Bitcoin News and Finance: What You Need to Know

Chinese and French foreign ministers have expressed readiness to strengthen cooperation and pursue a “close and enduring comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. This followed a “successful” meeting between French President Emmanuel Macron and Chinese President Xi Jinping. China and France to Strengthen Relations State Councilor and Foreign Minister Qin Gang held talks with French Minister for Europe and Foreign Affairs Catherine Colonna in Paris last week, according to a statement by China’s Ministry of Foreign Affairs. According to the Chinese foreign ministry, both Qin and Colonna view French President Emmanuel Macron’s state visit to China as “a complete success,” stating that the French leader “had an in-depth exchange of views with President Xi Jinping during his visit to China and deepened his understanding of China.” The Chinese foreign minister stated: “China is ready to work with France to follow through on the important com...

Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund (IMF), has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very perilous situation and we are in unknown waters,” he warned. Harvard Professor of Economics Kenneth Rogoff on U.S. Default and Global Financial Crisis Harvard economics professor Kenneth Rogoff shared his view on the U.S. economy, a possible U.S. default, and a global financial crisis in an interview with ET editor Srijana Mitra Das, published Thursday. Rogoff is a professor of Economics and Maurits C. Boas Chair of International Economics at Harvard University. From 2001–2003, he served as Chief Economist and Director of Research at the International Monetary Fund (IMF). He was asked whether the current U.S. debt crisis and its potential default could “bring back the risks of a global recession.” Rugoff replied: Absolutely. The risks exist ...

Billionaire hedge fund manager Stanley Druckenmiller has a dire prediction for the U.S. economy: a recession is looming, and it’s likely set to hit this June. Druckenmiller’s forecast comes as American consumer spending remains low, and is largely driven by credit card usage. Druckenmiller, a seasoned investment mogul, warns that it would be foolish to ignore the possibility of a “really, really bad” scenario unfolding. Druckenmiller Cites Drop in Consumer Spending and Banking Industry Turmoil as Recession Indicators At the 2023 Sohn Investment Conference in San Francisco, Stanley Druckenmiller sounded the alarm on the U.S. economy. While others may be optimistic about a “soft landing,” the seasoned hedge fund manager is bracing for impact, predicting a “hard landing” instead. Druckenmiller, who has enjoyed 30 years of success in the hedge fund industry, cited the sharp drop in consumer spending and the recent banking industry turmoil as key factors behind his forecast. Drucken...

Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks that de-dollarization fears are overblown. In crypto news, Bitcoin’s network congestion issues began to ease this week. All this and more just below, in the latest Bitcoin.com News Week in Review. Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’ Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned. Read More Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese ...

Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, has asserted. For merchants, Web3 payments come with the added benefit of what Miller called protection from “fraudulent chargebacks.” Crypto Payments Trump Traditional Payment Methods To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so because they are seeking a better deal than what they are getting from traditional payment providers. Miller, however, conceded that Web3 payments are still at their infancy stages and as such they come with certain limitations which hinder their adoption. In his written responses to questions from Bitcoin.com News, Miller also highlighted the security challenges tha...

The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal investigation division of the United States Internal Revenue Service announced it’s stepping up collaboration with counterparts abroad as part of efforts to identify persons and entities evading Western sanctions. The agency revealed it’s working with blockchain forensics firm Chainalysis and Ukrainian investigators to track Russians who might be using cryptocurrencies to conceal their assets amid financial restrictions imposed over Moscow’s invasion of Ukraine. According to a report by Bloomberg, the IRS is sponsoring Ukraine’s access to a Chainalysis tool facilitating crypto-related probes. It has also organized t...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  A recent Gallup Poll reveals a significant decline in the percentage of Americans favoring real estate as their preferred long-term investment, despite its continued popularity. Conversely, the Gallup survey indicates that the perception of long-term investments in gold has experienced an almost twofold increase compared to the previous year’s poll on the same topic. Gallup Poll Reveals Preference for Real Estate and Crypto Slides, While Bias Toward Gold Nearly Doubles Gallup, Inc., the analytics and advisory company headquartered in Washington, D.C., recently unveiled its latest Gallup Poll on long-term investments on May 11, 2023. With a history dating back to 1935, Gallup has been conducting public opinion polls worldwide. The poll, conducted from April 3 to April 25, 2023, delves into various investment options such as real estate, gold , stocks, bonds, and crypto asset...

Sleeping Bitcoin Wallet Awakens: $3.7M Worth of BTC Suddenly Moves After Close to 12 Years of Dormancy  Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted. Russian Legislature to Vote on Crypto Laws by End of July The State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee. The bills are tailored to regulate cryptocurrency mining , cross-border crypto payments, taxation of digital assets , and liability for their illegal use, the lawmaker detailed, quoted by the Interfax news agency. He emphasized that the draft laws are well thought through. Aksakov remarked that large Russian co...