Connect with us

News

Joe Biden’s $6 Trillion Budget Might Prompt Rich Americans to Resort to Bitcoin

Avatar

Published

on

Jun 02, 2021 at 09:09 // News

Is the new budget a salvation for the US or a menace?

Capitol Hill is at the moment heated over the historic $6 trillion budget for 2022 that new US President Joe Biden proposed. Although this would be the highest federal spending since World War II, it could drag more people into the crypto world.

The largest budget in American history since World War II is about to emerge

Speaking in Cleveland, Ohio, the president said he believed “this is our moment to rebuild the economy”. According to President Joe Biden, the proposed budget which attracts a $6 trillion price tag is hoped to bring jobs back to the American people and reduce the currently high unemployment rate to just under 4.1% next year. Additionally, it is expected to improve infrastructure and contain the current health emergency. Joe Biden hopes to create a “socialist economy”, with the poor Americans climbing the ladder to middle-class status.

Joe_Biden_presidential_portrait.jpg

While most Republicans and a section of Democrats in Congress are especially opposed to the budget, saying it is crazily impactful to the American economy, this is more likely to go through the approvals of congress. 

Many economists worry that there would be huge taxation on the American people to raise enough money for the government to redistribute wealth and support the poor. Others perceive a hike in the American national debt which is predicted to clock 89 trillion dollars by 2029. Other opponents of the new budget also cite extravagant spending by the Biden administration. 

Why this matters to just everyone is because the US is the largest economy in the world and consumer spending of the American people is the highest. The US is the top import country of the world, while the US dollar is undisputedly the king of currencies. Most countries have also pegged their wealth to US dollars. There are more reasons for worries elsewhere in the world based on the decisions America makes.

The Biden budget and its impacts on the crypto economy

Although some American citizens clapped their hands at Biden’s decision, it seems like the $6 trillion budget will become counterproductive and the Americans and the entire world will pay the price.

Biden’s idea is that more money needs to shift from the hands of the wealthy Americans and companies through high taxation, printing more money or acquiring loans. With the current national debt of the US standing at $28 trillion, literally, America does not have any money to spend whatsoever.

The_Biden_budget_and_its_impacts_on_the_crypto_economy.jpg

What will happen to the American rich and companies is simple: leaving the US territory or staying in America to die. This supports the initial statement by Chris Larsen, Ripple CEO, to relocate from the United States due to strict regulations from the Securities and Exchange Commission (SEC).

Due to the decentralized nature of cryptocurrencies, it is easier for Americans to invest their wealth into crypto elsewhere. Many crypto billionaires are looking at the developing world, especially Africa for future crypto investments. It also makes sense that Akon’s Akoin project skews towards the African continent, according to CoinIdol, a world blockchain news outlet.

With the proposed $6 trillion federal budget, the American economy is expected to exhibit complex behaviours including the high national debt, inflation, company shutdowns, among others, which will ultimately pose threats to the global economy. The Biden budget, therefore, sounds like an appeal for re-election, not an economic recovery. It could drive the global economy into another economic recession, hence, prompting many to join the decentralized digital currency ecosystem.

Source: https://coinidol.com/rich-americans-resort-bitcoin/

Blockchain

XRP Millionaire Transfers 26 Million Coins from Binance

Earlier this month, a leading XRP account moved $146 million worth of XRP to an unknown wallet.

Republished by Plato

Published

on

XRP, the world’s 7th largest cryptocurrency, is currently recovering from the latest correction. The price of the digital asset jumped by nearly 6% in the last 24 hours as the crypto market cap increased by more than $100 billion within a single day.

XRP millionaires are also on the move with the execution of large transactions. Whale Alert, the blockchain tracking and analytics platform, highlighted a recent transfer worth approximately $18 million from cryptocurrency exchange Binance to a digital wallet.

Bank Account Alternative. Business Account IBAN.

According to Whale Alert, a leading XRP account moved 26 million coins from Binance to a crypto wallet on Thursday 24 June at 17:00 UTC. The mentioned transaction was recorded on Bithomp.

Suggested articles

NDFs and the Geopolitical Environment That Drives ThemGo to article >>

The latest transfer was executed around 2 weeks after a leading crypto whale account moved 176 million XRP worth nearly $146 million on 12 June to a digital wallet.

Despite the recent correction in the price of the world’s 7th most valuable digital asset, whale XRP transactions are surging. The total number of XRP whales has also increased substantially during the last few months. According to the latest Q1 2021 Markets report published by the San Francisco-based blockchain firm Ripple, XRP accumulation increased rapidly during the first three months of 2021.

“The number of “whale” wallets, defined as wallets with balances of at least 10M XRP, increased from 308 to 319. Similarly, the number of wallets holding between 1M and 10M coins increased from 1,125 to 1,196,” Ripple mentioned in the report.

XRP and Institutional Inflows

Since April 2021, XRP has remained one of the most popular crypto assets among institutional investors. According to a recent digital asset fund flows report published by CoinShares, XRP attracted a substantial amount from institutional investors due to its significant price surge in the past few weeks. The cryptocurrency touched its highest level in more than three years in April 2021 when its price crossed $1.90. Since then, the digital asset has seen a gradual decline due to the negative crypto market sentiment.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://www.financemagnates.com/cryptocurrency/news/xrp-millionaire-transfers-26-million-coins-from-binance/

Continue Reading

News

Silk Road Prosecutor Spearheading $2,200,000,000 Crypto Fund – Here’s Her Case for the ‘Largest Crypto Fund Ever’

Avatar

Published

on

By

Former federal prosecutor Katie Haun is co-founding a new crypto fund.

The Silk Road prosecutor was first introduced to Bitcoin seven years ago after spending her career investigating prison gangs, corrupt officials, and the mafia for the U.S. Department of Justice.

ADVERTISEMENT


 

She went on to create the government’s first cryptocurrency task force and led investigations into the Mt. Gox hack and the corrupt agents on the Silk Road task force. Seven years later, Haun now oversees a $350-million crypto fund launched last summer by Silicon Valley investing powerhouse Andreessen Horowitz (a16z).  

Now, she announced on Twitter that she is partnering with Andreessen Horowitz to lead Crypto Fund III, a massive $2.2 billion venture fund that will target crypto projects and teams.

In a series of tweets, Haun shares her perspective on crypto and where she sees the space going.

“This is the largest crypto fund ever raised, a validating moment for the ecosystem and another sign that crypto is mainstreaming, innovation in the space is accelerating, and use-cases are broadening.

We are radically optimistic about crypto’s potential. This fund allows us to find the next generation of visionary crypto founders, and invest in areas that touch the core pillars of the crypto ecosystem: infrastructure, DeFi (decentralized finance), NFTs (non-fungible tokens), gaming and more.

We’re going all in on our belief crypto is not only the future of finance but, as with the internet in the early days, is poised to transform many other aspects of our lives.”

Joining her in the crypto fund is Bill Hinman, the former director of the SEC’s Corporate Finance Division, Tomicah Tillemann, former senior advisor to Joe Biden, investor and entrepreneur Alex Price, advisory partner Bret McIntosh and former Coinbase communications vice president Rachel Horwitz. 

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT


 

Check Latest News Headlines

ADVERTISEMENT

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/IM_VISUALS

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://dailyhodl.com/2021/06/24/silk-road-prosecutor-spearheading-2200000000-crypto-fund-heres-her-case-for-the-largest-crypto-fund-ever/

Continue Reading

Blockchain

Dogecoin: Investing ‘in currency with dog’ makes sense to this section?

Republished by Plato

Published

on

The adage, “You work hard for your money and your money should work hard for you,” will, perhaps, never age with time. Investing is important, if not critical, to make your money work for you. Until a few years back, the masses mostly relied only on stocks and physical assets like gold and property as investments. In fact, for the older generations, the traditional array of assets is a go-to option on any given day. 

Nevertheless, with the emergence of digital assets like cryptocurrencies, market participants now have a wide range of assets to choose from. As a matter of fact, the newer assets resonate well with the newer generations. Even during market adversities, the younger generations express their enthusiasm and keep claiming that they’re “in for the tech.”

A meme that pointed out the different assets chosen by people from different generations was doing the rounds on social media lately. It, however, managed to garner traction majorly because the self-proclaimed ‘DogeFather’ reacted to its irony, thus instilling the Dogecoin v. Real estate debate.

Interestingly, in May 2020, Elon Musk took social media to announce that he was giving up most of his possessions. What’s more, he explicitly stated that he would not own any house henceforth.

Reportedly, before the aforementioned Twitter announcement, Musk owned several luxury mansions in California that had a cumulative valuation of over $100 million. Musk’s reaction to the meme makes even more sense when the above dots are connected. Well, apart from traditional asset proponents, even people close to Musk were apparently “mad” at him for taking such a call. 

Source: Motely Fool

A recent study highlighted that Gen Z and millennial investors prefer using an amalgamation of both new and old investment strategies. Cryptocurrency, however, remained the second most likely asset to be held by Gen Z investors. Well, according to the age-wise stratification, Musk falls into the Gen X category, which is typically characterized to be “conservative” with their investment choices. 

Now even though Tesla’s ‘Techno-King’ doesn’t belong to the Gen-Z or millennial category, he has evidently been fond of cryptos, especially Dogecoin over the past few months. However, the meme-coin’s value recently plunged and the community opined that even Elon would not be able to save it.

Now, since real-estate is most likely out of Musk’s equation, the odds of Musk resurrecting the meme coin and taking it on ‘moon ride’ has increased. Riding on the back of Elon’s tweets, Dogecoin has managed to record a YTD return of +4112.69%.


Subscribe to our Newsletter


PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://ambcrypto.com/dogecoin-investing-in-currency-with-dog-makes-sense-to-this-section

Continue Reading
Blockchain4 days ago

Legends: The premium NFT minting platform

Uncategorized4 days ago

Origin Protocol Price Prediction 2021 – Will OGN Hit $5 Soon?

Assets2 days ago

Hedge fund that shorted GameStop closes as $1.13B GME stock offer completes

News5 days ago

When is the right time to buy Bitcoin?

Blockchain5 days ago

Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

Blockchain2 days ago

PayPal and Visa Lead $300M Funding for Blockchain Capital

Blockchain5 days ago

Will Polygon still be necessary after Ethereum 2.0 is live?

News4 days ago

New Bill Aims To Make Paraguay a Global Crypto Hub

Blockchain1 day ago

7 Altcoins That Make You a Billionaire in 2022

News2 days ago

Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out

Uncategorized5 days ago

Is $SHIB Better Than $DOGE? And Other Crypto ($BTC, $ETH, $CHZ) News From Paraguay

News5 days ago

Battlegrounds Mobile India sending your data to a Chinese Server: Report

Blockchain2 days ago

Cardano Founder: Ethereum Will Overtake Bitcoin

Blockchain4 days ago

3 Tons of Bitcoin Mining Rigs Will Reportedly Relocate From Guangzhou to Maryland

Uncategorized5 days ago

Cardano ($ADA) Founder on Fixing Dogecoin and Elon Musk’ Fascination With $DOGE

Blockchain5 days ago

Bitcoin Whales, FX Acquisitions, ETH Options Expiry, XRP: Editor’s Pick

Blockchain2 days ago

Terra Virtua’s Mechagodzilla NFT sold for $33,700 by Blockmuse

Blockchain5 days ago

Every quad witching, this Chainlink price trend can be observed

Blockchain2 days ago

MATIC, USDT, BAL, WBTC + 3 more cryptocurrencies now available for trading on CoinJar

Blockchain2 days ago

Despite the Bounce: Bitcoin Might Still Retest $24K as Final Leg Down

Trending