Economist Peter Schiff: US Dollar Near ‘Historic Crash’ — ‘Forget Soft Landing, It’s Crash and Burn’

Economist Peter Schiff has warned that the U.S. dollar is “on the verge of a historic crash.” He stressed that there won’t be a soft landing for the U.S. economy, predicting a “crash & burn” scenario. Schiff highlighted the potential for increased inflation, rising interest rates, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he noted.

Peter Schiff’s Latest Economic Warnings

Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday:

The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn.

He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”

On Wednesday, the economist explained on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”

In another post on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:

The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation.

Schiff has consistently raised concerns about the U.S. economy and the fall of the U.S. dollar. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that individuals holding U.S. dollars would face significant losses. Furthermore, the economist has warned of the potential for a severe recession, an inflationary depression, an “unprecedented” financial crisis, and a tragic ending. In September, he said a “massive crisis” will lead to a rush to exit the U.S. dollar.

What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.

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Rich Dad Poor Dad Author Robert Kiyosaki Recommends Buying Bitcoin ETFs

Rich Dad Poor Dad author Robert Kiyosaki has recommended buying bitcoin exchange-traded funds (ETFs). Warning that the global economy is slowing to a possible depression and the U.S. Treasury and Federal Reserve will print trillions in “fake dollars,” he urged investors: “Don’t be caught sleeping like most Americans. Take action now.”

Robert Kiyosaki and Spot Bitcoin ETFs

The author of Rich Dad Poor Dad, Robert Kiyosaki, has suggested investing in bitcoin exchange-traded funds (ETFs) for investors who prefer this approach over direct investment in bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

On Tuesday, Kiyosaki posted on social media platform X, expressing concern about the Cardboard Box Index, an indicator used by some investors to assess consumer goods production, which he claims is crashing. Kiyosaki stated that shoppers have ceased shopping, indicating a potential global economic downturn that could result in a depression. He anticipates that the Treasury and Federal Reserve will respond by printing trillions in fake dollars.

In response to these concerns, the renowned author recommended his usual choices of gold, silver, and bitcoin. He highlighted the rising price of gold and the relatively low cost of silver. Additionally, Kiyosaki suggested considering a bitcoin ETF as an alternative. In conclusion, he urged investors to take immediate action and avoid being caught off guard, emphasizing the need for proactive measures.

This isn’t the first instance of Kiyosaki warning about a potential depression. In July, he predicted that a depression is coming. In February, he cautioned about an impending giant crash, stating that a depression is possible. He projected that by 2025, gold would be valued at $5,000, silver at $500, and bitcoin at $500,000. Kiyosaki attributed these predictions to the anticipated loss of faith in the U.S. dollar, which he refers to as “fake money.” In his perspective, gold and silver are regarded as “God’s money,” while bitcoin is seen as “people’s money.”

Kiyosaki did not specify the type of bitcoin ETFs he recommends. In the U.S., there are futures bitcoin ETFs but the U.S. Securities and Exchange Commission (SEC) has yet to approve a spot bitcoin ETF. SEC Chairman Gary Gensler recently revealed that the securities regulator is considering between eight and 10 spot bitcoin ETF applications. Recently, a former NYSE president said he expects money to flood into the crypto industry with spot bitcoin ETF launches. Microstrategy chairman Michael Saylor expects demand for bitcoin to double after the halving and the approval of spot bitcoin ETFs.

What do you think about the advice by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below.

from Bitcoin News

Standard Chartered Anticipates Bitcoin Reaching $100,000 Sooner Than Expected

Standard Chartered Bank has doubled down on its bitcoin price forecast of $100,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.

Standard Chartered’s Bitcoin Price Prediction

Standard Chartered Bank has reiterated its bitcoin price forecast of $100,000 with more price upside happening sooner than it previously predicted. In a note published Tuesday, Standard Chartered’s head of crypto research and Western emerging markets FX, Geoff Kendrick, wrote that “crypto spring has sprung.”

The analyst explained that bitcoin’s unwavering dominance in the cryptocurrency space and heightened token hoarding by miners continue to drive the asset’s upward trajectory. Bitcoin’s share of the crypto market cap rose from 45% in April to approximately 50% while its value surged by over $10,000. The price upswing has sparked renewed interest in the cryptocurrency space. Kendrick shared:

Going forward, then, we expect digital assets’ rising overall market cap to be a bigger driver of BTC price upside than a continued rise in BTC dominance within the space.

As bitcoin’s price escalates, miners are increasingly holding onto their BTC, leading to a sharp decline in mined bitcoin sales to around 80% in the fourth quarter. The upcoming Bitcoin halving in April will further reduce the supply of new bitcoin. Kendrick noted that historically, bitcoin prices peaked 12-18 months after a halving.

The bank initially forecasted a bitcoin price of $100,000 back in April, declaring that crypto winter is over and anticipating that the price could reach $100,000 by the end of 2024. In July, the bank adjusted its prediction, stating that BTC could reach $120,000 next year while emphasizing that crypto winter has ended.

The Standard Chartered analyst further explained that an unexpected positive development is unfolding on the demand side, with an increasing probability of spot bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC). Kendrick detailed:

We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot ETFs. This suggests a risk that the USD 100,000 level could be reached before end-2024.

Many analysts expect the SEC to approve multiple spot bitcoin ETFs next year, including one from Blackrock, the world’s largest asset manager. SEC Chairman Gary Gensler recently stated that the securities regulator is considering between eight and 10 spot bitcoin ETF applications.

What do you think about Standard Chartered Bank’s bitcoin price forecast? Let us know in the comments section below.

from Bitcoin News

BNB’s Tech Roadmap for Opbnb Targets 10,000 Transactions per Second

In a six-month roadmap unveiled on Nov. 29, the BNB Chain development team said it is targeting 10,000 transactions per second and fees of $0.001 on the layer two (L2) solution Opbnb. Sometime between 2024’s second and third quarters, the objective will be to lower the gas limit per block increase from 100M to 200M.

Making the Chain More Accessible

On Nov. 29 the BNB chain unveiled what it called a tech roadmap for Opbnb, a layer two (L2) solution within its ecosystem. The goal of the roadmap is to make “blockchain more accessible, with the design principles based on making the Opbnb network more efficient for users and developers.” To achieve this, the roadmap is targeting 10,000 TPS (transactions per second) for transfers as well as “a price reduction of ten times on Opbnb.”

The unveiling of the six-month roadmap came just days after the transaction count on Opbnb tapped a new all-time high of 5.47 million. This milestone was achieved when “the network handled the full capacity of 100M gas per second smoothly in a single block.” This is said to have resulted in the network processing 645 minting transactions per second.

Meanwhile, in a statement, the BNB Chain core development team praised the Opbnb community for being instrumental in the L2’s success so far. The team also noted that the community’s efforts can prove to be potentially vital in the development of decentralized applications.

“We recognize the immense potential of our community members to contribute not only to the development of dapps on Opbnb but also to core chain technology innovations. In addition, developers who contribute to Opbnb, will have access to the Most Valuable Builder Program (MVB) in collaboration with Binance Labs and CMC Labs and be eligible to apply for grants and mentorship,” the team said.

As explained in the statement, Opbnb is also aiming to reduce transacting fees from $0.005 to $0.001 in the last quarter of 2023. In the first quarter of 2024, the objective is to increase capacity from 100M to 150M. Between Q2 and Q3 of 2024, the goal is to lower the gas limit per block increase from 100M to 200M and achieve a transaction per second milestone of 10,000.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Binance CEO Richard Teng Outlines the Path Ahead; Puts Innovation, Users and Web3 at the Forefront

Richard Teng, the new CEO of Binance, has explained his vision for the company, outlining the challenges the exchange faces ahead and the areas on which the company will focus. In a blog post, Teng explained that innovation, users, and Web3 will be at the forefront of Binance in the new era of the company.

Richard Teng Outlines Binance’s Future

Richard Teng, the new CEO of Binance, has published a blog post describing the challenges that the exchange will face, and the company priorities moving forward, after the $4.3 billion settlement with the U.S. Department of Justice (DOJ).

Teng, who has now to fill the void left by Changpeng Zhao (CZ), considered one of the most influential men in crypto, explained that he intends to turn the page on Binance’s historical challenges, praising the efforts that the company has made to “recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture.”

The new CEO acknowledged the need for cryptocurrency businesses and policymakers to interact to create a global regulatory framework for crypto. He stated:

As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections.

Innovation, Users, and Web3 Expansion

Teng mentioned three significant elements that will remain part of Binance’s strategy. The first one is innovation, with Teng explaining that the company was able to bring value to its users since its beginnings through innovating. In this sense, Teng assured that Binance will “remain committed to product excellence as we continue to blaze the trail of financial innovation.”

He referred to the exchange users as a vital part of the company, reinforcing that the exchange has a solvent economic position, maintaining a 1:1 backing of all the assets under custody. Teng stressed:

You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company.

Also, Teng hopes to empower and foster innovation through the promotion of decentralized applications and the adoption of Web3; nonetheless, he acknowledges that this “will be impossible without promoting regulatory innovation in a collaborative way,” having helmed the Abu Dhabi Global Market and collaborated with the creation of the UAE’s Web3 regulatory framework.

What do you think about Richard Teng’s first blog post as Binance CEO? Tell us in the comments section below.

from Bitcoin News

Bitcoin Whale Soars to 72nd Rank in 2 Weeks, Gathering Over 10,000 BTC Amid ETF Buzz

This week, observers in the crypto sphere have kept a close eye on a notable bitcoin whale address, which impressively climbed from the 492nd spot to become the 72nd largest bitcoin holder in a mere fortnight. This substantial addition of over 10,000 bitcoin occurs amidst widespread speculation about how exchange-traded funds (ETFs), such as Blackrock, will procure bitcoin, with some conjecturing that their acquisition might be through direct purchases from miners.

Mystery Whale Wallet Rockets to Top Bitcoin Ranks

Blockchain data reveals that the bitcoin wallet labeled “bc1qc” has rapidly amassed a significant number of bitcoins in a brief time span. This address has become a hot topic on social media platforms, with numerous discussions and posts scattered across X, highlighting the emergence of this new whale.

Initially spotted on October 31, 2023, the wallet made its first move by acquiring 109.81 BTC, and then, after just ten days, it expanded its cache by adding 736.69 BTC. By the middle of November, this wallet had ascended to become one of the top 500, securing the 492nd rank.

Advancing to the present day, this bitcoin whale wallet now ranks as the 72nd largest globally. On November 28, 2023, it added to its growing collection with two separate deposits of 163.67 BTC and 376.28 BTC. Currently, the wallet’s total holdings stand at approximately 10,393.22 BTC, valued at about $397 million based on the prevailing exchange rates.

Notably, this address remains unmarked and unidentified on blockchain explorers like Arkham Intelligence and OXT, keeping the entity behind it shrouded in mystery, although it continues to be under close observation. The emergence of this new whale coincides with a period rife with conjecture and hypotheses, particularly around the possibility of miners selling their bitcoin to financial institutions that are rolling out spot bitcoin ETFs.

These institutions are poised to require substantial quantities of bitcoin (BTC) to spark sufficient interest in their funds. It’s speculated that ETF managers might already be procuring BTC from miners through over-the-counter (OTC) transactions, aiming to prevent the spot market from being impacted by such sizeable BTC acquisitions. As a result of this speculated trend, whale wallets like “bc1qc” could seemingly materialize unexpectedly.

What do you think about the bitcoin whale address acquiring more than 10,000 bitcoin over the past two weeks? Let us know in the comments section below.

from Bitcoin News

European Banking Authority Launches New Consultation on Crypto Travel Rule

The European Banking Authority (EBA) has recently launched a new consultation process concerning implementing the so-called travel rule for cryptocurrency transactions. The institution is seeking feedback on the defined procedures that crypto assets service providers (CASPs) must complete to collect the needed information to comply with the travel rule, and the actions they must take when getting this information is not possible.

European Banking Authority Holds Consultation on Guidelines for Travel Rule Adoption

The European Banking Authority (EBA) has opened a new consultation that seeks to receive feedback on the procedures proposed to apply the travel rule to transfers that use wallets hosted by crypto asset service providers.

The rules are focused on “preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes” and complement another consultation process made by the institution in June that dealt with due diligence procedures for anti-money laundering processes.

In its most recent Opinion about money laundering and terrorism financing risks, the EBA found that most competent European authorities believe risks related to crypto assets service providers (CASPs) are significant or very significant.

These risks are derived from many factors, including “the pseudo-anonymity of transactions, the interaction with the dark web, the use of crypto-assets in predicate offenses such as cybercrime, complex fraud schemes, crypto-investment scams, increasing money laundering, and circumvention of sanctions.”

Guideline Details

The presented guidelines leave out the application of the travel rule for transactions between unhosted wallets, given that these exclude the intermediation of a CASP. However, incoming transactions from an unhosted wallet to a wallet hosted by a CASP will have to comply with the travel rule if the amount involved is over 1,000 euros ($1,096).

The guidelines describe a set of procedures that CASPs must apply to determine if the user starting the transaction is in control of both addresses involved. These involve advanced analytical tools, taking photos or videos of the user, sending a predefined amount to the CASP’s account, signing a specific message in the account and wallet software, and requesting the customer digitally sign a message into the account and wallet software, among other actions.

CASPs should use at least two procedures to obtain the required data. Nonetheless, if CASPs cannot collect the information after these processes, they should leverage more processes to complete the required information.

The consultation will run until February 26, 2024.

What do you think about the EBA’s consultation on the travel rule procedures? Tell us in the comment section below.

from Bitcoin News