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Twitter and Square CEO Jack Dorsey discusses the role Twitter plays in shaping public discouse, his thoughts on the murder of Jamal Khashoggi, and much more with HRF president Thor Halvorssen at the 2020 Oslo Freedom Forum. But during the interview Jack Dorsey says Bitcoin holds the keys to security.
https://m.youtube.com/watch?v=L8aG_ekh6EQ

During the engagement, the CEO spoke positively of crypto's largest asset, Bitcoin (BTC). "The whole spirit of Bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet," Dorsey told host and HRF president Thor Halvorssen in an interview, published on Sept. 25. Later in the interview, Dorsey also described blockchain and decentralization as changing the landscape of online content, hosted by numerous parties instead of centralized entities. "Blockchain and Bitcoin point to a future, and point to a world, where content exists forever, where it's permanent, where it doesn't go away, where it exists forever on every single node that's connected to it," he explained. He also took the time to discuss how content saved via Blockchains becomes effectively immutable.
https://cointelegraph.com/news/square-ceo-jack-dorsey-says-bitcoin-holds-the-keys-to-security

Imo, bitcoin, blockchain, decentalized internet is the way to the future.

Since March, the administration of US President Donald Trump and the Federal Reserve have been working hard to support the economy that has been severely damaged by the coronavirus pandemic.

Unlike many other economic powers, the United States had to deal with the first round of expansion of coronavirus infections, which made the United States the country with the most serious cases. This has caused the Trump administration and the Fed to do their best to keep people working and increase spending.
These measures include lowering interest rates and releasing water to the economy, which may cause people to "opt out" of the weak U.S. dollar (USD), which may increase interest in Bitcoin (BTC) and other cryptocurrencies.

What did the Fed do
From cutting the Fed's interest rate to zero after a sharp 1.5% cut in March, to buying a large number of securities, the Fed has done its best.

Overall, since March, the Federal Reserve has injected US$2.3 trillion into the market through the purchase of US Treasury bonds and mortgage-backed securities, bringing its total assets to US$7.06 trillion.

Growing at this rate, and given that the United States is still dealing with mass unemployment, its balance sheet is likely to continue to expand into the fourth quarter, and may be close to $10 trillion at the end of the year, which is the highest ever value. To

There is also concern that inflation may exceed expectations. According to the "new economic challenges and the Fed's monetary policy" mentioned in the speech of Fed Chairman Jerome Powell, the Fed will strive to achieve an average inflation rate over time. Near 2%-If the dollar weakens further, it may temporarily increase the inflation rate above 2%.

Impact on Bitcoin
Although the price initially fell by more than 50% during the crash in mid-March of this year due to the worst sell-off in history for global stock markets, the price of Bitcoin saw a dramatic comeback in the second and third quarters and went straight to $12,000. , The decline fell back to just above $10,000.

On the other hand, the U.S. dollar has not been recognized at the same time, and has begun to weaken since March, relative to the euro (EUR), pound sterling (GBP), Japanese yen (JPY), Chinese yen (renminbi), and others Most major currencies have fallen.

As the world's major reserve currency, it can be considered that a large number of US markets are related to the performance of the US dollar, including US stocks, real estate and stocks. However, Bitcoin is often described as an unrelated asset that can be independent of stock indexes, foreign exchange and other financial markets. It is often seen as a hedging tool against the troubled dollar, protecting holders from the adverse effects of inflation.

As the U.S. dollar continues to depreciate, Bitcoin's power as a hedge may continue to grow. Simon Yu, CEO and co-founder of StormX, a crypto-powered microtasking platform, agreed with Decrypt. He said:
"As the federal government insists on printing money, the Fed reiterated its intention to maintain an inflation rate of more than 2%. We should expect commodities in all markets to rise." Yu also continued to explain that Trump’s fiscal policy may be “in the near future”. In the future, it will push up the price of Bitcoin.

The correlation between Bitcoin, gold and the S&P 500 index is increasing
On the other hand, Marshall Hayner, CEO and co-founder of Metal, a cryptocurrency payment processing platform, said: “The President has expressed great dissatisfaction with the Federal Reserve and may wish to implement new standards for the U.S. dollar to protect U.S. dollar. Developed in the post-COVID-19 world."

Heiner pointed out that this may include the establishment of a super blockchain center or similar government agency, which in turn may cause executives to have "new interest" in Bitcoin. He also argued that this could also lead to "vigorous push to create a US digital dollar CBDC to eliminate counterfeit banknotes and increase transparency."

This in itself can play a role in promoting the growth of Bitcoin; digital asset management company Grayscale pointed out in a report earlier this year that interest in CBDC or central bank digital currencies can promote interest in Bitcoin by highlighting its value proposition. . The report states: "The transfer of fiat currency to digital infrastructure will highlight that Bitcoin is special not because it is a digital currency, but because Bitcoin is a scarce, uncompromising, non-political currency. Anyone can use it."

However, if the Fed's new fiscal policy eventually leads to a return to economic contraction and a heavy blow to the stock market, it is likely to have an adverse effect on Bitcoin. However, this is unknown until the dust settles in the general election.
https://images.app.[Suspicious link removed]/FmaQBs9TppZ3dhBX9

For long, politicians have been skeptical about crypto/Blockchain tech as it provides an "escape route" from the existing monetary system controlled by governments worldwide. Some of them have seen the benefits of this emerging industry, showing their support for crypto. In the US, a presidential candidate named "Andrew Yang" publicly expressed his support for crypto/Blockchain technology. Other politicians have touched the subject lightly. All of this is good since it helps Bitcoin and other cryptocurrencies grow in the mainstream world. The same politicians supporting this emerging industry, could perform legislations to make crypto/Blockchain tech more legitimate in the mainstream world. Yet, the number of politicians supporting crypto is very small compared to those who don't.

Which politicians support Bitcoin? Do you think world leaders will embrace crypto/Blockchain tech at its fullest? Or will they go against it? What impact will mainstream politics have in the future direction of Bitcoin? Your input will be greatly appreciated. Thanks in advance.

This might be the beginning and it might set a precedent for other countries to follow and impose strict regulations on the users. They do not want the users to have the ability to launder our own money and evade taxes on our own.

However, there are cryptocoins I know that not any government authority can track hehehe.

 

Russia’s Ministry of Finance (Minfin) has prepared a new draft bill on the regulation of cryptocurrencies which, if it comes into effect, would force residents to declare their crypto wallets—or face up to three years in prison, local news outlet Kommersant reported today.

According to the proposal, any individual or legal entity that received more than 100,000 rubles (roughly $1,300) worth of crypto per year should be obliged to notify the tax authorities and submit a corresponding report. In case of non-compliance, violators would face a fine of 30% of the amount received—but no less than 50,000 rubles ($650).

If over one million rubles ($13,000) in crypto should “pass-through” an undeclared crypto wallet in a year, its owner could be facing up to three years of prison time or a community sentence, proposed the document.

Read in full https://decrypt.co/42809/russia-proposes-up-to-3-years-of-jail-for-undeclared-crypto-wallets

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