Bitcoin
The Connection Between Cryptocurrencies And The Equity Markets

As you probably know the stock market went down hard, it’s been one of the I would say shocking pieces of what had happened when Federal Reserve Chairman Jerome Powell decided to cut the interest rates in order to boost the economy, the reason why this is critical for you to know this is because this marks a turning point in the sentiment towards fiat currency.
Prior to the Fed cut that happened a couple of days ago, the Federal Reserve and our government officials had decided that the economy was doing well and the recent remarks that were shown by by mr. Powell indicated that perhaps there was a lot of weakness in the economy, something that people have already been talking about in the past about a recession but somehow never really materialized. If you take a look at the historical range for recessions, we usually get in recession once every six or seven years, we are actually long overdue for one and it has been delayed for so long, in fact we our last recession was almost 10 years ago is that this is really kind of not something normal. What had happened here was stock market beginning to react to the fact that there could be a possibility that this could be the end of the bull market run and the end of a bull economy as we’re heading into 2020.
Crypto plays a very critical and strategic role, the first one has been the fact that cryptocurrencies are considered to be a very different asset class and what I mean by that is that if you take a look at cryptocurrency as a whole it evolved as a payment system but what we are currently seeing is cryptocurrencies are becoming more and more like an asset that people are storing their wealth in. This has been a fundamental shift from Satoshi Nakamoto’s specific reference to payment channels he envisioned a world where you can bypass fiat completely clean and maybe we’re gonna get there at some point I just don’t feel that now it’s a time because there just isn’t enough awareness for Cryptos. I could be completely wrong and tomorrow the whole Fiat system goes down the tubes and the next thing you know cryptocurrencies are adopted it doesn’t matter whether that’s gonna happen or not but the big question is, is crypt going to be something that will continue to be here in the next ten years and the answer is I think yeah absolutely.
Going back to Bitcoin price in the next couple of weeks, you’re probably gonna see people talk about how Bitcoin probably gonna go up to 50k or even to hundred thousand or whatever the case is and that’s where we start getting into the FOMO event you probably will get some some massive gains if you are a BTC holder.
The Altcoin markets right now are facing something that we haven’t seen before in a while, the last time we’ve had something like this was back in 2012, in 2015 and 2016 most of the Altcoins are getting flushed out of the system and this has to do with a couple of things happening number one being the fact that the exchanges are getting fragmented we’ve had almost a 400 percent growth in exchanges in just the last two years alone in fact the exchange is now constitute are the source of a lot of the new cryptos and because of that the supply of cryptos is just rising exponentially which means as more exchanges are coming online there really isn’t enough demand to soak up that so at some point these exchanges are gonna start collapsing and when they do collapse there’s going to be a rush for the exits and I think this turmoil that we’re seeing right now in the equity market and also in the cash market is a canary in the coalmine to what’s coming ahead. Now crypto right now is facing a pretty nice run but I suspect that you know we’re gonna get some sort of action coming in in the next couple of weeks because as the market begins to consolidate both from the exchange perspective and also from these many cryptos you’re gonna start seeing a lot of cryptos literally kind of get off and die off and when that happens there’s going to be a lot of shift in wealth.
As an example many of these exchanges are running stable coins and sable coins there’s too many of them right now, I think there isn’t going to be a lot of the quiddity for them in the future because every exchange wants to have their own stable coins obviously you it’s kind of like having their own fiat currencies and you’re gonna have to switch between one or two of the other.
Either way the the roadmap for this rally this epic rally what a call for Bitcoin is going to really focus on stability and security and I think that bitcoin is in a very very special position that many of these other stable coins are not one being it’s been around for ten years second to is we already know the tech and three is the fact that we have a huge event coming up next year now stable coins are going to be its rival but the problem with stable coins as I mentioned is that you have way too many exchanges with questionable reserves and even if they issue up their own stable coins there’s no guarantee that another exchange gonna pick it up, it would br very similar to what ripple is encountering when they’re trying to sell the XRP token to banks because banks don’t want to be trading other bankss currencies.
Bitcoin
Former IcomTech CEO Admits Guilt in Cryptocurrency Ponzi Scheme

In a recent development, Marco Ochoa, the former CEO of IcomTech, has pleaded guilty to a conspiracy to commit wire fraud charge in the United States District Court for the Southern District of New York. This admission of guilt is tied to the infamous Ponzi scheme orchestrated by IcomTech during Ochoa’s tenure as CEO, which lasted from the company’s inception in 2018 until 2019.
The U.S. Department of Justice, in an official statement, revealed that IcomTech enticed investors with the promise of daily returns on investment products, all under the guise of being a cryptocurrency mining and trading enterprise. To attract unsuspecting customers, the company went to great lengths, including hosting extravagant expos and community events on a global scale. Additionally, IcomTech introduced its own digital token, known as an “Icom.”
However, the shocking truth emerged that the company did not engage in cryptocurrency mining activities as claimed. Worse yet, investors found themselves unable to access the profits they believed were accumulating in their accounts. This deceitful scheme eventually unraveled, leading to the company’s collapse in late 2019.
In the aftermath, legal charges were filed against Marco Ochoa and other high-ranking IcomTech executives in November 2022. As a result of his guilty plea, Ochoa now faces a maximum prison sentence of 20 years.
This latest revelation serves as a stark reminder of the importance of due diligence when investing in the cryptocurrency space. It highlights the need for investors to exercise caution and skepticism, especially when confronted with promises of unrealistically high returns. As the cryptocurrency market continues to evolve, staying informed and making informed decisions remains paramount to protect oneself from fraudulent schemes like the one perpetrated by IcomTech.
Bitcoin
Robert Kiyosaki’s Bold Prediction: Citibank Tokens vs. Bitcoin and the US Dollar

In a recent tweet that sent shockwaves through the cryptocurrency community, renowned author and financial literacy advocate Robert Kiyosaki ignited a spirited debate about the future of Bitcoin and the US dollar. The tweet read:
This bold statement has raised questions about the impact of traditional financial institutions like Citibank embracing blockchain technology and its potential implications for both Bitcoin and the US dollar.
Citibank, one of the world’s leading financial institutions, made headlines by announcing its entry into the blockchain arena. The bank revealed its plans to leverage blockchain technology to create Citibank tokens, which will be backed by institutional savings. These tokens aim to facilitate instantaneous cross-border transactions, operating 24/7 without the limitations of traditional banking hours or international borders.
Bitcoin, often hailed as “digital gold” and a store of value, has faced both optimism and skepticism since its inception. While some see it as the future of global finance, others view it as a speculative asset prone to volatility. Citibank’s move to introduce its blockchain-based tokens could potentially challenge Bitcoin’s status as the premier digital asset.
Citibank’s tokens, backed by the credibility and stability of a major financial institution, may attract investors seeking a more secure and regulated digital asset. This development could lead to increased competition between Bitcoin and Citibank’s blockchain-based tokens, potentially impacting Bitcoin’s market dominance.
The US dollar, long considered the world’s primary reserve currency, has faced its share of challenges in recent years, including inflation concerns and geopolitical uncertainties. Citibank’s blockchain technology could potentially offer an alternative means for cross-border transactions that is not reliant on the US dollar.
As more institutions adopt blockchain-based solutions like Citibank’s, the traditional financial system’s reliance on the US dollar may gradually diminish. This could have far-reaching consequences for the global financial landscape, including potential shifts in currency preferences and a reduced role for the US dollar in international trade.
Bitcoin
Kuwait Authorities Unanimously Ban the Use of Virtual Assets

In a collective effort, the regulatory authorities in Kuwait, represented by the Central Bank of Kuwait, the Capital Markets Authority, the Ministry of Commerce and Industry, and the Insurance Regulation Unit, have issued directives to ban the use cryptocurrencies and other unregulated virtual assets within the country.
The Kuwaiti Capital Markets Authority stated in an announcement released on Tuesday that these recommendations are provided by the Financial Action Task Force (FATF) to combat money laundering and terrorism financing. The issued directives impose an “absolute ban” on most digital currency transactions, including their use for payments or investments, as well as the prohibition of mining activities. Additionally, the regulatory authority restricts local authorities from granting licenses to companies seeking to provide services related to virtual assets as business activities.

The announcement states that the comprehensive ban does not include securities and other financial instruments regulated by the Central Bank of Kuwait and the Capital Markets Authority. The primary objective of these directives is to safeguard users from the risks associated with virtual assets. These proactive measures represent a significant step by the Kuwaiti authorities to mitigate the risks linked to investing in such assets, often used for speculative purposes.
The continuous awareness campaigns launched by regulatory authorities in Kuwait caution cryptocurrency users, especially those dealing with popular digital currencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others, about the potential risks associated with their usage and investment.
Moreover, since 2017, the Central Bank of Kuwait has prohibited commercial banks and other financial institutions from processing any transactions involving Bitcoin. In May 2021, the bank reaffirmed the illegality of digital currencies in the country.
Before the ban, Kuwait did not impose taxes on income derived from digital currencies, leaving the door open for investors in the crypto space.
Mining companies had previously shown interest in establishing a base in Kuwait due to its low electricity costs. However, the recent campaign has closed the door on crypto investments and mining activities within Kuwait.
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