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US-China Rivalry Risks Cold War II, Warns IMF Official

The International Monetary Fund (IMF)’s first deputy managing director has warned of the risk of Cold War II. Noting that in the Cold War, it was the U.S. and the Soviet Union, the IMF official stressed that now it is the U.S. and China. “If fragmentation deepens, we could find ourselves in a new Cold War,” she cautioned. IMF Official Warns of Cold War II International Monetary Fund (IMF) First Managing Deputy Director Gita Gopinath discussed “Cold War II” in her speech on Monday at the 20th World Congress of the International Economic Association in Colombia. The IMF official began by stating that she believes we are “at a turning point.” She then discussed whether we are “on the brink of Cold War II,” citing historian Niall Ferguson’s argument that it has already begun. She analyzed the “parallels and differences between the Cold War and today” to explore this question, adding: In the Cold War it was U.S. and Soviet Union, now it is U.S. and China. But the stage on which these ...

Senate Coalition Grows to Crack Down on Crypto’s Use in Illicit Finance

U.S. Senator Elizabeth Warren’s bill to crack down on crypto’s use in illicit finance has gained more support among lawmakers. “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Senator Warren. Elizabeth Warren’s Crypto Bill Gains More Support U.S. Senator Elizabeth Warren (D-MA) announced on Monday “an expanded coalition of Senate support” for her bipartisan Digital Asset Anti-Money Laundering Act . Senators Raphael Warnock (D-GA), Laphonza Butler (D-CA), Chris Van Hollen (D-MD), John Hickenlooper (D-CO) and Ben Ray Luján (D-NM) have joined the bill as cosponsors. The Digital Asset Anti-Money Laundering Act “would mitigate the illicit finance risks that crypto poses by closing loopholes and bringing the digital asset eco...

Skybridge Founder Sees Bitcoin as Multi-Trillion-Dollar Asset — Confident Jamie Dimon Will Change His Tune About BTC

Skybridge Capital founder Anthony Scaramucci has predicted a multi-trillion-dollar future for bitcoin, independent of the U.S. Securities and Exchange Commission (SEC)’s spot bitcoin exchange-traded fund (ETF) decision. He also urged Senator Elizabeth Warren to learn more about Bitcoin and expressed optimism that JPMorgan CEO Jamie Dimon “will change his tune about bitcoin” as regulations evolve. Scaramucci Sees Bitcoin as a Multi-Trillion-Dollar Asset Skybridge Capital founder Anthony Scaramucci discussed a variety of topics in an interview with Bloomberg on Monday. While anticipating spot bitcoin exchange-traded fund (ETF) approvals in the first or second week of January, Scaramucci acknowledged the possibility of delays or rejections due to SEC Chair Gensler’s influence. However, “I don’t really think it’s going to matter,” he stressed, elaborating: I think the exponential growth of wallets, and the exponential adoption of bitcoin globally, is going to push prices higher into ...

Donald Trump Launches ‘Mugshot Edition’ Digital Cards With Suit Scraps and Gala Dinner Invitations

Former U.S. President Donald Trump has launched a new digital trading card collection, the Mugshot Edition, and this is the first time he is also offering physical cards. Buyers who purchase 47 of these Mugshot Edition cards will receive a scrap of the suit Trump wore for his mugshot photo, along with an invitation to a gala dinner at his Mar-a-Lago home. Donald Trump’s Mugshot Digital Trading Card Collection Former U.S. President Donald Trump announced on his social media platform Truth Social Tuesday the launch of his new digital trading card collection, citing the success of his previous non-fungible token (NFT) collections. Trump wrote: Due to the great excitement and success of my previous Trump digital trading cards, we’re doing it again — The Mugshot Edition, available right now. “Plus, buy 47 cards and get a piece of the suit I wore for the ‘Mugshot Photo,’ and also get an invite to a gala dinner with me at Mar-a-Lago! Don’t wait, they’ll go fast (I believe!),” Trump em...

Former SEC Official Warns of the End of Binance — ‘It’s Only a Matter of Time Before Entire Binance Plea Deal Collapses’

The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the newly unsealed Department of Justice (DOJ) filing should “signal the end of Binance.” Additionally, he noted that the SEC has heightened its legal action against the crypto exchange. “To me, it’s only a matter of time before the entire Binance plea deal collapses, resulting in additional charges for Binance, additional charges for CZ, and new charges against anyone else,” he stressed. ‘It’s Only a Matter of Time Before the Entire Binance Plea Deal Collapses’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his predictions regarding crypto exchange Binance in a lengthy post on social media platform X Saturday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The ex-SEC official ...

Robert Kiyosaki Doubles Down on Biggest Crash Prediction — ‘No Time to Play Russian Roulette With Your Life’

Rich Dad Poor Dad author Robert Kiyosaki has warned that the biggest crash in history may be starting. Emphasizing that the U.S. banking system is bankrupt, he warned that the S&P 500 will be next to collapse, which will “toast millions” of U.S. retirement plans. There’s “no time to play Russian Roulette with your life,” he stressed. ‘No Time to Play Russian Roulette With Your Life’ The author of Rich Dad Poor Dad, Robert Kiyosaki, has doubled down on his greatest crash warning. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. He wrote on social media X Sunday that bank credit just sold off like in 2008. “This may be the start of the biggest crash in history,” he warned, cautioning that there’s “no time to play Russian Roulette with your life.” In a follow–up post on X, Ki...

Lawyer Says Senator Elizabeth Warren Conspires With SEC Chair Gary Gensler, Violating Her Oath

Lawyer John Deaton claimed U.S. Senator Elizabeth Warren has violated her oath as a member of the Senate Banking Committee. Deaton alleges that Warren, tasked with overseeing the U.S. Securities and Exchange Commission (SEC), “conspired” with close friend and SEC Chair Gary Gensler, providing him with pre-arranged questions and suggested answers for a Senate hearing. ‘Elizabeth Warren Violated Her Oath’ John Deaton, a well-known lawyer in the crypto community, slammed U.S. Senator Elizabeth Warren (D-MA) on social media platform X on Saturday, accusing her of violating her oath as a senator overseeing the U.S. Securities and Exchange Commission (SEC). Deaton’s post was in response to a shared Fox News video clip that presented evidence suggesting that Senator Warren coached SEC Chair Gary Gensler in preparation for a 2021 Senate hearing. Emails obtained from Warren’s office by the Heritage Foundation Oversight Project revealed that her economic advisor sent Gensler a list of ques...

World Gold Council Anticipates Flat Performance In ‘Soft Landing’ Scenario

The World Gold Council (WGC) is anticipating a flat demand for the precious metal in the expected case of a “soft landing” scenario. However, the institution states that a recession is still not off the table, given that the U.S. Federal Reserve has managed only to pull off two soft landings in nine tightening cycles. World Gold Council Examines Gold Demand in Various Scenarios The World Gold Council (WGC) has released its 2024 Gold Outlook report , which examines the possible behavior of the gold markets for next year. According to the institution, the most likely scenario, expected by the markets due to the prediction of growth ahead, is a U.S. economy “soft landing,” forecasting that the Federal Reserve will be able to lower inflation without setting up a decline in the country’s economy. Gold would not be favored in this scenario, as investors historically have favored bonds and stocks instead. However, a soft landing, albeit expected, is still not sure to happen. According to ...

Stablecoin Supply Turning Positive and Rising Protocol Fees Among Key Narratives in 2023 — Study

During Q4 of 2023, the stablecoin supply available to invest in crypto assets was $3.8 billion. This is the first time the net supply of the top five stablecoins has turned positive in nearly two years. In 2023, zero-knowledge (ZK) technology became one of the most consistent talking points in the crypto space. Stablecoin Inflows Outpacing Outflows After six consecutive quarters of negative net supply, the top five stablecoins recorded a positive net supply of $3.8 billion in Q4, according to a new study by Binance. The last time the stablecoin supply was positive was in Q1 2022 when it exceeded $17 billion. As explained in the study report , stablecoin supply indicates the amount of capital that is ready and available to buy crypto assets. The study data shows that Q2 2022 had the largest negative net supply of $15.6 billion, while Q3 of the same year had the lowest negative net supply during the period. However, since the last quarter of 2022 when it topped $9.9 billion, the stab...

Financial Giant Fidelity Discusses Spot Bitcoin ETF Application With SEC

Financial services giant Fidelity recently met with the U.S. Securities and Exchange Commission (SEC) regarding its spot bitcoin exchange-traded fund (ETF) application. Like Blackrock, the world’s largest asset manager, Fidelity appears to be pushing to use the in-kind creation model for its spot bitcoin ETF. Fidelity’s Meeting With SEC Officers from financial services giant Fidelity met with staff from the U.S. Securities and Exchange Commission’s Division of Trading and Markets and the Division of Corporation Finance on Thursday to discuss the firm’s application for Wise Origin Bitcoin Trust, a spot bitcoin ETF, according to a memorandum posted on the SEC website. The memorandum states: The discussion concerned Cboe BZX’s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4). Based on the presentation attached to the memorandum submitted to the SEC by Fidelity during the meeting, the two parties discussed using the in-k...

SEC Warns Crypto Investments Can Be ‘Exceptionally Risky’

The U.S. Securities and Exchange Commission (SEC) has renewed its warning that investments in crypto assets can be “exceptionally risky.” The regulator stressed that crypto-related investments “continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.” SEC’s Crypto Investment Warnings The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy reiterated its warnings about investing in crypto assets on social media platform X on Friday. “Investments in crypto asset securities can be exceptionally risky and are often volatile,” the authority wrote. Investments in #crypto asset securities can be exceptionally risky and are often volatile. Learn more in our Investor Alert: https://t.co/Qd9ps9BPvm pic.twitter.com/dTlk9LE2KV — SEC Investor Ed (@SEC_Investor_Ed) December 8, 2023 The SEC’s investor education office also shared...

Report: 47% of Nigerians Engaged in Crypto-Related Activities

A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. Cryptocurrencies No Longer Seen as Speculative Assets According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. The growth in the number of Nigerians owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system. However, the depreciation of the Nigerian currency, which accelerated in the s...

Russian President Putin: Western Financial System Dying, Major Western Banks Will Be Deprived of Their Monopoly

Russian President Vladimir Putin has stated that the Western financial system is “clearly becoming obsolete.” Furthermore, he said solutions involving blockchain and central bank digital currencies (CBDCs) “will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly.” Putin on Western Financial System Russian President Vladimir Putin shared his view about the Western financial system during the plenary session of the “Russia Calling” forum in Moscow on Thursday. Describing the Western financial infrastructure as “decades-old” and largely controlled by the dollar and the euro, with transactions through Western banks and SWIFT, Putin stated: “Today, transactions in national currencies are effectively replacing this system. Of course, this is still a work in progress, which is obvious, but we are moving in this direction and this process is poised to gain momentum.” The Russian president emphasized: The Western financial system is clearly b...

Novogratz: JPMorgan CEO Jamie Dimon Is Wrong About Bitcoin, ‘Supreme Arrogance’ to Dismiss Value

Galaxy Digital CEO Mike Novogratz says JPMorgan CEO Jamie Dimon has been proven wrong about bitcoin. “I think it’s supreme arrogance to think he knows what has value but all the rest of the people don’t,” said Novogratz after the JPMorgan executive slammed bitcoin as being used by criminals, emphasizing that he would shut it down if he were the government. Jamie Dimon ‘Keeps Being Wrong’ About Bitcoin, Says Novogratz Galaxy Digital CEO Mike Novogratz fiercely criticized JPMorgan CEO Jamie Dimon’s recent remarks about bitcoin and cryptocurrency. The JPMorgan boss said during a congressional hearing earlier this week that he would close down crypto and bitcoin if he were the government, claiming that they are primarily used by criminals, drug traffickers, money launderers, and tax evaders. Expressing his opinion that Dimon is wrong about bitcoin, Novogratz stated: He keeps doubling down and he keeps being wrong. The Galaxy Digital chief proceeded to point out that many of Dimon’...

Vaneck Unveils 15 Crypto Predictions: Spot Bitcoin ETF Approvals, US Recession, BTC’s Historic Rally

Asset management firm Vaneck has unveiled its 15 crypto predictions for 2024. They include the U.S. recession’s arrival, the approvals of spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC), and bitcoin’s historic rally, “potentially spurred by political events and regulatory shifts following a U.S. presidential election.” 15 Crypto Predictions for 2024 Asset management firm Vaneck published its 15 crypto predictions for 2024 on Thursday. The first prediction concerns the U.S. economy slipping into a recession and the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs). Vaneck wrote on social media platform X: The U.S. recession will finally arrive, but so will the first spot bitcoin ETFs. Over $2.4 billion may flow into these ETFs in Q1 2024 to support bitcoin’s price. Vaneck is among the companies that have filed an application to launch a spot bitcoin ETF with the SEC. Other applicants includ...

Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold’s Modest 9% Gain

Gold achieved a record high of $2,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023. Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge Prominent gold supporter and economist Peter Schiff , along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to $2,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin. Gold’s current trading price has dipped by 5.33% from its ...

Indian Government Confirms Commitment to Supporting Web3 Startups

The Indian government has confirmed its commitment to supporting startups that are innovating in the Web3 sector in India. “Web3 represents the future of internet and the government is committed to ensuring that the innovators and innovation from India create the future of Web3 and internet,” said the country’s Minister of State for Electronics and Information Technology. Indian Government’s Web3 Stance The Indian government answered some questions about Web3 in Lok Sabha, the lower house of India’s parliament, on Wednesday. The Minister of Electronics and Information Technology was asked by a parliament member “whether the government supports startups that are innovating in the Web3 sector in the form of any incubation or mentorship.” Noting that blockchain is “an important element of Web3,” Minister of State for Electronics and Information Technology Rajeev Chandrasekhar replied: Yes … Web3 represents the future of internet and the government is committed to ensuring that the i...

US Senator Calls for Light Crypto Regulation That Doesn’t Kill Innovation and Drive Companies Offshore

A U.S. senator says Congress needs to regulate the crypto industry “with a light touch that doesn’t kill innovation in the U.S.” Noting that crypto “has the potential to disrupt much of the traditional banking model,” he s tressed that crypto regulation needs to be appropriate to avoid driving companies offshore. ‘We Need to Regulate With a Light Touch’ Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s controversial remarks about bitcoin and cryptocurrency during an interview with Bloomberg and in a post on social media platform X on Thursday. Commenting on Dimon’s statement made during a Senate hearing that he would close down crypto and bitcoin if he were the government, Hagerty wrote: I can understand why large banks are opposed to cryptocurrencies — the technology has the potential to disrupt much of the traditional banking model. This is not a fight for ...

Crypto Exchange Binance Drops Abu Dhabi License Application as Global Needs Shift

Crypto exchange Binance has withdrawn its application for a license in Abu Dhabi. “When assessing our global licensing needs, we decided this application was not necessary,” a Binance spokesperson stated, adding that the company plans to continue to work with regulators “to provide world-class services and offerings in the Middle East and beyond.” Binance Says ‘This Application Was Not Necessary’ Cryptocurrency exchange Binance has reportedly withdrawn its application with Abu Dhabi’s financial regulator. A spokesperson for Binance said on Thursday: When assessing our global licensing needs, we decided this application was not necessary. According to Binance’s website, Abu Dhabi-based Binance (AD) Ltd. received conditional financial services permission from the Financial Services Regulatory Authority (FSRA) on Nov. 15 last year to provide crypto custody services. The regulator’s website details: “Binance (AD) Limited is not permitted to deal with retail clients, as defined in t...

Thirdweb Begins Mitigation of Vulnerability Affecting Thousands of Smart Contracts

Thirdweb, a Web3 development framework provider, has announced that it has started mitigating a vulnerability that could potentially affect thousands of smart contracts across several networks. The vulnerability, uncovered in November, impacts various pre-built smart contracts that the framework provides for rapidly deploying applications using an undisclosed open-source library. Thirdweb Mitigates Critical Vulnerability Across Dozens of EVM Networks Thirdweb, a Web3 development framework provider, is mitigating the impact of a recently discovered vulnerability in its smart contracts suite. The organization stated that in the last 48 hours, more than 8,000 contracts had been mitigated to contain the impact of this vulnerability, and it is working to extend these actions. While the organization stated that the vulnerability derived from an open-source Web3 library used across the industry, it has not disclosed its specific nature or its mitigation procedures. Thirdweb announced the...

Peter Schiff Says Global Tax Chiefs’ Only Enforcement Success Is Its ‘Failed’ Action Against His Bank

Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax evasion.” Schiff stressed: “Other than the failed investigation of my bank, which did not result in any charges being filed against anyone, the J5 has not had a single enforcement success in its 5-year plus history of existence.” Peter Schiff Says J5’s Only Success Is a Failure Economist Peter Schiff slammed the Joint Chiefs of Global Tax Enforcement (J5) on Wednesday, claiming its only success is a failed action against his bank, Euro Pacific Bank. J5 was established in 2018 by leaders of tax enforcement authorities from Australia, Canada, the Netherlands, the U.K., and the U.S. to increase collaboration in the fight against international and transnational tax crime and money laundering. Schiff detailed: The only J5 enforcement success the IRS brags about o...

Robert Kiyosaki Warns ‘This Next Crash May Turn Into a Depression’

Rich Dad Poor Dad author Robert Kiyosaki has warned that a soft landing for the U.S. economy is a fantasy, emphasizing that a crash landing is more likely. Noting that he already warned of this giant crash in his Rich Dad’s Prophecy book, the famous author stressed: “This next crash may turn into a depression.” Robert Kiyosaki on Giant Crash and a Depression The author of Rich Dad Poor Dad, Robert Kiyosaki, has once again sounded the alarm about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki wrote on social media platform X Wednesday: “Soft landing is a fantasy. Crash landing more likely. I warned of this giant crash in my book Rich Dad’s Prophecy pub 2012.” He continued: This next crash may turn into a depression. The renowned author also share...
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