BTC Institutional Investor Forecast for 2023, Musk Makes McDonald’s Promise Again, Kiyosaki Says ‘We Are in Global Recession’ and More — Week in Review

BTC Institutional Investor Forecast for 2023, Musk Makes McDonald’s Promise Again, Kiyosaki Says ‘We Are in Global Recession’ and More — Week in Review
Institutional Investor

As the first month of the new year is behind us, things continue to heat up on the world stage in regard to crypto price predictions, the social media hype surrounding meme coins like dogecoin, warnings of macroeconomic peril, and more and more political powers attempting to control permissionless cryptocurrencies via regulations and policy. For an institutional investors’ perspective on bitcoin, Elon Musk, and McDonald’s news, warnings of a “global recession,” and more, see just below, in this latest issue of the Bitcoin.com News Week in Review.

Institutional Investors Forecast 'Strong Year' for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows

Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows

A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000.

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Elon Musk Renews Offer to Eat Happy Meal on TV if McDonald's Accepts Dogecoin

Elon Musk Reaffirms Offer to Eat Happy Meal on TV if McDonald’s Accepts Dogecoin

Tesla and Twitter CEO Elon Musk has reaffirmed his commitment to eating a McDonald’s Happy Meal on TV if the fast food chain accepts the meme cryptocurrency dogecoin (DOGE). Musk originally made the offer a year ago but McDonald’s responded with a counteroffer at the time.

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Robert Kiyosaki Says 'We Are in Global Recession' — Warns of Soaring Bankruptcies, Unemployment, Homelessness

Robert Kiyosaki Says ‘We Are in Global Recession’ — Warns of Soaring Bankruptcies, Unemployment, Homelessness

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says that we are in a global recession. Warning of soaring bankruptcies, unemployment, and homelessness, he noted that there is good news for investors looking for “bargains.”

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New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more.

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What are your thoughts on this week’s stories? Do you think New York’s government should accept crypto payments? Let us know in the comments section below.

Bitcoin.com

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Crypto Market’s Post-Fed Rally Continues as DeFi, Smart Contract Platform Sectors Star

Crypto Market’s Post-Fed Rally Continues as DeFi, Smart Contract Platform Sectors Star

Uniswap’s UNI token and Avalanche’s AVAX token were recently up about 4.5% and 3.4%; ether rose 3% at one point Thursday a day after unexpectedly moderate comments from Fed Chair Jerome Powell.

By Jocelyn Yang

AccessTimeIconFeb 3, 2023 at 3:59 a.m.

Updated Feb 3, 2023, at 7:35 p.m.

(Digital Art/The Image Bank/Getty Images)
Altcoins from the DeFi and smart contracts sector outperformed bitcoin on Thursday. (Digital Art/The Image Bank/Getty Images)

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A day after Federal Reserve Chair Jerome Powell offered unexpectedly less hawkish remarks to accompany the U.S. central bank’s modest interest rate increase, most major cryptocurrencies were in the green, with several tokens from the decentralized finance (DeFi) and smart contract platform sectors assuming the deepest hues.

Among Thursday’s biggest winners, decentralized exchange Uniswap’s native governance token, UNI, rose nearly 4.5% over the past 24 hours to trade over $7.20. Layer 1 blockchain Avalanche’s AVAX token surged almost 3.4% to recently trade above $22. Altcoins’ gains have been part of an overall market upswing that followed the Fed’s announcement underscoring its commitment to less aggressive monetary tightening.

Ether (ETH), the second-largest cryptocurrency in market value, was recently trading over $1,650, up a fraction of a percentage point since Wednesday, the same time.

Bitcoin (BTC) was recently trading above $23,560, roughly flat over the past 24 hours, albeit slightly in the red. BTC had been changing hands in a narrow range between $23,700 and $24,200 since the Fed announcement before dipping late Thursday.

The CoinDesk Market Index, which measures crypto market performance, was recently flat after spending much of the day in the green.

Bitcoin (BTC) is trading at around $23,800, as the largest token by market capitalization and S&P 500 is closing in on a golden cross. In the past, bitcoin’s big rallies have started with a golden cross, but not all golden crosses have led to a big rally. 3iQ Head of Research Mark Connors shares his analysis. Plus, insights on bitcoin’s performance amid recent macroeconomic conditions.

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Crypto markets’ performance correlated with traditional markets’ post-rate announcement rally. The tech-heavy Nasdaq Nasdaq Composite and S&P 500 closed up 3.2% and 1.4%, respectively, a day after Powell said “[the] disinflationary process” had “started.”

Crypto-exposed stocks also soared: Exchange Coinbase (COIN) surged 24%, while MicroStrategy (MSTR), the software company with a large bitcoin portfolio, rose 9%. Bitcoin miner Marathon Digital Holdings (MARA) was up 6.3%.

Digital assets’ positivity suggested that “the bottom of this [down] cycle is probably in for crypto, and that we are entering something of a recovery phase for this market,” Joe Ziolkowski, CEO and co-founder of crypto-focused insurer Relm Insurance, told CoinDesk.

“Both retail and institutional-grade investors are allocating more and more capital to crypto assets,” Ziolkowski said. “This trend will likely continue if it becomes clearer that the blowups that took down FTX, [Terra], and Three Arrows [Capital] are over with.”

Ben McMillan, a chief investment officer of crypto asset manager IDX Digital Assets, said bitcoin and the broader crypto market were “early in this bid for risk-on assets.”

“I wouldn’t be surprised if we see a pause here for crypto while equity markets ‘catch up,'” McMillan added in an email.

Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum

Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum
Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum

A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March.

Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations

According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director.

“We have set ourselves a big goal — to make the Russian defi ecosystem number one,” Klimenko said. “Our network is currently working in closed beta testing format … But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing,” Sberbank’s blockchain laboratory executive added.

The platform, which will be based on Ethereum, will work with the Web3 wallet Metamask. Sberbank’s team aims to make it publicly available by the end of April and hopes it will enable large-scale commercial defi operations. In June 2022, the Russian banking and financial services giant conducted the first digital asset transfer on its platform, which was approved by the Bank of Russia. In September, Sberbank announced that its platform will also allow non-fungible token (NFT) minting.

Besides the Bank of Russia, Sberbank is Russia’s largest financial institution with $559 billion in assets under management (AUM) as of 2021. The bank is also the leader in the card payments industry in the Russian Federation, commanding more than 61% of the market. In January 2022, the Russian banking firm launched Russia’s first blockchain exchange-traded fund (ETF). Sberbank, its executive members, and its subsidiaries have been fans of blockchain technology since 2015.

What do you think about Sberbank’s goal to make the Russian defi ecosystem number one? Leave your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for cryptoflings.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000

Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000

Bitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision. On Wednesday, the central bank moved to increase rates by 25 basis points, while signaling that further hikes could be on the cards. Ethereum also rallied, with prices nearing $1,700.

Bitcoin

Bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August.

The move came as the Federal Reserve opted to increase interest rates by 25 basis points in its latest policy meeting.

As a result, BTC/USD rose to an intraday high of $24,167.21, less than 24 hours after it was trading at a low of $22,877.75.

BTC/USD – Daily Chart

Thursday’s surge saw the world’s largest cryptocurrency climb to its strongest point since August 16, when prices reached a peak of $24,448.

This took place as the 14-day relative strength index (RSI) moved away from a recent floor of 68.00, and is now tracking at 74.10.

Should price strength continue on this course, a resistance level of 77.00 will likely be a target for current bulls.

Ethereum

Ethereum (ETH) also made significant gains in the last 24 hours, as traders pushed prices close to the $1,700 mark.

Following a low of $1,566.86 on Wednesday, ETH/USD raced to a peak of $1,689.07 earlier in today’s session.

This rally in price saw ethereum move to its highest mark since September 12, when ETH reached a top at $1,761.

ETH/USD – Daily Chart

Looking at the chart, today’s five-month high came as ETH broke out of its long-term price ceiling at $1,670.

Although one point of resistance has been broken, Ethereum bulls are fast approaching another, with the relative strength index (RSI) nearing a ceiling at 68.00.

Currently, the index is tracking at 65.19, with earlier bulls likely to consider taking profits before a full collision occurs.

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Do you expect ethereum to move above $1,700 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks, and FX, whilst also being a startup founder.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

ARK Invest Maintains Prediction Bitcoin Price Will Hit $1M by 2030

ARK Invest Maintains Prediction Bitcoin Price Will Hit $1M by 2030

A new report by Cathie Wood’s growth-focused fund outlines how bitcoin continues to outperform every other major asset class.

By Sam Reynolds

AccessTimeIconFeb 1, 2023 at 2:57 p.m.

Updated Feb 2, 2023, at 12:12 a.m.

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Despite a severe downturn, public blockchains continue to foster multiple revolutions; one of them is Bitcoin, says ARK Invest in its 2023 “Big Ideas” research report.

That’s why the bitcoin (BTC) currency, in the eyes of ARK, is still predicted to close the decade at $1 million because its fundamentals are sound – despite a turbulent 2022.

“Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, audibility, and transparency,” ARK writes. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”

ARK backs up this claim by pointing to a higher hash rate, and long-term holder supply, and addresses with a non-zero balance compared to the prior downturns.

CoinDesk - Unknown
(ARK Invest “Big Ideas 2023” report)

Because of this fundamental soundness, ARK says, bitcoin continues to outperform traditional asset classes.

On a five-year CAGR basis, bitcoin is up an average of 272% while global equities are up by 6.1%, global debt provided a yield of 1.4% and gold is up by 2.2%.

CoinDesk - Unknown
(ARK Invest “Big Ideas 2023” report)

This isn’t the first time that ARK or its CEO, Cathie Wood, have made such bold predictions on bitcoin’s upwards trajectory. In May 2021, Wood made her first bold price prediction during an interview on Bloomberg, predicting bitcoin will go to $500,000 by 2026. In early 2022, she then upped the ante to $1 million by 2030.

ARK has also been quite bullish on Coinbase (COIN) throughout December and January, continuing to enlarge its COIN position by buying around $30 million in shares.

COIN is up 74% in the last month, outperforming bitcoin.

While Wood and ARK are known for their positions and opinions on bitcoin, the report also touched on smart contracts and decentralized finance.

“As the value of tokenized financial assets grows on-chain, decentralized applications and the smart contract networks that power them could generate $450 billion in annual revenue and reach $5.3 trillion in market value by 2030,” according to the Ark report.

ARK’s Innovation ETF (ARKK) is up 31% in the last month, while it’s Next Generation Internet ETF (ARKW) is up 32%.

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Artificial Intelligence and Cryptocurrency: The Rise of AI-Focused Projects in 2023

Artificial Intelligence and Cryptocurrency: The Rise of AI-Focused Projects in 2023
Artificial Intelligence
 

Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a surge in interest. Since interest peaked and Microsoft invested billions into Chatgpt, demand for AI-focused cryptocurrency projects has risen dramatically. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen it’s token AGIX increase 293% against the U.S. dollar.

There’s Been a Surge in Interest in AI-Focused Cryptocurrency Projects

During the week of Jan. 22-28, 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of Dec. 2022, the search term reached its highest Google Trends score of 100. It’s safe to say that the world has become increasingly focused on artificial intelligence (AI) since the release of AI-infused art platforms like Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. In the past two months, the Openai platform Chatgpt or GPT-3 has become a widely used AI phenomenon.

Google Trends shows the worldwide score for the search term “Chatgpt” was 100 during the week of Jan. 22-28, 2023, and it has been rising since the first week of Dec. 2022. Reports also show that Microsoft has entered the third phase of its long-term partnership with Openai through a “multi-year, multi-billion dollar investment,” said to be as much as $10 billion in funding. The growing trend in artificial intelligence (AI) and demand for the technology has spilled over to blockchain projects integrating AI into their protocols.

For instance, a crypto asset created by the project singularitynet.io has seen its native token AGIX rise 293% in the past month. Although singularity-net (AGIX) was down more than 6% on Jan. 29, 2023, it has increased by 17.5% over the past two weeks. The project aims to support the next generation of decentralized AI. Another blockchain-powered AI project, Vector space AI (vspb. science), has a token called VXV that has risen 95.9% over the past month. The Fetch.ai project has experienced similar demand over the past four weeks.

Over the past 30 days, the Fetch.ai project’s FET token has risen 212% against the U.S. dollar. The Fetch.ai team says the project creates “autonomous agent technology” for peer-to-peer applications with automation and AI capabilities, with or without direct blockchain access.” Another AI-based blockchain project, Ocean Protocol, and its OCEAN token have risen 130% against the U.S. dollar in the past 30 days. Ocean Protocol, named a technology pioneer by the World Economic Forum, aims to unlock data at scale through encrypted data monetization.

It is uncertain how long the demand for AI-based crypto assets and the popularity of these tokens will last. All of the AI-related crypto assets are currently ranked below the top 75 in terms of market capitalization and have recently seen price surges due to increased interest in AI/Chatgpt.

What do you think is driving the surge in demand for AI-focused cryptocurrency projects? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

 

 

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Bitcoin Miner Gryphon to Go Public Via All-Stock Merger With Cannabis Firm Akerna

Bitcoin Miner Gryphon to Go Public Via All-Stock Merger With Cannabis Firm Akerna

Gryphon previously terminated plans to go public via a reverse merger with Sphere 3D.

By Aoyon Ashraf

AccessTimeIconJan 27, 2023 at 9:26 p.m.

Updated Jan 27, 2023 at 10:32 p.m.

AI Artwork Handshake Blockchain (Midjourney/CoinDesk)
Bitcoin miner Gryphon Digital plans to go public in a merger with Akerna (Midjourney/CoinDesk)

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Private bitcoin miner Gryphon Digital plans to go public with a merger with publicly traded cannabis company Akerna (KERN) in an all-stock deal.

The new company will assume Gryphon’s name and be headquartered in Las Vegas, Nevada, after the deal closes, according to a statement. The miner’s current equity holders are expected to own about 92.5% of the new publicly traded entity, while Akerna’s shareholders will own about 7.5%, the statement added.

The CEO of Gryphon, Rob Chang, will be the new CEO of the publicly traded company. The CEO of Akerna, Jessica Billingsley, will be on the board of the new company, and six of the remaining seven members will be designated by Gryphon.

Akerna’s top three investors include Vanguard (2.6% ownership as of Sept. 2022), Perkins Capital (2% as of Dec. 2022) and BlackRock Fund Advisors (1.2% as of Sept. 2022), according to FactSet data.

The deal comes after Gryphon terminated its drawn-out process to go public via a reverse merger with publicly traded data management firm, Sphere 3D (ANY). The proposed deal was announced in 2021, and the closing of the deal was pushed back multiple times due to the complicated regulatory approval process before the deal was eventually terminated.

Read more: Gryphon Digital Mining Ends Plans to Go Public Through Merger With Sphere 3D

Gryphon also found itself in the middle of controversy last year after Sphere 3D signed a $1.7 billion deal with unknown mining-rig manufacturer NuMiner. The deal came under serious scrutiny by the mining community after several red flags were raised about the viability of NuMiner.

Gryphon, which started mining operations in September of 2021, has a potential revenue-generating profile of 1.1 exahashes per second (EH/s) on a cost basis of 0.75 EH/s, according to the statement.

The shares of Akerna fell about 15% on Friday, trading around $1.51 each. Akerna has a market capitalization of about $8 million, according to TradingView.

UPDATE (Jan. 27, 16:01 UTC): Added information on Akerna’s investors.

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Financial Advisors See Strong Interest in Crypto — 90% Receive Inquiries About Crypto Investing, Survey Shows

Financial Advisors See Strong Interest in Crypto — 90% Receive Inquiries About Crypto Investing, Survey Shows
crypto
 

A new survey shows that interest in cryptocurrency remains strong among financial advisors’ clients. “Despite market performance, the most common question was: ‘Should I consider an investment in crypto?’” the survey results reveal.

Financial Advisors Bullish About Crypto Long Term

Crypto asset manager Bitwise Asset Management published a report titled “Bitwise/Vettafi 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” on Tuesday. This is Bitwise’s fifth annual study conducted in collaboration with Vettafi, an exchange-traded fund (ETF) platform.

The survey was conducted between Nov. 25, 2022, and Jan. 6, 2023, with the participation of 491 financial advisors, including independent registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives from across the U.S. According to the survey findings:

Despite the sharp market correction of 2022, financial advisors remain highly engaged in crypto markets, with 15% allocating in client accounts and 90% receiving inbound questions from clients about the space.

“The survey is a reminder that crypto is one of the best business development opportunities in the financial advisor market,” said Bitwise’s chief investment officer, Matt Hougan.

The majority of respondents are bullish about bitcoin in the long term but bearish this year, with 63% expecting BTC to fall in 2023 while 60% believe it will be higher in five years. “While advisors’ interest in bitcoin (41%) was roughly twice that of ethereum (20%), their bullishness toward the two largest crypto assets was almost evenly split,” Bitwise described, adding that 53% favored BTC while 47% preferred ETH.

Reiterating that client interest in crypto “remains strong” as 90% of financial advisors “received a question about crypto from clients last year,” the report details:

Despite market performance, the most common question was: ‘Should I consider an investment in crypto?’

“Despite market volatility, 78% of advisors who currently have an allocation in client accounts plan to either maintain or increase that exposure in 2023,” the survey additionally found. Among respondents, 59% said “some” or “all” of their clients were investing in crypto on their own.

Moreover, “crypto equity ETFs” were financial advisors’ top crypto investment choice for 2023. The U.S. Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs but has yet to approve a spot bitcoin ETF.

Vettafi’s head of research, Todd Rosenbluth, commented:

Advisors and their end clients continue to want to learn more about crypto investments despite the volatility incurred in 2022. For those with a long-term focus, interest remains high.

What do you think about this survey? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Senator Ted Cruz Wants Vendors to Accept Bitcoin at the Capitol

Senator Ted Cruz Wants Vendors to Accept Bitcoin at the Capitol
bitcoin

Senator Ted Cruz introduced a Bitcoin measure in the Senate Wednesday advocating for crypto payments within areas of the Capitol, a sign of Republicans’ continued focus on rules related to digital assets.

The new directive would apply to officials tasked with overseeing day-to-day operations within the House of Representatives and Senate, encouraging them to work with “persons that will accept digital assets as payment for goods” and food services.

The proposal references areas of the Capitol where digital payments could work, like at gift shops or vending machines. This past November, Cruz pushed for adopting cryptocurrencies such as Bitcoin as a form of payment within Capitol buildings through a similarly worded document.

 

The changes were put forth in a so-called concurrent resolution, “generally used to make or amend rules that apply to both houses,” according to the Senate’s website. While it doesn’t need the president’s signature to take effect, the measure would still need to be approved by both the House and Senate.

Ted Cruz’s move Wednesday follows the creation of the Subcommittee on Digital Assets, Financial Technology and Inclusion earlier this month. As a subsection of the House Financial Services Committee, one of its main goals is to establish “clear rules of the road among federal regulators.”

When Congressman Patrick McHenry (R-NC) was appointed as chairman of the House Financial Services Committee last month, he stated that developing a “comprehensive regulatory framework for the digital asset ecosystem” would be a central focus of his.

Over time, Texas has become a hotbed of activity for mining cryptocurrencies like Bitcoin, an industry that Cruz has largely embraced. After visiting a mining facility this past summer, the Senator said, “I am proud to lead the fight for the crypto industry in the Senate.”

His history of swinging for the crypto faithful goes back well beyond a year. In August of 2021, the Texan vocalized support for amending a $1 trillion infrastructure bill being passed at the time to exempt non-custodial crypto firms–like Bitcoin miners–from an included tax reporting requirement.

The effort ultimately failed, but Cruz later introduced legislation that sought to repeal the cryptocurrency provisions included in the Infrastructure Investment and Jobs Act entirely.

Cruz is also one of the numerous elected officials, including Sen. Cynthia Lummis (R-WY), that have provided insight into purchases of Bitcoin through financial disclosures. A filing indicates that Cruz purchased between $15,001 and $50,000 worth of Bitcoin through the exchange River Financial almost exactly one year ago. 

His history of swinging for the crypto faithful goes back well beyond a year. In August of 2021, the Texan vocalized support for amending a $1 trillion infrastructure bill being passed at the time to exempt non-custodial crypto firms–like Bitcoin miners–from an included tax reporting requirement.

The effort ultimately failed, but Cruz later introduced legislation that sought to repeal the cryptocurrency provisions included in the Infrastructure Investment and Jobs Act entirely.

Digital Euro Will Never Be Programmable, ECB’s Panetta Says

Digital Euro Will Never Be Programmable, ECB’s Panetta Says

Some observers have touted restrictions on how people can spend their money as an advantage of a central bank digital currency.

2022 European Central Bank Forum On Central Banking
Fabio Panetta (Horacio Villalobos#Corbis/Corbis via Getty Images)

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The digital euro will never be programmable, according to Fabio Panetta, an executive board member of the European Central Bank.

In remarks made to lawmakers Monday, Panetta indicated the putative central bank digital currency won’t allow restrictions to be placed on how funds can be spent.

“The digital euro would never be programmable money,” he told members of the European Parliament’s Economic and Monetary Affairs Committee. “Central banks issue money, not vouchers.”

The ECB is currently one of around 100 central banks investigating a central bank digital currency and is due to consider whether to go ahead later this year. Some observers have touted as an advantage the ability to limit onward use of a digital currency – for example, food stamps that can be spent only on essential goods, or paying taxes automatically. Others, including euro area finance ministers, are opposed, saying the ability to be programmed would override the function of money as a fully fungible asset.

There could be a single digital euro app to provide a “homogeneous look and feel” across the 20 nations using the currency, and it could also be integrated into existing proprietary banking apps, Panetta said.

Panetta also said the digital euro may not run on decentralized technology that underpins crypto assets such as bitcoin (BTC).

“The views of many experts is that blockchain technology may not have sufficient power to be used to run such a huge system,” he said. “We are still discussing this.”

Panetta’s statement generated an immediate backlash from lawmakers influential in the crypto field.

“If it’s not programmable, how’s it going to be attractive for users?” asked center-right lawmaker Stefan Berger, who shepherded the EU’s Markets in Crypto Assets law through the European Parliament. “What is its use … what is the added value?”

That view appeared shared by center-left lawmakers, too, who noted that more complex technology could allow central banks to make direct payments to citizens as an innovative form of monetary policy.

“If you say you don’t want programmable money, that also doesn’t allow for helicopter money,” Dutch lawmaker Paul Tang told the Committee, referring to the possibility of direct payments to citizens. “I’m a macroeconomist, I still dream of that possibility.”