U.S. Representative Patrick McHenry is pro-bitcoin. He is now hosting the Bitcoin whitepaper on his official congressional website and has called on other lawmakers to embrace innovation like Bitcoin. He believes that the cryptocurrency is unstoppable and governments cannot kill it.
A growing number of U.S. lawmakers have recently spoken in support of Bitcoin. Among them is Congressman Patrick McHenry from the state of North Carolina. On Friday, he talked on CNBC’s Squawk Box about how to approach regulation after last week’s market swings. “You can’t put technology back in the box. Innovation is here. We have to embrace. We have to broaden access to our markets, we have to broaden access to our financial products,” he said.
McHenry has long been a Bitcoin advocate. Last week, when the lawyer of the self-proclaimed Satoshi Nakamoto, Craig Wright, threatened to sue a few website owners for hosting the open-source Bitcoin whitepaper on their websites, McHenry uploaded the document onto his official congressional website. He then tweeted:
Policymakers should be on the side of innovation and ingenuity, which are vital to American competitiveness. I hope others in US govt join me. #Bitcoin
Another pro-Bitcoin U.S. politician is Miami Mayor Francis Suarez. He uploaded the Bitcoin whitepaper onto the Miami city website following the Craig Wright lawsuit threat. “The city of Miami believes in Bitcoin and I’m working day and night to turn Miami into a hub for crypto innovation. Proud to say Miami is the first municipal government to host Satoshi’s White Paper on government site,” Suarez wrote Wednesday.
Praising Suarez’s efforts in promoting Bitcoin and innovation, McHenry replied: “Impressed by what you are doing in Miami, Mayor Francis Suarez. I hope more policymakers will join us to support American innovation.”
Earlier this month, Suarez discussed putting some of Miami city’s treasury reserves in BTC and said he is working to allow payments of city services in the cryptocurrency.
McHenry has said that bitcoin is unstoppable and governments should not attempt to ban it. “The world that Satoshi Nakamoto, author of the Bitcoin whitepaper, envisioned and others are building is an unstoppable force,” he said during a hearing of the Committee on Financial Services in July 2019. “We should not attempt to deter this innovation, and governments cannot stop this innovation and those that have tried have already failed.” McHenry additionally emphasized: “Due to the nature of the technology of Bitcoin, governments cannot kill it, nor should they.”
Last week, McHenry commented on Joe Biden’s pick for the new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. He believes that the MIT blockchain professor’s receptiveness to new financial technologies and cryptocurrency is positive.
The U.S. Senate also has a vocal bitcoin advocate. Sen. Cynthia Lummis from Wyoming has vowed to help her colleagues in Congress understand that bitcoin is a great store of value.
What do you think of pro-bitcoin U.S. politicians? Let us know in the comments section below.
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- Bitcoin Hurtling Toward $300,000 Price Tag According to Global Macro Investor Report – Here’s the Timeline
- Bitcoin Posts Comeback Rally on Elon Musk Comment; Analyst Sees ATH
- India Proposes New Law To Ban All Private Cryptocurrenices
- Elon Musk Says He Supports Bitcoin; Institutional OTC Deals Rise
- Elon Musk: Bitcoin is on the verge of seeing broader acceptance by finance
Bitcoin Hurtling Toward $300,000 Price Tag According to Global Macro Investor Report – Here’s the Timeline
Raoul Pal’s Global Macro Investor (GMI) Report is expecting Bitcoin to meteorically rise to a price tag that’s over 7x its current valuation before 2021 expires.
Pal retweeted a chart shared by pseudonymous Twitter user det showing that Bitcoin is hurtling towards $300,000 by October 2021 based on GMI’s Model Metcalfe Value.
Chaos. 300k by Oct 2021. Life changing it would be. pic.twitter.com/DGiWzLTT3x
— det (@Ctrl_Shft_N) January 29, 2021
According to GMI’s model, the Metcalfe Value represents the middle point that tracks the performance of Bitcoin during bull and bear markets. In previous bull markets, BTC has managed to soar above the Metcalfe Value, while in bear markets, BTC has stayed close or dived below it.
GMI’s chart shows that BTC is extremely undervalued at its current price of around $34,000. Tracking the Metcalfe value, Bitcoin should be trading above $100,000.
User det also shared another image from the report suggesting that Bitcoin is still in the earliest stage of the adoption curve as innovators and institutional players embrace the leading cryptocurrency. GMI believes that Bitcoin will eventually catch up to its Metcalfe Value on the back of growing adoption rates.
GMI founder and CEO Raoul Pal is a big Bitcoin bull who expects the leading cryptocurrency to surge to as high as $1 million in five years. Recently, Pal revealed that in addition to Bitcoin and Ethereum (ETH), he’s also holding 10 altcoins that make up 5% of his crypto portfolio.
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Bitcoin Posts Comeback Rally on Elon Musk Comment; Analyst Sees ATH
Bitcoin prices raced towards $35,000 as European investors woke up to Elon Musk’s latest cryptocurrency endorsement.
The BTC/USD exchange rate rose as much as 4.8 percent during the Asian and early European session to hit an intraday high of $34,728. That followed a 2.63 percent jump last week that closed January at a 14.13 percent monthly profit.
Bitcoin attempts to break above its short-term trendline resistance. Source: BTCUSD on TradingView.com
The jolt of recent retail interest came after Tesla and SpaceX founder Elon Musk—a high-profile tech celebrity in his own way—relaunched himself as a Bitcoin supporter. In an audio conference call with venture capitalist Andreessen Horowitz and other investors, Mr. Musk called the cryptocurrency “a good thing,” stating that it is standing on the “verge of getting broad acceptance by conventional finance.”
Mr. Musk’s comments followed his cryptic Twitter bio update on Friday in which he modified his introduction to just one word: Bitcoin.
That helped raise the cryptocurrency to its weekly high above $38,500 as many analysts noted that Mr. Musk would convert his companies’ cash reserves into Bitcoin. Nevertheless, it pared those gains entirely heading into the weekend, only to resume its upside move on Monday after Mr. Musk’s latest statement.
“The richest man in the world is a big fan! He must have a bag,” said Lark Davis, a crypto YouTuber, on Monday. “Elon Musk probably going to announce his bitcoin buy soon. The guy has to have a few hundred million worths by now!“
A super-dovish Federal Reserve, near-zero interest rates, unlimited bond-buying, and stimulus injections worth more than $3 trillion has prompted investors to pour their capital into the Bitcoin market in the last eleven months. Most of them, including corporate firms MicroStrategy and Square, see the cryptocurrency as a hedge against inflation.
US dollar index's gains stand limited by concrete resistance areas. Source: DXY on TradingView.com
Tesla has $19 billion worth of cash reserves that may likely lose their dollar value should the Fed’s dovish program continue. That has raised the prospect that Mr. Musk may convert a portion—if not all—of its cash balances to Bitcoin.
The latest push upward has improved Bitcoin’s prospects of recording another bull run to retest its record high near $42,000. For starters, the cryptocurrency is visibly attempting to break out from a Rising Wedge pattern. Its primary upside target is near $50,000.
Furthermore, Marc Principato, the executive director of Green Bridge Investing, sees a so-called Wave 5 brewing on the Bitcoin charts, anticipating that maintaining support above the $27,500-$30,000 area would push the price back past $40,000 in the coming sessions.
“Based on our specific rules, as long as the price fluctuates above 27.5K, our outlook will continue to be bullish, even within this smaller range bound structure,” the analyst wrote. “27.5K to 30K is a broader higher low area, and in the context of a bullish trend, higher lows often lead to higher highs.”
Bitcoin bullish setup highlighted by Marc Principato. Source: BTCUSD on TradingView.com
Dmytro Volkov, CTO of the international cryptocurrency exchange CEX.IO, matched the bullish sentiment by providing the details of their latest signup statistics. He noted that the number of new users on their exchange increased after Mr. Musk’s pro-Bitcoin update.
“This Friday we have experienced an anomalously high number of new registrations on CEX.IO. We saw a similar surge in early January, but there were half as many registrations then,” he told NewsBTC via email.
“Right now, the number of new user registrations is about 4 times higher than normal. Other exchanges are seeing similarly sharp increases in user numbers,” he added.
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India Proposes New Law To Ban All Private Cryptocurrenices
January 31, 2021
India proposes new law to ban all private cryptocurrencies in the new chapter of fighting between crypto enthusiasts and the Indian government as we can see in our latest cryptocurrency news.
The new law could prohibit any private cryptocurrency if it gets approved. India proposes new law as it resumed its efforts to ban crypto after the long political and legal battle. The latest moves come from the government as it revealed a bill that could put all crypto activity away. The “cryptocurrency and regulation of official digital currency bill” wants to ban private cryptocurrencies that are not issued by the state. This path could serve a severe blow to the country’s growing crypto industry.
It’s important to note that several crypto exchanges and other crypto-related businesses gained became legitimate after a court ruling declared that cryptos were legal. The court ordered the country’s Central Bank to retraced measures affecting crypto as long as they are not framed as criminal conduct. The regulatory framework is prohibiting the use of crypto and it seems that the next logical step is what will overturn the court ruling. If this initiative goes on, the entire industry will be illegal as the law comes into force.
The Indian lawmakers are seeking just that. According to official sources, the goal of the law clear and has no room left for other interpretations. In order for a digital currency to be issued, the Reserve Bank of India has to do it so all private cryptocurrencies will be prohibited which will allow for certain exceptions for promoting the technology. The issuance of the RBI-controlled CBDC is one of the exceptions to the rule because the government was already exploring the idea of a Digital Rupee for the past few years but it was always cautious when talking about progress or the current status of the project.
Back in 2019, Governor Shaktikanta Das said that it’s too early to speak on the legal progress of the coins because this stance is crucial for India’s regulatory framework:
“Some discussions are going on. Technology has not yet fully evolved. It is still in very incipient stage of discussions and the RBI we have examined it internally.”
The news wasn’t welcomed in the crypto space as Sumit Gupta, the co-founder of COINDCX said that the government has to clarify what it considers to be a privacy and public crypto because BTC tends to be considered a public cryptocurrency because it is not controlled by a centralized entity.
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Elon Musk Says He Supports Bitcoin; Institutional OTC Deals Rise
It is official. Elon Musk supports Bitcoin.
The Tesla and SpaceX founder called the flagship cryptocurrency “a good thing,” adding that it is on the “verge of getting broad acceptance by conventional finance” as he responded to Andressen Horowitz and other prominent investors during a Clubhouse Conversation meetup on February 1.
BREAKING: @ELONMUSK CONFIRMS HE SUPPORTS #BITCOIN NOW!!!!! pic.twitter.com/bEBjkOAuQe
— MMCrypto (@MMCrypto) February 1, 2021
Mr. Musk’s statements served as one of the biggest and most influential endorsements for Bitcoin, a financial asset ridiculed mostly by traditional financial experts, some of them calling it from a “greatest bubble of all times” to “the mother and father of all scams.”
But the coronavirus pandemic shifted many views towards cryptocurrency.
A super-accommodative Federal Reserve, ultralow interest rates, and more than $3 trillion worth of stimulus aid have underpinned much of the Bitcoin buying enthusiasm during the previous 11 months. Most recently, a former Bitcoin critic, hedge fund Bridgewater Associates LLC’s founder Ray Dalio, said he is looking to add Bitcoin to their balance sheets as a defense against a bearish US dollar.
Mr. Musk, now an official Bitcoin supporter, did not say much about his plans to dump his companies’ cash reserves for Bitcoin. Interpretations among social media influencers went ballistic, nonetheless.
I think @elonmusk definitely owns Bitcoin now. He did his best not to announce it though. #mytwosats
— John Carvalho (@BitcoinErrorLog) February 1, 2021
The Bitcoin-to-dollar exchange rate moved modestly higher during the late Asian trading session Monday.
As of 0813 UTC, the pair was up by $655, or 1.98 percent, to $33,792. An hour ago, just around Mr. Musk’s statements, its price briefly rose above its 200-period simple moving average resistance, signaling that bulls are looking to capitalize on the high-profile endorsement.
The move upside also appeared as the US dollar softened against rally across the Asian stocks. Earlier, the greenback had found suppport as distressed investors and traders hunted for safe-havens amid an assault on hedge fund short positions by an army of Redditors. The crowd’s focus this week has shifted to silver, which may prompt further demand for hedging assets.
That somewhat coincides with a spike in institutional investments into Bitcoin at the start of this week. Data provided by blockchain analytics firm, CryptoQuant, noted massive BTC outflows from Coinbase Pro wallets to its custody addressess.
“It’s likely to be OTC deals from institutional investors,” said CryptoQuant CEO Ki-Young Ju. “I believe this is the strongest bullish signal.”
Meanwille, Green Bridge Associates’ Marc Principato also sees a rally ahead in the Bitcoin market.
“Based on our specific rules, as long as price fluctuates above 27.5K, our outlook will continue to be BULLISH, even within this smaller range bound structure. 27.5K to 30K is a broader higher low area, and in the context of a bullish trend , higher lows often lead to higher highs.”
Mr. Principato expects Bitcoin to hit its previous record high near $42,000.
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Elon Musk: Bitcoin is on the verge of seeing broader acceptance by finance
Bitcoin is about to see broader adoption in the traditional finance world, says the world’s richest man.
Published on January 31, 2021
Bitcoin (BTC) is on the verge of seeing broader acceptance, Elon Musk, the CEO of Tesla, said in a Clubhouse conversation on Feb. 1.
Clubhouse is an exclusive audio chat social media platform that is invite-only. Members can join various conversations, akin to an online private conference.
“I am late to the party but I am a supporter of #Bitcoin.” – Elon Musk
— Dan Held (@danheld) February 1, 2021
During the conversation with Andressen Horowitz and other prominent investors, Musk was asked about his thoughts on Bitcoin.
On Jan. 29, Musk put the word “Bitcoin” in his Twitter bio, causing the price of BTC to rally by more than 14% in 30 minutes.
After the occurrence, Bitcoin investors and enthusiasts were highly anticipating positive comments about crypto, in general, from Musk.
When asked about Bitcoin, Musk said according to industry executives who were able to listen to the chat:
“I do think Bitcoin is a good thing. I’m a supporter of Bitcoin. I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”
Industry executives were generally positive about Musk’s comment on Bitcoin. James Todar, a partner at Greymatter Capital, said:
“One of the most forward thinking inventors of our age missed bitcoin. On Clubhouse just now, @elonmusk tells of a friend who gave him a cake in the shape of a bitcoin back in 2013. Despite being ‘late to the party’ Elon thinks bitcoin is on the verge of acceptance in finance.”
Dan Tapiero, a partner at 10T Holdings, shared a similar sentiment. He said that the richest man in the world being a Bitcoin supporter “feels good.” Tapiero wrote:
“Somehow it feels good that @elonmusk , a #Bitcoin supporter near my age is the richest man in the world. Was getting tired of Gates/Buffett/Bezos…older guys in old tech or no tech and not bitcoiners. With an iconoclast and a visionary as example maybe there is hope for Gen Z.”
As Cointelegraph reported, prominent Bitcoin investors such as billionaire Tim Draper have been asking Musk and his businesses such as Tesla to accept BTC directly, which would give Bitcoin a massive boost in global awareness.
The price of Bitcoin pulled back by around 3% immediately after Musk commented about the dominant cryptocurrency.
There are two reasons why the price of Bitcoin might have dropped after Elon talked about Bitcoin. First, some may have anticipated Musk to disclose his Bitcoin holdings.
Second, the market might have reacted with a sell-the-news response, as the minor pullback occurred merely minutes after Musk’s comments were publicized.
As Cointelegraph reported, the price of Bitcoin has been showing weakness since the “Elon pump” to $38,000 on Friday. Traders are now closely watching technical resistance at $34,500 and $35,000 that must be broken to avoid more downside in the short term.