Donald Trump is stoking the flames of a new currency war, creating a do-or-die moment for the cryptocurrency movement, writes Michael J. Casey.
Trump’s Currency War With China Could Be Bitcoin’s Do-or-Die Moment
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Trump Imposes New Curbs on Venezuela to Force Maduro Out
U.S. President Donald Trump appears to be very willing to call out erring nations as he recently revealed a piece of his mind about the ongoing Sino-U.S. trade war. Now in a targeted move against socialist president Nicolás Maduro, Trump has signed an executive order, immediately freezing all assets belonging to the Venezuelan government.
The executive order, according to reports, was necessary because of Maduro and his followers’ continuous misdeeds including “usurpation of power…as well as the regime’s human rights abuses, arbitrary arrest and detention of Venezuelan citizens [and] curtailment of free press.”
The country has been plagued by terrible levels of unrest since Maduro first took office in 2013. Two well-known events such as the Mother of All Marches and the Caracas Helicopter Attack took place in the country as part of protests against Maduro, back in 2017.
Trump is, however, not the only world’s leader to express disappointment with Maduro and his administration as there are more than a few countries that believe that the last election which saw Maduro rise to victory was significantly rigged. And these countries support Juan Guaido, the country’s opposition leader who has declared himself as the interim president.
There have been sanctions against Venezuela in recent times imposed by different countries but this executive order seems to be the most biting of them all. It forbids all U.S. citizens and institutions from any dealings or transactions with Maduro or other members of his administration and also restricts Maduro’s allies’ access into the U.S.
It is stated that:
“All property and interests in property of the Government of Venezuela that are in the United States… are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.”
The only exceptions to the order are dealings between private institutions in both countries and also the safe passage of any humanitarian aid necessary. The order also possibly seeks to sanction any foreign people or institutions, who might want to continue dealings with the Maduro administration.
Regardless of the executive order, Trump’s National Security Adviser, John Bolton, will attend a conference in Lima on Tuesday. The conference is a meeting of nations that recognize Guaido as the fair president of the country.
An estimated 5,500 Venezuelan emigrants are leaving the impoverished country daily, in search of greener pastures.
Bitcoin in Venezuela
The freeze has directly resulted in an unprecedented Bitcoin trading volume on Venezuela’s LocalBitcoins. According to data from Coin Dance, seven-day trading volumes for Bitcoin against the Venezuelan Bolivar on the peer-to-peer site reached an all-time high of almost Bs70 million.
Bitcoin in the country has been setting record volumes in recent times due to the heavy economic unrest along with hyperinflation that hit 10,000,000% recently. It is expected that Venezuelans who are yet to flee the country, would turn to Bitcoin further increasing the price.
As stated earlier, this isn’t the first time the U.S. is applying sanctions to the country. In the past, Venezuela has tried to turn to crypto, as a way to solve its crisis but also to help circumvent serious sanctions the U.S. had previously levied against it. The Petro, an oil-pegged cryptocurrency was floated in the past but eventually failed. Apart from the fact that it wasn’t truly decentralized, other non-Venezuelan players didn’t seem interested in being a part of it.
Trump Freezes Venezuelan Assets Triggering Surge in Local Bitcoin Volume
Blockchain Delegates to Trump’s ‘Peace to Prosperity’ Event Sue Each Other
Trump will Buy Bitcoin according to Binance CEO Changpeng Zhao – Spotlight Altcoin BuzzPresident Trump’s dislike for Bitcoin doesn’t seem to worry Changpeng Zhao, CEO of Binance. While speaking at Binance meetup in Canary Wharf, London, the …
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The President of U.S Donald Trump imposed a new round of tariffs for China and these tariffs might have contributed to helping Bitcoin price to increase, or so the theory goes in the crypto sphere. The move, due to take effect on Sept. 1, would intensify a trade war between the world’s top two economies […]
Trump’s China Traffic Might Have Contributed To The Recent Bitcoin Price Boost
Ex-Trump Advisor: Bitcoin Has a Big Future – Spotlight Altcoin BuzzSteve Bannon, former Chief Strategist for U.S. President Donald Trump, said cryptocurrencies “have a big future” due to the current geopolitical atmosphere.
Ex-Trump Advisor: Bitcoin Has a Big Future – Spotlight – Altcoin Buzz
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Are Donald Trump China tariffs helping Bitcoin price to increase?
US President, Donald Trump dislikes cryptocurrencies saying they are based on “thin air”. In contrast, Steve Bannon who served as White House Chief Strategist during the first 10 months of Trump’s presidential administration is of the opinion that cryptocurrencies have a big future. Bannon is no stranger to cryptocurrencies. In a previous interview with CNBC, he revealed he is heavily invested in bitcoin.
Additionally, back in June 14, 2018, The New York Times made public that Steve’s firm, Bannon & Company was planning to launch multiple initial coin offerings (ICO) mentioning that this project was still in the early stages. The Times also revealed that Bannon had held private meetings with hedge fund managers and crypto investors to discuss this ICO issuance.
Bannon Has An Undeniable Fondness For Bitcoin
In a video interview yesterday with CNBC’s Squawk Box, Mr. Bannon told the hosts that he purchased his bitcoin stash during 2018’s “crypto winter”, saying he had “enough foresight, enough courage” to buy as the prices dipped to as low as $3,200. This bullish bearing led to CNBC’s host Joe Kernen, now a bitcoin proponent, to give Steve a new moniker: Bitcoin Bannon. He added:
“I think cryptocurrencies have a big future. I think they could be a very important part going forward particularly in this global populist revolt.”
It pays to remember that populism is a political ideology that was popularized in the 19th century which aims to give back power to ordinary people that have been ignored by the ruling government or the elite class. To date, most people believe this theme is still prevalent in the US. Populism mirrors bitcoin’s design in that it is intended to put power over money back in the hands of the ordinary people away from governments and the elite class.
Bannon is a staunch believer of populism. In a previous interview with The New York Times, Steve spoke about bitcoin saying:
“It’s a disruptive populism. It takes control back from central authorities. It’s revolutionary.”
Presently, Bannon and other venturesome investors who bought bitcoin during the crypto winter are reaping the benefits of these purchases as bitcoin is exchanging hands at $10,784.63 at press time and seems to be gearing up for a parabolic rise.
What Does Bannon Think About Facebook’s Libra?
“The central banks and actually the banking community want to get in and regulate crypto. They want to still stick to fiat currency.”
However, he noted that Libra and other cryptocurrency-based payment systems will help reduce dependency on the dollar as a reserve currency.
“I happen to think that Facebook was principally against some of the Chinese ALibaba, Tencent, etc – these payment systems. I think that what people have to confront now, and people have started looking at how the Chinese and third world countries – in Sub-Saharan Africa, in South Asia, and I think potentially in Latin America – are starting to put these payment systems in. They are going to kind of give them – try to give them global dominance and be able to get off the reserve currency of the dollar,” Bannon asserted.
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