Satoshi’s Prophecy: Another Bank Plummets While Bitcoin Soars

By Bary Rahma
7 March 2024, 00:30 GMT+0000

In brief

NYCB's stock value plummeted over 40% amidst financial health concerns, while Bitcoin soared to a new high of $69,000.

---

The bank's struggles, including a $2.4 billion loss and leadership changes, contrast starkly with Bitcoin's robust growth.

---

Bitcoin's demand surges as shown by record-high accumulation addresses and ETF holdings, despite potential corrections.

In a dramatic turn of events that echoes the prescient warnings of Satoshi Nakamoto, the creator of Bitcoin, the financial system witnessed another stark contrast between the faltering traditional banking sector and the growing cryptocurrency market.

The spotlight shone brightly on New York Community Bank (NYCB), which experienced a precipitous decline in its stock value. It plunged over 40% in the wake of alarming revelations about its financial health and management disruption. This turbulence occurred against Bitcoin’s 58% year-to-date ascent to a fresh all-time high of $69,000.

NYCB Goes Bust While Bitcoin Hits Record Highs

The plight of NYCB, a regional lender based in Hicksville, New York, became public knowledge when it disclosed a “material weakness” in its internal controls. This led to a staggering $2.4 billion loss for shareholders last quarter.

A leadership reshuffle compounded the bank’s woes. Alessandro DiNello assumed the roles of president and CEO while a series of credit rating downgrades pushed NYCB’s debt into junk territory.

This series of misfortunes mirrored the earlier collapse of First Republic Bank. Therefore, it hinted at a potential systemic issue within the regional banking sector. Still, NYCB grappled with its internal turmoil and secured a major cash infusion amid the possible erosion of depositor confidence.

“In evaluating this investment, we were mindful of the Bank’s credit risk profile. With the over $1 billion of capital invested in the Bank, we believe we now have sufficient capital should reserves need to be increased in the future to be consistent with or above the coverage ratio of NYCB’s large bank peers,” Former United States Secretary of the Treasury Steven Mnuchin said.

NYCB Price Performance. Source: TradingView

This financial distress starkly contrasted with the flourishing crypto market. Unprecedented investment and accumulation of Bitcoin have signaled a robust vote of confidence from both new and veteran investors.

Significant inflows into accumulation addresses underpin Bitcoin’s resilience and growth. Likewise, growing exchange-traded fund (ETF) holdings reflect an increasing Bitcoin demand that contrasts with the instability plaguing the traditional banking industry.

This divergence reflects a broader shift in investor sentiment, seeking refuge in what many perceive as a more decentralized and secure financial future.

“The total Bitcoin holdings of accumulation addresses also reached record-high levels. The total holdings at these addresses are now 1.5 million Bitcoin. These addresses denote investors that only accumulate Bitcoin and have never sell, so the accelerating growth in their Bitcoin holdings is a sign of strong demand,” analysts at CryptoQuant told BeInCrypto.

Bitcoin Accumulation Addresses. Source: CryptoQuant

However, it is not all smooth sailing for Bitcoin. Despite the growing demand and reaching new price heights, other indicators suggest Bitcoin might be entering an overheated phase. These metrics reveal a complex time where rapid gains could precipitate equally swift retractions.

“A short-term pause/correction may be brewing as prices have increased too fast in relation to key on-chain metrics… Moreover, traders’ unrealized profit margins are now above extreme levels, which can anticipate selling pressure from these market participants,” analysts at CryptoQuant added.

As Bitcoin continues to chart its course, the fate of traditional banks may serve as cautionary tales for an industry at a crossroads, navigating the challenging waters of modern finance in the shadow of Satoshi Nakamoto’s remarks.

“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” Satoshi Nakamoto wrote.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Original article posted on the BeInCrypto.com site and written by Bary Rahma.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin (BTC) Trading Volume on Exchanges Surge to $46 Billion, Highest Since 2021 Peak

By Arnold Kirimi – March 6, 2024

Bitcoin (BTC), the pioneer cryptocurrency, has once again captured the spotlight as its spot trading volume surged to over $46 billion on March 5th, marking a significant milestone not witnessed since the peak days of 2021, according to data by Kaiko data. This resurgence in trading activity across various centralized exchanges (CEXs) underscores the enduring appeal and resilience of Bitcoin in the ever-evolving cryptocurrency market. Binance, the world’s largest cryptocurrency exchange by volume, led this monumental trading volume with a staggering $23.84 billion worth of Bitcoin trades. Coinbase and Bybit followed closely behind, contributing significantly with volumes of $4.83 billion and $4.29 billion respectively. Other major exchanges such as OKX, KuCoin, Upbit, and Kraken also played a significant role, each contributing multi-billion dollar trading volumes.

Bitcoin (BTC) Market Dynamics and Future Outlook

The surge in Bitcoin trading volume was not limited to Bitcoin alone, as Ethereum (ETH) also experienced a substantial increase in spot trading volume, exceeding $20 billion on the same day. Binance again led the pack in Ethereum trading volume, accounting for half of the total volume. Bitcoin’s price experienced significant volatility, reaching a new all-time high at $69,324 shortly after the opening bell on Wall Street, only to see a correction of 9.75% to $59,323 later in the day. Analysts view this correction as necessary for “healthy consolidation” before the next surge, a common occurrence in the crypto market.

The sudden price drop raised questions about its cause—leverage, sudden sales by short-term buyers, or other factors. Subsequently, over $1.17 billion worth of leveraged positions were closed across the cryptocurrency market, with a significant portion attributed to Bitcoin long positions. The future of Bitcoin remains uncertain. Various events, including the release of economic data, upgrades to Ethereum’s blockchain, and major regulatory developments, are expected to contribute to more volatility and trading in the bitcoin markets.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Arnold Kirimi and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

MicroStrategy To Issue $600 Million In Bonds for Bitcoin Acquisition Amid Crypto Market Surge

By Newton Gitonga – March 5, 2024

Prominent business intelligence firm MicroStrategy has announced plans to issue $600 million in bonds.

This plan was unveiled on Tuesday by the firm’s founder, Michael Saylor, who wrote in a tweet, “MicroStrategy Announces Proposed Private Offering of $600 Million of Convertible Senior Notes”.

Notably, as per an accompanying blog by the firm, the funds generated from this offering will primarily be allocated towards acquiring additional Bitcoins and fulfilling general corporate objectives. However, the firm noted that the success of the offering is contingent upon various factors, including market conditions.

Notably, the bonds, set to mature in 2030, will allow MicroStrategy to convert securities into shares starting in 2027. Additionally, bondholders will have the right to demand redemption by September 15, 2028. MicroStrategy also revealed plans to allow investors to purchase additional bonds worth up to $90 million.

This strategic move comes when Bitcoin has surged to unprecedented heights, with its value soaring to $69,000 on Monday. Riding on this bullish wave, MicroStrategy’s market capitalization has reached a staggering $22.64 billion, prompting a remarkable 23% surge in its share price over the past 24 hours, which now stands at $1,334.

According to data from Saylor Tracker, MicroStrategy currently holds an impressive 193,000 BTC, valued at around $13 billion. The unrealized profits from this investment have surged to an impressive $6.79 billion.

That said, MicroStrategy’s recent moves in the crypto space have been closely watched. In February, the company increased its Bitcoin holdings by an additional 3,000 BTC, following a previous purchase of 850 BTC for $37.2 million in January. Notably, throughout 2023, MicroStrategy displayed a consistent commitment to accumulating Bitcoin, with purchases totalling millions of dollars each month.

Notably, Saylor has been vocal about the company’s long-term Bitcoin strategy. Recently, he reiterated that MicroStrategy has no intentions of selling its Bitcoin reserves in the foreseeable future. Instead, the company aims to pivot towards becoming a “Bitcoin development company,” emphasizing the development of products and services centred around the pioneering cryptocurrency.

Saylor recently shared his bullish outlook on Bitcoin, predicting a “gold rush” for the leading cryptocurrency that could last until 2034. This forecast was driven by heightened institutional interest and increasing adoption of Bitcoin as a digital store of value, particularly with the emergence of spot Bitcoin ETFs.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin’s parabolic rise to $65,000 solidified by on-chain activities last seen in 2022

By Olivia Brooke – March 4, 2024

February has kicked off bullishly for Bitcoin and the broader crypto market. The Apex cryptocurrency has crossed the $60,000 price market for the first time in three years, and the stakes have even increased.

Despite market observers understandably expressing concerns over the possibility of a temporary bull rally, on-chain data is stating otherwise.

According to on-chain metrics shared by Santiment, Bitcoin’s position is backed by a notable increase in network activity depicted in on-chain and whale transaction volume.

As Santiment reported,

“Justifying Bitcoin’s historic run to a $64K high today, on-chain activity on crypto’s top network has already exceeded levels not matched since 2022. $35.37B in unchained transaction volume, 283K unique tokens moved, and 3,661 $1M+ whale transactions.”

Santiment confirms bull market, while Bitcoin ETF inflows soar above $5.7 billion

These metrics strengthen Bitcoin’s current position as the asset sits above $65,000 and prepares to test new yearly resistance levels. Notably, Bitcoin climbed to as high as $65,257 before it retracted downward to sit at the current price level four hours after the bullish upclimb. The asset’s most recent price movement marks a close in the gap within 7.2% of Bitcoin’s $68,700 all-time high recorded on November 10th, 2021.

The cryptocurrency market is also recording another promising trend pattern, as it continues to surge without correlating with the S&P500 and the equities market. As Santiment asserted, the movement has historically been regarded as a strong validator that the cryptocurrency sector is in a confirmed bull market.

Market players have maintained that the Bitcoin Spot market largely fuels the rally. Since the approval of 11 Bitcoin Spot applications, the Bitcoin market has seen an increase in inflows, with nearly $600 million recorded last week. Courtesy of the new U.S. spot Bitcoin ETF, year-to-data inflows for crypto funds have now surpassed $5.7 billion.

In the long-term, Bitcoin analysts have maintained collective optimism, with the majority predicting that demand for Spot Bitcoin ETFs could trigger a long-term rally for Bitcoin, and potentially send it to the $100,000 price level; a highly anticipated price point amongst community members and investors.

Meanwhile, at press time, Bitcoin bulls have managed to sustain the bullish momentum. After placing Bitcoin above the $65,000 price level for more than 48 hours, daily and monthly gains have crossed 52%. The apex cryptocurrency is trading for $65,280 at report time.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Fidelity Exec Details How Bitcoin Will Capture a Quarter of Gold's Monetary Market

By Olivia Brooke – March 1, 2024

According to Jurrien Timmer, the Director of Global Macro at Fidelity, a leading digital asset investment firm, Bitcoin can tap into the monetary market of gold. In a series of posts shared to X, formerly Twitter, the Fidelity's executive detailed his thoughts on Bitcoin's potential market share vs gold.

Sharing a recent chart depicting the value of monetary gold, share of gold held by central banks and private investors as a monetary asset (as opposed to jewellery or industrial uses).

Estimating that the share of monetary gold is around 40% of total above-ground gold, the Fidelity executive is convinced that Bitcoin will “eventually capture around a quarter of the monetary gold market.” He added, “At 40%, monetary gold is currently worth around $6 trillion, while Bitcoin is worth $1 trillion.”

Historically, Bitcoin's market position has been consistently compared to that of gold. Institutional players have previously branded Bitcoin as digital gold.

Interestingly, Bitcoin has outperformed gold on previous occasions. Last year, Bitcoin recorded a 50% spike in value, beating the broader stock market, including gold trading 47% below Bitcoin's value.

In 2023, Bitcoin outperformed Gold by 10x, and this bullish performance is setting the tone for 2024, with market experts being largely positive.

Jurrien Timmer: Future Bitcoin halving will not have a strong impact on the asset's price

Regarding the next Bitcoin halving, Timmer shared another chart that illustrates what he expects to be diminishing returns from future halving.

While the Bitcoin halving in 2012 resulted in a decrease in supply from 2.7 million to 1.3 million, and the Bitcoin halving in 2016 took supply from 1.3 million to 656 thousand, Timmer is certain that the upcoming halving will not have as much impact on price as previous halvings did, particularly when incremental supply goes from 160 coins to 80 to 40.

As he further explained;

“In 2012 Bitcoin's outstanding supply was 50% of its eventual supply, in 2016 it was 75%, and in 2070 it will be 99.9977%. It's easy to imagine the power of a halving in 2016. It seems unlikely to me that future halvings will be as impactful when there are fewer coins to mine.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Pops Above $62,000 For First Time Since November 2021 As Market Enters Extreme Greed Territory

By Brenda Ngari – February 28, 2024

Bitcoin broke past the mythical bar of $62,000 on Wednesday for the first time in more than two years after rising by 9.9% over the past 24 hours.

At press time, BTC was trading for $62,308, and the Crypto Fear and Greed index shows the crypto market has delved into the extreme greed phase. The alpha cryptocurrency is up over 20.2% on the weekly chart, 45.7% during the past 30 days, and an eye-popping 155% growth over the last 12 months, according to CoinGecko data.

The last time Bitcoin traded above $62,000 was on Nov. 12, 2021, before BTC plunged into correction mode, erasing 66% of its value to change hands at $19,300 at the start of April 2022.

Bitcoin’s ongoing rally appears to have been driven by a notable increase in institutional interest following the historic launch of U.S.-based spot BTC exchange-traded funds in mid-January. The new nine spot market Bitcoin ETFs registered combined trading volumes of over $2 billion for the second consecutive day on Wednesday. These funds have been a roaring success as investors previously unable to get exposure to Bitcoin in an easy and regulated manner flock to the sector. Collectively, the nine ETFs currently hold over $44 billion in assets.

$100K Possible By Halving?

The Crypto Fear and Greed index, an indicator that measures the overall crypto market investor sentiment on a scale of 1 to 100, recently rose to 82 as Bitcoin rallied. The market is in a state of “extreme greed” for the first time since 2021, highlighting an extremely bullish sentiment among investors as many expect BTC to cross its previous all-time high of $69,000 in the coming days.

Adding fuel to the fire is the much-awaited Bitcoin halving event, which is just 50 days away. Past halvings have led to significant price increases, as the mining rewards are slashed by half, effectively lowering the inflation rate of new Bitcoins entering the market by 50%.

Interestingly, Blockstream CEO Adam Back is confident that the Bitcoin price will hit the $100,000 mark before the pivotal halving event. He cited catalysts such as the liquidation of leveraged shorts, the shift in investor sentiment, and the rocketing buying pressure from ETFs triggering an explosive bull run for Bitcoin.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Veteran Trader Raises Bitcoin Price Forecast To $200,000 As BTC Surges Past $56,000

By Newton Gitonga – February 27, 2024

Bitcoin, the world’s largest cryptocurrency by market capitalization, has been on a tear this week, surpassing $56,000 for the first time since December 2021. The digital asset started the week on a high note, with its significant uptick on Monday continuing into Tuesday. This rise came despite a decline in the S&P 500, indicating that Bitcoin may be shedding its reliance on traditional equities markets.

The rise in Bitcoin’s price resulted in multiple short liquidations, with data from Coinglass showing that in the past 24 hours, 81,388 traders were liquidated, resulting in a total of $363 million. Notably, $280 million of these liquidations were for short orders.

Meanwhile, despite some indications that the price may be overstretched, particularly on the RSI indicator, the latest pump has ignited a wave of optimism among experts that Bitcoin could continue to rise.

On Tuesday, veteran trader Peter Brandt wrote on X that the thrust above the upper boundary of the 15-month channel has led him to raise his price forecast for the current bull market cycle, which is scheduled to end in August or September 2025, from $120,000 to $200,000.

However, Brandt also noted that he would use laser eyes on social media as a contrary indicator, stating that “Too many laser eyes will be the KOD” (kill on delivery).

The phrase “laser eyes” refers to the trend of crypto enthusiasts, particularly on Twitter, changing their profile pictures to include laser eyes as a way of expressing their bullish outlook on Bitcoin. Brandt’s statement that he will use this trend as a contrary indicator suggests that an increase in the number of people adopting laser eyes on their social media pictures could be a bearish signal.

Other analysts are also optimistic about Bitcoin’s price rising. Seasoned analyst Gert van Lagen wrote that the current parabolic trajectory of Bitcoin since November 2021 indicates that it is on track to hit $200,000 “soon”, suggesting it may reach those levels even before the April halving.

He also noted that the correlation between Bitcoin and the S&P 500 has been strong since the end of 2021. Bitcoin’s price has surged significantly beyond the previous bear market’s 78.6% Fibonacci retracement level.

Meanwhile, on-chain data suggests that whales have been accumulating Bitcoin. According to data from Cryptoquant, new whales are accumulating Bitcoin and are now sitting on a 38% unrealized profit. The realized price for a 30-day active whale cohort is $40,500, indicating that these whales are holding onto their Bitcoin for the long term.

At press time, BTC was trading at $56,511, reflecting a 10.90% surge in the past 24 hours, according to CoinMarketCap.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Leaps Past $54,000 Barrier For First Time Since 2021: Will It Crack $60,000 This Week?

By Brenda Ngari – February 26, 2024

Bitcoin jumped above $54,000 on Monday, reaching its highest level in over two years — sparking speculations about a potential return to its lifetime high prices.

Ether (ETH), the market’s second-largest digital coin, also surged by around 3.2%, hitting $3,177 amid a crypto-wide market recovery.

Bitcoin’s Bullish Run

Back in 2021, the world’s largest cryptocurrency, Bitcoin (BTC), flew past $53,000 per coin for the first time in history. After dropping by around 74% from its all-time high in the Terra-powered crisis of 2022, the crypto had a lot of ground to make up. But today, BTC finally roared past the $53,000 level once again.

The price of the flagship cryptocurrency was hovering at $54,452 at press time, according to data from CoinGecko. That’s a 5.0% gain from yesterday and a 2.8% increase from last week.

Bitcoin began the month sitting at just above $42,000 and steadily posted gains until it topped $50K on Feb. 12. This was the first time that BTC had surged above $50,000 since December 2021.

Since then, however, the premier crypto hasn’t made any notable price moves. It had been holding steady above the $50K zone for roughly 14 days now but has mostly been trading between the $51,000 and $52,000 range lately before the rally on Monday.

This jump is mainly attributed to rising investor interest, specifically via spot exchange-traded funds (ETFs), which have seen substantial inflows. The spot BTC investment vehicles saw nearly $5 billion in net inflow since their debut on Jan. 11, spotlighting the shifting investor preference towards regulated and easily accessible products for crypto exposure.

Can Bitcoin Touch $100,000 This Year?

Despite the ongoing pump, the price of Bitcoin is still 22.7% below the $69,044 all-time high registered in Nov. 2021. However, the longer the ETF inflow persists, the higher the chance of a supply shock propelling Bitcoin above $60,000 in the near term.

Moreover, Bitcoin is expected to undergo the halving event around April 20. The halving programmatically happens every four years and slashes the BTC rewards given to miners for securing the network by 50% to ward off inflation. This means fewer new BTC will be minted after the halving, subsequently slowing the supply expansion. Market pundits predict that the skyrocketing demand for BTC following the Bitcoin ETF launch coupled with the upcoming supply crunch resulting from the halving could send BTC to six digits in no time.

Standard Chartered Bank analysts think BTC is set to reach $100,000 before the end of 2024. Bitcoin’s upcoming halving will be one of the catalysts for the price upside.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Trump Softens His Stance On Bitcoin: ‘I Can Live With It One Way Or The Other’

By Brenda Ngari – February 23, 2024

Former United States President Donald Trump seems to have softened his view on Bitcoin, marking a notable deviation from his previous hardline stance. Despite maintaining his preference for the US dollar in a Wednesday interview, the Republican front-runner acknowledged the dominant cryptocurrency’s growing popularity and demand.

Bitcoin Has “Taken On A Life Of Its Own”

Back in 2019, while still in office, Donald Trump publicly asserted he was “not a fan of Bitcoin and other cryptocurrencies”, arguing that they are “not money” and their value is based on “thin air.” He also reportedly ordered the treasury secretary to “go after Bitcoin” and also called the top crypto a scam in another Fox interview. Let’s also not forget that Trump’s administration was known for its efforts to stonewall spot Bitcoin ETFs and attempted to ban self-hosted wallets.

Since then, he seems to have eased his stance. Speaking to Fox News during a town hall event in South Carolina on Wednesday alongside South Carolina Senator Tim Scott, Trump observed that “many people are embracing” Bitcoin and that as more people want to pay with BTC, he can “live with it one way or the other.”

He followed his comments by talking about plans to regulate the crypto sector. “It’s taken [on] a life of its own,” the former president stated. “You probably have to do some regulation.

Some crypto observers attributed the change in tune to pro-Bitcoin Vivek Ramaswamy, a former Republican candidate who supported Trump after dropping out of the White House race earlier this year. Ramaswamy has been both a champion of the cryptocurrency industry and against the launch of central bank digital currencies (CBDCs). In other words, Trump’s U-turn is likely politically motivated to garner more votes from the growing cryptosphere ahead of the 2024 presidential election.

Trump’s softer stance on Bitcoin doesn’t necessarily mean that he is now anti-dollar, however. “I’ve always liked one currency. I call it a currency. I like the dollar,” he explained.

Trump believes CBDCs are dangerous and promised to “never allow” the Federal Reserve to create a digital dollar if reelected.

Meanwhile, his biggest competitor, Joe Biden, is skeptical of Bitcoin and cryptocurrencies in general. Biden previously proposed several measures to rein in crypto, including a 30% tax on crypto mining operations and releasing a scathing report bashing crypto for “ignorance of basic economic principles.”

With that being said, the Securities and Exchange Commission (SEC) gave the regulatory nod in January to the first spot BTC ETFs in the U.S.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley