This week’s focus will switch from the FTX crisis, focusing instead on the vision Putin has for a global payment system featuring crypto. In brief, the last week started on a new low. But, somehow managed to gain back essential core strength during the weekend.
Putin Envisions Global Payment System Using Crypto Blockchain Technology
As we already know, nothing good comes from Putin so let’s see what his crypto aspirations could bring us. The Russian President seeks out new payment methods to avoid the hand of a narrow club of states. Chances are, he could be putting all his hopes into blockchain technology to avoid sanctions. The Artificial Intelligence Journey 2022 was a huge success for crypto as a whole. Because it was praised as a payment solution for many problems such as decentralizing influence over the financial sector.
Still, we need to take a deeper look into it. Why would Putin want that? Well, the answer is rather simple than complicated. He would be able to avoid all those sanctions which were imposed upon Russia after the Russian war in Ukraine started. Also not to forget, a few days ago, the Duma started discussions to legalize crypto mining. Apart from crypto mining and the sale of mined tokens -something Putin also mentioned at the time.
Harvard Researchers Advice Governments and Central Banks to Hold Crypto
After all those negative headlines we had in the past, we are happy to present you with something positive about crypto. So far El Salvador is the only state that elevated BTC as the national currency, and many sanctioned states could follow soon. Mathew Ferranti, a Ph.D. candidate published his research regarding national reserves, calling for governments to add BTC as an asset class. The best way to bypass sanctions nowadays is Crypto. Therefore, the Finance Ministry of Russia announced that it would use virtual currencies to facilitate cross-border transactions. As an example, Gulf Nations rather put their faith into gold but the only problem is you can’t turn around and buy 100BN worth of gold. But with crypto, you can. Thus, Ferranti suggests a mix of both, diversifying assets and lowering potential losses.
Benjamin Cowen is Examining the Last Crypto Bear Market
In his new Strategy session, Cowen clearly states another bottoming scenario is expected similar to that of 2018. Crypto cycles reset themself every 4-5 years after every Halving, forming patterns that Crypto analysts can use to predict what will follow. Therefore Cowen predicts another low just like in 2018 when BTC made a series of higher lows before its capitulation to extremely low lows hitting the bottom. Cowen’s guess is December 25th of this year. When BTC will hit the bottom and start gaining strength for a new bull run. Following historical data bear markets usually go on for 1 year. Hence this one is already due to end. Time will tell as always.