Brazilian President Jair Bolsonaro blamed bitcoin for the cancellation of an indigenous crypto project despite not really having an idea what it is. He is even now considering to implement a South American ‘’Euro’’ and we read more about it in the latest cryptocurrency news.
The $11.5 million crypto project aimed to create a cryptocurrency for use by the indigenous population which is still unbanked and suspended by the government. The Brazilian president is well known for his attitude towards the indigenous Brazilians and he even promised to roll back in order to protect their lands saying:
‘’The Indians do not speak our language, they do not have money, they do not have culture. They are native peoples. How did they manage to get 13% of the national territory?’’
When he was asked on the crypto project cancellation during the TV interview this week, the Brazilian president supported the move. He noted that the project ‘’wanted to teach the Indian how to use bitcoin’’ but he also stated that he doesn’t know what bitcoin is.
After the interview, he was briefed by an advisor on the nature of cryptocurrencies and he amended his statement that Bitcoin is a virtual currency. It is funny how the politicians don’t fully understand Bitcoin but still fear that it can undermine the monopoly that the state has over money and the financial policies. For a number of reasons, we have now seen that the United States and India and now Brazil have spun the rhetoric of Bitcoin as the major force of evil.
As reported in the coming altcoin news, there is some more evidence of the ignorance of the Brazilian president towards crypto but towards the economy as well since the reports show that he is considering a single currency for the continent of South America. The main consideration is looking at a joint currency for Argentina with other counties in South America to join on a later date.
If the Euro project comes as a success across the Atlantic, it is mainly because some of the democracies and economies in the developed countries in the world are propping it up. If Portugal, Spain, Ireland, and Italy struggled despite the support of Germany and France, what can these countries expect?
New Jump For BTC: $8,500 Is “Again On The Table” According To Analyst
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion.It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too.At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
BTC Bull Narrative Rushes Further As Selling Signals Dissolves
Millennials Choose Bitcoin As Part Of Their Retirement Plans
“Propensity [to own crypto] peaked among younger respondents at 42 percent.” The Harris Poll last month found that among those aged 18 to 34, “nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate, and more than 1 in 5 prefers Bitcoin to gold.”With Charles Schwab’s findings regarding retirement savings, Grayscale Investments had an award-winning Drop Gold campaign and BTC was seen as the digital gold among the younger investors. As per other reports, millennials are likely to choose a crypto asset such as BTC if a recession strikes harder. The fear of recession has increased around the world. The traditional indicators for recession have started to show up clearly since the US treasury curve for the two-year and 10-year bonds has officially inverted starting from 2007. Also, the gold has started to rally as the stocks topped out. The global PMI readings also started to drop below 50 showing signs of recession among many other indicators. What is also concerning is that this is coming to many regions of the world and they are slowly developing chaos starting from the US-China trade war, the Hong Kong protests and the massive hyperinflation in Venezuela.
Hidden Signs Of Reversal May Drive BTC To $8,200 Soon
ETH Client Parity Forgets To Include EIP In Urgent Upgrade
Weiss Ratings Slides EOS Down The Ranks Due To Centralization
Korean Government Will Impose Crypto Capital Gains Tax In 2020
Aggregate Crypto Market Cap Is $205BLN, 0.25% Of Global Stock Market
IEO Safety: Are They Better Than Initial Coin Offerings?
Billions Of Bitcoin Moved In Minutes: What Happened?
Enjin Coin SurgeD By 60% After Microsoft Partnership
Deutsche Bank Thinks Crypto Will Replace Fiat Currencies By 2030
Brave Surpassed 10 Million Active Users Per Month: Report
Ethereum Gets New Boost From Accounting Firm Ernst & Young
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
- Litecoin News7 days ago
Grin Developer Suggests A Solution For MimbleWimble Privacy Issue
- Ethereum News6 days ago
Ethereum Breached Key Support Level, Further Losses Still Possible
- Ethereum News7 days ago
Vitalik Buterin Joins Petition To Free Arrested Blockchain Developer
- Litecoin News5 days ago
Litecoin Wash Trading: 93% Of All LTC Traded In One Day
- Ethereum News6 days ago
Stolen ETH From Upbit Is Moving To Unknown Wallets
- Ethereum News5 days ago
ETH Devs Decide To Delay Difficulty Bomb By Increasing Inflation
- Blockchain News6 days ago
SoftBank Launched New SBC Wallet Card Based On Blockchain
- Blockchain News5 days ago
Alibaba And Credits Leading The Chinese Blockchain Market