The increasing use of stablecoins—cryptocurrencies which try to offer price stability by pegging their market value to a reserve asset—has triggered concerns at the Federal Reserve, with the central bank’s latest financial stability report warning that these digital assets are “prone to runs.” “Stablecoins typically aim to be convertible, at par, to dollars, but they…
Bitcoin Tumbles to Lowest Value Since July 2021
The cryptocurrency bitcoin fell to its lowest value since July 2021 during May 9 trading amidst a fall in stock indexes as central banks around the world raised key interest rates. After opening at about $34,000, bitcoin was trading at $32,152 as of 16:38 UTC (12:38 p.m. Eastern time). Compared to the 2022 peak of…
90 Percent of Nations Planning Central Bank Digital Currencies: Report
Nearly 90 percent of national central banks are planning to launch their own central bank digital currencies (CBDC) to the general public, according to a new report (pdf) from the Bank of International Settlements (BIS). BIS surveyed 81 central banks in fall 2021 regarding their engagement in CBDC work as well as their motivations and their intentions regarding CBDC…
Will Twitter Get More Crypto-Friendly With Musk’s Investments From Binance and A16z?
Tesla Inc. CEO Elon Musk has landed backers for his buyout of social media platform Twitter Inc. What Happened Agreements were reached with 19 total investors, including 18 new companies to help facilitate Musk’s $44 billion buyout of Twitter. Among the investors were two names that are well known in the cryptocurrency space: Binance and…
DeFi, Yield Farming, and Ponzi Scheme?
In today’s local interest rate environment, many investors have come across DeFi staking or cryptocurrency yield farming promising interest rates earned in the high single digits, double-digits, and even triple-digits. Compared to the paltry interest rate earned in most mainstream asset classes, conventional wisdom would suggest those rates are too good to be true. What…
Bitcoiners Criticize House Democrats’ Letter to EPA
May 3, 2022
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Jack Dorsey, Anthony Scaramucci, Michael Saylor, and other high-profile Bitcoiners have cosigned a letter to the Environmental Protection Agency (EPA) challenging House Democrats’ claims that their cryptocurrency threatens the environment. Peter St Onge, an economist with the Heritage Foundation, voiced agreement with the letter in an interview with The Epoch Times. “Bitcoin is orders of…
SEC Increases Size of Crypto Division to Protect Investors Against Fraud
May 3, 2022
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The U.S. Securities and Exchange Commission (SEC) announced that it has allocated 20 additional positions to the Crypto Assets and Cyber Unit to protect investors in the cryptocurrency markets against fraud and related abuse. As more investors access crypto markets, it becomes “increasingly important” to dedicate more resources to protect them, SEC chair Gary Gensler…
Swiss National Bank Opposed to Holding Bitcoin as a Reserve Currency
ZURICH—The Swiss National Bank is against buying and holding bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank’s annual general meeting on Friday. “Buying bitcoin is not a problem for us, we can do that either directly or can buy investment products which are based on bitcoin,” Jordan said. “We can…
Mark Cuban and Elon Musk Believe Dogecoin Could Defeat Twitter’s Spam Bots: Here’s How
May 3, 2022
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Tesla Inc. CEO Elon Musk continues to show his support for Dogecoin. In a recent tweet, Billionaire investor Mark Cuban suggested using Dogecoin to authenticate Twitter Inc. users and reduce the amount of bot-driven spam on the site. Seconding his thought, Dogecoin co-creator Billy Markus said he liked Cuban’s idea. Musk responded to Markus, saying it…
‘I’m Not Anti-Elon,’ Vitalik Buterin Says as the Ethereum Founder Offers His Take on Twitter Takeover
May 3, 2022
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Ethereum founder Vitalik Buterin has for the first time commented on the Twitter, Inc. takeover sage after the company agreed to be taken over by Elon Musk. What Happened The largest consequence of Musk taking over Twitter may not be the specific policy decisions the Tesla, Inc. CEO would make, Buterin said in a tweet….
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