Cryptocurrency

The Impact of Nixon Shock and the Debate on Bitcoin as Money

Thursday. August 15 at 9:00 PM

1 min. read

On August 15, 2024, the 53rd anniversary of the Nixon Shock, when President Richard Nixon removed the gold standard for the US dollar, is marked. Nixon initially claimed this move was temporary to stabilize the dollar, but its lasting effects are still debated by economists. Niel Jacobs of Swan Bitcoin emphasized the importance of this event and advocated for Bitcoin as money. The website WTF Happened in 1971 highlighted the consequences of ending the gold standard, such as stagnating wages and increased income inequality. Despite Nixon's promises to stabilize the dollar and combat inflation, prices have soared since then. While some argue for a return to the gold standard, others like Ben Prentice advocate for Bitcoin as the best form of money. Economists remain divided on the benefits of ending the gold standard, with a majority disagreeing with its reinstatement. The debate on the impact of Nixon's decision and the potential role of blockchain technology in the future of currency continues among experts and stakeholders.

More news 🗞️

Italy Revises Cryptocurrency Tax Proposal Amid Industry Opposition

Wednesday. December 11 at 12:00 AM

Italy has scrapped plans to increase the tax on cryptocurrency capital gains from 26% to 42% due to strong opposition and political discord. The initial proposal by Economy Minister Giancarlo Giorgetti aimed to boost government revenues but faced backlash from lawmakers, industry players, and the ruling League party. Instead, Italian lawmakers are now considering a more modest hike to 28% or maintaining the current 26% rate to support the growing crypto sector. The revised tax plans are part of the 2025 budget awaiting parliamentary approval by December. Advocates for a softer approach, like League lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni, warn that excessive taxes could drive crypto trading underground, hurting investors and the economy. Italy's shift reflects global trends in regulating and taxing cryptocurrencies, with countries like Russia and the Czech Republic also adjusting their tax policies to encourage digital asset investments.

Cryptocurrency

Cardano (ADA) Price Analysis and Forecast

Tuesday. December 10 at 9:00 PM

Cardano (ADA) is currently trading below $1 for the first time since November 26, indicating a persistent downtrend. The ADX has surged to 41.2, confirming the strength of this bearish trend, with ADA facing pressure as D- stands at 33.2 and D+ at 6.2. The Ichimoku Cloud has turned red, signaling a bearish outlook as ADA remains below the cloud, hinting at potential further downward pressure. The technical setup suggests ADA may test lower support levels soon. Despite the rising ADX, ADA is still in a downtrend, with a higher D- than D+, indicating continued negative momentum. If ADA remains below the cloud, it could face increased selling pressure, potentially testing support at $0.87 and lower levels. On the flip side, overcoming resistance at $1.11 could lead to further gains. This analysis serves for informational purposes only, and readers are advised to conduct their own research before making financial decisions.

Cryptocurrency

India's Jetking Infotrain Makes History with Bitcoin Treasury Reserve

Tuesday. December 10 at 8:00 PM

Jetking Infotrain has made headlines as India's first publicly traded company to hold Bitcoin in its treasury reserve. The firm recently acquired 12 BTC, valued at $1.2 million, marking a significant move in the crypto space. CEO Avinash Bharwani revealed the company's strategy to mix equities with BTC to enhance long-term growth. This decision comes amidst a growing trend of companies adding Bitcoin to their balance sheets, with MicroStrategy and Riot Platforms also making similar moves. Suril Desai, a prominent crypto lawyer, is leading discussions with regulators to formalize Jetking Infotrain's Bitcoin holdings. The company's initiative aligns with India's evolving stance on cryptocurrencies, following the lifting of a 2-year ban on banks facilitating crypto transactions. Despite regulatory challenges, the adoption of Bitcoin by Indian companies signals a shift towards mainstream acceptance and integration of digital assets in traditional finance.

Cryptocurrency

Analyzing Hedera's Price Decline

Tuesday. December 10 at 4:00 PM

Over the past week, Hedera (HBAR) has experienced a significant 17% decrease in price, sparking concerns among investors. The current trading value of HBAR stands at $0.29, prompting questions about how much lower it could go. One key indicator pointing towards a potential further drop is the Exponential Moving Average (EMA), which suggests a bearish trend for HBAR. Additionally, the social dominance of Hedera has declined, indicating reduced market interest and a possible continuation of the price decline. The Chaikin Money Flow (CMF) has also decreased, signaling increased selling pressure that could drive the price down to $0.17. However, a reversal in the trend could occur if HBAR surpasses the 20 EMA and buying pressure rises. Investors are advised to conduct thorough research and seek professional advice before making any financial decisions.

Cryptocurrency