US Election Season Stirs Crypto World_blog

19 Jul, 2024

US Election Season Stirs Crypto World

Trump's Rumored Bitcoin Strategy Stirs Crypto World

The US election season is stirring up the crypto world with daily surprises. The Bitcoin 2024 Conference in Nashville is just around the corner, and rumors are rife about former President Donald Trump's potential groundbreaking announcement—could Bitcoin become a strategic reserve asset for the United States?

Speculation and Potential Impact

Bitcoin as a Strategic Reserve: Game Changer or Pipe Dream?

Dennis Porter, co-founder of the Satoshi Act and CEO of the Satoshi Action Fund, is fueling this speculation. He claims Trump’s upcoming speech will reveal Bitcoin's new role in the US Treasury. Porter’s sources suggest a seismic shift, potentially signaling Bitcoin’s permanence in the financial landscape. If the US adopts Bitcoin, it could redefine global economic dynamics and establish Bitcoin as a cornerstone of the financial sector.

Key Political Figures and Their Roles

Key political figures are part of this narrative. Vivek Ramaswamy, a former presidential candidate, has been advising Trump on digital assets. His proposal to back the US dollar with commodities, including Bitcoin, aims to combat inflation and maintain the currency’s value. Meanwhile, David Bailey, CEO of Bitcoin Magazine and Trump advisor, envisions the Treasury holding 210,000 BTC for 100 years—a revolutionary idea that could secure Bitcoin’s future.

Adding to the intrigue, Trump announced Senator JD Vance, a crypto advocate, as his vice-presidential candidate for 2024. The pieces of this puzzle are falling into place, creating an electrifying picture for the crypto community.

Anticipation and Skepticism

However, skepticism tempers the excitement. Analyst Nick Ford imagines Trump announcing, “We’re going to buy government Bitcoin,” potentially driving prices to $80K. Yet, Trump’s history with crypto has been inconsistent, making official confirmation crucial for a clear perspective.

The crypto community eagerly awaits the conference. Will Trump declare Bitcoin a strategic reserve asset? Such an announcement could profoundly impact global monetary policies, making it one of the most significant events in crypto history.

Trump’s Evolving Stance on Bitcoin

In a surprising twist, Trump, known for his past skepticism, is scheduled to speak at the Bitcoin Conference in Nashville on July 27. Previously dismissive of Bitcoin, Trump now appears more open, stating, “I don’t want to be responsible for another country taking over this sphere.” His campaign is gaining strong support from the crypto community.

Unexpected Developments

Unexpectedly, Trump is considering JP Morgan CEO Jamie Dimon for Treasury Secretary, despite Dimon’s past criticisms of Bitcoin. Recent developments suggest Dimon’s views may be evolving. Trump hinted at this transformation, stating, “Jamie Dimon has suddenly changed his tune on Bitcoin.”

David Bailey plans a $15 million fundraiser for Trump’s campaign at the 2024 Bitcoin Conference, despite security concerns following an assassination attempt. Enhanced security measures will ensure Trump’s in-person appearance, demonstrating the high stakes and importance of this event.

Biden Faces Pressure to Withdraw

Meanwhile, President Joe Biden faces mounting pressure to withdraw from the 2024 race. Influential Democrats, including Chuck Schumer and Nancy Pelosi, have urged Biden to reconsider his re-election bid. Former President Barack Obama has also encouraged Biden to evaluate his chances against Trump.

The Future of Crypto and US Politics

As the Bitcoin 2024 Conference approaches, the crypto world holds its breath. Will Trump’s potential endorsement of Bitcoin reshape the financial future? The anticipation is palpable, promising a momentous event in the crypto community. The implications of such an announcement could be vast, influencing both the US economy and the global financial system, making this one of the most anticipated moments in the history of cryptocurrency.

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22 Jul, 2024

Laos to Raise VAT to 10% on Digital Platforms

Starting 1 August, digital platforms like Google, Facebook, and Amazon will enforce a 10 percent value-added tax (VAT) on customers in Laos, following the country’s VAT increase from 7 percent.The three major platforms have been notifying users about the upcoming changes. This VAT adjustment will affect various services involving customer purchases on these platforms.Before the changes take effect, users are required to provide their Laos Tax Identification Number (TIN) to update their information. Once updated, the platform’s TIN will be reflected on their invoices.The VAT increase, first announced in March, is part of broader efforts to enhance state budget revenue and support economic and social development.The increase will also apply to a range of transactions, including imports, goods, general services, mineral imports and supply, and electricity usage.For the past two years, Laos has maintained a VAT rate of 7 percent. However, given the country’s current economic challenges, international experts and organizations, such as the World Bank, recommended returning to a 10 percent VAT rate to prioritize tax collection and replenish the state budget.After enduring economic turmoil for the past two years, Laos has implemented various measures to address these issues, but with limited success.On 15 July, Lao President Thongloun Sisoulith directed the government to take decisive action to halt the economic challenges, particularly the soaring inflation rate and the ongoing depreciation of the Lao kip currency. The president recommended increasing foreign reserves, curbing non-essential imports to stabilize the economy, and urging debt collection and asset auctions to enhance financial integrity.

17 Jul, 2024

State Street Looks to Create Its Own Stablecoin

Quick TakeState Street is looking for ways to get involved in settling payments on the blockchain and is also considering creating a deposit token, Bloomberg reported.State Street has delved into crypto in the past. In 2021, the firm set up a new unit to focus on digital assets.State Street Looks to Create Its Own StablecoinState Street Corp. is looking into creating a stablecoin, Bloomberg reported on Wednesday. The global financial services firm is looking for ways to get involved in settling payments on the blockchain and is also considering creating its own deposit token. The deposit token would signify customer deposits on a blockchain, according to an anonymous source cited by Bloomberg. This wouldn't be the first time the country's 12th-largest bank delved into crypto. State Street Global Advisors partnered with Galaxy Asset Management last month to launch exchange-traded funds that provide exposure to crypto firms. State Street also built a new unit in 2021 within the firm focused on digital assets, tokenization and crypto. State Street did not immediately respond to a request for comment from The Block on its stablecoin plans. Other companies have launched stablecoins. Last year, PayPal launched its dollar stablecoin with Paxos, PayPal USD or PYUSD.There is no federal framework in place for regulating stablecoins in the U.S. Reps. Maxine Waters, D-Calif., and Patrick McHenry, R-N.C., have been working on a bill to regulate stablecoins on the federal level. However, one challenge has been who should be the primary regulator for stablecoin issuers. Work is also underway on the Senate side to regulate stablecoins.U.S. Securities and Exchange Commission Chair Gary Gensler has previously compared stablecoins to other securities, such as money market funds. However, his agency dropped an investigation into Paxos over the stablecoin Binance USD last week. In a statement on July 11, Paxos said the SEC's move will "unlock a new wave of stablecoin adoption by leading global enterprises."