Congress Was Recently Told Cryptocurrency is Becoming a “Significant Issue” for the FBI

In a meeting held on Tuesday, November 5, 2019, that involved the Senate Homeland Security Committee and the Federal Bureau of Investigation (FBI), talks regarding national security threats were expounded upon sharing more details on the matter.

Cryptocurrencies were addressed and the Director of the U.S. FBI, Christopher Wray, disclosed that the bureau views such digital assets are a threat. This is a response to Senator Mitt Romney (R-UT)’s comment.

In particular, the Senator, who admits isn’t very knowledgeable on cryptocurrencies said the following:

“I would think it is more difficult to carry out your work when we can’t follow the money because the money is hidden from us.”

In stating this, he urged that something be done nationwide regarding cryptocurrencies.

Wray explained the bureau’s viewpoint and noted that the overall adoption of the digital currency is surely to become “a bigger and bigger [issue].” It also seems like he is not convinced that regulation would rectify the situation.

Without disclosing too much, Wray did mention some crucial points. With the FBI being watchful of the exchange of money through the decentralized financial system, he stressed that the U.S might eventually become segregated if it did not make the effort to keep up with improving technologies.

He specifically noted that outside organizations within the U.S. are getting habituated with blockchain technology and could be putting in time to ensure that their financial involvements are covered from the government reports Decrypt.

Here’s what Wray has since voiced:

“Whether it’s cryptocurrency or default encryption on devices and messaging platforms, we are moving in a direction as a country and world where if we don’t get our act together, money, people, communications, evidence, facts […] will be essentially walled off from the men and women we represent.”

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Author: Nirmala Velupillai

Bitcoin Halving: 6 Months to Go, What Does the Market Think BTC Price is Heading?

  • In the first half of 2019, Bitcoin flew to almost $14,000 level. Since then, we have been struggling below the 2019 high level, trying to find the bottom of that bull rally.
  • Many analysts and traders believe the drop below $7,300 in late October was that bottom and soon we would see another bull rally that would take us to a new 2019 high.

As the price of bitcoin climbs back above $9,000 BTC/USD, interestingly, Bitcoin reward halving is just about 6 months away now, 186 days to be exact. After this halving 61 such Bitcoin halving events are more to come.

Being a deflationary digital asset, this halving would see Bitcoin rate declining from 3.71% per annum to 1.80% which Dr. Mervyn G. Maistry, board member of Cyberian Mine said will bring its inflation below that of the dollar and euro. So, for the “first time,” he said Bitcoin will have some inflationary and economic advantages over the fiat currency.

Massive Upward Surge, Decline or No Big Impact?

This halving will be third such halving, the previous two ones occurred on Nov. 28, 2012, and July 9, 2016, when the price of BTC was $12.30 and $650 respectively. What about this time?

When the halvening comes, the profitability of the miners go down and a lot of miners get squeezed out. As such, the difficulty decreases and the price increases.

Sean Walsh, CEO and chairman of the board, the Hyperblock.Inc shared recently that both six months before and after the bitcoin halving, BTC recorded “massive upward surge.”

Many commentators believe BTC could hit its all-time high (ATH) at $20,000 around that time only. Though the event would be “scary” for a miner as their revenue stream is going to be cut in half, Wash said, “the exchange rate will more than compensate for the reduction in our Bitcoin denominator revenues.”

However, Nick Damico, CTO of Bitpatagonin is “not very optimistic” in the short term and expecting the price to go down. While at the same time, Hugh Tian, Co-founder of Antpool isn’t concerned as he is “not expecting an overly big impact.” Fluctuations can occur both before and after having but not “too big.”

Bitcoin Going to be “Super” Valuable over time

Popular analyst PlanB who is known for using stock to flow approach to determine Bitcoin value shared last month that “we are entering a new phase” and the next 6-12 months are something to be “excited” about.

As such the next 6 to 12 months are going to be really important for the cryptocurrency market.

Recently, Vinny Lingham also talked about how “We’re heading for a very dangerous nine months,” as the Bitcoin bubble is “inevitable.”

According to Bobby Lee, board member of BTC Foundation, Bitcoin would first shoot past $500,000 and then $1 million due to this event. This is because Lee says halvings make Bitcoin more valuable with its inflation keep on declining, making it more scarce than gold.

But when Bitcoin tanks the usual 80% from such an inflated market cap, that Lingham said “would wipe out “$4 trillion dollar in global GDP overnight.”

Such a wipeout’s knock-on effects he said would be “immeasurable” as there are chances of global depression that could drive governments to ban the cryptocurrency.

“}” data-sheets-userformat=”{“2″:13057,”3”:{“1″:0},”11″:3,”12″:0,”15″:”Open Sans”,”16″:11}”>Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy