US Treasury Secretary Announces Bitcoin And Crypto

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2022-05-20 20:26:32

Yesterday, Bitcoin made the market more exciting when the price increased to $42,000. Altcoins also rallied in the same direction.

US stocks had a slight decline in the last session. However, futures contracts show an uptrend.

The oil market has rallied to a new high of $126 a barrel. Gold has also grown. Gold price yesterday increased to more than 2062 USD / ounce, higher than the price 5 years ago.

As a long-term investment, gold is still an asset that can be applied well with the price averaging strategy. According to the price calculation of the two most famous gold ETFs, GLD and IAU, after 10 years of average price, the investment will profit about 45% – 46%.

The strong bull market was influenced by the announcement by US Treasury Secretary Janet Yellen how the treasury would implement the provisions of the long-awaited executive order from the White House. The statement, issued late Tuesday and later removed (archived version here) from the department’s website, said that President Biden’s historic executive order called for a comprehensive and coordination for digital asset policy.

This approach will support responsible innovation that can have significant benefits for countries, consumers and businesses. It will also address the risks associated with illicit finance, protect consumers and investors, and prevent threats to the financial system and economy, Ms Yellen added. economy in general.

With this announcement, the Ministry of Finance considers crypto as a separate industry, and the upcoming regulations and policies will have coordination between many different agencies. At the same time, the U.S. Treasury Department will work to promote a more equitable, inclusive, and efficient financial system that incorporates the department’s ongoing work to combat illicit finance and prevent financial risks. risks to financial stability and national security.

This announcement made investors more optimistic. Clearer laws and regulations on the crypto market will help it thrive. New large investors and institutions are willing to invest in this market when there are clear laws. The large capital inflow of these institutional investors when poured into the market will help BTC as well as crypto go further.

Another positive news for the crypto market is that Credit Suisse, which manages more than 800 billion USD, published a report saying that the world will change with a new currency after the current war. Since 1971, the dollar is no longer backed by gold as decided by President Nixon. However, the dollar is still a world currency because the US is a reputable country in terms of borrowing and has never defaulted. In this report, Credit Suisse thinks that the strength of the USD may be shaken and weaker. And China’s renminbi may be stronger, but they don’t give a specific reason. And if BTC survives this war, it will be sought after by nations.

In addition, India also has new positive moves with crypto. Indian Finance Minister Nirmala Sitharaman said on Tuesday the government will discuss its stance on cryptocurrencies after completing an ongoing consultation process. Mr. Sitharaman said many Indians see the future of cryptocurrencies and the government sees an opportunity for income from the asset class. The finance minister announced a 30% tax on all crypto income in February, sparking hopes of a nationwide legalization of cryptocurrencies. However, both the Reserve Bank of India and the government made it clear that taxation does not necessarily mean legalization but these are positive signals coming from a large country with a crypto market.

The Ukrainian government has so far received donations totaling nearly $65 million. This number is expected to increase to 100 million USD in the near future.

With the effects of the war in Russia and Ukraine, McDonald’s Company has finally decided to announce that it will temporarily close 850 stores in Russia. CEO Chris Kempczinski wrote in a letter to franchisees and employees that the chain will be suspending all operations in Russia. However, they will continue to pay the salaries of their 62,000 Russian employees, and their Ronald McDonald House Charity will continue to operate. McDonald’s estimates that closing in Russia will cost the fast food giant about $50 million a month, or 5 cents to 6 cents per share. Similarly, other major companies such as PepsiCo, Starbucks and Coca-Cola have announced temporary closures.

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