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Bitcoin [BTC] and other cryptocurrencies get a boost after US Congressman’s new bills

Akash Anand



Bitcoin [BTC] and other cryptocurrencies get a boost after US Congressman's new bills
Source: Unsplash

The mainstream adoption movement of cryptocurrencies and blockchain technology in the United States has received another boost with Tom Emmer, a US Congressman, introducing three new bills in favor of virtual currencies.

The new bills talk about the development of cryptocurrencies as well as throwing support behind the fintech industry. It also gives the readers a sense of clarity about the digital entities and its working. Congressman Emmer stated:

“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”

The first section of the bills wholeheartedly supports digital currencies and blockchain technology. It talks about how the government should take a ‘no harm’ route to ensure that the technology can be used in a positive manner. The bill stated:

“Whereas the internet flourished in part due to a light-touch regulatory approach embodied by the United States Government’s five principles for the Global Information Infrastructure.”

The document also touched upon the benefits of smartphone technology and how it can be used as a tool to propagate blockchain and its effective use cases. The bills also said that some parties who are involved in blockchain technology do not need to “register as a money transmitter”. Miners are a prime example of the people who come under the umbrella of entities who do not need to register.

The verbatim of the bill also indicates that political representatives are giving top priority to safety and protection of the users. One of the operative clauses states that:

” The United States should prioritize accelerating the development of blockchain technology to support transparency, security, and authentication in a way that recognizes its benefits and allows consumer protection while supporting future innovation;”

The Congressman’s release has also included clauses that are aimed to protect taxpayer’s with “forked” digital assets. It also states that penalties will be levied against those who report complaints against holders until and unless the IRS gives a stepwise plan to do so.

The mention of the IRS comes in the wake of an open letter written by a group of US legislators to the IRS which stated digital assets like cryptocurrencies need to be taxed. The letter said:

“We, therefore, write again today to strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies.”

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Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

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