One economist is featured in the latest cryptocurrency news because of a recent statement on Trump banning Bitcoin – something that is only a rumor right now but could be a possibility in the future.
According to the economist and trader Alex Krueger and his statement on Twitter on July 15, the US president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it – but the law would likely prevent him.
Trump, who announced his distaste for cryptocurrency last week, initially failed to impact the market sentiment. A subsequent breakdown over the weekend has resulted in Bitcoin going below $10,000. By publishing a dedicated thread on the chances of Trump banning Bitcoin, the economist said that this could theoretically have some success.
1/ Could Trump ban Bitcoin?
Thread 👇 pic.twitter.com/KeDI35GU7C
— Alex Krüger (@krugermacro) July 15, 2019
By targeting the entry and exit points for retail and institutional investors, the president would turn Bitcoin in an isolated, more illiquid asset as it is used by lay consumers, Krueger said. In the coming altcoin news, he also summarized:
“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”
In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands – even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point – but the probability of it becoming law is extremely low, Krueger concluded.
2/ Bitcoin is code. The US government cannot ban code 👊
— Alex Krüger (@krugermacro) July 15, 2019
Krueger’s comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections.
3/ However, as @billbarhydt points out, the government can target the fiat onramps.
— Alex Krüger (@krugermacro) July 15, 2019
As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels.
Krueger’s comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin – and that he has already done so with the Petro cryptocurrency.
Get Ready For $20k Bitcoin: BitMEX CEO Is Confident
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000.”The Fed's QE injection also marked its first emergency intervention since the end of the 2008 financial crisis - an event which directly led to Bitcoin's creation. Even though the cryptocurrency world hasn't seen a global crisis of the same scale, markets have shown that the Bitcoin price is benefitting from the political and economic uncertainty. Hayes thinks that everyone should get ready for a $20k Bitcoin. What's interesting is that him doubling down on the Bitcoin price comes after the European Central Bank (ECB) has also decided to follow the QE trend once more this year. Commentators featured on many best cryptocurrency news sites stated their beliefs, showing that markets want the ECB to continue the same behaviour, giving rise to the "QE4eva" phenomenon as described by Hayes. Hayes' comments to get ready for a Bitcoin bull run come month after the BitMEX CEO noted that Bitcoin would again hit its all-time high of $20,000. As a lot of altcoin news sites then reported, BitMEX is still grappling with a lot of unwanted attention from the US regulators who suspect that Americans are bypassing BitMEX geoblocking and accessing the platform. Meanwhile, the latest updates show that the 24 hour trading volume has surged to $64 billion and that altcoins are now in the focus - some of which have surged by more than 15% in a single day (XRP).
Binance.US Begins Registration Today: 13 States Excluded
"Launching tomorrow, Binance.US is a fast and secure digital asset marketplace, delivering the world’s leading digital asset trading technology, speed, and experience to everyday users in America," the post said.According to an official blog post which went viral in the Bitcoin and altcoin news published on September 17, the exchange will start the registration at 8am ET on September 18 in most of the US states. The list will exclude the states of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington.
“Although it is upsetting that we cannot offer Binance.US in [these] states [...] at this time, please rest assured that this is just the beginning, and it is our mission to bring access to those of you in these states many of us call home,” the post continues.Once the registration process starts, Binance.US will start accepting inbound transfers for Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Tether (USDT) and USD "upon appropriate account verification" as the exchange revealed. According to the announcement, there would be no trading fees until November 1st. A popular question in the coming altcoin news are the trading fees. As Binance.US stated in the post, they are an "independent entity" which means that any of the digital assets held by other trading venues or custody solutions "will not automatically transfer to Binance.US." The fees for personal accounts are 0.10% per trade (flat) which means that if you buy $100 of BTC, the fee will be $0.10. Binance.US also noted that the exchange will be separate from Binance.com since the former is a separate company operated by BAM Trading Services. Currently, US users and their digital assets will also be stored in Binance.US wallets. As many best cryptocurrency news sites reported on September 11, the 24-hour trading volume of major cryptocurrency exchange Binance and its futures markets has exceeded $150 million, all of which was denominated in USDT.
Edward Snowden: Government Lawsuit To Block Book Is ‘Good For BTC’
“In conclusion this is good for Bitcoin.”Edward Snowden, who lives in asylum in Russia, continued the debacle about the publication with the US Justice Department (DOJ) complaining that he did not submit a draft of it for approval before publication.
“We will not permit individuals to enrich themselves, at the expense of the United States, without complying with their pre-publication review obligations,” was what Jody Hunt, the Assistant Attorney General of the DOJ’s Civil Division said in an accompanying press release.Meanwhile, Bitcoin has featured in moves by Snowden at the US government's expense before. As many best cryptocurrency news sites reported in June, it emerged Bitcoin was the medium of choice he used to pay for servers used in a leak of data from the National Security Agency (NSA). Nonetheless, in his previous comments, Edward Snowden revealed doubts about Bitcoin and its suitability as a financial means of avoiding government coercion. As he said in an interview in March 2018:
“The much larger structural flaw, the long-lasting flaw, is its public ledger."What was absent from Snowden's plans this time was the privacy featured altcoin Zcash (ZEC), known in the coming altcoin news as a cryptocurrency that he previously praised. The Bitcoin supporters were thus more than happy with his publicity.
“Bitcoin is the currency of the people, for the people and by the people,” a popular response from an analyst known as Rhythm followed.Meanwhile, the news show that Bitcoin has surged again and is nearing the $10,250 margin. The trading volume is good and the total market cap is at $272 billion as we speak.
Deloitte Starts Testing Bitcoin Payments For Its Staff
“We think it’s good to have our employees assess this new technology.’’Now since the BTC prices have stabilized again to the $10,000 region, the number one cryptocurrency offers a more predictable basis for calculating the price. Bitcoin is now exchanging for $10,221. Paying with your Bitcoins was a good idea in the early days of the network but now the analysts are seeing increased activity related to moving coins in and out from exchanges. Usually, the Bitcoin network will show high transaction loads when the price is rising and when it attempts to sell some coins. there is also some increased tendency for Hodling BTC. Bitcoin is one of the most liquid coins so it is exchangeable for currency as needed and preferred by merchants. One Bitcoin transaction cost is currently at $0.51 unless the priority status is paid for. When the activity is higher, the transactions could cost a few more dollars which is not very suitable for micropayments. Paying with Bitcoin has obviously some major setbacks so now Deloitte starts testing how can they improve the disadvantages. The test of Deloitte will be in-house and on a small scale but globally paying with your Bitcoins is no longer simple. Almost every major exchange has established a KYC procedure and limits the amounts to be paid globally. Deloitte is not a stranger of blockchain and crptocurrencies. The company has been exploring the crypto space for years and the risks of various projects. The company has already formed a blockchain team and opened multiple research centers around the world as we found out in the latest cryptocurrency news.
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- Altcoin Awakening: XRP Surges By 15%, Followed By Other Impressive runs
- Get Ready For $20k Bitcoin: BitMEX CEO Is Confident
- Binance.US Begins Registration Today: 13 States Excluded
- Edward Snowden: Government Lawsuit To Block Book Is ‘Good For BTC’
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