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Tongan Member of Parliament Wants to Make Bitcoin Legal Tender

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A member of the Tongan Parliament is in an effort to make Bitcoin legal tender in Tonga, in which the “Strike” wallet could play a role. 

Lord Fusitu – a Tongan barrister, landowner, and MP – is a fervent supporter of making Bitcoin a true currency inside the nation’s borders. He plans on tabling a bill to make Bitcoin legal tender alongside Tonga’s national currency, the pa’anga.

Why Make Bitcoin Legal Tender in Tonga?

Tonga is a small island nation and archipelago east of Australia. As reported by Financial Review, Fusitu’s first step towards adopting Bitcoin is to work with Jack Maller’s digital wallet “Strike.” It will help Tongan’s receive full remittance payments from their overseas workers, which Fusitu says is a crucial issue.

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“Tonga is the highest remittance-dependent country on earth. Between 38% and 41.1% of our GDP, depending on which World Bank figures you use, is remittances.”

According to the MP, Western Union “takes a 30 percent bite” out of remittances sent back to the country, as things stand. This is similar to the plight of El Salvador, where he says Western Union fees are “closer to 50%.” Likewise, El Salvador was the first country to make Bitcoin legal tender last month.

Through Strike, the nation’s citizens can use Bitcoin’s lightning network to send each other remittance payments at virtually no cost. Therefore, the app’s widespread use could be an incredible boon to Tonga’s economic growth. Furthermore, Strike may not need to receive approval from parliament or Tonga’s central bank, being a complete commercial solution.

Jack Mallers, founder of Zap Solutions, is a fierce critic of Western Union, believing his wallet as a superior alternative, which is now utilized by Twitter to allow for Bitcoin tips through the social media platform.

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Besides remittances, Fusitu also believes that Tonga can benefit from Bitcoin’s core properties as money.

“Bitcoin is the first truly global natively open monetary system. Blockchain is the most optimal storage medium for money if your goal is decentralization and complete, egalitarian democratization of money.”

Will Tonga be Next to Make Bitcoin Legal Tender?

Regarding his legal-tender bill, Fusitu won’t be able to present it until Tonga’s next state opening of parliament in 2022. However, the MP remains confident that he can overcome political resistance to his proposal.

Indeed, he may have a long road ahead of him before seeing this bill pass. Sione Ngongo Kioa, governor of the Reserve Bank of Tonga, is not exactly open to it.

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“The adoption of Bitcoin as an official alternative currency is definitely unlikely,” he recently said.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

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Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

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Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

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Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

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That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

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Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

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Surprise, surprise.”

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Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

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In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

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Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

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Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

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Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

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Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

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He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

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