Forecasted bounce to 33-34k resistance zone happened ✅ Price touched 33831 - bounced back precisely from SR zone previously tested many times as support. If BTC able to stay above 32k today possible grow to ~34800 / 35700. If drop below, next nearest support will be at 31k and 30k.
Momentum analysis at daily:
D19-23: AC 🔻🔻 AO ⬆️🔻
D15-18: AC 🔻⬆️ AO ⬆️🔻
D12-14: AC 🔻🔻 AO ⬆️🔻
🟥 33300 - 34800 - 36600
🟩 32000 - 31000 - 30000
😱 Fear & Greed index: 74 (<= 40 <= 75 <= 78 <= 80)
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Harvard professor Kenneth Rogoff says that he doesn't see Bitcoin succeeding, barring extenuating circumstances.
Often touted as a store of value or hedge asset, Bitcoin (BTC) has gained significant mainstream adoption over the past several months. Kenneth Rogoff, a public policy and economics professor at Harvard University, doubts the asset’s success, however.
"I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding:
“It's conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They're just not going to allow it. The regulation will come in. The government will win. It doesn't matter what the technology is."
Bitcoin has weathered its fair share of criticisms throughout its 12-year history. Gold advocate Peter Schiff often comments against the technology, investor Warren Buffett once referred to the asset as "probably rat poison squared" and financial commentator Dennis Gartman expressed skepticism toward Bitcoin in late 2020, just to name a few examples.
Bitcoin adoption has continued to grow despite the skeptics, however. The asset broke past previous all-time price highs, hitting a recent peak near $42,000 after multiple large mainstream companies publicized their BTC purchases in 2020.
"I certainly think I agree that it's speculative,” Rogoff said of Bitcoin.
"I've been a Bitcoin skeptic, and certainly, the price has gone up, but there's sort of an ultimate question of what's the use. Is it just valuable because people think it's valuable? That is a bubble that would blow up."
“I think, over the long run, if there's not a use, yes, the bubble will burst,” Rogoff posited. “I hope there's not such a valuable use, but I suppose it’s a hedge against dystopia."
In contrast, leaders in the crypto industry have presented Bitcoin as a hedge under less abnormal circumstances.
Retail users may have to wait in much of the world, however.
It may be too late for resolutions and too early for Lent, but lacking any discrete occasion, I would still like to give up United States political news for a while, or at least for the duration of one Law Decoded.
Fortunately, in the spirit of going international and leaving the bonkers election cycle of the U.S., blockchain technology and stablecoins are playing a major role in the latest developments in cross-border payments and settlements. It’s long been one of the most talked-about applications of blockchain technology.
Diplomatic scheming shows up in payments by regular folks in the form of higher fees between countries in conflict. However, the issues of how money crosses borders through traditional alleys are so deeply ingrained as to be invisible to the average end user. This happens because while national payments systems have gotten streamlined with new technologies, they largely involve major commercial banks dependent on networks and systems set up by their respective central banks. Between central banks, many of these systems are stitched together clumsily.
The rise of stablecoins has inspired many major banks, otherwise turned off by the volatility of crypto assets, to reconsider these systems. JPM Coin may well be the most famous — until the central banks came along, of course.
This week has seen major news in stablecoins from commercial and central banks as well as the financial sinew connecting them. Unfortunately for the average user, these will remain the most permissioned of permissioned blockchains for the foreseeable future. Retail central bank digital currencies, however, are also moving forward.
Russia readies for Sberbucks
The largest retail bank in Russia, Sberbank is planning to launch its native Sbercoin by this spring.
Details on Sbercoin remain limited. In many ways, it looks similar to JPM Coin, aiming to streamline payment rails for Sberbank’s large corporate clients. Eventually, it could be part of its interactions with the Central Bank of Russia.
Originating with an order from Nikolai I, Sberbank remains ultimately under the ownership of the Russian government, with the Finance Ministry buying a controlling share from the Central Bank of Russia. Sberbank’s leader, Herman Gref, joined the bank from the Economic Ministry. The bank, consequently, enjoys a privileged relationship with the Central Bank of Russia.
With Russia’s new law “On Digital Financial Assets” coming into effect with the new year, the country has set the stage for a major push in the development of its blockchain industry. Per long-standing tradition, expect that development to be largely top-down, as it is here.
BIS means business when it comes to wholesale CBDCs
The Bank for International Settlements’ network of labs has put CBDCs at the top of its agenda for 2021.
Per the BIS’s charter to facilitate functioning between central banks, its focus is particularly on wholesale CBDCs. Exciting, however, are its plans for pilots that would have those CBDCs used on new platforms to settle payments between central banks and their respective currencies instantaneously. Moreover, they are working on mechanisms to distribute retail CBDCs, though those seem bound to depend on commercial banks and maybe even entirely private stablecoins that are just backed by different CBDCs.
BIS’s innovation hubs are themselves a relatively new initiative, launching at the end of 2019 in Switzerland, Singapore and Hong Kong. Also in the works for this year is the expansion of new hubs globally. Linked with economies and banking authorities that are themselves famously international, these hubs may reflect some of the locations for the first interoperable CBDCs.
The curious case of China
China’s efforts to internationalize its currency predate any talk of CBDCs by years. While China weathered 2020 much better than most major economies, yuan usage abroad has hit many roadblocks. Its CBDC, however, is charging ahead domestically and is already in the hands (or cellphones) of many citizens.
The future of the digital yuan remains uncertain. Domestically, how much traction is it getting? How quickly will it spread across the whole Chinese economy? And critical for China’s international ambitions, when will it leave the mainland?
Streamlining domestic payments is all well and good and will certainly leave the Chinese government freer to get the home-grown tech industry in line. But there is little doubt that long-term aims include circumventing existing (largely Western) systems of international payments. But with a Joe Biden administration looking to maintain much of Donald Trump’s hostility toward China while being more capable of getting allies like the European Union on board, is digitization going to be enough to break out abroad? And if so, when?
Writing for Vox, Aja Romano argues that deplatforming is not a freedom of speech violation.
Attorneys for Sheppard Mullin Richter & Hampton write on competition concerns in blockchain uses, especially under new EU law.
Karen Yeung of the South China Morning Post talks the digital yuan’s first use in exchange between mainland China and Hong Kong.
Some Russian public officials have to disclose their crypto holdings, while other officials are obliged to hold zero crypto by April 1, according to a new law.
Russia adopted its cryptocurrency law in January, but this legislation does not provide a direct answer to some questions, including how local officials should deal with their crypto holdings. There are at least two other legal initiatives requiring Russian public officials to declare or even get rid of their cryptocurrency holdings entirely in 2021.
On Dec. 10, 2020, Russian President Vladimir Putin signed a decree obliging some public officials to disclose their crypto holdings by June 30. The decree was adopted as part of the country’s law “On Digital Financial Assets,” or DFA, which was made effective on Jan. 1.
According to the decree, Russian officials or individuals seeking to hold public office must disclose their digital assets, as well as those of their spouse and children. The legislation refers to a general scope of the official establishment, seeking to ensure that the government is as compliant with the local financial declaration rules as ordinary citizens already are.
But there is also another regulation that prohibits certain Russian officials from owning any cryptocurrency, in line with the country’s anti-corruption measures. On Dec. 28, 2020, the Russian Ministry of Labour and Social Protection published an informational letter reminding some officials that they are obligated to liquidate their digital financial assets and any digital currencies by April 1, regardless of the country of issuance.
This restriction specifically refers to individuals listed in Part 1 of Article 2 of the Russian Federal Law from May 7, 2013 No. 79-FL, which prohibits certain categories of persons to store their funds abroad as well as use foreign financial instruments. The list includes a broad number of key public positions, including running and deputy positions in public office, the board of directors of the Russian central bank, public corporations owned by the Russian Federation, heads of district administrations and several others.
In the letter, the ministry mentioned that other categories of public officials are not subject to these restrictions, though they still need to disclose their digital assets in line with a decree signed by Putin.
While Russian authorities keep introducing new crypto-related rules for public officials, it’s not immediately clear how they will monitor compliance from a technological standpoint. Artem Grigoriev, head of the research lab at the Russian Association of Cryptocurrency and Blockchain, told Cointelegraph:
“There is still no law on the circulation of cryptocurrency. The authors of this initiative probably have their own vision about the implementation of these rules. Practice will show.”
Maria Stankevich, a member of the Russian Committee on Blockchain Technologies and Cryptoeconomics, also questioned the technological and legal feasibility of implementing the rules:
“The restrictions for the certain groups of the establishment for possessing the digital currency is actually a logical step in the attempts to stop corruption. [...] This is a clear signal for all the officials that the government now has another lever to show its power when needed. However, the main question is how they will monitor it, as there is no such law or process.”
Following a successful trial of DLT-based bond issues, SGX has formed a dedicated company with investment firm Temasek to extend and expand the use of the tech.
The use of distributed ledger technology can bring efficiencies to many aspects of the lifecycle of financial products, from listing and issuing through to the settlement of trades.
Singapore Exchange, or SGX, has announced a joint venture with investment firm Temasek to use DLT to streamline the issuance and trading of financial products listed on its platform.
According to a Friday report from Nikkei Asia, this will initially consider bonds, funds and sustainable financial products, and it may be extended in the future to cover other asset classes such as equities.
SGX has previously collaborated with Temasek and banking giant HSBC in a trial using blockchain technology to issue fixed-income securities. The first results of this trial came in September 2020, with a $300-million bond issuance for local food and agribusiness company Olam International.
This was followed by a further three fixed-income bonds issued through the system, totalling over 1 billion Singapore dollars ($750 million) in value.
Today’s announcement formalizes the partnership in the creation of a limited company while extending and expanding the range of the previous trial. Lee Beng Hong — SGX's head of fixed income, currencies and commodities — commented on the venture:
“We are very excited to take our digital asset business to the next level in partnership with Temasek.”
#NULS/BTC All take-profit targets achieved 😎
Profit: 50.0% 📈
Period: 7 Days 3 Hours 0 Minutes ⏰