The Global Financial Markets Association (GFMA), a trade group of banks such as JP Morgan Chase and Deutsche Bank, and five other financial lobbying groups are objecting to a rule proposed by the Basel Committee for Banking Supervision that would require the banks to have $1,250 cash in reserve for every dollar’s worth of Bitcoin...
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GENSLER: CRYPTO NOT VIABLE LONG-TERM
Cryptocurrencies have little chance of long-term viability, U.S. Securities and Exchange (SEC) chair Gary Gensler said during a 21 September virtual event hosted by the Washington Post. “I don’t think there’s long-term viability for five or six thousand private forms of money,” he said. Gensler likened the crypto craze to the so-called “wildcat banking” days...
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WILL FED TAPER BOND PURCHASES?
The U.S. Federal Reserve could begin paring back its $120-billion monthly purchase of government and mortgage bonds within six weeks and be ready to raise interest rates next year, the Fed announced after its policy meeting last week. The Fed has been buying $80 billion in government bonds and $40 billion in mortgage bonds every...
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INSTITUTIONAL CRYPTO INVESTING SET FOR BIG RISE IN 2022
A new survey of institutions is signaling a big increase in crypto investing in 2022, despite current uncertainties in the market. According to a recent study by European investment firm Nickel Digital Asset Management, as many as 62 percent of worldwide institutional investors with no current exposure to cryptocurrencies plan to make their first investments...
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BLOCKCHAIN BATTLES
CHINA SEES CRYPTOS AS EXISTENTIAL THREAT. There China was again last Thursday night, trying to smother Bitcoin. The People’s Bank of China (PBoC), the country’s central bank, declared all digital currency operations unlawful. Specifically, it stated: “[Cryptocurrency] services providing trading, order matching, token issuance, and derivatives for virtual currencies are absolutely banned. “Overseas virtual currency...
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RIPPLE CEO SOUNDS OFF ON MUDDLED SEC SUIT
The Securities and Exchange Commision not only has no case, they have no clue. So said Ripple (XRP) CEO Brad Garlinghouse in a series of Tweets this weekend criticizing an SEC lawsuit that could figure big in whether the cryptosphere continues to flourish in the U.S.. Garlinghouse said the SEC’s lack of clarity with regard...
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BITCOIN TIPPING NOW AN OPTION ON TWITTER
Lightning wallets, which overcome Bitcoin transaction speed and cost problems, were officially rolled out for Twitter users last week. The integration of the Strike bitcoin Lightning Wallet allows users to send and receive bitcoin, and is meant to spur crypto-typing for popular users who post on the social platform. Twitter’s move gave a boost to...
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CHINA PUTS CHINA FIRST
The Wall Street Journal, on 24 September, reported that multinational companies operating in China are feeling the effects of China’s policies that show favoritism toward Chinese state-owned companies; a survey by the American Chamber of Commerce in Shanghai showed an increase in companies feeling the pinch of such favoritism, especially in fields like technology, pharmaceuticals...
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MIGRATION TURNS INTO A FULL-BLOWN CRISIS FOR U.S., JUST LIKE WE PREDICTED
For well over a year, the Trends Journal has warned that the massive economic consequences of the COVID-19 War will lead to desperation in poorer countries and there will be a flood of refugees seeking safe-haven nations like the U.S. The report even made the cover of our 3 March issue: “CORONAVIRUS 9/11 – SPREADING TERROR.” We also predicted...
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MYANMAR’S MILITARY STILL IN CHARGE. NO U.S. PUSHBACK
The U.S. and China showed little interest to collide over who they believe should be the credentialed representative from Myanmar at the United Nations and agreed to block the military junta’s envoy from addressing the General Assembly that took place last week in New York. The agreement was seen as a stinging blow to the...