We can say that "519-619" is a roller-coaster decline and exacerbated callback.
Last night, CCTV took NFT as an example to explain what NFT is, taking artworks in life as examples, and NFTs are also artworks in digital works, which is a craze. It is the abbreviation of non-homogeneity, and it is a reliable proof of the authenticity and ownership of digital assets. The current bull market for encrypted assets is basically driven by global quantitative easing, but the monetary policy expectations of various countries are currently tightened, short-term bad news continues, and the encrypted market has fallen for more than a month.
Overnight, the value of NFT rose, which is undoubtedly the best publicity for today's launch.
Although how the bull market plummets and the bear market soars is the law of the development of the financial market, some friends will leave the market because of this, and there are not a few of them. Rich Dad Poor Dad author Robert Kiyosaki tweeted that BTC will drop to $24,000. He called bitcoin the biggest bubble in the world and said he would buy more gold. Earlier, he had repeatedly urged investors to invest in Bitcoin during the crash.
It is worth noting that even when Bitcoin is almost halved from its high level a few months ago, many institutions and investors have expressed their optimism.
On the eve of the New York City mayoral race, Democratic front-runner Eric Adams gave a brief endorsement of the world's largest cryptocurrency. Adams said:I will assure you that a year from now you will see a different city, we will be the center of life sciences, the center of cybersecurity, the center of self-driving cars, the center of drones and the center of Bitcoin.
According to Coindesk, Suze Orman, a personal finance guru and CNBC The Suze Orman Show TV host, said in an interview with NextAdvisor that she had purchased $5,000 in bitcoin through Paypal. It is reported that this is the first time it has admitted to owning Bitcoin directly. Orman has previously spoken about her interest in cryptocurrencies several times, investing in Microstrategy stock last June. Orman said,She Buys Microstrategy Stock Because She Finds It's Easier Than Just Buying Crypto. Additionally, Orman said, Paypal makes buying bitcoin easy because it allows users to buy cryptocurrencies without creating an external cryptocurrency wallet. Of course, she remains concerned about Bitcoin due to U.S. regulation, and has used the term to unofficial figures such as Elon Musk."Comment"expressed concern about the forces driving the cryptocurrency market.
Australia's Lloyds auction house announced that it will accept major cryptocurrencies to bid on any item on its market, including cryptocurrencies such as Bitcoin and Ethereum. It is reported that within hours of the announcement, the auction house managed to sell a $75,000 RV to a bidder willing to pay the full price in digital currency. Additionally, the auction house announced earlier in June that it was minting NFT tokens for Ross Stereo Camera’s collection of original glass plate negatives over 140 years ago, which will be used for auction.
So for the currency circle, should we support or resist?
Recently, Li Yang, chairman of the National Finance and Development Laboratory and a member of the Chinese Academy of Social Sciences, said that Bitcoin cannot be regarded as a scam, it is a new data asset, and people can invest in it like investing in gold, but it is not currency. Li Yang thinksAfter the demonetization of gold, it becomes an investment object and one of various investable assets. The same is true for the current Bitcoin, which is a digital asset. In this regard, it is on the same level as gold. From an investment point of view, Bitcoin, like gold, can be invested.
Not only that, but Bitcoin is just something called "digital gold" and very few applications based on Bitcoin can be seen. But people can do many interesting things on Ethereum, such as borrowing money, buying NFT, etc., which cannot be done with Bitcoin. In addition, Bitcoin mining also has a relatively serious energy consumption problem. In contrast, Ethereum is shifting from Proof of Work (PoW) to a low-energy Proof of Stake (PoS) consensus algorithm, thereby eliminating some of the energy consumption caused by mining. series of environmental issues.
In the past few days, El Salvador's Finance Minister Zelaya said,The country has sought technical assistance from the World Bank to implement its decision to use Bitcoin as an official currency alongside the U.S. dollar.But the World Bank said it could not help El Salvador implement bitcoin-related bills due to environmental and transparency shortcomings.
In fact, not long after El Salvador’s bitcoin bill was passed, the International Monetary Fund (IMF) said it would “meet” with the country’s president. IMF spokesman Gerry Rice said,“The adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require careful analysis. We are closely monitoring developments and will continue to consult with the authorities.”
In recent days, El Salvador President Nayib Bukele said in a recent interview that the El Salvador authorities will work on creating the necessary infrastructure to allow Bitcoin to fully operate in the country like a legal tender.Residents can trade any altcoin of their choice, but these altcoins will not become legal tender. Fiat currency will only be BTC and USD.
According to Gonzalo Vila, a member of the Association of Certified Financial Crime Specialists (ACFCS), the social and security situation in El Salvador has improved recently, but there are still huge risks and vulnerabilities. Legitimate companies may be used through the financial system to move dirty money from elsewhere. “El Salvador’s embrace of Bitcoin could open the door for ransomware hackers, money launderers, and international criminals looking to cash in.”
As the first country in the world to use Bitcoin as a legal currency, El Salvador's experiment is really stressful. After becoming the first country to "eat crabs", El Salvador needs time and action to prove that it can deal with the current problems of Bitcoin. Its decision is bold, but the results of this new fiat currency experiment still need to be verified.
We invest and don't let you rely on it to trade with the only assets you have. The decision to leave nowhere has never been our advocacy. Regarding gold, we will not discriminate between right and wrong just to buy gold. So it is even more so for Bitcoin, use our rational thinking to do correct and meaningful things.
