The Estate of Pablo Escobar Launches Crypto In An Effort To Fund Trump’s Impeachment
Pablo Escobar’s estate, through his brother’s efforts, has announced plans to launch new crypto that is to be used in funding efforts to get President Donald Trump impeached. The news comes less than twenty-four hours after the family sent out a press release stating that it had been censored by GoFundMe after raising close to fifty million dollars in their crowdfunding campaign.
According to TheNextWeb, Escobar Inc. wants to run an ICO (initial coin offering) that will culminate in the launch of a stablecoin that will be pegged to the American dollar. The stablecoin to be launched by the family has been appropriately christened ESCOBAR.
Escobar Inc. took this bold step as a way of ensuring that no centralized authority or entity will be able to censor future fundraising efforts that may be started by the estate. So far, it appears as though all the estate’s efforts have been focused on ensuring that Donald Trump is dethroned from the White House.
Reports released by the estate also claim that the ESCOBAR coin is intended to compete directly with USDT (Tether), which so happens to be one of the leading stablecoins in the world. But the Escobar estate does not recognize this as it claims that the stablecoin is unstable, and should, therefore, not be trusted.
The Estate Alleges That Trump Shut Down Its Fundraising Efforts
Escobar Inc. claims that it had managed to raise close to ten million dollars in less than ten hours. This was in the hours before GoFundMe pulled down their page. According to the estate, the initial objective was to raise a total of fifty million dollars using the platform alone.
Olof Gustafsson, who is the estates’ current CEO state that after being shut down by GoFundMe, they came up with the idea to raise their own stablecoin. This is a move that saw the estate launch the coin within twenty-four hours after its page was pulled down.
The CEO went on to explain that the main reason why they are interested in launching their own stablecoin is to ensure that they are not censored again. The estate strongly believes that Trump or people in his administration had something to do with their page being yanked from the fundraising platform.
Hard Fork, who spoke with the estate actually got to see a screenshot of the estate reaching the ten million mark. The screenshot also contained a message highlighting the fact that the GoFundMe administrators had started the process of reviewing the ByeByeTrump fundraising campaign efforts.
Given that the estate has indicated that the ESCOBAR coin is going to rival Tether, it basically means that the cryptocurrency will be an ERC-20 token. According to the whitepaper, there will be one billion ESCOBAR tokens to be issued. The tokens will be issued through the ETH blockchain.
Its value will be permanently pegged to the American dollar. The whitepaper states that starting June, crypto enthusiasts will be able to redeem the token for a single dollar, thanks in part to an agreement the estate has entered into with a firm based in Belize.
Bakkt Futures to Launch in the Current Quarter
Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.
According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:
“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”
During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.
According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.
Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.
As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.
Market visualization courtesy of Coin360
Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.
Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”
“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”
At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days.
Bitcoin 7-day price chart. Source: Coin360
The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets.
Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.
Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.
Ether 7-day price chart. Source: Coin360
Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE
Bitcoin Approaches $11,000 With All Top 20 in Green
Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.
After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.
Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.
Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.
Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.
As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.
The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.
Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.