Earlier today Coin Center research director Peter Van Valkenburgh said that Bitcoin may not spell the end of the financial system as we know it.
The leading crypto is not the end of the financial system
In a video, Peter Van Valkenburgh explained that the idea of how Bitcoin will achieve the entire dominance of the financial system and, with it, nobody will use the dollar or another currency is too reckless.
In this sense, Peter pointed out that “the fact is that there will be times when a Bitcoin transaction is what you want. Definitely, if you are in an oppressive state like Nigeria or Belarus, you may find it more useful to use Bitcoin. In the United States, we have a fairly stable banking system. We have the rule of law, we have a government that works quite well.
With this, Peter explains that depending on the conditions of a country, especially financially, the leading crypto can be more or less useful.
‘Generally speaking, here in the United States, you will probably still be using credit cards and Venmo and the like, but you may want to buy some Bitcoin because it can be a way to balance your investment portfolio against the threat of inflation, ”he explained.
Will cryptos cause the next financial crisis?
The CEO of Metalla Royalty & Streaming, Brett Heath, assured that crypto will be responsible for the next financial crisis.
Thus, for those who do not know, this company offers exposure to precious metals. Thus, with this in mind, Heath compared crypto to the technology crash of 2000 and the crash of 2008.
When you look back over the last few decades and you see all the financial crises that happened, you know, they all have a couple of things in common. And one of them is the massive adoption of a new financial product or a new technology that is not very well understood, “he said.
SEC Files Charges Against Individuals Who Allegedly Promoted BitConnect Firm
A statement from the SEC was released today where charges were filed against five people who allegedly promoted BitConnect. In fact, it is worth mentioning that BitConnect is a supposed crypto investment program that had the characteristics of a Ponzi scheme.
Thus the statement states the following: “We allege that these defendants illegally sold unregistered digital asset securities by actively promoting the BitConnect loan program to retail investors.”
In a few lines …
Another decentralized finance protocol on Binance Smart Chain was the subject of a major exploit. Australian tax authorities have warned that crypto and non-fungible tokens (NFTs) are still subject to normal tax. Charles Hoskinson, creator of Cardano and CEO of IOHK, defends the future of his crypto against rivals like Ethereum in an interview.