Aurelia Butler

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    in Cryptocurrency

    ‘Rumors Not True’: Peter Schiff Slams Bitcoin Reserve Push

    Noting that the Bank of Japan’s efforts to raise inflation over the past decade have backfired, Schiff suggested that the economy would have been in better shape if inflation had remained below 2% rather than above 3.4% as it is now, a scenario that he believes would have prevented the accumulation of major government debt.In response to a follower’s suggestion that several countries, including the United States, might be planning to adopt BTC as a strategic reserve, Schiff dismissed the idea as unfounded speculation. He suggested that such claims were likely being propagated by individuals seeking to manipulate the Bitcoin price for personal gain.Japan’s own stance on cryptocurrency reserves has been cautious, with none other than Prime Minister Shigeru Ishiba saying in December 2024 that the volatility of crypto-assets, including Bitcoin, was incompatible with the current system, making the introduction of a BTC reserve questionable.According to the latest news, the new U.S. administration, which will come into power, plans to appoint around 24 CEOs and corporate funders to its proposed Cryptocurrency Advisory Council to provide policy to create a strategic Bitcoin reserve. It will also work with key government agencies, including the SEC, CFTC and Treasury, to provide regulatory clarity and create a favorable environment for cryptocurrencies. None of this is set in stone yet, leaving room for speculation such as Schiff’s. The only concrete information the market will likely get is when the relevant guidelines are issued by the relevant authorities.This article was originally published on U.Today More

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    in Economy

    U.S. posts record $711 billion deficit for first three months of fiscal 2025

    The Treasury, releasing its final budget report before President-elect Donald Trump takes office next week, said that the $711 billion October-December deficit was $201 billion, or 39% higher, than the $510 billion deficit in the same period a year earlier as outlays grew sharply and revenues declined slightly.For December, the $87 billion deficit was reduced by $51 billion by the calendar benefit shift, and compared to a $129 billion deficit in December 2023. Receipts for the month were up 6% to $454 billion, while outlays as reported were down 3% to $541 billion. More

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    in Economy

    Goldman’s Solomon says US economy in a ‘fragile place’

    Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldThe US economy is in a “fragile place”, the chief executive of Goldman Sachs said on Tuesday, as the incoming Donald Trump administration promises policies that could stoke or constrain growth and fuel government deficits. David Solomon said he was “incredibly optimistic” and expected the sweeping deregulation Trump promised would catalyse business investment. But he also warned about the potential effects of Trump’s plans to clamp down on immigration, including deporting millions of immigrants who are living in the US illegally. Solomon said the recent rise in long-dated interest rates — the yield on 10-year Treasury notes reached 4.79 per cent on Tuesday — primarily reflected market expectations of continued growth of US government debt. “I’m quite optimistic, but we’re in a more fragile place,” he said at a New York conference hosted by the National Retail Federation, a trade association. Solomon claimed regulations imposed by Joe Biden’s administration had caused CEOs to defer investment. The incoming Trump administration “has sent a clear message that they want to back that off. That’s very constructive for growth and investment, and so I think that’s a positive,” he added. He said the renewal of tax cuts passed during Trump’s first time in the White House, many of which are due to expire this year, “can be stimulative”. “But there are other things that the administration is talking about that we really need to see how they go forward,” Solomon said, including Trump’s threats to impose new tariffs on trading partners and restrict immigration. Secure borders were important, he said. “But when you think about deportations, it’s very, very important that we balance all that with continued immigration growth, and we’ve got to get that balance right,” Solomon said. “So you’ve got this cocktail of change, some of which can be quite constructive for growth, some of which has the potential to slow growth, and I think the thing we have to watch very carefully is how it’s all balanced,” he said. Government bond markets have sold off in recent months, and rates jumped further after an unexpectedly strong US jobs report last week.Solomon said he did not think the recent rise in yields reflected expectations of a more hawkish Federal Reserve or concerns strong inflation will persist. He said: “We’ve really grown the debt stack. You really look at the deficit as a per cent of GDP. You look at some of the policy decisions and, I think it’s super important that we really get our spending and our deficit and the debt levels under control.”Solomon added: “And I think one of the things that’s happening is real bond buyers are looking and saying, we’ve got a lot of financing coming forward as we go through the rest of the decade, and that’s pushing long rates higher. We haven’t seen that in a long time, that’s a change, and I think that’s something to watch.” More

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    in Cryptocurrency

    Michael Saylor Announces 1,440 Bitcoin Weekly Gains for MSTR Holders

    Earlier this week, MicroStrategy announced yet another large Bitcoin purchase as it acquired a $243 million BTC stash. The previous accumulation was made this year on January 5, when the company scooped up $101 million worth of Bitcoin.Tom Lee believes that when BTC crashed to $90,000 from $96,000, it was a normal correction of roughly 15% after the recent highs reached by the leading digital currency. Lee opined that Bitcoin may demonstrate an extended correction to $70,000. However, it may drop even lower and touch on the $50,000 zone. However, if that happens that’s where it would push from to start rallying.Lee noted that this year Bitcoin is expected to be one of the best-performing assets and reach $250,000 by the year’s end.Besides, the PPI data release is expected today with a 3.7% increase YoY in December. Another inflation metric CPI is expected to come out tomorrow, also higher than the previous one – 2.9% YoY.This article was originally published on U.Today More

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    in Economy

    Gaza ceasefire deal hopes lift region’s government bond markets

    LONDON (Reuters) – Hopes of a ceasefire deal to end the war in Gaza lifted the region’s government bond markets and Israel’s shekel on Tuesday as investors sensed relief after 15 months of conflict.Negotiators were meeting in Qatar hoping to finalise a ceasefire and hostage release agreement after U.S. President Joe Biden indicated that one was within reach. More than six hours after talks began there was still no word on an outcome but Israel’s bonds and those of Lebanon, Egypt and Jordan were all edging higher as optimism built. Israel’s shekel and Egypt’s pound were also both fractionally higher in the currency markets. Clinching a ceasefire deal would cap a historic few months in the Middle East. It has included the killing by Israel of Hamas leader Yahya Sinwar, Iran-backed Hezbollah being weakened enough to allow Lebanon to elect a new president and perhaps most surprising of all, Syria’s veteran leader Bashar Al-Assad being toppled.Marten Bressel, a portfolio manager and rates trader at FIM partners, said the combination of events was helping to lift sentiment towards the region after a difficult couple of years.”The ceasefire deal is one part of that and hopes are pretty high at the moment that the new government of Syria will open up the country more to the West,” he said. Lebanon has been the biggest trade for investors, though.Its bonds have almost trebled over the last few months amid hopes that it can start addressing its dire financial woes now that nearly two years of near complete political paralysis look to be over. Israel’s markets bear the scars of the last 15 months of conflict in Gaza. The heavy cost of the fighting has seen the country’s sovereign credit rating downgraded multiple times despite never having been cut before last year. More

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    in Cryptocurrency

    Koni Stack Partners with Mythical Games to Launch ‘Football Rivals’ on Telegram, Introducing a New Use Case for Polkadot and Accelerating Web3 Adoption

    Game to Onboard Billions of Users to Polkadot via Koni Stack’s Telegram Mini App-as-a-ServiceKoni Stack, the platform that accelerates next-generation Web3 decentralized applications (dApps) with unified, end-to-end solutions, has announced an innovative partnership with Mythical Games to launch Football Rivals, a new toss-up game designed to bring billions of Telegram users into the Polkadot ecosystem. The game is built using Koni Stack’s cutting-edge mini app SDK, which simplifies the development and deployment of mini apps for Telegram, creating an easy entry point for players into the world of blockchain.Inspired by NFL Rivals, a popular game from Mythical Games with over six million active players, Football Rivals combines engaging stats-based gameplay with the power of Web3. Players use digital cards featuring player statistics to compete in weekly challenges, with top performers gaining opportunities to earn exclusive MYTH rewards on the Mythos Chain. The game will be easily accessible to billions of users, making it one of the most accessible and user-friendly blockchain gaming experiences to date.By tapping into the global Telegram user base, Football Rivals is poised to introduce billions of new players to the Polkadot ecosystem. This collaboration between Koni Stack, Mythical Games, and Polkadot creates an entirely new use case for the blockchain ecosystem, offering a seamless experience that bridges Web2 platforms and the decentralized world.Koni Stack, developed by the team behind SubWallet – a leading wallet in the Polkadot ecosystem – is designed to simplify the onboarding process for users into Web3 via a developer-friendly SDK. With a focus on user-friendly interfaces, SubWallet first transformed access to Polkadot with its easy-to-use wallet. Now, through its Telegram mini app-as-a-service, Koni Stack is helping developers create seamless mini apps with low code thus enabling Telegram’s billions of users to seamlessly interact with dApps and blockchain-based experiences.For more information about Football Rivals, users can visit t.me/footballrivalsgame.About Koni StackKoni Stack is an all-in-one platform that accelerates the development and deployment of next-gen Web3 dApps. It enables developers to build intent-based dApps for the masses with zero fragmentation, using two key modules: dApp-as-a-service and mini app-as-a-service. The dApp-as-a-service module allows for seamless, unified dApps that can access users and liquidity across multiple networks with one-time deployment, while the mini app-as-a-service module lets you quickly create and deploy Telegram mini apps by simply plugging in ready-to-use modules.About Mythical GamesMythical Games is a next-generation gaming technology company focused on creating decentralized games that empower players with true digital ownership. Mythical Games has been at the forefront of bringing Web3 innovations to gaming, with millions of active players and a reputation for creating immersive, blockchain-enabled gaming experiences. With titles like NFL Rivals and upcoming FIFA Rivals and Pudgy Party, Mythical Games is shaping the future of gaming and digital economies.ContactChief Growth OfficerKate HaKoni [email protected] article was originally published on Chainwire More

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    in Cryptocurrency

    XRP on Verge of Historic Breakout Against Bitcoin (BTC)

    In the last two months, the price of XRP soared by 271% against the leading cryptocurrency, going all the way up from 0.00000733 BTC to 0.00002678 BTC per XRP. However, that is the level at which the price of the digital asset met the first major resistance against Bitcoin.This is not new, as XRP previously failed to rise above 0.00002678 BTC on multiple occasions, such as in the summer of 2023 or the autumn of 2022.It is not even this exact price point, but the zone with rare wicks appearing after sudden pumps may put XRP as high as 0.00004239 BTC. Everything above it is forbidden territory — at least since the spring of 2019, almost six years ago, when XRP was last estimated at at least 0.00007 BTC.If the latest wave of growth materializes into something bigger, then we may see XRP setting a new local high or even an all-time high against Bitcoin.However, disappointment will be enormous if, this time, the popular altcoin finds its rest against the leading cryptocurrency there, making any projection of it aiming higher for once in six years invalid.Interestingly, estimations of XRP reaching as high as $4.20 were first called by U.Today in last August, when the asset just started hinting at a breakout. This was named as a prime final target if the breakout is validated. Now, we get another confirmation for such a prognosis, but this time from XRP’s performance against Bitcoin.This article was originally published on U.Today More