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Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC

On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.

According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in Jackson Hole, Wyoming, stating that he believes that a Libra-like crypto asset is likely to replace the U.S. Dollar.

While he didn’t expound on the comment, he made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”. Carney even explained that he believes the Dollar is playing a “destabilizing” role in the global economy.

Of course, this was not a recommendation to adopt Bitcoin, but it was an acknowledgment that traditional fiat monies are on their way out and digital assets are getting more and more viable.

Bullish for Bitcoin and Gold

According to Raoul Pal, the former head of Goldman Sachs’s hedge funds sales division and the chief executive of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.

In a tweet published in the wake of Carney’s comment, the former Wall Streeter explained that while he doesn’t believe Libra will be the cryptocurrency to become the world’s next reserve currency, something similar will take its place.

The implementation of this system, he claims, will be “good for Bitcoin and gold”. In a sub-tweet, Pal further explained his thoughts, responding “exactly” to a comment claiming that a fiat digital asset will as an on-ramp for the cryptocurrency market.

Pal isn’t the first to have mentioned this theory. In a tweet, Jeremy Allaire, the chief executive of Circle, wrote that the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.”

It is important to note that this isn’t the only reason why the former Goldman Sachs executive is bullish on the leading cryptocurrency. As reported by NewsBTC previously, Pal claimed that today’s most popular asset classes make no sense for millenials with ten- to 20-year outlooks.

He claimed that with equities and real estate pushing extreme valuations, and bonds posting “virtually zero yields”, the best alternative is something like Bitcoin, which he believes will be the backbone of an alternative/parallel financial system.

Pal added that buying Bitcoin now is like buying bonds and equities in 1982, which is prior to the absurd asset inflation bubble that has inflated since then.

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Bitcoin

Bitcoin Price Prediction: BTC/USD bulls face an uphill task as five strong resistance levels hold the price down – Confluence Detector

  • BTC/USD dropped from $9,662 to $9,307.85 this Tuesday.
  • There are no healthy support levels on the downside.

BTC/USD daily confluence detector

fxsoriginal

BTC/USD had a heavily bearish Tuesday as the price dropped drastically from $9,662 to $9,307.85. It has fallen further to $9,300 in the early hours of Wednesday. The daily confluence detector has no healthy support levels on the downside, which are holding the price up. On the upside, there are five strong resistance levels which the bulls will need to overcome. These levels are at $9,325, $9,350, $9,550, $9,580 and $9,700

$9,325 has the Previous Week low and 4-hour Bollinger Band, while $9,350 has the one-day Bollinger Band, SMA 5, 15-min Previous Low and one-day Fibonacci 23.6% retracement level. $9,550 has the one-week Fibonacci 23.6% retracement level and SMA 200. The strongest resistance level is at $9,580, which has the Previous Month high and one-day Pivot Point resistance-one. Finally, $9,700 has the one-week Fibonacci 38.2% retracement level, one-hour Bollinger Band, four-hour Bollinger Band and SMA 100.

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BITCOIN DECOUPLES FROM GOLD, HAS IT LOST SAFE HAVEN STATUS?

The Rundown

  • Bitcoin Sheds 5%
  • Gold Still Bullish

Bitcoin has plunged through key levels of support today dragging the entire crypto market down with it as usual. Gold conversely continues to rise, is BTC still a safe haven?

Crypto markets have dumped over $15 billion in the past 24 hours as the correction accelerates. The move lower was largely expected after such an extended period of good gains and there is no need for panic or FUD just yet.

Total market cap is back down at $260 billion which is 10% lower than it was at the beginning of the week. Volatility is still a huge aspect of crypto asset markets.

BITCOIN SHEDS 5%

Bitcoin has collapsed through key support levels at $9,300 today as it bottomed out at $9,100 during early hours trading in Asia.

bitcoin

BTC chart 1 hour – Tradingview.com

The move has accelerated losses which began almost a fortnight ago and have so far resulted in a 13% pullback which is nothing unusual for BTC.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!

It is currently holding on to this support level with the lower one around $8,800. Below that there is nothing stopping a dump down to $8,300 where more solid support lies. A move to the upside is looking very unlikely at the moment.

GOLD STILL BULLISH

According to the charts the precious yellow metal hit a new seven year high this week of $1,670/oz marking an overall rise of 10% this year which is impressive for a non-volatile asset.

With bitcoin’s decline some have begun to question its status as ‘digital gold’ as it decouples from the asset.

Naturally serial bitcoin basher and goldbug Peter Schiff couldn’t resist sticking his oar in despite BTC outperforming gold this year by 16%. It should be noted that these tweets generally appear to be posted solely to troll the crypto community.

“It should be clear to Bitcoin bugs and CNBC anchors that Bitcoin is digital risk, not digital gold.”

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Finnish Authorities Have $15M in Seized Bitcoin But Don’t Want to Sell It

Finland’s customs agency has been struggling with what to do with a horde of bitcoin it fears could end up back in the hands of criminals if sold off.

Finnish Customs, known locally as Tulli, has been trying to offload a total of 1,666 bitcoin for several years, even drawing up a plan in September 2018 for a public auction of the digital coins. But officials have concerns that a sale would attract the wrong kind of attention and that it could even put the agency’s own security at risk.

Speaking to local media, Tulli director Pekka Pylkkanen said: “From our point of view, the problems are specifically related to the risk of money laundering. The buyers of [cryptocurrency] rarely use them for normal endeavors.”

Tulli confiscated the bitcoin trove following a successful bust of an online dark market in September 2016. At the time, bitcoin traded at around $570, meaning the 1,666 BTC was worth approximately $950,000. With prices now just under $9,200, it’s worth closer to $15 million, according to CoinDesk’s Bitcoin Price Index.

At bitcoin’s all-time peak near $20,000 in December 2017, the cache would have been worth almost $33 million.

Tulli isn’t the only government authority having to decide what to do with confiscated bitcoin, usually with dollar-values many times greater than when they were first seized. The U.S. government, which has seized hundreds of millions of dollars-worth of bitcoin over the years, has hosted multiple online auctions for confiscated bitcoin.

Bitcoin confiscated by the Belgian authorities was sold by an online auction house in early 2019. And later that year, U.K. police used the same auctioneer to sell more than $290,000 worth of cryptocurrency it had seized from a teenage hacker.

In 2018, the Finnish government barred customs officials from trying to sell seized bitcoin on exchanges or trading platforms, ordering the agency instead to hold any confiscated digital assets in a secure cold storage solution.

Pylkkanen’s claim that most crypto holders use them for illicit purposes isn’t supported by the numbers. A November report from blockchain analytics firm Elliptic suggested $829 million in bitcoin, just 0.5 percent of all transactions, were linked to the dark web.


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