Something is brewing...
Will Bitcoin be looked to as a solution to problems for governments around the world?
Last week we found out that the Venezuelan government is holding bitcoin on their balance sheet as the peso deteriorates and as sanctions against the country tighten. However, the news of nation-states coming out with, what seems like, very pro-Bitcoin stances did stop there. A video surfaced of the dictator of Belarus stating that he wants to use excess nuclear energy produced in the country to mine bitcoin and other cryptocurrencies. Then news broke that Ukraine's new, young and enthusiastic president and his cabinet would like to make bitcoin and other cryptocurrencies fully legal; moving Bitcoin users out of a "legal grey zone".
An odd mix of countries that find themselves on different points of the political spectrum, and signaling support for Bitcoin for very different reasons. The Maduro regime in Venezuela turning to Bitcoin out of necessity to purchase goods from other nations without touching the current financial network basically because they have been banned from it. I personally don’t know a whole lot about Belarus, but the country's dictator is at least contemplating the possibility of using excess energy to mine bitcoin. It’s not a terrible idea. Ukraine looks to be the most "normal" of the group as they push for legalization so that they can gain tax revenue from trading.
On the outside it looks like smaller countries with little to lose are slowly but surely incorporating Bitcoin into their monetary playbooks; preparing for a future with a distributed apolitical censorship-resistant sound digital currency. Is this how they gain on the edge on economic powerhouses such as the US, China or Japan?
I’m personally convinced countries, central banks, and corporations will undoubtedly look to Bitcoin as a solution for various problems coming to the same conclusion I did and BayernLB did today.
Onwards & upwards!
Bly 🏁
📊Charts of the Day📊
Buyer Beware…
📺 Must Watch 📺
⚠️Infographic⚠️
📜Random Interesting History 📜
Today in Market History
October 1, 1908
The Ford Model T, the first car for millions of Americans, hits the market. Over 15 million Model Ts are eventually sold, all of them black. Ford sold 15 million Model Ts before ceasing production in May of 1927, making it one of the best-selling vehicles of all time.
🔥Tweetstorm of the Day🔥
Click Bill’s tweet and read on…it’s fascinating how far back he traced one measurement.
📰What happening; News that Matters📰
Bankers Advising Federal Reserve Board Describe Libra As Monetary Threat
Venezuela President Nicolas Maduro Says Government Will Activate Cryptocurrency Payment Method for Citizens "Soon"
Coinbase, Kraken Jointly Launch Cryptocurrency Ratings Council
Overstock.com Faces Lawsuit for Securities Fraud
NBA Rules Professional Basketball Player Spencer Dinwiddie Cannot Tokenize Contract
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