One of the leaders in U.S. crypto is optimistic that the space will grow under the administration of Joe Biden governing from the middle. Jeremy Allaire, CEO of Circle, took to CNBC's Squawk Box on Monday to argue that the Biden administration will push crypto forward as part of a broad effort to update infrastructure: "I think that they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet, and they're going to be focused on infrastructure changes that make America more competitive." Overall, moderate politics benefit crypto, Allaire reasoned: "You've got moderates, …

Dan Tapiero, the co-founder of 10T Holdings, said weak hands have been shaken out in the gold market. This raises the probability of a gold rally in the near term, especially as it comes off of an 80-day pullback period. A rally in gold and the dollar may dampen Bitcoin price Bitcoin has seen strong momentum in the past three months, as it achieved an all-time high on Coinbase and a number of other major exchanges. Despite this, the threat of a correction for Bitcoin is a real possibility if gold begins to rebound in tandem with the U.S. dollar. …

The U.S. Dollar Index fell sharply today, extending a 10-month losing streak that places it at its lowest point since April 2018. International news agency Reuters marked the occasion with a story headlined: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak.” The article noted the tumble coincided with today’s news of a second COVID relief bill being discussed in Congress and the recommencement of negotiations between the United States Treasury Secretary Steve Mnuchin and House of Representatives Speaker Nancy Pelosi. The piece contrasted the falling dollar with the rising price of Bitcoin, which briefly surpassed all-time highs for …

The long-awaited digital currency Libra could finally see the light of day as soon as January 2021, according to a new report. Following more than a year of scrutiny from global financial regulators, Libra will launch in the form of a U.S. dollar-backed digital currency, the Financial Times reported on Nov. 27. Citing three people involved in the Libra project, the Financial Times wrote that the Libra Association plans will eventually add more fiat currencies to the basket of assets that back Libra’s value. Expected in January, the exact launch date is still not known and would depend on when …

The United States national security apparatus is warning other agencies about China’s upcoming digital currency. On Wednesday, news outlet the Washington Examiner reported on a letter that National Intelligence Director John Ratcliffe had sent Securities and Exchange Commission Chairman Jay Clayton earlier in the month. According to the report, Ratcliffe offered to have staff brief Clayton on the security issues that derive from China’s dominance in crypto mining as well as the country’s progress in digitizing the yuan. Ratcliffe’s letter also apparently pushed Clayton to ensure that U.S. crypto firms remain competitive. Cointelegraph has reported extensively on the race for …

American progressives, particularly the high-profile group of Congresswomen known as “the Squad,” have been highly vocal on questions of economic equity, the corrosive social impact of Big Tech and the need to reimagine fiscal and monetary policy in the post-2008 and post-COVID-19 political moment. How do they view blockchain technologies and the subsequent debates that have surrounded the digital dollar, given the potential for some overlap when it comes to certain concerns like financial inclusion, efficient distribution and citizens’ privacy? In a recent interview for Forbes, the economic policy advisors to several members of the Squad — Alexandria Ocasio-Cortez (D-NY), …

Bitcoin being regarded as “sound money” is a common refrain among many proponents of the popular cryptocurrency. With a finite supply of 21 million and a network secured by over 120 exahashes per second of computing power, the consensus among industry commentators has often leaned toward it becoming a global monetary superpower. Barely a decade into its existence, Bitcoin’s inferred value is already the 11th-largest global monetary base. Earlier in November, Bitcoin became larger than the Russian ruble for the first time in history. While fiat currencies buckle under economic strain exacerbated by the coronavirus pandemic, Bitcoin (BTC) has continued …

Strategic investor Lyn Alden believes Bitcoin’s growing network effect coupled with favorable macroeconomic factors may bring its market capitalization to $1 trillion in the next few years. Back in 2017, Alden was skeptical toward Bitcoin (BTC), as the network effect of the main cryptocurrency was still relatively weak: “I was concerned with dilution. [...] So, if there isn’t one network effect that retains control, you could see that kind of market cap distributed among multiple different protocols.” Three years later, Bitcoin has not only retained its market dominance but also its network effect is set to grow further. In fact, …

The United States Federal Reserve has broadened its research on central bank digital currencies, or CBDCs, in a new review that was posted to its website Monday. In a report titled "Central Bank Digital Currency: A Literature Review," Fed economists Francesca Carapella and Jean Flemming compile research exploring the potential impact of a digital dollar on commercial banking and monetary policy. The review provides a theoretical underpinning for understanding how CBDCs could influence consumer adoption and financial stability. The authors write: “From a theoretical standpoint, the introduction of a central bank digital currency (CBDC) raises long-standing questions relating to the …

David Roche, president and global strategist at Independent Strategy, believes that China’s digital yuan has “a long way” before it will become able to challenge the U.S. dollar as a reserve currency, CNDC reports Nov. 2. According to Roche, China’s central bank digital currency, or CBDC, could hypothetically beat the U.S. dollar as a reserve currency, but it would take a “very, very long time.” The strategist reportedly emphasized that the euro accounts for a “miserable” 18%–20% of all global trade, while the Chinese yuan composes 2% of international trade settlements. He said: “Dethroning the dollar — which the euro …

Canada doesn’t want any "surprises" regarding central bank digital currencies. In a recent interview with Reuters, Bank of Canada Governor Tiff Macklem doubled down on the country's contingency-plan approach to CBDCs, stressing that he sees no urgent need to issue one right now. For Macklem, inter-state competition and coordination remains the key question when it comes to CBDC issuance. He told reporters: “If another country has one and we don’t, that could certainly create some problems. So we want to make sure we’re ready. Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other …

Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666. This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well. However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin’s dominance rate has been rising in the previous weeks and this shows that the market’s momentum is based around Bitcoin. Traders expect resistance between $13,500-$14,000 The weekly …