Bitcoin News and Finance: What You Need to Know

Rich Dad Poor Dad author Robert Kiyosaki has shared the reason why he owns bitcoin, stating that the cryptocurrency protects against “the theft of our wealth via our money.” The famous author warned that the Federal Reserve, the government, and Wall Street bankers steal our wealth, specifically via inflation, taxation, and stock price manipulation. Robert Kiyosaki Explains Why He Owns Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has explained why he owns bitcoin. 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 explained in a post on social media platform X Tuesday: Why I own bitcoin. Bitcoin is protection against the theft of our wealth via our money. “Fed Chairman Powell, Treasury Secretary Yellen, and Wall Street bankers steal our wealth via our mone

Billionaire venture capitalist Tim Draper has doubled down on bitcoin and his price prediction of the crypto. “I think that there’s going to be a moment where there’s a run on the banks,” he cautioned, adding: “I actually think that there will be a moment in time when I can buy my food, clothing, and shelter all in bitcoin. And people won’t want dollars anymore.” Tim Draper on Government and Bitcoin Billionaire venture capitalist Tim Draper discussed his bitcoin outlook in an interview with Bloomberg on Tuesday. Draper is famous for his $250,000 bitcoin price prediction . When the price of BTC was $400, he predicted that it would take four years for it to reach $250K. Draper admitted that his prediction missed the mark because he underestimated several crucial factors. “A few things I didn’t expect. I didn’t expect the U.S. government to be so paranoid about it [bitcoin]. I expected the U.S. government to figure out how to tax it and figure out how to allow people to do business w

As part of its ongoing efforts to modernize financial regulations, China is revising its Anti-Money Laundering laws to include stringent measures against cryptocurrency-related transactions. This revision, the first since 2007, aims to plug the legal gaps exploited in the burgeoning world of digital currencies. China to Tighten Grip on Digital Assets With Revised Anti-Money Laundering Law China is set to overhaul its Anti-Money Laundering (AML) laws, incorporating cryptocurrency-related transactions into its regulatory framework. This major revision, according to an article in Jiemian.com , is the first since 2007 and comes amid increasing concerns over the use of digital assets in money laundering activities. Prime Minister Li Qiang chaired a key executive meeting of the State Council on Jan. 22, to address the revised AML law. The initial draft for this revision was first proposed in June 2021 and later included in the 2023 legislative work plan of the State Council. The final la

The SEC has decided to abandon its lawsuit against Debt Box, a crypto company previously accused of defrauding investors of millions. This decision follows the SEC’s acknowledgment of presenting misleading information in court, a revelation that undermines the agency’s case and credibility. Inaccuracies in Court Lead SEC to Drop Fraud Case Against Crypto Firm Debt Box The U.S. Securities and Exchange Commission (SEC) has requested to dismiss its lawsuit against crypto startup Debt Box. The decision comes after the SEC admitted to making inaccurate statements in court. The lawsuit, initially filed against Digital Licensing Inc., which does business as Debt Box, accused the company of defrauding investors of at least $49 million. The SEC claimed that Debt Box offered “node licenses” for mining cryptocurrencies that were never actually mined. This action was part of a broader crackdown by the SEC on cryptocurrency firms, under the leadership of Chair Gary Gensler who has repeatedly s

Standard Chartered has predicted that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot ethereum exchange-traded fund (ETF) in May. The banking giant’s analyst foresees the price of ether rising to $4,000 by the expected approval date. Standard Chartered’s Ethereum ETF Prediction Standard Chartered published a note on Tuesday detailing why it expects the U.S. Securities and Exchange Commission (SEC) to approve spot ethereum exchange-traded funds (ETFs) in May, Bloomberg reported. The bank’s head of crypto research and Western emerging markets FX, Geoff Kendrick, anticipates the SEC’s approval of spot ethereum ETFs to mirror the agency’s approach to spot bitcoin ETF approvals. The analyst explained that May 23 is the last date by which the securities regulator must approve or deny spot ethereum ETF applications from Vaneck and Ark 21shares. He expects the SEC to make a decision on the final date, similar to its Jan. 10 approval of 11 spot bitcoin ETFs. Ken

During a panel discussion at the recent Foundation for Defense of Democracies event, Arkansas Republican French Hill shared a positive update on the trajectory of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. US Representative French Hill Foresees Bright Future for Crypto Bills at FDD Event In a recent event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Rep. French Hill, an Arkansas Republican and chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, shared promising updates on the progress of two significant crypto-related bills. Rep. Hill, during a panel discussion at the FDD event, conveyed a sense of optimism about the advancement of legislation concerning stablecoins and the broader regulatory framework for cryptocurrencies. He noted that by the end of 2023, lawmakers had marked up two bills: the Financial Innovation and Technology for t

A Finnish law enforcement agency, the National Bureau of Investigation (NBI), recently claimed that it may have found a way to trace the privacy coin Monero. However, proponents of the privacy coin have dismissed the agency’s claims and insisted that the cryptocurrency is still untraceable. Identification of Hacker Behind Vastaamo Data Breach Revealed The Finnish law enforcement agency, the National Bureau of Investigation (NBI), recently claimed that it has found a way of identifying individuals who use the privacy coin Monero ( XMR ) to launder money. To back this claim, the agency produced a report explaining why it concluded that Julius Aleksanteri Kivimäki was the criminal behind the Vastaamo breach. Finnish authorities have long believed Kivimäki to be the cybercriminal behind the hacking of the private psychotherapy service provider Vastaamo’s patient database in October 2020. After gaining access to patients’ records, Kivimäki demanded 40 bitcoins ( BTC ) in exchange for no

Douglas Boneparth, the president and founder of Bona Fide Wealth, recently articulated his perspective on bitcoin, describing it as a digital equivalent of gold or a store of value in the digital realm. In addition, Boneparth further highlighted the contrasts in approach between traditional trade finance behemoths such as Blackrock and Fidelity, and those more ingrained in the cryptocurrency world, such as Bitwise and Vaneck. Investments That Produce Alpha — ‘These Are Things That Clients Will Always Have Some Appetite for,’ Says Boneparth In a recent discussion , Douglas Boneparth, president and founder of Bona Fide Wealth, shed light on the emerging spot bitcoin exchange-traded funds (ETFs) and the categorization of bitcoin as an asset class. Engaging with Eric Balchunas , Bloomberg’s senior ETF analyst, on the “Bloomberg ETF IQ” show, Boneparth compared bitcoin to what he terms digital gold. “I do view it in its most simplistic form as digital gold, as a digital store of value,”

An Indian national has pleaded guilty in a case involving “the largest single cryptocurrency and cash seizure” in the U.S. Drug Enforcement Administration (DEA) history. The defendant “is designated as a Consolidated Priority Target, which makes him one of the most significant drug trafficking threats in the world,” the U.S. Department of Justice (DOJ) described. This Case Involves Largest Single Cryptocurrency and Cash Seizure in DEA History, Says DOJ The U.S. Department of Justice (DOJ) announced Friday that a 40-year-old Indian national, Banmeet Singh, has pleaded guilty to “running a dark web narcotics conspiracy.” Specifically, he pleaded guilty to conspiracy to possess with the intent to distribute controlled substances and conspiracy to commit money laundering. The announcement details: According to the DEA, this case involves the largest single cryptocurrency and cash seizure in DEA history; the defendant has forfeited cryptocurrency accounts that ultimately became worth $

Veteran trader Peter Brandt has highlighted a bitcoin price pattern that frequently appeared in past major bull runs. “It is the Hump …Slump …Pump… Dump [HSPD] that keeps a bull trend healthy,” he explained, emphasizing: “Study past major bull runs in bitcoin and you will discover they were replete with HSPDs.” Bitcoin Bull Runs and HSPD Pattern Veteran trader Peter Brandt shared his observation about bitcoin’s price pattern he called the “Hump, Slump, Pump, Dump” (HSPD) on social media platform X Sunday. “The old ‘Hump with a Slump then a Pump and a Dump’ is back — and this is the price behavior that separates Chumps from their money,” the trader described. “Study past major bull runs in bitcoin ( BTC ) and you will discover they were replete with HSPDs. The Chumps FOMO [fear of missing out] buy the Pump only to puke out their purchases with the Dump.” Brandt opined: It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy. Let’s see if HSPD works its magic once again. B

A new Binance survey has found that 73% of European respondents are optimistic about the future of crypto, with 55% exclusively using cryptocurrencies for everyday purchases. “We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies,” said Binance’s CMO. Europe ‘Actively Paving the Way for Mainstream Adoption of Digital Assets’ Cryptocurrency exchange Binance recently surveyed its European users in France, Spain, Italy, and Sweden to understand their crypto investing habits. The survey was conducted between Oct. 14 and Nov. 8, 2023, with 10,498 participants. The results were released on Jan. 24. According to the results, 73% of respondents are optimistic about the future of cryptocurrency, with 55% exclusively using cryptocurrencies for everyday purchases and 24% making over half their trades in crypto. Beyond everyday spending, the survey reveals diverse crypto uses: 34% for long-term tr

The Stellar Development Foundation wishes to put a hold on the upcoming Protocol 20 upgrade of the Stellar blockchain network, originally scheduled for January 30. This decision follows the discovery of a bug that could impact the Soroban smart contract transactions. Stellar Development Foundation Wants to Hit Pause on Protocol 20 Upgrade Due to Critical Bug The Stellar Development Foundation (SDF) has announced a delay in the Protocol 20 upgrade of the Stellar blockchain, originally scheduled for January 30. The decision follows the discovery of a bug in Stellar Core v20.1.0, which could potentially impact Soroban transactions. The SDF, in a blog post dated January 27, expressed its commitment to ensuring the network’s readiness for the upgrade, but also the importance of consensus within the ecosystem. “We are not an ecosystem of one,” the post read, emphasizing the collaborative nature of the decision-making process. The bug , identified on January 25, affects fee-bumped Sorob

Congressman Rand Paul reintroduced the Federal Reserve Transparency Act, also known as the “Audit the Fed” Bill, as a standalone piece of regulation into the U.S. Senate. The bill seeks to take the lid off what Paul considers to be the “entirely unknown inner workings” of the U.S. Federal Reserve and its operations. Senator Rand Paul Announces Reintroduction of Federal Reserve Transparency Act U.S. Senator Rand Paul from Kentucky announced he was reintroducing the Federal Reserve Transparency Act, also known as the “Audit the Fed” bill, into the U.S. Senate. The regulation aims to bring transparency and oversight to the inner workings of the U.S. Federal Reserve, which Paul criticizes as obscure and almost entirely unknown. In its current form, the bill would repeal the current statutory protections preventing the organization of a full audit of the Board of the Fed and its banks, ordering the U.S. Government Accountability Office (GAO) to scrutinize the Fed’s actions, transactions

U.S. presidential candidates Robert F. Kennedy Jr. (RFK Jr.) and Donald Trump have independently promised the American people to stop the creation of a central bank digital currency (CBDC) in the U.S. if elected President. “I will protect Americans from government tyranny,” Trump said, adding that a CBDC “would be a dangerous threat to freedom.” Kennedy similarly warned that a digital dollar “will allow the government to surveil all our private financial affairs.” Donald Trump and Robert F. Kennedy Jr. Both Vow to Stop CBDC Creation if Elected U.S. presidential candidates Donald Trump and Robert F. Kennedy Jr. (RFK Jr.) have independently voiced strong opposition to the creation of a central bank digital currency (CBDC) in the U.S. Kennedy posted on social media platform X last week that he has been discussing financial freedom in the 21st century with Dr. Joseph Mercola, an osteopathic physician and best-selling author. The presidential hopeful promised: “As president, I will end

Financial giant Vanguard has explained why the firm does not make spot bitcoin exchange-traded funds (ETFs) available on its trading platform. A Vanguard executive stressed that cryptocurrency is “an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.” Vanguard Explains Why It Disallows Spot Bitcoin ETFs Vanguard published a blog post titled “No Bitcoin ETFs at Vanguard? Here’s why” on Jan. 24, explaining the firm’s stance on cryptocurrency and why it does not allow clients to trade the newly approved spot bitcoin exchange-traded funds (ETFs). Vanguard serves more than 50 million investors worldwide as of Dec. 31, 2023. The firm manages around $8 trillion globally. Following the approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this month, Vanguard has drawn attention for disallowing its clients to trade the newly launched products. The company also has no plans

In a recent interview with Gareth Soloway, the chief market strategist at verifiedinvesting.com, Soloway suggested that bitcoin might revisit the $15K level should a significant stock market sell-off occur. Soloway Predicts Potential Bitcoin Dip to $15K Two days ago, in a freshly released Youtube video, Gareth Soloway of verifiedinvesting.com engaged in a new interview with Michelle Makori, Kitco News’ lead anchor and editor-in-chief, delving into bitcoin’s latest trends and its potential future trajectory. Soloway shared insights on his approach to analyzing various data sets for forecasting future trends and drawing conclusions. He highlighted the alignment of the 2017 and 2021 bitcoin bull markets with significant events: the introduction of regulated bitcoin futures in 2017 and the Coinbase initial public offering (IPO) in 2021. Soloway said: These big news stories create so much hype and the top in bitcoin. For Soloway, the current bitcoin price level and its recent do

U.S. Securities and Exchange Commission (SEC) crypto enforcement skyrocketed in 2023, with more than a 50% increase in crypto-related enforcement actions compared to 2022, according to a new report. The securities regulator “continues to view cryptocurrency-related enforcement as a top priority, bringing 46 enforcement actions against various digital-asset market participants,” the report details. SEC Prioritizes Crypto Enforcement Cornerstone Research released a report this week titled “SEC Cryptocurrency Enforcement,” revealing that the SEC’s enforcement focus on digital assets reached a new high last year. “The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46 enforcement actions against various digital-asset market participants in 2023,” Cornerstone Research described, elaborating: This number is the highest since 2013 and a 53% increase from 2022. “In the first quarter of 2023 alone, the SEC broug

A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below $20,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between $40,000 and $75,000 by the end of the year. Respondents Expect Bitcoin to Fall Below $20K According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility. The survey showed that over one-third of respondents believe bitcoin will drop below $20,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC ’s price to range between $40,000 and $75,000 by the end of the year. Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report

Global investment bank JPMorgan says that profit-taking from Grayscale’s bitcoin trust (GBTC) has largely happened already. “This would imply that most of the downward pressure on bitcoin from that channel should be largely behind us,” the bank’s analyst explained. JPMorgan’s Bitcoin Price Outlook Global investment bank JPMorgan weighed in on the crypto market again this week following a bitcoin selloff that saw the price of BTC dropping from above $47K before the spot bitcoin exchange-traded fund (ETF) approvals to below $39K this week. The bitcoin selloff is accompanied by massive outflows from Grayscale’s bitcoin trust (GBTC), which converted into a spot bitcoin ETF following the approval by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. Since Jan. 12, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC , equivalent to $4.77 billion, based on the BTC exchange rates as of Jan. 27. On Thursday, JPMorgan strategist Nikolaos Panigirtzoglou said: “Given $4.3b

The crypto community is abuzz with anticipation for the upcoming Bitcoin network halving event, projected to occur on or around April 20, 2024. This event is sparking widespread speculation about its distinct importance. As the fourth Bitcoin halving nears, a theory of a potential major blockchain reorganization, fueled by the extraordinary worth of the halving block, is seizing the attention of crypto enthusiasts. Ordiscan Founder Says Bitcoin’s Next Halving May Trigger Unprecedented Reorg The upcoming Bitcoin network’s reward halving is not just a routine milestone. With less than 13,000 blocks left until the halving, occurring at block height 840,000, this event might mark a historic turning point for the protocol. Tristan , the founder of Ordiscan.com , emphasizes the unusual nature of this halving in a blog post called “The Next Bitcoin Halving Will be Reorged.” In the blog post, the author claims that Bitcoin block 840,000 is predicted to have the most valuable block reward

A survey of European Central Bank (ECB) staff has revealed widespread dissatisfaction with President Christine Lagarde’s leadership. More than half of the respondents rated Lagarde’s performance as “very poor” or “poor.” Some expressed concerns that the former International Monetary Fund (IMF) chief “does not necessarily act according to the values she proclaims.” Lagarde Spends ‘Too Much Time on Topics Unrelated to Monetary Policy’ The International and European Public Services Organisation (IPSO), a union founded by European Central Bank (ECB) staff, conducted a survey among ECB staff asking them to assess the performance of Christine Lagarde as a president of the ECB. The survey was conducted between Dec. 12 and Dec. 22, 2023. Lagarde was France’s finance minister between 2007 and 2011. She then served as the managing director of the International Monetary Fund (IMF) between 2011 and 2019. According to the survey results, released earlier this week, 50.6% of 1,159 respondents ra

The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on spot ethereum exchange-traded funds (ETFs) proposed by Blackrock, the world’s largest asset manager, and Grayscale Investments. Grayscale is seeking to convert its existing Ethereum Trust into a spot ETF. Spot Ethereum ETF Decisions Delayed by SEC This week, the U.S. Securities and Exchange Commission (SEC) delayed two applications for spot ethereum exchange-traded funds (ETFs). Following the recent approval of 11 spot bitcoin ETFs, investors are closely watching the SEC for potential decisions on spot Ethereum ETF proposals. On Wednesday, the SEC delayed an application by the Nasdaq Stock Market to list and trade shares of Blackrock’s Ishares Ethereum Trust . The application was filed on Nov. 21 last year and published for comment in the Federal Register on Dec. 11. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC wrote

Chinese investors are increasingly putting part of their portfolios in cryptocurrency due to the state of the national stock market. According to reports, investors are using exchanges like Binance or Okx, or Hong Kong local exchanges, to purchase crypto using payment methods like Alipay and Wechat, even when cryptocurrency is banned in the Chinese mainland. Chinese Investors Seeking Earnings in Crypto Cryptocurrency is making a comeback in China, as Chinese investors have turned to these looking for profitability as the national stock market is facing a slump. According to Reuters , even though purchasing and trading cryptocurrency has been banned since 2021, Chinese investors have found a way to allocate significant fractions of their portfolios to crypto. These investors can use exchanges like Binance and Okx trading groups and traditional payment methods like Alipay and Wechat to purchase stablecoins from local dealers, entering the cryptocurrency investment arena. Also, over-t