Texas Voters Believe Crypto Is a Relevant Topic for the Next Elections
Coinbase, a major U.S.-based crypto exchange, has found that Texas voters are interested in the crypto subject and presidential candidates’ postures on the issue. 21% of all Texan adults (4.7 million people) own crypto, with 74% of these owners likely to support candidates who recognize the significance of the national crypto industry. Coinbase Reveals Texas […]
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Crypto Industry Funnels $78 Million Into War Chest to Elect Pro-Crypto Candidates in 2024 Elections
Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase.
The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage
Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcement states:
They will report million raised and in the bank in Q4 2023 to support leaders who support American crypto and blockchain innovation and responsible regulation in the forthcoming 2024 elections.
The announcement adds that supporters of Fairshake include venture capital firm Andreessen Horowitz, Ark Invest, Coinbase and its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.
“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed,” Fairshake stressed.
Ripple CEO Brad Garlinghouse commented on social media platform X Monday: “Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 U.S. election cycle.” The executive opined:
The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of U.S. leadership.
“We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation. 2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it,” he emphasized.
Coinbase CEO Brian Armstrong stated: “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation. It will be bi-partisan. And hopefully we can get it to 0m in Q1 next year.”
What do you think about the crypto industry’s war chest to elect pro-crypto candidates in upcoming elections? Let us know in the comments section below.
Argentine Peso Plunges to Historic Lows as Uncertainty Rules Before Elections
The exchange rate of the Argentine peso reached historic lows Monday in a decline that took its exchange rate to almost 600 pesos per U.S. dollar. Economists state that the uncertainty of the upcoming elections caused key bagholders to hedge their portfolios with foreign currency. However, analysts fear the effect this movement might have on retail prices.
Argentine Peso Bleeds as Investors Take Cover in U.S. Dollars
The Argentine peso plunged to new historic lows Monday, less than a week before the PASO elections, in which parties elect their representatives for the October general ballotage. The Argentine fiat currency reached 597 units per dollar on its free “blue” exchange rate, jumping 22 pesos in just one day.
This accelerated fall is said to be related to the uncertainty in the upcoming elections, with individuals and companies seeking to hedge their savings in foreign currency. Also, economic analysts say the next meeting with the International Monetary Fund (IMF), which could result in a new official devaluation scheme, might play a part in this abnormal behavior.
Mateo Reschini, a research analyst for Inviu, stated:
The market takes note of the relevance of the date of the upcoming elections and decides to be covered against possible exchange rate jumps, hand in hand with statements from economists, the IMF statement, and media rumors.
From July 7 to August 7, the Argentine peso lost 21% of its value against the U.S. dollar.
Inflationary Ride
This movement in the exchange rate is already wreaking havoc in retail stores, which have rushed to change prices and announce new pricing schemes for the next few days. Analysts fear that this could cause an acceleration of the inflation numbers, with some already expecting a 9%+ Consumer Price Index (CPI) for August.
Inflation numbers for July will be offered after the upcoming PASO elections, but consultants have predicted a 7.7% CPI, which would set the annual inflation rate at 114%, one of the highest in the world.
The country has tried to reduce its disbursements to importers lately to control its dollar and yuan-based reserves, having to resort to using Chinese yuan to complete certain payments to the IMF. However, Economy minister and presidential candidate Sergio Massa reported the government reached a new agreement with the IMF, which would give the country an influx of at least .5 billion in the coming months.
What do you think about the plunge of the Argentine peso? Tell us in the comments section below.