Saturday, September 25, 2021

Bitcoin & All Cryptocurrencies Are Collapsing! We Are Witnessing The End of Blockchain!

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by Jeff Berwick, The Dollar Vigilante:
Just kidding, again.

We are continuing to see bitcoin and most other cryptocurrencies sell-off, however, just as we said they should and would do after such a parabolic spike higher in the last few months.

Bitcoin has fallen the least of the major cryptocurrencies… again, just as we said it would.
It has fallen 26{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} from its high 34 days ago.

Janet Yellen’s Bitcoin Troll Gets $15,000 In Donations

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from ZeroHedge:
In what was perhaps the most amusing act of protest to occur during testimony by one of the world’s most powerful central bankers since ECB President Mario Draghi was glitter-bombed by far-left activist Josephine Witt two years ago, an anonymous bitcoiner trolled Federal Reserve Chairwoman Janet Yellen by holding up a hand-made sign that read “Buy Bitcoin” during Yellen’s testimony before the House financial Services Committee on Wednesday.

Switzerland Opens Door To Bitcoin Asset-Management Business

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from ZeroHedge:
Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} drop from the all-time highs hasn’t done much to temper wealthy investors interest in bitcoin and other cryptocurrencies as alternative investments potentially worthy of diversification. And with the Greyscale Bitcoin Investment Trust still trading at a ridiculous premium, and the chances of the SEC approving a bitcoin ETF in the US looking increasingly remote, it’s unsurprising that “private wealth managers” and trying to scoop up wealthy customes who have expressed an interest in bitcoin.

But while regulators in the US and in many other part of the developed world have been hesitant to embrace bitcoin, Switzerland may have just given the world’s private-wealth specialists the opening they needed.

What Does the Rise in Crypto Currencies Mean?

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by Brad Sebion, SGT Report:
Edward Karr was a guest on the Frank Curzio podcast. The discussion at hand was Bitcoin and the rest of the crypto currencies. Mr. Karr stated the rise of the crypto currencies is the canary in the coal mine for a major economic event to unfold in the future. Edward stated the rise in Bitcoin was a put on the Chinese economy. Wealthy Chinese people have bid up other assets like Vancouver real estate as well as many crypto currencies.

Kevin Lawton – Cryptos Are Speculation Not Currency

from Greg Hunter:

Kevin Lawton, recently wrote a Kindle short titled “Beyond the Bitcoin Trap: A Crypto Currency for Human 2.0” predicts, “This year is going to be the year of volatility in Bitcoin price. I expect liquidations, but it’s like a tug of war. There are reasons for people to tug the price up . . . then on the regulatory side, for example, prices could go down.

IRS Scales Back Tax Investigations Into Bitcoin Owners… for Now

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by Kenneth Schortgen, The Daily Economist:
One of the most confusing things about the rise of cryptocurrencies is that most countries at the present time are implementing different rules and regulations regarding their ownership, taxation, and even definition. For example, the country of Japan has gone full bore into cryptocurrencies, even passing laws that legitimize Bitcoin as a medium of exchange while also removing any tax obligations on its purchase or use. Yet over in the U.S., a court ruling calling Bitcoin a security is the current standard, and means that transactions in the cryptocurrency are to be designated as property, and subject to capital gains taxes.

Japan Officially Removes Taxes from Purchase and Sale of Bitcoin

by Kenneth Schortgen, The Daily Economist:
On July 1, a new law went into effect which removes all taxation from the buying and selling of Bitcoin in the nation of Japan. And with their already having recognized the cryptocurrency as a viable medium of exchange within their monetary system, the world’s third largest economy has moved another step closer to recognizing Bitcoin as a legitimate currency.

Japan’s tax reform bill which officially eliminated consumption tax on the sale of Bitcoin came into effect on July 1. Bitcoin trading activities are expected to rise in Japan following the activation of the bill.