Robert Kiyosaki advises selling bitcoin amid its crash, yet plans to buy more, likening his approach to Warren Buffett’s “buy and hold forever” strategy. Vivek Ramaswamy’s chances of becoming Trump’s vice presidential pick have surged by 1,100% on Polymarket. Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, warning his actions could affect the election. […]
Bitcoin News
Ledn Co-Founder Mauricio Di Bartolomeo States Crypto Will Be a Determinant Factor on Latam Elections: ‘People Want Bitcoin’
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
Robert Kiyosaki on Bitcoin Crash: Most People Should Sell — He’s Waiting to Buy More, Follow Warren Buffett’s Strategy
Rich Dad Poor Dad author Robert Kiyosaki says most people should sell bitcoin now that the price of the cryptocurrency is “crashing.” However, he affirmed that he is waiting to buy more bitcoin, emphasizing that “all markets go up and down.” The famous author noted that his strategy is similar to Berkshire Hathaway CEO Warren […]
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Elon Musk Says Crypto Can Shift Power From Government to the People, but Denies Discussing Crypto With Trump
Tesla and Spacex CEO Elon Musk has debunked reports claiming that he advised former U.S. President Donald Trump on cryptocurrency. While stating that he is pretty sure he has not discussed crypto with Trump, Musk said crypto can “shift power from the government to the people,” and he is generally in favor of it. Musk: […]
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Donald Trump Calls BTC ‘an Additional Form of Currency’ — Says ‘I Sometimes Will Let People Pay Through Bitcoin’
Former U.S. President Donald Trump says bitcoin is an “additional form of currency,” emphasizing that the crypto has taken on a life of its own. He also lets people pay for his merchandise with cryptocurrencies. “There has been a lot of use of that, and I’m not sure that I’d want to take it away […]
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Billionaire Tim Draper Doubles Down on Bitcoin — Foresees Moment When People Won’t Want Dollars Anymore
Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.”
Tim Draper on Government and Bitcoin
Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his 0,000 bitcoin price prediction. When the price of BTC was 0, he predicted that it would take four years for it to reach 0K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors.
“A few things I didn’t expect. I didn’t expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business with bitcoin as their base currency. And it’s happened in a number of other countries, and that’s why bitcoin is doing so well … So I miscalculated on how … scared the government, the U.S. government was,” Draper detailed, emphasizing:
And now, they realize that bitcoin’s actually better for everyone.
“It keeps perfect records,” he elaborated, noting that criminals who used bitcoin “were all caught, so using dollars is probably better for a criminal.”
Draper further shared: “I think that there’s going to be a moment where there’s a run on the banks the way after the Civil War there was a run on Confederate money, and there was a run on the Greek drachma and a run on the French franc when they became a part of the euro.” In conclusion, the billionaire investor opined:
I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.
Do you agree with Tim Draper about bitcoin? Let us know in the comments section below.
Ripple CEO Blasts Gary Gensler as ‘Political Liability’ — Says New SEC Chair Will Be Good for the American People
The CEO of Ripple, Brad Garlinghouse, has slammed the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, as a “political liability.” Emphasizing that Gensler is not acting in the interests of the people or the long-term growth of the economy, the Ripple executive said: “I think at some point there will be a new chair of the SEC, and I think that will be a good thing for the American people.”
Garlinghouse Calls SEC Chair a ‘Political Liability’
Ripple CEO Brad Garlinghouse directed strong criticism towards U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in Davos on Tuesday. Calling Gensler a “political liability” due to his approach to the crypto industry, Garlinghouse said:
I do think the chair of the SEC, Gary Gensler, is a political liability in the United States. And I think he’s not acting in the interests of the citizenry, he’s not acting in the interests of the long-term growth of the economy, and I don’t understand it.
“I think at some point there will be a new chair of the SEC, and I think that will be a good thing for the American people,” the Ripple executive opined.
Despite approving 11 spot bitcoin ETFs last week, SEC Chair Gary Gensler clarified that this does not constitute an endorsement of bitcoin. He reiterated his warnings about the risks associated with crypto investments. Furthermore, Gensler sees an irony in the approval, noting that it has led to the centralization of what’s supposed to be a decentralized system.
The SEC’s legal journey in the cryptocurrency space was fraught with challenges last year. After filing a lawsuit against Ripple, Garlinghouse, and Chris Larsen in December 2020, the agency faced a partial victory for Ripple from Judge Analisa Torres. The SEC’s attempt to appeal was rejected, and the agency later dropped the charges against Garlinghouse and Larsen. Further, the regulator lost a court case against Grayscale Investments as the asset manager attempted to convert its bitcoin trust (GBTC) into a spot bitcoin ETF.
Garlinghouse further said on Tuesday: “One of the definitions of insanity is doing the same thing over and over again and expecting a different outcome.” The Ripple executive opined:
I think Gary Gensler is doing the same thing over and over again, and he thinks that somehow he’s going to win in court. He has continued to lose in court.
Crypto investors and lawmakers are increasingly critical of Gensler’s regulatory approach. There is currently a bill introduced in Congress by Rep. Warren Davidson (R-OH) seeking to remove Gensler as the chairman of the SEC.
What do you think about the statements by Ripple CEO Brad Garlinghousea about SEC Chair Gary Gensler? Let us know in the comments section below.
PayPal Incentivizing People To Provide PYUSD Liquidity On Curve, CRV To The Moon?
In a landmark move, PayPal, the payment processor, has incentivized PYUSD liquidity on Curve Finance, the world’s largest stablecoin decentralized exchange (DEX) by trading volume.
PayPal Incentivizing PYUSD Liquidity Via Curve
This development, which Stake DAO first captured on January 10, sent shockwaves through the crypto community, with many experts predicting that Curve is on its way to becoming the go-to platform for institutional and corporate trading of on-chain stablecoins.
PayPal’s decision to incentivize PYUSD liquidity on Curve is a significant step forward for adopting stablecoins and promoting decentralized finance (DeFi) protocols in general. By providing attractive rewards for liquidity providers, PayPal is signaling its commitment to the growth of this rapidly evolving sector.
As part of its incentive program, PayPal has deposited vote incentives worth 2k in PYUSD on Votemarket, a vote incentive platform. These rewards are designed to encourage users to increase their liquidity on Curve. In addition, PayPal will offer direct rewards to liquidity providers distributed in PYUSD, with an APY of 11%.
Observers note that the ,000 allocated weekly to Votemarket could direct at least k in CRV, a governance token on Curve Finance, to the PYUSD-USDC pool.
Institutional Endorsement: Will CRV Rally Above .75?
With PayPal’s endorsement, Curve may attract even more liquidity and cement its position as a leader in on-chain stablecoin trading. It is unclear whether other Wall Street heavyweights on the wings are ready to enhance liquidity via Curve or other DeFi protocols. Their involvement will validate Curve and DeFi’s potential, accelerating adoption among institutional investors.
According to DeFiLlama data on January 10, Curve has a total value locked (TVL) of .82 billion, with a big chunk of this in Ethereum. The protocol has deployed in Ethereum layer-2s and other Ethereum Virtual Machine (EVM) compatible platforms, including Arbitrum.
For now, CRV, the native token of Curve, remains under pressure. Looking at the performance in the daily chart, the token is down 30% from recent December peaks, sliding when writing.
From price technical analysis, any break above .75 could spark more demand, lifting the token to new 2024 highs. Presently, CRV is trending inside a bear candlestick, signaling general weakness. In the short term, sharp losses below .45 might trigger a sell-off. CRV risks dropping to September 2023 lows of around .40 in that case.
Vaneck Director: People Tend to Underestimate Long-Term Impact of Spot Bitcoin ETFs
Vaneck’s director of digital assets strategy has explained why people tend to underestimate the long-term impact of spot bitcoin exchange-traded funds (ETFs). He believes that upon the approval of a U.S. spot bitcoin ETF by the Securities and Exchange Commission (SEC), “bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after, just much faster.”
Market Impact of Spot Bitcoin ETFs
Vaneck’s director of digital assets strategy, Gabor Gurbacs, shared his predictions regarding the long-term impact of U.S. spot bitcoin exchange-traded funds (ETFs) on social media platform X Sunday. Vaneck is among the asset management firms that have applied to launch a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
While noting that in his view, “people tend to overestimate the initial impact of U.S. bitcoin ETFs,” which he expects to be only a few hundred million dollars in mainly recycled funds, the Vaneck director said:
Long term, people tend to underestimate the impact of spot bitcoin ETFs.
“People tend to hype the current thing but remain myopic about the big picture. Bitcoin is forcing its own capital markets systems and products well beyond the ETF and that’s not priced in. The question is not what Blackrock adopts, but what Bitcoin company is the next Blackrock,” he opined in a follow-up post.
“If history is any guide, gold is worth studying as a parallel,” Gurbacs continued. He then referenced his post made on Dec. 6 which details why the approval of a U.S. spot bitcoin ETF may create trillions of dollars in value for bitcoin.
He explained that the SPDR Gold Shares ETF (GLD) was introduced on Nov. 18, 2004, noting: “In the subsequent 8 years gold’s price quadrupled+ from 0 to ,800 adding ~ trillion in market cap going from ~ trillion to ~ trillion.”
The Vaneck director emphasized:
Bitcoin’s market cap is ~0 billion today, less than 1/3rd of what gold was in 2004. In my view, upon the approval of a U.S. spot bitcoin ETF, bitcoin’s price trajectory could follow gold’s blueprint from 2004 and the years after, just much faster.
“I also believe that only a few billion will come from bitcoin ETP [exchange-traded products] adoption and it won’t come all at once,” he added. Nonetheless, Gurbacs pointed out that “the boost will be significant,” given “a relatively low bitcoin float (strong hands/long-term holders)” and “systematic scarcity via halving schedules.”
In addition, he stressed that “the ETF itself will legitimize and destigmatize bitcoin’s place in portfolios leading to further adoption outside the ETF.” The Vaneck director further predicts that “nation states and sovereign wealth funds will hold their bitcoin directly and secure optionality for mining and their own bitcoin-based capital markets.” He noted that “central bank gold adoption outside of ETPs drove a good chunk of gold’s price increase, but the ETPs were quintessential to get comfortable with gold.)”
Do you agree with the Vaneck director about the impact of spot bitcoin ETFs on bitcoin? Let us know in the comments section below.
JPMorgan CEO Jamie Dimon Warns of Higher Interest Rates and Recession — ‘I’m Not Trying to Scare People’
JPMorgan Chase CEO Jamie Dimon has warned that something bad may happen in the U.S. economy. “I’m not trying to scare people. I’m more in the category that something could go wrong,” he stressed. “A lot of things out there are dangerous and inflationary. Be prepared … Interest rates may go up and that might lead to recession.”
Jamie Dimon Says ‘Be Prepared’
The CEO of JPMorgan Chase, Jamie Dimon, issued several warnings regarding the U.S. economy this week at the 2023 New York Times Dealbook Summit in New York and the Global Investment Summit organized by British Prime Minister Rishi Sunak in London.
Elaborating on his recent warning of “the most dangerous time the world has seen in decades,” Dimon said at the Dealbook Summit on Wednesday: “If you look at history and you open a newspaper of any month, any year, of course, there’s always tough stuff going on — wars, depressions, recessions….” He explained that the current situation, including the war in Ukraine, the huge humanitarian crisis, and the nuclear blackmail, is affecting all, including oil and gas, migration, food costs, as well as international military and economic relationships. “That’s pretty tough and that’s before the terrorist attack in Israel,” Dimon opined.
Noting that these events are “dangerous,” the JPMorgan executive emphasized: “If you look at the history of battles like this, they’re unpredictable. You don’t know the full effect.” He continued:
I look at a lot of things out there … both dangerous and inflationary. So I just say: be prepared. … The rates may go up — both the short rate and the 10-year rate, and be prepared that might lead to recession.
Commenting on the current state of the economy, Dimon described: “When people look at the current economy and things are going good … We’ve had a little bit of drugs injected directly into our system called ‘fiscal stimulation,’ the largest we’ve ever had in peacetime … But they are drugs running through the system, and they create this kind of sugar high, and we’re in a sugar high.”
The JPMorgan boss further shared: “Corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course, profits are up … So, I’m quite cautious about the economy.” Dimon further asserted that the world isn’t ready for a 7% interest rate.
Dimon Anticipates ‘Something Could Go Wrong’
At the Global Investment Summit organized by Prime Minister Sunak on Tuesday, Dimon warned that something economically bad may happen. Cautioning that the world is now facing a “dangerous cocktail” of risks that could prove “explosive” for the global economy, the JPMorgan CEO said:
You can’t sit here and say that something bad may not happen. I’m not trying to scare people. I’m more in the category that something could go wrong.
He cautioned that inflation is likely to persist at elevated levels for longer. “We’re on this sugar high and I’m not saying this ends in a depression [but] I think there’s more inflationary forces out there … There’s a higher chance that rates go higher, inflation doesn’t go away, and all these things cause more problems of some sort,” the executive detailed.
Earlier in the current month, Dimon expressed his view that the Federal Reserve might increase interest rates further, stating: “I suspect that they may not be done.” He added: “I think there’s a chance that inflation is just a little stickier than people think and their fiscal and monetary stimulus in the last several years is more than people think. Unemployment is very low.” Back in September, Dimon had cautioned that the Fed could potentially raise interest rates to 7%, which might lead the U.S. economy into stagflation. In October, he disclosed his observation of two “extraordinary” storm clouds impacting the U.S. economy. “One is the fiscal money being spent is so big, the largest in peacetime ever — America and kind of around the world — with very high deficits and QT we’ve never had,” the executive detailed, clarifying: “The biggest storm cloud is geopolitical.”
What do you think about the warnings by JPMorgan CEO Jamie Dimon about the economy? Let us know in the comments section below.