Congress vs. Blockchain, Will BTC Ever Skyrocket, Iran Fights Crypto While Miners Hack
In this edition:
- The U.S. Congress to Debate Blockchain Technology
- Bitcoin and the Half-A-Mil Price
- Iran Restricts Crypto
- COVID-19 Supercomputers Hacked for Mining
Is anyone else getting that calm feeling before the storm? I certainly do, fellow Anchorians, it’s almost as if we were anticipating something huge to happen. Anyhow, maybe it’s just me or these weird times, but I’m feeling optimistic nonetheless. Right, you’re not here to get bored by my everyday thoughts. Luckily for you, you’ve been saved by the most important news this week!
After the halving, we were all left a bit bewildered in terms of BTC price predictions – from ‘’BTC price will be half-a-mill’’ to ‘’hmm, is that it?’’ mood swings. Easy, time will tell and we will naturally sum it up for you. There are also legislative topics in this edition of Weekly Crypto Roundup, along with the very determined miners. Let’s begin, then!
The U.S. Congress to Debate Blockchain Technology
Rep. Brett Guthrie introduced a bill requiring ‘’the Secretary of Commerce and the Federal Trade Commission to conduct a study on blockchain technology, and for other purposes’’. Specificities of the request are further listed in the bill, obtained by Cointelegraph.
Basically, the process is meant to be simple – do thorough research on blockchain, define regulative jurisdictions, and explore how it can be implemented. Of course, this bill is focused on the blockchain only since it fails to address cryptocurrencies. After all, why not deploy blockchain in supply chain management or any kind of interstate business?
Additionally, the bill asks for another survey, international one, to determine the ‘competition’ and rank the U.S. among them. And here’s the part where we have to mention China, a pro-blockchain nation that put serious efforts into this technological development. If China does it, why wouldn’t America at least conduct a survey? Sound logic. Blockchain can open a lot of doors for policymakers – from developing national digital currencies to monitoring various industries.
Upon this point, we have seen many initiatives in the States regarding crypto and blockchain, but somehow we were always denied closure. Maybe these post-corona times can indeed change the common way of looking at things, especially for governments. We’ll find out together!
Bitcoin and the Half-A-Mil Price
If this title reminds you of a Harry Potter movie, well, you’re right, that was the point. If not, rest easy, we are still only talking about BTC price movements and predictions. You couldn’t fail to notice by now, among optimistic crypto investors there are always the very optimistic ones. Some of them speak from a place of belief, some of them from a place of knowledge.
Will BTC’s market cap ever exceed the total market cap of gold? If BTC is inevitably skyrocketing, when will this happen? What should I, as a crypto investor, do? Brain-racker, I’m telling you.
Long-term theories will always be interesting, but as the Earth yearly revolves around the Sun, it also rotates around its own axis every day. Bitcoin, while making almost epochal changes, also varies from day to day, and that’s what makes it unique. And even us dummies can make some conclusions out of it. For now, we know that the current price of one BTC is $9,400 after failing to surpass the $9,900 resistance line.
My point is – you don’t have to know exactly what will happen, especially since there are a lot of options now. It’s not just BTC and fiat, there are many cryptocurrencies out there, and among them various stablecoins that can help you to hedge out of a crisis and even make a profit. People seem to forget that fact sometimes – bitcoin is unique, no doubt, but there are more and more variables each day.
Many respected crypto veterans can shed light on this topic, and some of them are definitely seeing the $500,000 price at one point. CEO and founder of Real Vision, Raoul Pal, believes that we can expect $476,000 per coin. Who’s your favorite crypto messiah? Share with us in the Anchor Telegram Community >> For now, we can cleverly wait and see!
Iran Restricts Crypto
Iran introduces a new against-crypto proposal in addition to the existing laws, Iranian news outlet ArzDigital reports. In other, official words – The Islamic Parliament of Iran wants to add cryptocurrencies to the “Anti-smuggling of goods and currency” law.
This move will make crypto exchanges in this Asian country susceptible to already-set currency smuggling laws. Risky, confusing, justified, unfair? Who knows! That is to say, all crypto exchanges now must be licensed by the Central Bank of Iran. The conundrum is this – regulation that is applicable to fiat transactions might hit a wall when it comes to blockchain. Simply put, apples and oranges.
So, what can you do? Well, registering your exchange elsewhere can partially solve the problem. Iran appears to be one of the countries that regulate crypto processes differently – you can mine, sure, but you can’t exactly trade. Hmph. Again, if we take sanctions into consideration and international relations in general, plus bear in mind scams indeed exist, we are going down the rabbit hole. Yes, cryptocurrencies can be used to bypass sanctions, however, that’s not their sole purpose.
The crypto community in Iran can now only wait for the government to at least clarify this decision, and figure out the next steps for themselves and/or their businesses.
Nevertheless, in the grand scheme of things, it’s always the hardest to be a ‘mere’ consumer. We can only hope crypto enthusiasts won’t be used as a shield in this crypto/power battle and that the world will simply carry on, as it always does.
COVID-19 Supercomputers Hacked for Mining
Yeah, it doesn’t sound particularly good, this piece of news. Ergo, we must keep it real here, guys. Earlier this week, European supercomputers utilized for COVID-19 vaccine development were remotely hacked for the purpose of crypto mining.
These supercomputer machines were cryptojacked after being compromised by malware. The investigation has shown these supercomputers were then used for crypto mining, more precisely, for XMR (monero) mining. While the background of the story remains vague since some details are classified, it is believed that these computers were previously deployed for coronavirus’ vaccine research.
For now, security incidents have been seen in the U.K, Spain, Germany, and Switzerland, with the first one taking place in Edinburgh, Scotland. While these events are very similar and possibly connected, the authorities still remain unsure whether this was done by one perpetrator.
Naturally, by being a part of the global crypto community for years, one becomes aware that hijackings, hacks, and illegal actions are just an everyday part of the story. While we must condemn these occurrences, let’s not forget they are just business as usual for other industries, too.
Hi there! You’ve read it all again, haven’t you? This week’s news reminds me of the fact that sometimes we are faced with colossal, exact events (e.g. halving), and sometimes, the story is slowly being built by many tiny pieces of information. Both ways are important, nevertheless.
And, of course, one way or another – we always come to an end of a Weekly Crypto Roundup. As usual, I will wish you only fair winds and the following seas, fellow Anchorians. May you put this big storm behind you and let’s face new challenges together!
Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.