Monday, March 30, 2020

Gold, Bitcoin Price Drops as Investors Flee to Dollars to Cover Coronavirus Losses

from 21st Century Wire:

Prices of precious metals plunged this week again, as investors flee reserve stores in favor of cash in the wake of extreme market volatility due to panic selling over fears uncertainty due to the coronavirus epidemic.

Gold fell below $1,455 an ounce on this morning, down from a high $1,560 over the weekend. Today’s loss was the biggest single day price drop since 1983.

In the US, the Federal Reserve attempted to calm market doomsday predictions by implementing an emergency stimulus package which has including slashing interests to near 0% in the hopes of revitalizing market activity and investor confidence.

IRAN IS TOTALLY BUST AS THEY ASK THE IMF FOR A 5 BILLION DOLLAR LOAN

by Harvey Organ, Harvey Organ Blog:

CAPITULATION DAY AS THE CROOKS ORCHESTRATE ANOTHER RAID ON OUR PRECIOUS METALS//GOLD DOWN $73.60 TO $1517.60//SILVER DOWN $1.15 TO $14.48//TRUMP DECLARES A NATIONAL EMERGENCY WHICH WILL ALLOW 50 BILLION USA FUNDING FOR THE CORONAVIRUS//CANADA CUTS ITS RATE BY 1/2 POINT TODAY IN AN EMERGENCY MEETING//SILVER EAGLES OUT OF STOCK//BIDDING 4 DOLLARS ABOVE SPOT//CORONAVIRUS UPDATE FOR ITALY AND SPAIN (DISASTER)//IRAN IS TOTALLY BUST AS THEY ASK THE IMF FOR A 5 BILLION DOLLAR LOAN//FED ORCHESTRATES QE5 AND Q6 READY TO PROVIDE 4 TRILLION DOLLARS IN LIQUIDITY//STOCK MARKET DOW RISES 1980 POINTS/NASDAQ RISES 672. POINTS BUT IT DOES NOT FIX THE FUNDAMENTAL PROBLEM OF LACK OF DOLLAR LIQUIDITY AROUND THE GLOBE

There Are Now Over 7,000 Cryptocurrency ATMs Worldwide

by Benjamin Pirus, Coin Telegraph:

The number of crypto ATMs across the globe has grown to over 7,000, with machines in 75 countries.

At press time, CoinATMRadar listed 7,014 cryptocurrency ATMs in existence. This number also includes machines hosting digital currencies other than Bitcoin (BTC), including assets such as Bitcoin Cash (BCH), Ether (ETH), Dash (DASH) and Litecoin (LTC).

Keiser Report: Billionaires re-gifting Some of the Fed’s free money (E1507)

from RT:

In the second half, Max interviews James Howard Kunstler, author of the new book, ‘Living in the Long Emergency’, a follow up to his 2005 smash-hit, ‘The Long Emergency’. They discuss ‘peak oil’ and cheap credit.

New Jersey Introduces Bill to Regulate Cryptocurrencies at State Level

by Turner Wright, Coin Telegraph:

The New Jersey state legislature is now considering a new bill that would require cryptocurrency businesses to obtain a proper license to operate.

Assemblywoman Yvonne Lopez proposed the Digital Asset and Blockchain Technology Act on Feb. 20. The legislation would establish new requirements for virtual currency businesses and create consumer-friendly protections by requiring crypto firms to disclose their legally registered names, Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) policies, and their licensing and legal history to the State of New Jersey’s Department of Banking and Insurance.

The Fed Just Revealed Plans for a Digital Dollar Replacement

from Birch Gold Group:

Thanks to the Federal Reserve, the idea that you can go into a store and anonymously purchase something with cash might soon be obsolete.

Why? Because they’re developing something called Fedcoin, which would be based on blockchain technology.

If you’re unfamiliar with blockchain technology, you’re not alone. Here’s how a piece on Motley Fool describes it:

China Intensifies Its Pursuit of “De-Dollarization” with a New Digital Currency

from Birch Gold Group:

Earlier this week, we covered the Federal Reserve’s pursuit of a central bank digital currency (CBDC), based on the blockchain and dubbed “Fedcoin.”

It turns out that China is also pursuing its own version of a CBDC, and while the consequences of such a move for Americans would be very different than those of a Fedcoin, they have the potential to be even more dire. What’s more, Beijing could be even closer to implementation than the Fed is.

Vila Lehdonvirta, a Senior Research Fellow at Oxford, was quoted on Quartz explaining a few advantages (to China) of its version:

Fed’s Brainard On “Digitalization Of Payments And Currency” Is VERY BAD NEWS FOR BITCOIN

from Silver Doctors:

If you’re a holder of Bitcoin, be thy forewarned. Time is of the essence after all, and in a “dead crypto walking” kind-of way…

Fed Head Lael Brainard is out today at Stanford in a speech titled “The Digitalization of Payments and Currency: Some Issues For Consideration”.

Here’s the start of her speech (via the Fed):

READ: Bitcoin Obsoletes All Other Money

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NOTE: Fidelity just sent this article out to their 30 million account holders.

by Patrick Lewis, Unchained-Capital:

When it comes to bitcoin adoption, there are generally two rules that never seem to fail. Everyone always feels late, and everyone always wishes they had bought more bitcoin. There are exceptions to every rule, but bitcoin has an uncanny ability to screw with the human psyche. It turns out that 21 million is a scarily small number, and it actually becomes smaller as more individuals come to understand that the fixed supply of bitcoin is credibly enforced and that monetary networks converge on a single medium. Demand for bitcoin is driven by the credibility of its monetary properties and the convergent nature of money, but increasing demand for bitcoin reinforces the scarcity of bitcoin’s fixed supply. As it does, bitcoin becomes more valuable as a monetary medium. While this becomes evident the further down the bitcoin rabbit hole one travels, it is not uncommon for individuals on the periphery to be overwhelmed by the sheer number of cryptocurrencies. Sure, bitcoin is in the “lead” today, but there are thousands; how do you know bitcoin is not MySpace? How can you be sure that something new doesn’t overtake bitcoin?