Kraken, a U.S.-based cryptocurrency exchange, insists it will keep USDT listed in European markets as long as regulations regarding stablecoins are not finalized. Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, clarified they will “continue to look at all options to offer USDT under the upcoming regime.” Kraken Will Keep Tether’s USDT […]
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Fed Governor Bowman Insists High Inflation Could Necessitate Future Rate Hikes
Inflation in the U.S. has remained persistent, experiencing increases in the first two months of 2024, prompting members of the U.S. Federal Reserve to exercise caution against premature rate reductions. Federal Reserve Governor Michelle Bowman has voiced considerations for elevating interest rates, diverging from market anticipations of rate reductions within the year. Bowman’s concerns primarily […]
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SEC Chair Gary Gensler Insists Crypto Field Is ‘Rife With Abuses and Fraud’
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated that the crypto industry is filled with instances of abuse and fraud, citing a significant number of bankruptcies in recent years. He also cautioned investors in spot bitcoin exchange-traded funds (ETFs) that these products are based on a “highly speculative volatile underlying asset: bitcoin.” […]
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Skybridge Founder Insists It’s ‘Still Very Early’ to Buy BTC — Sees Bitcoin as the New Berkshire Hathaway
Skybridge Capital founder Anthony Scaramucci has insisted that it is “still very very early” to buy bitcoin. He likened the cryptocurrency to Warren Buffett’s company, calling it the “Berkshire Hathaway of the 21st century.” He opined: “It was never ‘too late’ to buy Berkshire stock. It is still very very early for bitcoin.” ‘Bitcoin Is […]
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Dave Ramsey’s Team Insists Crypto Isn’t a Good Investment — Says It’s ‘Risky for a Lot of Reasons’
Personal finance expert and best-selling author Dave Ramsey’s firm Ramsey Solutions has maintained that crypto is not a good investment. “We’re not saying cryptocurrency is going to go away. And we’re not saying it’s horrible … But as things stand today, just say no,” advised the Ramsey Solutions team. Ramsey Solutions Advises ‘Just Say No’ […]
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Jamie Dimon Insists Bitcoin Doesn’t Have Value as JPMorgan Teams up With Blackrock on Spot Bitcoin ETF
JPMorgan Chase CEO Jamie Dimon has insisted that bitcoin doesn’t have value, emphasizing that its use cases are sex trafficking, tax avoidance, money laundering, and terrorism financing. However, JPMorgan has teamed up with Blackrock to help the world’s largest asset manager grow its spot bitcoin exchange-traded fund (ETF) as a lead authorized participant.
Jamie Dimon Insists Bitcoin Has No Value
The CEO of JPMorgan Chase, Jamie Dimon, still believes that bitcoin has no value even as the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. In an interview with Fox Business on Wednesday, Dimon expressed:
I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing.
The JPMorgan executive’s comment echoed his statement made during a Senate Banking Committee’s hearing in December last year. In response to a question by U.S. Senator Elizabeth Warren (D-MA), Dimon said: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.” He also said that he would close down crypto if he were the government.
Meanwhile, JPMorgan has teamed up with Blackrock as a lead authorized participant for the world’s largest asset manager’s spot bitcoin ETF, the Ishares Bitcoin Trust. JPMorgan is also named as an authorized participant for the Invesco Galaxy Bitcoin ETF.
Blackrock’s Ishares Bitcoin Trust was among the 11 spot bitcoin ETFs approved by the SEC on Wednesday. The fund will trade on the Nasdaq stock exchange under the ticker symbol IBIT. The NYSE Arca and the Cboe BZX Exchange will also list and trade some approved spot bitcoin ETFs.
When do you think JPMorgan CEO Jamie Dimon will change his mind and see the value of bitcoin? Let us know in the comments section below.
Arthur Hayes Insists Bitcoin Has ‘Proven to Outperform Bonds During Times of War’
In an environment of surging U.S. deficits and monetary easing, former Bitmex CEO Arthur Hayes delivered a critical review this week of Treasury Secretary Janet Yellen’s fiscal and monetary strategies. Hayes highlighted the complexity and rise of bond yields and the role of bitcoin as a fiscal counterbalance.
Hayes: ‘The Smartest Trade Is Going Long Crypto’
On Thursday, Arthur Hayes explained the precarious balance the Treasury’s Janet Yellen must strike in managing U.S. fiscal health amid rising government deficits. Hayes describes Yellen’s strategic options, including liquidity injections and manipulating Federal Reserve rate expectations, to manage economic growth and government funding.
“Inject liquidity into the system so that stocks rise. When stocks pump, capital gains taxes rise, which helps pay some bills,” Hayes detailed in his latest missive called “Bad Gurl.”
Hayes speaks to the rising yields on long-term U.S. debt and the market’s negative response to Treasury strategies. He presents the “bear steepener” scenario as a challenge to financial stability, explaining, “Yields on long-end treasury debt are rising faster than short-end yields,” which could undermine banking solvency. Hayes’ previous work, “The Periphery,” delves into why this steepening is particularly toxic for the banking system.
In his analysis, Hayes points out the global reverberations of U.S. monetary policy, suggesting that other central banks will engage in similar quantitative easing tactics. “All other major central banks … will also print money,” he asserts, viewing it as an inevitable response to the Fed’s easing, creating a global ripple of fiscal expansion that may redefine the international monetary balance.
For investors, Hayes recommends shunning long-term bonds in favor of more liquid and short-term investments. He suggests that the RRP (Reverse Repo Program) balance is key to understanding the immediate investment landscape. A trillion-dollar liquidity injection will power a rising U.S. stock market, Hayes predicts, advocating for a diversified approach to asset allocation amid these shifts.
Diving into cryptocurrency, Hayes champions bitcoin (BTC) and ethereum (ETH) as foundational assets within the digital currency sphere, outperforming traditional investment vehicles amidst central bank balance expansions. “Bitcoin and ether are crypto’s reserve assets,” he states, asserting their dominance over “sh**coins” and other altcoins in terms of development, application activity, and locked value.
Hayes forecasts that the RRP’s reduction will inject liquidity into global markets, strengthening crypto’s position. He outlines a potential scenario where dollar liquidity swells, Treasury bill sales surge, and Bitcoin investment trends sharpen. “The RRP drawdown is a goal,” Hayes notes, marking it as a pivotal indicator for future fiscal and monetary policy decisions.
Emphasizing big tech’s resilience and growth potential, Hayes highlights companies with ties to artificial intelligence (AI) as smart investments in a liquidity-rich economy. “AI is the future,” he asserts, linking technological advancement to economic growth and suggesting that investments in AI could see significant returns as cash becomes “trash” once more. Hayes says the “smartest trade is going long crypto.” The former Bitmex CEO added:
There is nothing else that has outperformed the increase in central bank balances sheets like crypto. The first stop is always bitcoin. Bitcoin is money and only money. The next stop is ether. Ether is the commodity that powers the Ethereum network which is the best internet computer.
Asserting bitcoin’s resilience, Hayes contrasts its performance with traditional assets during economic or geopolitical strife. He reflects on bitcoin’s robust response to market unrest, suggesting that it remains a wise investment despite potential short-term sell-offs. “Bitcoin has proven to outperform bonds during times of war,” Hayes remarks, reaffirming his confidence in the leading crypto asset as a hedge against inflation and instability.
What are your thoughts on the former Bitmex CEO’s comments regarding Yellen, Treasury bonds, and bitcoin? Share your views on this topic in the comments section below.
Ethereum Co-Founder Insists ETH Is a Commodity Amid SEC Crackdown on Crypto Securities
Ethereum co-founder Joseph Lubin says he stands by his conviction that ether is a commodity despite the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, trying to assert authority over all crypto tokens, except bitcoin. “I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail,” said Lubin.
Lubin Insists Ether Is a Commodity
Ethereum co-founder and the CEO of blockchain technology company Consensys, Joseph Lubin, is confident that ETH is a commodity despite the U.S. Securities and Exchange Commission (SEC) increasing its efforts to crack down on crypto securities. He said in an interview with CNBC on Thursday:
I stand by my conviction that ether is a commodity.
The securities regulator has increasingly taken enforcement actions against crypto platforms over unregistered crypto securities, including the Nasdaq-listed crypto exchange Coinbase. Coinbase has disputed the SEC’s allegation that it lists unregistered crypto securities. SEC Chairman Gary Gensler has said that all crypto tokens, except bitcoin, are securities.
In a testimony before the House Financial Services Committee in April, Gensler was asked whether he considers ether to be a security. However, the SEC chief would not provide a direct answer, stating: “I’m answering it in the generic because you would not want me to speak about any one set of facts and circumstance.” Meanwhile, the chairman of the Commodity Futures Trading Commission (CFTC) has said repeatedly that ether is a commodity.
Commenting on Gensler’s statement regarding crypto securities, Lubin stressed that crypto tokens “really need to be demonstrated to be [securities],” emphasizing that the SEC chairman “can’t just make that pronouncement.” Lubin previously likened ether trading to oil trading. “People buy barrels of oil with the expectation of profit,” he said in March.
The Ethereum co-founder continued:
I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail.
“America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit,” Lubin further shared, noting that “a lot of countries take some of their lead from the U.S.” He concluded:
The U.S. has a lot of influence on the world through financial intermediaries and other intermediaries, and decentralized protocol technology is about right sizing and eliminating intermediaries in many ways. The U.S. is also all about free markets, capitalism, free speech.
Do you think the SEC will claim that ether is a security? Let us know in the comments section below.
Robert Kiyosaki Insists US Dollar Will Die as BRICS Summit Nears, 41 Nations to De-Dollarize the World
Rich Dad Poor Dad author Robert Kiyosaki has reiterated his warning about the impending demise of the U.S. dollar as the BRICS summit approaches. The famous author anticipates the launch of a new currency by the economic bloc and the de-dollarization efforts of around 41 nations seeking to join the BRICS group.
Robert Kiyosaki on BRICS Currency, De-Dollarization, and End of US Dollar
The author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his warning about the end of the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted Wednesday that on Aug. 22, about 41 nations will meet in South Africa to de-dollarize the world. He expects the BRICS nations (Brazil, Russia, India, China, and South Africa) to launch a new currency called “bric,” noting that each bric unit will be equivalent to 1 oz. of gold.
The upcoming BRICS summit is scheduled for Aug. 22-24 in Johannesburg, with South Africa as this year’s host. Anil Sooklal, the South African diplomat overseeing BRICS relations, disclosed this week that over 40 nations have expressed interest in joining the economic bloc, and 22 of them have already submitted formal applications.
Sooklal further revealed that 69 leaders have been invited to the August summit, including all of the African heads of state and the leaders of major Global South bodies. However, he pointed out that no leaders of Western countries, including French President Emmanuel Macron, have received invitations. Macron previously expressed interest in attending the BRICS summit but was met with opposition from Russia.
Moreover, the South African diplomat said that the subject of a common BRICS currency is not on the agenda to be discussed at the summit, emphasizing that the BRICS bloc will focus on de-dollarization efforts and using national currencies in trade settlements.
In his tweet, Kiyosaki referred to the proposed BRICS currency as “bric” — the term frequently used by Jim Rickards, whom Kiyosaki referred to as his good friend and financial expert. Rickards is the author of “Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy.” He has predicted that the new BRICS+ currency will be linked to gold.
This was not the first time Kiyosaki has warned about the end of the U.S. dollar. Earlier this month, he similarly stated that the U.S. dollar’s demise is imminent, predicting that it will occur with the launch of a gold-backed currency by the BRICS nations.
What do you think about the warning by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.
Robert Kennedy Jr Reveals BTC Investment for His Children, Insists Bitcoin ‘Threatens the Monopoly on Money’
During a Twitter Spaces event on Wednesday, Robert F. Kennedy Jr., a Democratic U.S. presidential contender, revealed that he acquired 14 bitcoin for his children. This announcement comes on the heels of financial documents filed on June 30, 2023, which indicated his ownership of the leading cryptocurrency.
Bitcoin Supporter Robert Kennedy Jr Purchases 14 Bitcoin for His Kids
On July 26, 2023, Robert F. Kennedy Jr. joined Scott Melker, also known as the Wolf of All Streets, in a Twitter Spaces gathering. An avid bitcoin (BTC) supporter, Kennedy recently revealed a proposal to back the U.S. dollar with bitcoin while speaking at a Heal-the-Divide event if elected president.
Kennedy confirmed his bitcoin ownership during Wednesday’s Twitter Spaces discussion with Melker, following reports that surfaced in early July about his cryptocurrency holdings. “Right after the Bitcoin Conference, I decided to put my money where my mouth is and bought two bitcoin for each of my seven children,” Kennedy shared with Melker and the audience.
The most epic part of this spaces? The end, When @RobertKennedyJr shared that he took the money from his Monsanto check and bought each of his 7 kids 2 BTC each!https://t.co/gx5a63SDOj
— The Wolf Of All Streets (@scottmelker) July 26, 2023
In response to Marty Bent’s inquiry about states such as New York targeting bitcoin mining and the potential presidential action, Kennedy admitted that he was uncertain of his ability to influence state-level decisions as president. However, he stated that environmental criticisms of bitcoin (BTC) were largely unfounded. Kennedy commented:
I believe the environmental arguments against bitcoin are mostly smoke screens, to obscure the real motives for suppressing bitcoin — Bitcoin threatens the monopoly on money.
The Democratic presidential hopeful also discussed how fiat currencies have enabled governments to finance never-ending wars and unwarranted environmental initiatives. He attributed these detrimental consequences to the “terrible outcomes of fiat currency.” In a survey conducted by Harvard CAPS-Harris and published in June, Kennedy garnered 15% backing from a segment of Democratic primary voters. Notably, 21% of the individuals polled expressed a positive perception of him.
What do you think about Kennedy’s statements about bitcoin? Share your thoughts and opinions about this subject in the comments section below.