Cryptocurrency

The Impact of Nixon Shock and the Debate on Bitcoin as Money

Thursday. August 15 at 9:00 PM

1 min. read

On August 15, 2024, the 53rd anniversary of the Nixon Shock, when President Richard Nixon removed the gold standard for the US dollar, is marked. Nixon initially claimed this move was temporary to stabilize the dollar, but its lasting effects are still debated by economists. Niel Jacobs of Swan Bitcoin emphasized the importance of this event and advocated for Bitcoin as money. The website WTF Happened in 1971 highlighted the consequences of ending the gold standard, such as stagnating wages and increased income inequality. Despite Nixon's promises to stabilize the dollar and combat inflation, prices have soared since then. While some argue for a return to the gold standard, others like Ben Prentice advocate for Bitcoin as the best form of money. Economists remain divided on the benefits of ending the gold standard, with a majority disagreeing with its reinstatement. The debate on the impact of Nixon's decision and the potential role of blockchain technology in the future of currency continues among experts and stakeholders.

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Political Donations and Pardons: The Case of Sam Bankman-Fried

Friday. December 27 at 3:00 AM

BeInCrypto previously highlighted concerns surrounding Sam Bankman-Fried potentially receiving an early release through a presidential pardon. Influential figures like Elon Musk have hinted at this possibility. Bankman-Fried, the former FTX founder, donated $5.2 million to pro-Biden super PACs in 2020, making him a significant Democratic donor. There is a historical trend of political donors receiving favorable treatment in terms of convictions and pardons. Given this, there is speculation about President Biden considering clemency for Bankman-Fried. Despite facing serious charges related to wire fraud and money laundering, his sentencing was viewed as lenient considering the magnitude of his crimes. Critics argue that his associates seek clemency in exchange for stolen campaign contributions. While the connection between donations and pardons is not always straightforward, past cases raise concerns about the influence of wealth in legal outcomes.

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South Korea Imposes Sanctions on North Korean Cyber Criminals

Thursday. December 26 at 8:00 PM

South Korea has imposed sanctions on 15 North Korean individuals and one organization for their involvement in cryptocurrency and cyber theft activities to fund North Korea's nuclear program. The Ministry of Foreign Affairs announced these sanctions on December 26, targeting operatives engaged in obtaining foreign currency for the North Korean Munitions Industry Department and nuclear missile programs. Notably, the Lazarus Group, among other North Korean hackers, has been implicated in major cyber thefts in the Web3 space. Governments are intensifying efforts to combat these hackers, projected to target over 50% of global virtual currencies for theft by 2024. The sanctions aim to disrupt money laundering and financing of North Korea's nuclear program. North Korean hackers were responsible for a significant portion of the $2.3 billion stolen in cryptocurrencies in 2024, indicating a rise in sophisticated cyber attacks. The global community faces escalating cyber threats from North Korean hackers, prompting increased vigilance and collaborative actions to safeguard against future cybercrimes.

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Investing in Bitcoin: Expert Advice

Thursday. December 26 at 6:00 PM

Bitcoin (BTCUSD) has experienced significant growth this year, surpassing $100,000, with projections of further increases in the coming year. Despite this, financial advisors urge caution when considering investing in cryptocurrency, recommending only a small portion of one's portfolio be allocated to it. The Federal Reserve's indication of fewer rate cuts next year caused a temporary dip in bitcoin prices, but they have still more than doubled in value. Asset manager Blackrock suggests a 1%-2% bitcoin exposure in a portfolio, emphasizing the need for a limited allocation due to bitcoin's volatility. Experts like Malcolm Ethridge and David Rosenstrock advise on the potential risks and rewards of investing in bitcoin, highlighting the importance of understanding one's investment motives. Options for investing in bitcoin include direct purchases, ETFs, or shares in bitcoin-related companies, each with its own considerations. New investors are encouraged to explore ETFs as a beginner-friendly option, while experienced investors like Douglas Boneparth prefer direct ownership of bitcoin for greater control and security.

Cryptocurrency

Thailand's Crypto Progress and Bitcoin Tourism Proposal

Thursday. December 26 at 4:00 PM

In 2024, Thailand saw advancements in the crypto sector with the introduction of the Digital Asset Regulatory Sandbox. Former Prime Minister Thaksin Shinawatra suggested utilizing Bitcoin for tourism payments, highlighting his support for cryptocurrencies. Despite the potential benefits, the Bank of Thailand currently prohibits using Bitcoin for transactions, with digital assets regulated by the Securities and Exchange Commission. Thaksin emphasized the importance of embracing crypto trends for economic growth, proposing the issuance of stablecoins backed by government bonds. Statista projects a significant number of cryptocurrency users in Thailand, although the country has slipped in global adoption rankings. While Thailand faces regulatory challenges, discussions between regulatory bodies are crucial for future crypto experiments. Thaksin's vision for integrating Bitcoin into the economy reflects a growing interest in digital currencies, despite the need for regulatory clarity and alignment with global trends.

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