Bitcoinization: JPMorgan Notes ‘Similarly Situated’ Countries Could Make Bitcoin Legal Tender Like El Salvador
JPMorgan struggles to “see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” Commenting on El Salvador’s bitcoinization, JPMorgan did not rule out that the country’s move to make the cryptocurrency legal tender may be “the beginning of a broader trend among similarly situated, smaller nations.”
JPMorgan’s Opinion on Bitcoinization in El SalvadorInvestment bank JPMorgan released a report Friday titled “The Bitcoinization of El Salvador.” The country’s congress passed the bill making bitcoin legal tender on Wednesday, becoming the first nation to do so.
JPMorgan described: “El Salvador recently passed legislation making bitcoin legal tender, and will attempt to implement a bimonetary system with the U.S. dollar as the primary unit of account but mandating bitcoin be accepted as payment for all economic activity.”
The investment bank added that “As with dollarization in the early-2000s, this move does not seem motivated by stability concerns, but rather is growth-oriented,” elaborating:
It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender, and it may imperil negotiations with the IMF.
The International Monetary Fund (IMF) has already voiced concerns regarding El Salvador’s move to make bitcoin legal tender, citing legal and economic issues. El Salvador is currently seeking a billion-dollar loan from the IMF.
An official with the Bank of International Settlements (BIS) has also expressed doubt in El Salvador’s bitcoin law, calling it an “interesting experiment,” but emphasizing that the BIS does not see that bitcoin can function as a means of payment.
The JPMorgan report further points out that there are questions as to how bitcoin will be treated by larger economies when it is legal tender in El Salvador. The bank warned that any treatment changes “would arguably be an unintended consequence of laws and regulations that significantly predate, and understandably did not anticipate cryptocurrency.” Nonetheless, the bank said:
Those moves may be complicated if this is the beginning of a broader trend among similarly situated, smaller nations.
After El Salvador passed the bill to make bitcoin legal tender, President Nayib Bukele said the country will be mining BTC using energy from volcanoes. He said it will be “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”
JPMorgan struggles to “see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” Commenting on El Salvador’s bitcoinization, JPMorgan did not rule out that the country’s move to make the cryptocurrency legal tender may be “the beginning of a broader trend among similarly situated, smaller nations.”
JPMorgan’s Opinion on Bitcoinization in El SalvadorInvestment bank JPMorgan released a report Friday titled “The Bitcoinization of El Salvador.” The country’s congress passed the bill making bitcoin legal tender on Wednesday, becoming the first nation to do so.
JPMorgan described: “El Salvador recently passed legislation making bitcoin legal tender, and will attempt to implement a bimonetary system with the U.S. dollar as the primary unit of account but mandating bitcoin be accepted as payment for all economic activity.”
The investment bank added that “As with dollarization in the early-2000s, this move does not seem motivated by stability concerns, but rather is growth-oriented,” elaborating:
It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender, and it may imperil negotiations with the IMF.
The International Monetary Fund (IMF) has already voiced concerns regarding El Salvador’s move to make bitcoin legal tender, citing legal and economic issues. El Salvador is currently seeking a billion-dollar loan from the IMF.
An official with the Bank of International Settlements (BIS) has also expressed doubt in El Salvador’s bitcoin law, calling it an “interesting experiment,” but emphasizing that the BIS does not see that bitcoin can function as a means of payment.
The JPMorgan report further points out that there are questions as to how bitcoin will be treated by larger economies when it is legal tender in El Salvador. The bank warned that any treatment changes “would arguably be an unintended consequence of laws and regulations that significantly predate, and understandably did not anticipate cryptocurrency.” Nonetheless, the bank said:
Those moves may be complicated if this is the beginning of a broader trend among similarly situated, smaller nations.
After El Salvador passed the bill to make bitcoin legal tender, President Nayib Bukele said the country will be mining BTC using energy from volcanoes. He said it will be “very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”
New York Crypto Firm Coin Seed Is Ceasing Operations
Crypto trading firm Coin Seed has decided to shut its doors for good following a lawsuit brought forth against it earlier in the year by New York Attorney General Letitia James. The company has been accused of fraudulent activity after moving customer funds without permission and for selling “worthless” tokens in what is alleged to have been a phony initial coin offering (ICO).Coin Seed Is Closing Down for GoodIn a statement, Del Davaasambuu – the CEO and co-founder of Coin Seed – explained in a recent interview:I am announcing that I am winding down the business due to a lawsuit from the NYAG.The suit against the trading platform was initiated on February 17 of this year. It is alleged that Coin Seed ultimately defrauded several investors out of millions of dollars through the sale of CSD tokens, the official cryptocurrency of the business. James later sought to prevent Coin Seed from selling any additional tokens, claiming that the firm had potentially taken investor funds and placed them into Dogecoin without openly discussing the move with those that had participated in the token sale.A recent legal filing also alleges that Coin Seed took investor funds and allocated them into bitcoin without permission. The company is believed to have halted trading while the funds were being moved so customers could not remove their money from the Coin Seed platform. The bitcoin purchased with investor funds was later converted into Dogecoin.This, in turn, led to nearly 200 complaints being sent to the New York Attorney General’s office, who felt that the incident required further examination. On June 7 of this year, the office obtained a court order allowing it to shut down Coin Seed for good based on evidence suggesting that the firm had engaged in illegal operations. James explained in a recent interview:When platforms operating illegally in New York seek to trade on investors’ money, we will use every tool at our disposal to stop their unlawful actions.Davaasambuu is thus far cooperating with the court order and closing the company’s doors, though he still insists that Coin Seed did not engage in any illicit behavior. He claims:There are still no regulations about how to classify cryptocurrencies and what kind of licenses they should obtain to run a business in the United States. We do not even have a clear guidance on how to pay crypto-related taxes.Relentless Bullying?He has also stated that James is a “business abuser” and that she has been after him ever since the company held its ICO four years ago. He says:We could not even list our token in other exchanges because of their constant pressures and bullying. Coin Seed is a small startup with little money, and we could not hire the good lawyers to fight them.The post New York Crypto Firm Coin Seed Is Ceasing Operations appeared first on Live Bitcoin News.
Crypto trading firm Coin Seed has decided to shut its doors for good following a lawsuit brought forth against it earlier in the year by New York Attorney General Letitia James. The company has been accused of fraudulent activity after moving customer funds without permission and for selling “worthless” tokens in what is alleged to have been a phony initial coin offering (ICO).Coin Seed Is Closing Down for GoodIn a statement, Del Davaasambuu – the CEO and co-founder of Coin Seed – explained in a recent interview:I am announcing that I am winding down the business due to a lawsuit from the NYAG.The suit against the trading platform was initiated on February 17 of this year. It is alleged that Coin Seed ultimately defrauded several investors out of millions of dollars through the sale of CSD tokens, the official cryptocurrency of the business. James later sought to prevent Coin Seed from selling any additional tokens, claiming that the firm had potentially taken investor funds and placed them into Dogecoin without openly discussing the move with those that had participated in the token sale.A recent legal filing also alleges that Coin Seed took investor funds and allocated them into bitcoin without permission. The company is believed to have halted trading while the funds were being moved so customers could not remove their money from the Coin Seed platform. The bitcoin purchased with investor funds was later converted into Dogecoin.This, in turn, led to nearly 200 complaints being sent to the New York Attorney General’s office, who felt that the incident required further examination. On June 7 of this year, the office obtained a court order allowing it to shut down Coin Seed for good based on evidence suggesting that the firm had engaged in illegal operations. James explained in a recent interview:When platforms operating illegally in New York seek to trade on investors’ money, we will use every tool at our disposal to stop their unlawful actions.Davaasambuu is thus far cooperating with the court order and closing the company’s doors, though he still insists that Coin Seed did not engage in any illicit behavior. He claims:There are still no regulations about how to classify cryptocurrencies and what kind of licenses they should obtain to run a business in the United States. We do not even have a clear guidance on how to pay crypto-related taxes.Relentless Bullying?He has also stated that James is a “business abuser” and that she has been after him ever since the company held its ICO four years ago. He says:We could not even list our token in other exchanges because of their constant pressures and bullying. Coin Seed is a small startup with little money, and we could not hire the good lawyers to fight them.The post New York Crypto Firm Coin Seed Is Ceasing Operations appeared first on Live Bitcoin News.
Bitcoin Will Reach $150,000 on This Date, According to Crypto Trader Tyler Swope
Crypto analyst and influencer Tyler Swope is unveiling the exact date on which he believes Bitcoin will hit his target of $150,000.
In a new video, Swope tells his 251,000 subscribers that he does not believe Bitcoin will manage another 10x before the current boom cycle is over.
“$300,000 by December is a tad bit crazy bullish to me. Why? Well, from the last cycle’s top to top, end of 2013 to end of 2017, for the sake of math, we will call it $1,000 to $20,000. That is a 20x. The cycle before that, 2011 to 2013, for the sake of math, we will say from $10 to $1,000, a 100x.
From a 100x to a 20x, that is an 80% decrease in multipliers through the cycles. So if we say from the end of 2017’s $20,000 to December 2021 we hit $300,000, that would be a 15x. From a 20x to a 15x from this cycle to cycle would only be a 25% decrease. I don’t know about that.”
The popular YouTuber highlights that he sees Bitcoin rallying nearly 320% from its current price of $35,790 by the fourth quarter of this year.
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.”
In the short term, Swope believes that current price action is designed to trap bears.
“Some bears got locked out, and they won’t let them out because this pattern may be a triple bottom and not a top… Three clear bottoms and after that, according to my TA, Tyler Analysis, it means up.”
Crypto analyst and influencer Tyler Swope is unveiling the exact date on which he believes Bitcoin will hit his target of $150,000.
In a new video, Swope tells his 251,000 subscribers that he does not believe Bitcoin will manage another 10x before the current boom cycle is over.
“$300,000 by December is a tad bit crazy bullish to me. Why? Well, from the last cycle’s top to top, end of 2013 to end of 2017, for the sake of math, we will call it $1,000 to $20,000. That is a 20x. The cycle before that, 2011 to 2013, for the sake of math, we will say from $10 to $1,000, a 100x.
From a 100x to a 20x, that is an 80% decrease in multipliers through the cycles. So if we say from the end of 2017’s $20,000 to December 2021 we hit $300,000, that would be a 15x. From a 20x to a 15x from this cycle to cycle would only be a 25% decrease. I don’t know about that.”
The popular YouTuber highlights that he sees Bitcoin rallying nearly 320% from its current price of $35,790 by the fourth quarter of this year.
“The top for this cycle will be between $100,000 to $200,000 by December 2021. This is and has been my prediction for a long time. But if I had to give you a specific number and day, how about right here: $150,000 by December 15th, 2021.”
In the short term, Swope believes that current price action is designed to trap bears.
“Some bears got locked out, and they won’t let them out because this pattern may be a triple bottom and not a top… Three clear bottoms and after that, according to my TA, Tyler Analysis, it means up.”