The U.S. Treasury Secretary Janet Yellen says that she has not made up her mind about whether the Fed should issue a central bank digital currency (CBDC). “There are some benefits” to a digital dollar, Yellen said, but noted that “there are also meaningful costs.” Janet Yellen Has Not Decided Whether the Fed Should Develop […]
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Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter. The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to regulate the asset on several occasions. A growing concern now is the role BTC plays in the economy. Bitcoin And The Economy SEC chairman Gary Gensler has raised some concerns regarding bitcoin and the U.S. economy. According to the SEC boss, BTC is now a competitor to the U.S. banking system. Gensler said this on Wednesday when speaking to former SEC chairman Jay Clayton at the DACOM Summit 2021 about the role of cryptocurrencies, Bitcoin, and ETFs in the economy. Related Reading | Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts Gensler, during this summit, said that Bitcoin had been created as a reaction to sanctions and regimes that went into place across the globe. He referred to BTC as “an off-the-grid type of approach”. “In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.” This refers to the completely decentralized nature of BTC. Satoshi Nakamoto, the creator of Bitcoin, had structured the asset in a way that it couldn’t be replicated or controlled by a single entity. BTC price trading at $57K | Source: BTCUSD on TradingView.com Why BTC Is Becoming Mainstream The deflationary nature of Bitcoin has been one of the most important things for investors who bought the asset. Coupled with its impressive returns on investment, the asset had made for a perfect hedge against inflation. Thus becoming a more popular investment avenue in the financial world. Related Reading | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments Another has to do with the decentralization of the cryptocurrency. It puts the holder of the coins in complete control of their assets, free from interference from any entity or governmental body. Basically helping people become their own banks. However, the same reasons that make Bitcoin such an attractive investment for investors are the same ones that make governments see the digital asset as a threat. Although not all governments see the crypto as a threat. One such example is El Salvador which has adopted Bitcoin as a legal tender in the country. Featured image from CNBC, chart from TradingView.com
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Assuming a fix for its troublesome language, the bill might eventually prove a boon — another sign “digital assets are here to stay.”
The two firms were part of a consortium of DeFi projects that founded the financial inclusion and education initiative DeFi for the People in August.
Everyone always talks about the ETH/BTC (asset) Flippening . Why is no one talking about the Ethereum/Bitcoin (protocol) Flippening? I.e. the total amount of the assets being secured by the protocol. For Bitcoin, the protocol basically just secures BTC. maybe there is an argument to be made that it secure STX? On the other…
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The Ethereum community is rejoicing as the Ethereum 2.0 Beacon Chain is celebrating its first year anniversary. This is notable for being the first step towards the upgrade to Ethereum 2.0. Since the release of the Beacon Chain in 2020, Ethereum went through a series of important updates in its roadmap for Ethereum 2.0 and…
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