Is the Fed Destined to Fall in Love with CBDCs?

0 22
Avatar for cryptocracy
1 year ago

Last week, Cryptocracy reported that Jerome Powell, chairman of the Federal Reserve, said publicly that there are no plans to ban cryptocurrency. Now, several lawmakers have sent him an open letter inquiring about his support for digital currencies. In the letter, signatories asked Powell to clarify earlier statements he’s made regarding digital currencies including his statement that a Central Bank Digital Currency would eliminate the need for stablecoins and that bitcoin is a substitute for gold rather than the U.S. dollar. Here’s a short excerpt from the Congressional letter:

Additionally, as you know, cryptocurrency networks do not merely facilitate value transfer, but also make possible myriad applications – from decentralized identity to decentralized file storage. Do you believe a CBDC would make these applications, and the cryptocurrencies that power them, obsolete?

Read these additional reports:

Ethereum is exploring a universal sign-in option for internet users. This as Ethereum 2.0 faces its first upgrade.

Is there a flippening going on? According to FXStreet, institutions are exchanging interest in Bitcoin for Ethereum.

Total value locked into decentralized finance blockchains has reached $200 billion proving that crypto investors are comfortable holding their digital assets on platforms rather than in their private wallets. Ethereum makes up 69 percent of that.

Binance is undergoing a substantial reorganization. The crypto exchange is looking to Ireland for its headquarters. Meanwhile, the CFO of the U.S. division has left the company and an interim has been selected as Brian Shroder steps up as CEO. In South Africa, the company is closing its derivatives office.

Litecoin is turning 10 years old. Here’s how much you would have made if you had invested in Litecoin 10 years ago. Creator Charlie Lee sums up its history, and Bankless Times predicts LTC will shoot to $200. Is that merely wishful thinking?

George Soros says his investment fund owns some bitcoin, but “not a lot.” It doesn’t matter. The market reacted. Analysts are predicting a huge rally ahead. And JPMorgan says BTC is the new hedge against inflation. Screw you, gold!

The state of Texas is aiming to be a world leader in blockchain technology.

Meanwhile, the Biden Administration is considering a push to regulate cryptocurrencies. In fact, the president has appointed a national cryptocurrency enforcement team. As if he needs no help, several Democratic Congressmembers have urged the prez to crack down on ransomware attacks because, well, cryptocurrencies make those attacks so easy. Of course, there are challenges to regulating cryptocurrencies. That doesn’t mean it won’t happen.

How you can rent an NFT.

Tether’s CEO is crying like a baby because of a Bloomberg report on its reserves. The report indicates that Tether has loaned $1 billion to the Celsius Network. The tears drove him to delete his Twitter account. Holy geez! Hear what Tether has to say to Bloomberg.

Ripple has broken new ground in its lawsuit with the SEC. The discovery of an email could prove the SEC lied to the court. The judge overseeing the case wants to see it. However, XRP holders have been shut out of the lawsuit.

Algorand is funding research into a common LoginID for its system.

Meet the 10 biggest cryptocurrencies in the Solana ecosystem.

China wants to add crypto mining to its list of negative industries. As in, “We don’t like you because you make us look bad, so poopie on you!”

What would a global switch to cryptocurrencies mean for vulnerable people. A great read!

Are there similarities between cryptocurrencies and the dot-com bubble? You know you want to know.

Nigerian Central Bank is days away from launching a digital currency.

One strategy that hackers use to steal your cryptocurrencies. And it’s not all that new.

Shark Tank’s Kevin O’Leary thinks he’s Mr. Wonderful. Crypto fans may too once they know his crypto assets now outweigh his gold holdings. I guess that’s wonderful.

How to invest in cryptocurrencies without buying any.

Wyoming Senator Cynthia Lummis has revealed that she’s invested $100,000 in bitcoin. Ride that whale!

Look! Teenagers are getting interested in cryptocurrencies.

According to The Coin Republic, crypto assets improve portfolio returns.

Ever wonder what makes cryptocurrencies go up or down? The biggest fool on the internet knows. And now, so do you.

As usual, this is not investment advice. It's for information and entertainment purposes only. Please seek a professional investment or financial advisor before making any crypto moves. Whether you do or don't, I'm not an investment or financial advisor and will assume no responsibility for your losses or gains. 

This post was first published at Cryptocracy.

$ 0.10
$ 0.10 from @cmoneyspinner
Avatar for cryptocracy
1 year ago