Bitcoin’s ability to bypass banks is a major issue for the financial institutions since crazy sums of money were laundered over the years with the help of the number one cryptocurrency. In the latest cryptocurrency news below we read more on the nature of bitcoin and how can this issue be resolved.
The recent reports show that money laundering scandals are on the rise since $2 trillion was laundered only via banks each year which is ten times more than the entire market cap of bitcoin. The United States President Donald Trump, showed no signs of resolving the trade war with China nor with all other countries around the world but according to the First Lady Melania Trump, China, and Europe are the ones that pour the money into their systems in order to compete with the United States. According to this statement, the United States can only compete by doing the exact same thing but this could devaluate the dollar. Alex Kruger, the popular crypto trader noted that some of these actions will increase the interest rates and could cause the stock market to soar:
“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”
Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.
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