Bitcoin continues its uptrend. The coin is up more than 12 percent in the last week and now costs $ 16,000. According to him índice Big Mac, one Bitcoin will now buy up to 6.3421.26 of the giant hamburgers. Has even exceeded the monetary base of the Russian ruble and it’s on its way to beat Canada. That will happen when Bitcoin is worth $ 18,000. It’s almost there. The coin already has a larger market capitalization than Bank of America, Netflix, and Shopify. If it continues to rise, it will soon be among the top 20 assets by market capitalization, along with Facebook, Tesla and Apple.. It’s no wonder economists at the US Federal Reserve are Taking a closer look at the value of CBDCs. They believe that a central bank’s digital currency could be a useful way to deliver money directly to households.
Not everyone is so optimistic. Eric Wall, chief investment officer at crypto hedge fund Arcane Asset, bet a million dollars that Bitcoin’s stock-to-flow model will break in 2025. By “break,” he refers to Bitcoin not having reached 50 percent of its target range. In a tweet introducing the challenge, he tagged PlanB, the creator of the model. PlanB had predicted a Bitcoin price of $ 100,000 – $ 288,000 for December 2021. David Schwartz, CTO of Ripple, will not take that bet. Says already has lost around $ 300,000 exchanging tokens that turned out to be “completely useless”.
The public is not entirely convinced either. Douglas Tuman, a cryptocurrency enthusiast and Monero podcaster, lost his candidacy for the fourth district of New York. He was running as a Republican on a pro-crypto platform. Joe Biden, however, has selected Gary Gensler to serve as advisor, helping to ensure a smooth transition with the Federal Reserve and banking and securities regulators. Gensler was previously the chairman of the Commodities Futures Trading Commission and has spoken about the importance of regulation in helping cryptocurrencies grow.
The regulations have already landed on a Bitcoin user. Volodymyr Kvashuk, a Microsoft engineer, has been sentenced to nine years in prison for stealing $ 10 million in digital currencies. He also told the IRS that the $ 2.8 million in cryptocurrency passed through his account was a gift from a relative. That made this crime the first conviction for cryptocurrencies with a tax element.
Looking outside, The China Construction Bank, one of the four largest banks in China, is selling $ 3 billion worth of bonds and allowing buyers to pay for them with Bitcoin. The World Economic Forum considers blockchain to be the key to sustainable digital finance. And ZebPay, India’s oldest cryptocurrency exchange, is launching its own NFT and starting an NFT market.
However, it is not all good news. Binance has started to block US users from its platform. Users have 90 days to withdraw their funds. The blockade is the result of the demands of the US regulators for the implementation of the requirements of Know Your Customer and against money laundering. And in Hong Kong, a proposal to require crypto exchanges to obtain a license and only target professional investors has received criticism. The proposal, some experts say, will limit volume and suggest that crypto assets are speculative.
Finally, while the last few weeks have been quite hectic for Bitcoin, Bitcoin Cash is about to have its moment. The coin will fork on November 15. Make sure you are ready.
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