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Every Sunday, Hodler's Digest will help you keep up with all the important news that has occurred this week. The best (and worst) quotes, the highlights on adoption and regulation, the best coins, predictions and much more – a week on Cointelegraph in one link.
Top stories of the week
Facebook will work "as long as it will take" to convince the regulators of the Libra
Mark Zuckerberg launched the charm offensive this week to try to rebadure governments and central banks that his social network is taking into account their concerns about Libra. During a teleconference, he told investors that Facebook had changed – and that his company was no longer marketing products without prior notice. The CEO promised that his cryptocurrency would only be launched when regulatory issues were resolved, casting doubts about launch plans for 2020. Another attack occurred on Wednesday when the Visa CEO said that no company was involved. Had officially joined the Libra Foundation because they had only signed a non-binding letter of intent. The day before, several fake pages appearing as official channels of the Balance circulated on Facebook and Instagram – and they were removed only when the Washington Post alerted the tech giant of their existence.
The Battle of Libra: Zuckerberg must also convince the public
While Facebook is trying to win the hearts and minds of regulators, there is a risk that it will lose sight of an even bigger hurdle: winning the public. A survey conducted this week by CivicScience found that only 2% of Americans trust Libra more than Bitcoin (BTC). Not good. Another survey revealed that only 12% of Germans, the largest economy in Europe, welcome the Stablecoin. Not good. A third survey suggests that 49% of Facebook users in the United Kingdom and the United States would absolutely not trust the social media giant. Very bad. There is no point in appeasing regulators if your own user base is suspicious of the product. It remains to be seen if Facebook should launch an aggressive marketing campaign to bring them back to the situation or if users will forget their worries and adopt Libra when the product will eventually land.
Stormy week for Sun while he denies the money laundering charges
Tron founder (TRX), Justin Sun, had a whole week. On Tuesday, he drew up a long list of denials – rejecting accusations of illegal fundraising, facilitating adult video transactions, gambling and money laundering. Later in the day, he released a live video of San Francisco in an effort to cancel information banned from Chinese authorities to leave China. Also this week, Sun has postponed the planned lunch with Warren Buffett indefinitely, accusing kidney stones. Billionaire Buffett, a famous crypto skeptic, was probably delighted with that. In another strange twist, Sun wrote an online apology for "over-marketing" and then deleted them. The drama has seen Tron suffer heavy losses of more than 9% in recent days – and prices have dropped since.
Bitcoin returns to four figures as the market goes red
After hanging on to its five-digit price for several days, BTC succumbed to pressure and returned to the thousands on Wednesday. Although prices then reached $ 10,180, a sudden crash caused Saturday's BTC drop of $ 800 in 15 minutes, leaving traders scratching their heads. This has not been bad news for all. The data suggests that the amount of Bitcoin that has not been moved for at least five years has reached an all-time high. A total of 3.8 million BTCs – worth more than $ 37.3 billion at the time of writing this article – has not been touched since 2014. Coin Metrics, the firm crypto data at the origin of the research, claims that this proves that Bitcoin is becoming more and more a store of value. a means of exchange.
Iran recognizes bitcoin and crypto as an official industry, said a deputy
Tehran may be on the verge of recognizing crypto as an official industry and approving a mining mechanism. Iran has been a hotbed of mining activity in recent months because of cheap electricity tariffs in the country. Now, officials want to legalize the process to try to increase tax revenues, while the BTC mined on its soil is fleeing abroad.
Winners and losers
At the end of the week, Bitcoin is at $ 9,527.45, Ether at $ 210.19, and XRP at $ 0.31. The total market capitalization is $ 264,072,410.254.
Regalcoin, Dexter G and Xchange are the first three winners of the week in altcoin. The first three losers of the week are Bolenum, Claymore and SpectrumNetwork.
For more information on the prices of cryptography, be sure to read Cointelegraph's market badysis.
Most memorable quotes
"Can a person run for office and simultaneously be President of the United States and Prime Minister of Great Britain? Yes. Absolutely. Without question. But I believe that I am one of the few people still alive who could qualify for the combined job. "
– John McAfee, incarcerator and aspiring politician
"I will not talk about Bitcoin in 10 years, I can badure you that […] I'll bet that even in five or six years, I'm not talking about Bitcoin anymore as Treasury Secretary. I will have other priorities. […] I can badure you that personally, I will not be charged on Bitcoin. "
– Steven Mnuchin, US Treasury Secretary
"For me, [Libra] suggests that Facebook is almost trying to transform itself into its own country. It is a global organization that has no physical boundaries, but a global community that is under the exclusive surveillance of Mark Zuckerberg. "
– Damian Collins, British MP
"I think all these other cryptos are bridges to a Bitcoin environment."
– Tim Draper, billionaire
"Especially given the discussions around Libra and Bitcoin's rebound, the interest has increased again."
– Tim Hockey, Chief Executive Officer, TD Ameritrade
"Cryptocurrency will survive regardless of the country. Most countries that are trying to ban bitcoins are making their citizens want more cryptocurrency. "
– Changpeng Zhao, CEO of Binance
"While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival, as we live the fourth revolution. characterized by mergers between industries and fields. "
– Moon Jae-in, President of South Korea
"Facebook has a huge global network and enormous financial power. […] But Libra will only work well as a medium of exchange if everyone can trust it. And that's the big question: Should we trust Facebook enough? "
– Eswar Prasad, professor of economics at Cornell University
Prediction of the week
CEO of Pantera Capital estimates Bitcoin could reach $ 356,000 in a few years
This is the prediction time! Dan Morehead, the founder of Pantera Capital, dusted off his crystal ball to predict that BTC would reach $ 42,000 by the end of the year – and $ 356,000 by 2022. According to Morehead , such prices would be compatible with the logarithmic growth rate of Bitcoin, he added: "I know it sounds crazy, but we're halfway there." He then predicted that cryptography enthusiasts would long wait for a fund Bitcoin traded and warned that most of the altcoins would be left behind. .
FUD of the week
Indian government panel recommends general ban on cryptocurrencies
After a long tragedy, private cryptocurrencies could definitely belong to India. A government panel has officially recommended heavy fines of up to $ 3.6 million for anyone caught trading digital currencies – and even 10-year prison terms. A bill will now be examined, but since the government has already compared crypto systems to Ponzi schemes, it is almost certain that the proposals will be accepted in their entirety. At the end of the tunnel, there was a glimmer of hope as the group of experts urged the government to consider launching an official digital currency through the Reserve Bank of India.
John McAfee stopped aboard a yacht in the Dominican Republic
Crypto enthusiast John McAfee was arrested aboard his yacht in the Dominican Republic this week. According to reports, the authorities seized high-quality weapons, ammunition and military equipment. The millionaire later posted photos as he left detention after four days of detention. A few hours later, he was arrested again. McAfee shared a picture of himself lying shirtless on a bunk bed, he writes, "My second arrest in a week – a record, I think." Although clashes with the police usually sound disastrous for presidential campaigns, the entrepreneur does not want to be caught. is not discouraged – and McAfee says it wants to present itself to the "combined" position of the US president and the British prime minister. Ok, John!
The IRS sends 10,000 tax compliance letters to crypto investors
If you are a hodler in the United States, you may soon get a tax collector's missive in your mailbox. The Internal Revenue Service has written to 10,000 investors asking them to change their statements and others to make up for their arrears. However, those who receive the letters may have done nothing wrong. Tyson Cross, a lawyer specializing in cryptocurrency, says some of his clients have been contacted, even though they have reported their income accurately. He believes the campaign constitutes a "fishing attempt" by the IRS – and urges investors to remain calm if the letter falls on their doormat.
Best features Cointelegraph
Bitcoin is good, Chinese court says – no contradiction
Earlier in July, a Chinese court legally recognized Bitcoin and decided that it should now be considered a digital property. However, this does not necessarily mean that attitudes towards BTC and other cryptocurrencies will change. Here, we explore China's complex relations with digital currencies and examine what the decision means.
Reaction of the crypto community to the hearings of the Congress of Libra
US politicians and David Marcus, head of Facebook's Calibra portfolio, recently had a two-day confrontation in Washington, DC. The hearings elicited mixed reactions. Here is our summary of what the crypto community had to say.
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