- September 19, 2023
- Posted by: [email protected]
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The week has kicked off with a burst of activity in the world of cryptocurrency, with Bitcoin showing a modest uptick of almost 0.85%, currently trading at $26,737. This increase in Bitcoin’s value coincides with significant developments across the crypto landscape.
Notable financial educator Robert Kiyosaki has made headlines by expressing his deep reservations about traditional fiat currencies, even going so far as to dub them “criminal money.” Instead, he has thrown his full support behind cryptocurrencies, particularly Bitcoin. Kiyosaki is renowned for his financial insights and predictions, and he firmly believes that Bitcoin is on track to reach an impressive $120,000 within the next year. He warns of an impending economic crisis and advocates for digital assets as a safe haven in turbulent times.
Kiyosaki’s optimism for Bitcoin is rooted in its resilience and its ability to bounce back after market downturns, often driven by forthcoming halving events. He argues that fiat currencies, including the US dollar, are heading for depreciation due to massive injections of money into the economy, leading to rampant inflation. While he initially tied this inflation to President Joe Biden’s green energy policies, recent data from the Bank of America paints a more positive picture, indicating the creation of over 86,000 clean energy jobs, including 50,000 in the electric vehicle sector, with projections of an additional 1.5 million jobs in the coming decade.
Kiyosaki’s consistent critique of the US government’s monetary policies aligns perfectly with his prediction of a significant economic downturn. To weather this storm, he champions Bitcoin and other cryptocurrencies as robust assets.
In light of these developments, the BTC/USD pairing is experiencing a favorable price movement today as investors increasingly view Bitcoin as a potential hedge against fiat currency devaluation and broader economic instability.
Turning our attention to the crypto exchange realm, FTX has successfully navigated past a recent cybersecurity breach, ensuring full access to its claims portal. This comes after a cyberattack on claims manager Kroll in August led to certain user accounts being frozen. However, FTX has now unfrozen all affected accounts and bolstered the portal’s security. Furthermore, FTX has gained approval from a bankruptcy judge to liquidate its digital assets, valued at over $3.4 billion. This development may have a positive impact on cryptocurrency markets, including BTC/USD, as confidence in FTX’s recovery efforts grows.
In the realm of politics, Senator Elizabeth Warren’s cryptocurrency bill has garnered significant attention and support from nine US lawmakers. The Digital Asset Anti-Money Laundering Act, a bipartisan initiative reintroduced by Senators Warren, Roger Marshall, Joe Manchin, and Lindsey Graham, aims to enforce anti-money laundering and counter-terrorism financing regulations for cryptocurrency companies. However, there are concerns among experts about the potential impact on the privacy and personal freedom of cryptocurrency users. The bill has received endorsements from various organizations focused on curbing illicit financial activities involving cryptocurrencies, such as the Bank Policy Institute and Transparency International US.
These developments have likely contributed to the recent increase in BTC/USD prices, signaling growing regulatory attention in the crypto sector and potentially boosting investor confidence in the legitimacy and security of cryptocurrency markets.
