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US Bitcoin Ban Would Drive Adoption, According To An Investor

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The price of Bitcoin (BTC) is everywhere in the latest cryptocurrency news as the most dominant cryptocurrency climbs to (eventually) reach the $7,000 mark. However, a lot of analysts and investors are apparently worried by a possible US Bitcoin ban which may result in a couple of outcomes.

It all started when one American politician – and a prominent one – bashed the cryptocurrency and said that all cryptocurrencies should be banned. We are talking about the US Congressman Bradley Sherman, whose statement was re-shared in the coming altcoin news, when he remarked that Congress should outlaw cryptocurrencies for US citizens and implied on a US Bitcoin ban too.

“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans. […] An awful lot of our international power comes from the fact the U.S. dollar is the standard unit of international finance and transactions,” said Sherman during the panel.

However, investors are also taking curves and thinking that a US Bitcoin ban may actually do the crypto economy good. The popular partner at Morgan Creek Digital and a prominent cryptocurrency investor, Anthony “Pomp” Pompliano, recently said that Sherman is “scared of a world where non-sovereign currencies are the default.” He was in the altcoin news for noting that with cryptocurrencies and other decentralized technologies, a US Bitcoin ban would also lead the country to lose traction.

“Congressman Sherman is worried that global superpowers will have no response to Bitcoin’s decentralized, immutable, non-censorable, and non-seizable advantages,” is what the popular “Pomp” said in his Off The Chain newsletter, for which he was shared by many best cryptocurrency news sites.

In the eyes of Pompliano, a US Bitcoin ban could lead to an “incredibly bullish development” for Bitcoin. So, by trying to ban it, which would certainly be difficult, Sherman is “actually confirming its validity.” In that way, a Bitcoin ban may entice many libertarian-learning or even regular consumers to in turn purchase Bitcoin (BTC) even more and prove that the cryptocurrency is “better than fiat currencies” as Pomp believes.

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Taproot Upgrade For BTC Just Took A Major Step Forward

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People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade - a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a "pull request" in which he showed that the code is ready for more developer eyes.
"Merging this is obviously conditional on getting community support for the proposal. It's opened here to demonstrate the code changes that it would imply," he wrote.
What does this all mean?Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official - but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille's recent "pull request" pushes it into the spotlight and signifies that the code is closer to ready.Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy. For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.
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Analyst Who Predicted $6k BTC Crash Says This Is Coming

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There have been many experts talking about many things in the Bitcoin and altcoin news and rumors over the past couple of months. This shows that the end of 2019 and start of 2020 have been awesome times for crypto. However, the analyst who predicted the $6,000 BTC crash is now in the news for his next verdict.We are talking about filbfilb, who predicted the crash and in 2018 called the cryptocurrency's bottoming price around $3,000 - as well as the subsequent surge. Pseudonymous and mysterious, this analyst has been right a lot of times and previously said that he expects Bitcoin to surge towards $10,000 and then crash to $6,400 - finding a macro bottom.All of this was again right. In the next report, the analyst who predicted the $6,000 crash shows optimism about the leading cryptocurrency as it is heading into 2020.The latest edition of Filb's Decentrader newsletter shows that with the latest price action in mind and as BTC bounces off the $6,000s and rallies to the $8,000s, he is bullish heading into the block reward reduction in May of this year.
“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.
The analyst who predicted the pace of Bitcoin also said that if BTC wants to rally to $12,500 before the halving, it will need to rally by nearly 50% from the current price of $8,450.When asked about why he sees $12,500 as an important level, he noted that this is the "top target" for a bullish inverse head and shoulders chart which is forming on a medium-term basis for Bitcoin.Filbfilb also added that people calling for BTC to fall back in the $5,000s are scared - and said that he sees no case for such prices on the macro charts. If we see the opinions by other analysts, we can find that this is true - and many of them believe that the upcoming Bitcoin news will show a strong price action and possibly new gains.As a reminder, in the four months before the first halving in 2012, BTC rallied dozens of percent higher and went from $10 to $14 by the time of the event. In the 2016 halving, the price ran from $432 to $700.
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Elon Musk On Bitcoin: Tesla Founder Reveals His True Opinion On Crypto

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In 2019, we have seen a long and very cryptic series of tweets coming from the founder of Tesla and co-founder of PayPal, Elon Musk. In a recent podcast, reporters finally got the full opinion of Elon Musk on Bitcoin, where the entrepreneur said that he is "neither here nor there on Bitcoin."The eccentric billionaire has been in the spotlight for a lot of things over the years. In the crypto news, Musk was featured along with his short and cryptic tweets such as "Bitcoin is not my safe word" which was a follow-up to a previous tweet reading "cryptocurrency is my safe word."https://twitter.com/elonmusk/status/1117100699798478849However, the opinion of Elon Musk on Bitcoin was never fully revealed - until now. In the recent podcast, Musk talked about many things. He started with a statement about PayPal and mentioned the company in this podcast, saying:
“If PayPal had executed the plan that I wanted to execute on, I think it would probably be the most valuable company in the world.”
The podcast interviewer then asked Musk to comment about the latest Bitcoin news and cryptocurrencies, given their spiritual similarity to his projects. Musk them referred to Satoshi's whitepaper as "pretty clever" and said that cryptocurrencies "get people angry," continuing:
“There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.”
Then, we could see the full Elon Musk on Bitcoin experience - when the entrepreneur said that he sees a clear purpose for crypto.
“You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].”
In the end, Musk said that despite the negative connotation that crypto has mostly because of its use in illegal purposes, he is not being "judgmental about it."
“I think there's a lot of things that are illegal that shouldn't be illegal. I think that sometimes governments just have too many laws about the missions that they should have, and shouldn't have so many things that are illegal," he concluded.
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Bitcoin Thieves Get Arrested For Stealing BTC From CoinExchange

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The Japanese police arrested two Bitcoin thieves who stole BTC coins from the small market operator CoinExhcange as we are reading further in the latest bitcoin news.Yuto Onitsuka reportedly stole about 78 million yen in Bitcoins which is equivalent to $710,000 as per the reports and the theft was possible for the former employee Onitsuka who knew the access the credentials to the two wallets of CoinExchange and the small market operator closed in 2019 after ending up in losses due to the bear market. The theft happened in October 2018 which was one year before the exchange shut down when Bitcoin had stabilized about $6,400 and the stolen coins were tracked to foreign and domestic exchanges.The Bitcoin thieves get arrested but Onitsuka and Sasaki reportedly never met each other and communicated only through crypto-related bulletin boards while Sasaki used the login credentials to order BTC coin withdrawals from one of the exchange’s hot wallets. The statements made by Onitsuka suggest that the actions mainly precipitated the bankruptcy of the CoinExchange and the bitcoin withdrawals harmed the failing exchange operator while Onitsuka wanted to only add further protest against the company’s management. The sources say that Onitsuka wanted to bankrupt the company for disagreements and internal struggle.The theft of 100 BTC in 2018 was quite small in comparison to other exchange heists and the involvement of the employee suggests that thefts are sometimes much easier to conduct explained with the human factor and have access to hot or cold wallets. The exchange was one of the smaller market altcoins and didn’t have a process of internal control to stop further abuses. Only one set of the credentials was enough to order a withdrawal and no internal controls were there where Bitcoins went. The theft left a lot of traces and ended up in Sasaki’s bank account. The funds were used for travel and personal expenses.Japan has been in the center of large coin heists that mostly affected the Coincheck exchange and some other markets affected include Remixpoint and Zaif. The trend increased in 2019 when more exchange thefts were noted across the world. The exchanges in Japan decreased their activity and slowed down during the peak of the bull market where the investors made up to 60 percent of the Bitcoin trading volume.
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