Cynthia Lummis, the U.S. Republican senator from Wyoming, believes the Federal Reserve should consider holding bitcoin on its balance sheet. Speaking on the Orrin G. Hatch Foundation’s crypto webinar panel, Lummis said that once a regulatory policy is in place it “will make a lot of sense.”
Former Federal Reserve Vice Chairman Believes Crypto Perspectives Have Changed With the Advent of Stablecoins
This week, the Orrin G. Hatch Foundation published an instructional webinar video that featured Bitstamp CEO Bobby Zagotta and Randal Quarles (former vice chairman of the Federal Reserve) as well as Cynthia Lummis, a Republican senator from Wyoming. Matt Sandgren, the webinar host, mentioned to Quarles how bitcoin was initially met with suspicion from Wall Street and Washington in the early days. Sandgren said that things are changing now and Quarles asked him if he agrees with his former Federal Reserve vice chair.
” I think it was unclear in the beginning what the broad use case for bitcoin and similar crypto assets would be,” Quarles responded. They solved technical problems in the payment system, but their price volatility made them unsuitable to be an actual payment mechanism. The principal attraction seems to be anonymity and independence from the regulated financial system. Washington will not find either of these attractive.” Quarles said
For Wall Street, if you are an investor considering a novel technology with an unclear use case that’s likely to attract unwelcome attention from regulators and law enforcement you’re going to move slowly.
Quarles said then that things are changing now because of a few factors, one being stablecoins. Because stablecoins “tame volatility”, he believes they are more useful.
US Senator Lummis – I think it’s a great idea for the Fed to hold Bitcoin
As a result of Quarles’ statements, and a description from Bitstamp’s Zagotta about cryptocurrency, Lummis stated to Sandgren that it was a “great idea for the Federal Reserve” to purchase bitcoins and keep them on its balance sheets. Lummis said, “Once you have a regulatory and statutory framework, that will make sense. The fact that bitcoin has been completely decentralized, it will make it more ubiquitous over time.” The Wyoming senator added:
I think [bitcoin] is going to be something that the Fed should hold on its balance sheet.
Senator Cynthia Lummis has been a fan of bitcoin and digital currencies for quite some time and she recently thanked God for bitcoin when the U.S. Congress discussed raising the debt ceiling. During the first week of October, Lummis disclosed that she purchased more bitcoin and said she sees BTC as an “excellent store of value.”
However, panel speaker Quarles did not agree with Lummis’ opinion, and he stressed it is unlikely that the U.S. central bank will add BTC to its balance sheet. Quarles stated, “For many political, economic reasons.” “I believe it’s best for the Fed to keep its balance sheet .”
Lummis stated again during her panel statements that bitcoin is a store-of-value, rare, and predictable. “Bitcoin is digital gold — it’s hard money — There will only be 21 million ever produced,” Lummis insisted during the panel webinar.
This story contains tags
Balance Sheet, Banking, Bitcoin, Bitcoin (BTC), bitcoin balance sheet, Bitcoin BTC reserves, Bitstamp CEO, Bobby Zagotta, BTC, BTC balance sheet, Crypto, cynthia lummis, economics, Fed, Fed’s balance sheet, Federal Reserve, Randal Quarles, regulatory framework, US Central Bank, US Fed, Wyoming senator
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Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Borroe Finance draws attention in presale as Ethereum and BNB investors seek new opportunities
Ethereum (ETH) and Binance Coin (BNB) are among the best altcoins in the crypto industry, and investors will always have them in their portfolios. Even though these tokens are currently bullish, they will probably not deliver a triple-digit ROI to investors in 2024. As a result, savvy investors turned to a fast-growing crypto token called Borroe…
Ethereum (ETH) and Binance Coin (BNB) are among the best altcoins in the crypto industry, and investors will always have them in their portfolios. Even though these tokens are currently bullish, they will probably not deliver a triple-digit ROI to investors in 2024.
As a result, savvy investors turned to a fast-growing crypto token called Borroe Finance ($ROE). Keep reading to see expert opinions and forecasts on these tokens.
Standard Chartered predicts a May Ethereum Spot ETFs approval
On January 30, analysts at Standard Chartered (one of the world’s leading financial institutions) predicted that the US SEC may approve Ethereum Spot ETFs by May 23. According to Geoff Kendrick (head of Digital Assets Research at SC), Ethereum will likely mirror BTC’s price movement in the weeks leading up to SEC’s approval for BTC Spot ETFs. Therefore, Kendrick predicts that ETH could trade for $4,000 before its approval.
Thanks to this positive Ethereum crypto news, ETH recorded a minor price surge in the last week of January. On January 24, ETH traded for $2,230. A week later, ETH gained 4.89% and sold for $2,336. According to crypto analysts, Ethereum may likely be one of the best crypto investments in 2024 due to landmark activities in the blockchain industry. BTC halving comes in April, and the resulting market volatility will likely push ETH to $3,200.
Binance Coin surges amid groundbreaking partnership
On January 27, Laika AI (one of the world’s best DeFi research platforms) announced a partnership with Binance Coin Greenfield. Binance Coin Greenfield is a sub-chain of the BNB chain built to provide a decentralized data storage system and thriving web3 data economy to the blockchain industry. In other news, Crypto Slam recently revealed that Binance Coin Chain NFT sales shot up by 688% in the last week of January.
Thanks to these favourable ecosystem developments, BNB went bullish in late January. On January 24, BNB traded for $292. Seven days later, BNB gained 4.84% and sold for $307. According to crypto experts, BNB is primed for a price surge in Q1 2024 because retail crypto traders will return to accumulate altcoins during BTC’s halving in April. Therefore, BNB will likely trade for $325 by March 2024.
Investors back $ROE, presale raises over $2.7M in four stages
Borroe Finance ($ROE) is the world’s first web3 blockchain invoice discounting NFT marketplace. As a decentralized fundraising marketplace, Borroe Finance allows web3 businesses to raise instant cash by minting future earnings into NFTs and selling them to supportive communities at discounted prices. To ensure the safety of the fundraising process, Borroe Finance incorporates AI-risk assessment and efficient payment solutions into its protocol.
$ROE’s fourth presale stage is ongoing, and the token is selling for $0.019. So far, $ROE has completed 85.7% of its current presale stage, and the platform has raised over $2.7 million. When all presale stages conclude, $ROE will surge to $0.040 and deliver a massive 110.5% ROI to early investors. Furthermore, experts believe $ROE will record quick market acceptance in 2024 and likely trade for $0.190 by the end of the year.
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Why experienced investors are turning to NuggetRush amidst the meme coin frenzy?
Shiba Inu burned billions of tokens in January. BONK could fall further amid growing competition from meme coin rivals. NuggetRush (NUGX) could become the most in-demand play-to-earn network after its 80% price increase. The price of SHIB is still struggling despite over 9 billion SHIB tokens being burned by Shiba Inu in January 2024. On…
- Shiba Inu burned billions of tokens in January.
- BONK could fall further amid growing competition from meme coin rivals.
- NuggetRush (NUGX) could become the most in-demand play-to-earn network after its 80% price increase.
The price of SHIB is still struggling despite over 9 billion SHIB tokens being burned by Shiba Inu in January 2024. On the other hand, competition from other meme coins could push BONK down in the market.
Now, investors see NuggetRush (NUGX) as a last hope to secure stable returns and gold rewards. The project has sold nearly 169 million tokens. Yet, can NUGX become a better investment than top altcoins like SHIB and BONK? Let’s hear from market experts.
NuggetRush: matching expectations with high-value gold rewards
Speculation in the NFT gaming industry is rising NuggetRush prepares to launch the first-ever blockchain mining game. While gamers are thrilled by the prospect of an immersive strategy-based game, investors and crypto enthusiasts are more excited about earning NFT rewards that can be traded for real gold.
NuggetRush players primarily aim to become the game’s best miners and sit atop its leaderboard. To achieve this, players will set off on their journey with only miners and equipment while upgrading them as they progress.
With better NFT characters and machinery, a player’s mining efficiency will increase, boosting their chances of completing quests and earning financial rewards.
As for wealth-building, NuggetRush (NUGX) offers staking and trading of NFT assets. Rare in-game rewards called RUSHGEMS can be swapped for real-world gold at the game’s P2P marketplace. On the other hand, NuggetRush (NUGX) players can earn up to 20% APY rewards by staking their NFT assets.
NuggetRush is now in the last phases of its presale, and investors have already swooped up over 168 million NUGX tokens. In that time, NUGX’s price has risen by 80%, moving from $0.010 in round one to $0.018 by round five of its presale.
Investors are already anticipating another 11.1% rise to $0.020 as NUGX is gearing up for its listing. Furthermore, it is showing strong signs of becoming one of the top DeFi projects.
Shiba Inu burns 9 billion tokens
Shiba Inu has kept its word of increasing the SHIB burn rate in 2024. Reports from ShibaScan show that Shiba Inu has burned over 9 billion tokens in January 2024. It comes amid the widespread bearishness that has suffocated the progress of many altcoins.
Shiba Inu (SHIB) has also succumbed to the bearish pressure. As of January 1, SHIB traded at $0.00001069. It fell by 10.9% to $0.000009516 on January 17. SHIB fell by 6.8% to $0.000008861 on January 25, before recovering by 3.8% to $0.0000092 by January 30.
Shiba Inu (SHIB) first unveiled its policy of increased token burns in late 2023, following the launch of Shibarium.
Furthermore, Shibarium’s network activity has risen since the end of 2023, increasing demand for Shiba Inu’s services. This could push Shiba Inu’s SHIB token up by 52.3% to $0.00001402. Analysts say Shiba Inu’s (SHIB) increased token burn rate could make it one of the top crypto coins.
BONK expects competition from meme coin rivals
BONK has enjoyed spectacular growth in the past few months. Yet, the network is gearing up for a possible downturn amid competition from community-driven meme coins. In late January 2024, meme coin investor sentiment rose for networks like Dogwifhat.
Despite the market-wide price drop-off, BONK remained very popular among many crypto users. It traded at $0.00001494 on January 1. BONK jumped by 19.5% to $0.00001202 on January 18 before falling by 6.3% to $0.00001126 on January 30.
BONK could rise further if the meme coin sector reaches its 2023 highs. The network has already upgraded its mobile wallet features to allow smooth and seamless trading of tokens. This could further boost BONK’s trading activity while pushing its price to $0.00001509.
For more information bout the NuggetRush presale, visit the NuggetRush Presale Website.
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