@cryptocracy 9 October 2021 more from that month

Is the Fed Destined to Fall in Love with CBDCs? 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: https://cryptocracy.substack.com/p/bitcoin-rallies-as-ethereum-goes https://coingape.com/us-lawmakers-wants-to-know-powells-plans-to-support-crypto-innovation/ https://emmer.house.gov/_cache/files/f/4/f45a6df3-66b8-451a-b20f-accaec068e96/C1AD7E0FC99A66028BA6378A5A22133C.congressional-letter-to-powell.pdf 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:** **4 reasons** the Fed isn’t rushing to create a digital currency https://www.barrons.com/articles/the-fed-isnt-rushing-to-create-a-digital-currency-4-reasons-why-according-to-one-analyst-51633726024 **Will the Federal Reserve Launch a Digital Dollar**? https://www.nasdaq.com/articles/will-the-federal-reserve-launch-a-digital-dollar-heres-what-we-know-2021-10-08 Ethereum is exploring a **universal sign-in** option for internet users. This as **Ethereum 2.0** faces its first upgrade. https://finance.yahoo.com/news/sign-ethereum-coming-154416283.html https://www.businessinsider.in/investment/news/ethereum-altair-hard-fork-threatens-competitive-advantage-of-solana-cardano-and-others/articleshow/86863524.cms Is there a flippening going on? According to FXStreet, institutions are exchanging interest in **Bitcoin for Ethereum**. https://www.fxstreet.com/cryptocurrencies/news/institutions-ditch-bitcoin-for-ethereum-as-eth-becomes-the-gateway-to-web3-202110081025 **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. https://coinquora.com/total-value-locked-in-defi-chains-tops-200-billion/ 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**. https://www.coinspeaker.com/binance-ireland-hq-plans/ https://www.coindesk.com/business/2021/10/08/binanceus-hires-brian-shroder-as-ceo/ https://cryptopotato.com/binance-to-close-down-derivatives-services-for-south-african-users/ 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? https://www.benzinga.com/markets/cryptocurrency/21/10/23292710/litecoin-turns-10-heres-how-much-you-would-have-made-if-you-stuck-with-the-coin-from-the-s https://www.newsbtc.com/news/litecoin/charlie-lee-litecoin-fair-launch/ https://www.banklesstimes.com/2021/10/08/litecoin-price-prediction-heres-why-the-ltc-could-soon-soar-to-200/ 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! https://www.forbes.com/sites/billybambrough/2021/10/08/george-soros-fund-reveals-surprise-bitcoin-bet-amid-huge-500-billion-crypto-price-surge/ https://fortune.com/2021/10/07/bitcoin-soars-on-soros-endorsement/ https://finance.yahoo.com/news/bitcoins-price-is-up-and-analysts-predict-ludicrously-strong-q-4-090922113.html https://fortune.com/2021/10/08/bitcoin-not-gold-is-the-new-inflation-hedge-says-jp-morgan/ The state of Texas is aiming to be a **world leader in blockchain technology**. https://www.forbes.com/sites/jasonbrett/2021/10/02/texas-poised-to-be-a-world-leader-in-bitcoin-and-blockchain/ 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. https://www.bloomberg.com/news/articles/2021-10-08/white-house-weighs-wide-ranging-push-for-crypto-oversight https://nypost.com/2021/10/07/biden-administration-unveils-national-cryptocurrency-enforcement-team/ https://thehill.com/policy/cybersecurity/575989-democrats-urge-federal-agencies-to-address-use-of-cryptocurrencies-for https://www.newyorker.com/business/currency/the-challenges-of-regulating-cryptocurrency How you can **rent an NFT**. https://finance.yahoo.com/news/nft-rentals-why-vcs-backing-171900120.html 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. https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.banklesstimes.com/2021/10/08/tether-has-loaned-1b-to-celsius-network/ https://finance.yahoo.com/news/tether-ceo-deletes-twitter-account-104436577.html https://www.youtube.com/watch?v=n3fRSNxAWi0 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**. https://financefeeds.com/ripple-scores-major-win-as-judge-finds-out-if-sec-lied-to-court/ https://coingeek.com/us-judge-denies-xrp-hodlers-attempt-to-join-court-action-in-support-of-ripple/ Algorand is **funding research** into a common LoginID for its system. https://www.pymnts.com/blockchain/2021/loginid-gets-research-grant-from-algorand-foundation/ Meet the **10 biggest cryptocurrencies** in the Solana ecosystem. https://finance.yahoo.com/news/ten-biggest-cryptocurrencies-solana-ecosystem-140659849.html 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!” https://www.cnbc.com/2021/10/09/china-proposes-adding-cryptocurrency-mining-to-negative-list-of-industries.html What would a **global switch** to cryptocurrencies mean for vulnerable people. **A great read!** https://www.bigissue.com/life/money/how-would-a-world-run-on-cryptocurrency-impact-vulnerable-people/ Are there similarities between cryptocurrencies and the **dot-com bubble**? You know you want to know. https://www.physiciansweekly.com/cryptocurrency-possible-similarities-to-the-dot-com-bubble Nigerian Central Bank is **days away** from launching a digital currency. https://www.ndtv.com/business/nigerian-central-bank-to-launch-digital-currency-within-days-godwin-emefiele-2567750 **One strategy** that hackers use to steal your cryptocurrencies. And it’s not all that new. https://www.washingtonpost.com/technology/2021/10/08/cryptocurrency-scam-websites/ 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. https://micky.com.au/mr-wonderfuls-crypto-investments-have-now-surpassed-his-gold-assets/ How to invest in cryptocurrencies **without buying any**. https://www.washingtonpost.com/business/how-to-invest-in-cryptocurrency-without-buying-any/2021/10/06/aa3a6274-2694-11ec-8739-5cb6aba30a30_story.html Wyoming Senator Cynthia Lummis has revealed that she’s **invested $100,000** in bitcoin. Ride that whale! https://marketrealist.com/p/wyoming-senator-cynthia-lummis-buys-bitcoin/ Look! Teenagers are **getting interested** in cryptocurrencies. https://www.cnbc.com/video/2021/10/05/teens-are-getting-more-interested-in-cryptocurrencies-cnbc-after-hours.html According to The Coin Republic, crypto assets **improve portfolio returns**. https://www.thecoinrepublic.com/2021/10/08/crypto-investments-improve-portfolio-returns/ Ever wonder what makes cryptocurrencies go up or down? The biggest fool on the internet **knows**. And now, so do you. https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/value-of-crypto/ *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. https://cryptocracy.substack.com/p/will-the-fed-launch-a-digital-currency