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.
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.
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.
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.
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“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.
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“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.
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