Bitcoin continues its bullish growth. Over the past week, the coin has grown by more than 12 percent and now stands at $ 16,000. According to the Big Mac Index, Bitcoin will now buy up to 6 3421.26 giant hamburgers. It has even overcome the monetary base of the Russian ruble and is approaching Canada. This will happen when Bitcoin is valued at $ 18,000. You are almost done. The coin already has a higher market value than Bank of America, Netflix, and Shopify. If it continues to grow, it will soon be among the top 20 assets by market value, along with Facebook, Tesla and Apple. Unsurprisingly, economists at the US Federal Reserve are taking the value of central bank digital currencies more seriously. They believe a central bank’s digital currency can be a useful way to raise money directly to households.
Not everyone is optimistic. Eric Wall, chief investment officer of crypto hedge fund Arcane Asset, is investing $ 1 million to end Bitcoin’s stock-to-power ratio by 2025. A “violation” means that Bitcoin will not reach 50% of its target range. In a tweet explaining the problem, he pointed out PlanB, the creator of the model. PlanB predicted that the price of bitcoins will be between $ 100,000 and $ 288,000 by December 2021. David Schwartz, CTO at Ripple, won’t make that kind of effort. He says he has already lost about $ 300,000 on trademarks that were “completely useless.”
The audience was still not fully convinced. Douglas Thoman, a cryptocurrency and Monero podcast enthusiast, lost his bid for New York City’s Fourth District. He worked as a Republican on a cryptocurrency platform. Regardless, Joe Biden chose Gary Gensler as his advisor, helping to ensure a smooth transition with the Federal Reserve and the banking and securities regulators. Gensler was previously the head of the Commodity Futures Trading Commission and talked about the importance of regulation for the growth of cryptocurrencies.
The rules have already posted the Bitcoin user. Vladimir Kvachuk, a Microsoft engineer, was sentenced to nine years in prison for stealing $ 10 million in digital currency. He also told tax authorities that the $ 2.8 million in crypto that went through his account was a gift from a relative. This made this crime the first faith in tax-based cryptocurrency.
Looking overseas, China Construction Bank, one of the four largest in China, sells $ 3 billion in bonds and allows buyers to pay for them in bitcoin. The World Economic Forum sees blockchain as the key to a sustainable digital economy. ZebPay, India’s oldest cryptocurrency exchange, launches NFT and initiates the NFT market.
However, not all news is good. Binance has begun blocking US users from accessing the platform. Users have 90 days to withdraw their money. The blockade is a result of US regulatory requirements to comply with Know Your Customer and money laundering requirements. In Hong Kong, a proposal asking cryptocurrency exchanges to obtain a license and target only professional investors was greeted with money. Some experts say the supply will cap volume and suggest cryptocurrencies are speculative.
Finally, although the last few weeks have been full of events for Bitcoin, Bitcoin Cash will soon take a little time. November 15 soft fork coin. Make sure you are ready.