Tuesday, May 18, 2021

Bitcoin price surge may be driving up interest in digital yuan, Bank of China says

from RT:

The recent rise of bitcoin could be among the reasons for renewed interest in the Chinese digital yuan project, according to the People’s Bank of China (PBOC). The world’s top crypto, bitcoin, is effectively banned in the country.

Wang Xin, PBOC’s research bureau director, told reporters that market interest in the digital yuan is “very strong and everyone is paying close attention.”

He said, as quoted by CNBC, that “on one hand, this is related to more and more central banks in the world participating in the development of domestic digital currencies. On the other hand, this [interest] may also be related to the large increase in the price of bitcoin.”

New Zealand Fund Invests 5% in Bitcoin— CIO Says You ‘Can’t Really Discount Bitcoin’

by Terence Zimwara, Bitcoin:

A New Zealand hedge fund, NZ Funds Management, which had $350 million worth of assets under management at the end of December 2020, says five percent of its money is invested in bitcoin. According to the firm’s CIO James Grigor, ​bitcoin is also set to be featured in more of its Kiwisaver investment schemes within the next five years.

Keiser Report | All Bread, No Circuses | E1673

from RT:

TRUTH LIVES on at https://sgtreport.tv/

In the second half, Max interviews Michael Pento of PentoPort.com who takes a very, very different position to Stan Druckenmiller on the U.S. dollar.

Visa Anticipates Cryptocurrency Becoming ‘Extremely Mainstream’ — Working to Allow Bitcoin Use at 70 Million Stores

by Kevin Helms, Bitcoin:

Visa CEO Al Kelly anticipates that cryptocurrency could become “extremely mainstream” within five years. He is working to position Visa in the middle of it should cryptocurrency take off. He further confirmed that Visa is working to allow bitcoin purchases, in addition to enabling the cryptocurrency to be used at 70 million stores where Visa is accepted.

Here Comes Bitcoin’s Big Test: The Empire Strikes Back

by John Rubino, Dollar Collapse:

One of the flaws in the revolutionary mindset is a tendency towards overconfidence. Combine absolute belief in a new idea with a couple of early wins and you get an absurd level of cockiness. This leads the would-be revolutionary to underestimate the challenges involved in getting from there to ultimate victory.

Why? Because those early successes happened when hardly anyone was paying attention. Once the threat is recognized, the Empire usually strikes back with intent, and the revolution turns out to be a lot harder, and a lot less certain, than it seemed.

What People Do Not Understand About Cryptocurrency

by Martin Armstrong, Armstrong Economics:

There seems to be a HUGE gap in what people think about cryptocurrency. The European Central Bank (ECB) is working on a scheme to launch “digital euro central bank money” as soon as possible. Many economists praise the project as an “innovation,” as an important and indispensable step in an increasingly digitized world. But economists typically always advocate socialism without ever actually contemplating what is its final destination. The socialist press which has engulfed most of the mainstream is also obvious to what is the final destination.

Valkyrie Hopes to Launch ‘Innovative Balance Sheet ETF’ Backed by Companies Exposed to Bitcoin

by Jamie Redman, Bitcoin:

At the end of January, the Texas-based firm Valkyrie Digital Assets filed an exchange-traded fund (ETF) registration for the “Valkyrie Bitcoin Trust” with the U.S. Securities and Exchange Commission (SEC). This month, the cryptocurrency investment manager announced it has filed a prospectus for an ETF with the SEC based on companies that hold the leading crypto asset bitcoin.

Goldman Sachs Reports Rising Customer Demand for BTC: Predicts an ‘Explosion’ in the Use of Digital Currencies

by Terence Zimwara, Bitcoin:

John Waldron, the chief operating officer (COO) of Goldman Sachs, says the financial services giant is seeing rising customer demand to own and invest in bitcoin. Nevertheless, the COO explained that his organization was still exploring ways of satisfying this demand without running afoul of regulators.

‘How Banks Should Be Regulated When Dealing With Digital Money’

In remarks made during an interview, Waldron, who is also the banking giant’s president, adds that Goldman Sachs “is in discussions with regulators and central banks about how banks should be regulated when dealing with digital money.” Meanwhile, in explaining the financial giant’s unique approach towards satisfying customer demand, Waldron said:

100% in Bitcoin: Gold Bug Peter Schiff’s Son Goes All-in on BTC

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by Kevin Helms, Bitcoin:

Gold bug Peter Schiff has revealed that his son, Spencer Schiff, has gone all-in on bitcoin. Calling his son “brainwashed” for buying so much of the cryptocurrency, Schiff added that he may need to “disinherit” his son to avoid the youngster burning through his hard-earned money.

Peter Schiff’s Son Has Gone Full Bitcoin

Euro Pacific Capital CEO and host of the Schiff Radio Show, Peter Schiff, tweeted on Wednesday:

The Fedcoin is Coming

by Keith Weiner, Monetary Metals:

Before we talk about Fedcoins, let’s look at the old school non-digital, non-blockchain, coin. Gold. And silver.

Since January 4, the price has dropped about $244. And the price of silver has fallen about $4. Are these buying opportunities? Or the end of the brief gold bull market of 2020 (i.e. Covid)?

It helps to return to the idea that gold is the unit of measure of value. Not as a rhetorical device to sell gold, but because it gives a clearer picture.

If one thinks in dollars, one thinks that bitcoin is rising, stocks are rising (though not this week), oil is rising, other currencies are rising, etc. And gold went up, but is now coming down.

IRS Launches ‘Operation Hidden Treasure’ to Target Unreported Crypto Income

by Kevin Helms, Bitcoin:

The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking.

  • Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association presentation on combating fraud, Forbes reported. The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation.