CFTC Chair is extremely bullish on blockchain and bitcoin since the last couple of years have seen some of the national governments struggling with how to regulate Bitcoin and other cryptocurrencies. Some of the governments even got extremely hostile to virtual currencies while others were more accepting.
The United States was among the regulation confusion but the Commodity Futures Trading Commission (CFTC) is one of the agencies that are actually supportive of the leading cryptocurrency and blockchain. This bullish view was reinforced by the CFTC chair when he appeared on the CNBC’s ‘’The Exchange.’’
As we are seeing today in the blockchain news, the governments and financial officials across the world have been extremely hostile towards Bitcoin but the CFTC chair is bullish towards both. He expressed the view that the agency is concerned with the regulation regarding anti-money laundering and preserving the integrity of the entire marketplace. The reason for the regulation is to make sure that Bitcoin and other cryptocurrencies can continue innovation.
Heath Tarbert answered why the government officials in Washington got scared over Libra but not about Bitcoin since the leading cryptocurrency has been around for ten years and is fully understood how it actually works. On the contrary, Libra is still developing and has a lot of unanswered questions about the overall structure. Tarbert also noted that Bitcoin is not considered as legal tender such as the US dollar but a commodity. Cryptocurrencies are still under the jurisdiction of the CFTC due to the Commodity Exchange ACT and this is why the BTC futures trading is approved by the CFTC.
Tarbert noted that Bitcoin could break out if the governments start accepting Bitcoin as a legitimate payment option and the state of Ohio was even the first one to accept BTC for tax payments but the state has since discontinued the program. During the appearance on CNBC, Tarbert stressed that the US should put much more effort to be the world’s leader when it comes to blockchain and he said that blockchain could even overtake the internet or at least be parallel with it. He added:
“I think whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world. My emphasis is on making sure that the United States is a leader.”
Bitcoin Gold Got 51% Attacked, Now Surges By 19%
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
Key BTC Indicator That Called 2019 Bull Run Flashes Again
BTC/USD gained around 3.8% since Friday, having bounced off the local lows around $8,200. “Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support,” he summarized in a tweet on January 27.https://twitter.com/CryptoMichNL/status/1221701112505552897The key BTC indicator which flashed green also led van de Poppe to think that "a retest of $8,500" is possible after which "we can aim for $8,900" as he said.A classic guidance signal for Bitcoin is also the Mayer Multiple, which is firmly supportive of Bitcoin as a buying opportunity this week. Meanwhile, the Bitcoin news now show that the leading cryptocurrency is at $8,643 with a 2.30% increase on the day.
The Mega Rejection At $9,200 Which Worried BTC Bulls
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.Another analyst wich a Twitter nickname Financial Survivalism said that he thinks that BTC is on track to hit $20,000 by July 1st and would likely extend its gains in the news few months.
Bitcoin Needs PR From People Like Peter Schiff: Binance CEO
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally.
Hawaiian Banks Could Start Storing Digital Assets With New Bill
IOTA Beta Testing Reveals Node Is 6X Faster Than Bitcoin
Russian Corporation Rostec To Cut Spendings On Blockchain Development
Iran’s Government Grants More Than 1000 Crypto Mining Licenses
DC Forecasts Just Won An Award For “Crypto Website Of The Year”
Analyst Who Predicted $6k BTC Crash Says This Is Coming
High Capital Influx In Crypto Expected This Year Because Of One Factor
Taproot Upgrade For BTC Just Took A Major Step Forward
Analysts Expect Ethereum To Surge Towards $200 Soon
BTC Falls By 6% Due To Coronavirus And Chinese New Year
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
- Altcoin News6 days ago
One BitMEX Trader Sells $10M, Ignites Talks About Further Dumps
- Ethereum News6 days ago
Strong Technical Pattern Shows ETH Is Gearing For Another Surge
- Blockchain News5 days ago
OKEx Speaks At Davos: Blockchain Is Best Placed For The Unbanked
- Blockchain News5 days ago
UK Tax Agency Will Invest In A New Blockchain Analysis Software
- Blockchain News6 days ago
Synthetix Network DeFi Unravels New Protocol Plans For 2020
- Blockchain News6 days ago
DigixDAO Vote To Return Funds Raised In 2016: Report
- Ethereum News5 days ago
Ether Prepares For A Price Correction: Market Analysis
- Altcoin News6 days ago
Venezuelan President Orders State-Run Firm To Sell 4.5M Oil Barrels For Crypto