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Tether Minting Means Bitcoin Buying Demand from Investors, While Fed Is Printing Non-Backed USD, Says Blockstream CEO

  • Yuri Molchan
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    On Friday, the US Fed Reserve conducted QE by printing $75 bln and $53 bln earlier in the week, making the crypto community expect the Bitcoin price to surge soon

Tether Minting Means Bitcoin Buying Demand from Investors, While Fed Is Printing Non-Backed USD, Says Blockstream CEO
Cover image via news.u.today
Contents

Last time the Fed Reserve printed extra USD, was back in 2008 during the US mortgage crisis with many believing that this was the reason for inventing Bitcoin in the first place.

As per the co-founder of Morgan Creek Digital, Anthony Pompliano, the Fed has printed over $275 bln in just four days after reducing the interest rate earlier this week. 

He also called it QE ‘rocket fuel’ for Bitcoin price as many experts and investors expect that now, after the QE made by the ECB and now by the Fed Reserve too, along with the upcoming BTC halving next year, the Bitcoin price will surge.

Adam Back praises USDT minting

While responding to a tweet of a crypto investor in which he showed surprise at people calling Tether minting a market manipulation and Fed printing ‘an open market operation’, the founder and CEO of Blockstream, Adam Back, stated that Fed’s USD is backed by nothing while Tether is backed by actual dollars.

He also stated that Tether minting extra USDT shows a high degree of investors’ demand to buy Bitcoin and is basically a good sign.

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Bitcoin price will now surge, believes BitMEX CEO

The chief executive of the BitMEX derivatives crypto exchange Arthur Hayes has recently stated that due to the upcoming plans of the Fed Reserve to print some extra billions of USD, the the Bitcoin price may soon hit $20,000.

As a reminder, that is the all-time high BTC reached in December 2017, right before the crypto winter broke out.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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