Category Archives: consensus 2019

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Squawk Box Interview: The 3 Factors Driving Bitcoin’s Spike

smith, bitcoin, market, price

Bart Smith, head of digital assets at Susquehanna, appeared on CNBC’s morning business news program Squawk Box this week with his own reasons why Bitcoin has taken off in recent weeks.

Smith admitted like many other analysts that the Bitcoin revival is clearly not down to one independent factor, but in his words “… geopolitical drivers, there’s technological, [and] there’s regulatory to go with investor demand. So, it’s hard to isolate any one factor.”

However, he managed to tie it down to three drivers when speaking on the program: China and U.S. Trade War, the Consensus 2019 in New York, and Brokerages Offering Bitcoin to Retail Customers in 2019. On the first; President Trump’s immovable stance on Chinese Trade, he commented:

The net effect of the trade war with China and the U.S. is that the [Chinese] yuan is hitting a six-month low,” adding “Much of the rise in bitcoin in 2017 came out of Asia — countries like Korea and China that have capital controls and, in many people’s minds, [devalue their currencies]. And therefore, bitcoin was either a hedge or just an outright way to get capital outside of that country.”

The reaction to this year’s Consensus in New York, if in fact was a factor in Bitcoin’s spike, was indeed expected by some analysts, and appeared not to kick in immediately, but possibly this was a slow filter effect. Smith certainly thinks so.

However, if there is a key factor, in Smith’s opinion it was online brokerages stepping up to offer Bitcoin to retail customers in 2019 that has injected momentum into the market and heralded the end of crypto winter:

“Really, the big one is that there is a tremendous amount of optimism about U.S. brokerages, particularly online brokerages, said Smith. “While no one has come out and said that openly, there’s a lot of talk about that, and I think people are buying bitcoin ahead potentially of that new investor demand.”

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Ron Paul: Anarchy Comes from the Brad Shermans of the World

Ron Paul: Anarchy Comes from Guys Like Anti Crypto Congressman

Ex Congressman and presidential candidate Ron Paul has dismissed anti cryptocurrency calls by Republican Brad Sherman, saying that people like him are simply power hungry and make bad calls for unnecessarily strict state control that lead to disorder and chaos.

Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.

This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI

— Coin Center (@coincenter) May 9, 2019

“People like him are driven by power… I think anarchy comes from the Brad Shermans of the world, because they break down the world and that’s how you have anarchy in [Venezuela], because of [too much government].”

He said this at CoinDesk Live at Consensus 2019, when discussing the crypto space and his belief that the federal government should allow the industry to self regulate. He was certain that the US government would do nothing of the sort, however:

“Detail wise, I don’t know what they’re doing yesterday or today, but I do know they’re watching. Whether it’s gold or peanuts or silver or whatever, they will not just give cryptocurrencies a free ride.”

Paul also called Sherman “another thug in Washington”,  intent on calling the shots because they thought they knew what was best. However, he believed that time was running out for the US monetary system which was proving to be unviable with spiraling debt.

 

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