hello folks you have reached the
cryptocurrency portal and today I wanted
to go over a little information about
Bitcoin in the stimulus checks that are
going out and some information that
Brian Armstrong from coinbase is the CEO
of coinbase
has said so check this out we all know
about the stimulus checks that are going
out to citizens of the United States and
says the US Treasury Department is now
sending the coronavirus stimulus checks
payments to eligible United States
residents but some recipients are
apparently sending the money straight to
their crypto portfolio hmm I wonder what
why that is maybe they don't trust the
Fiat system anymore so coinbase is CEO
Brian Armstrong says the leading
california-based exchanged is seeing a
sudden spike in the number of people
depositing exactly twelve hundred
dollars which is the same amount of
money that the US government is giving
its citizens to help them buffer the
economic impact of the corona virus
pandemic that is pretty interesting to
have exact 1200 payments it's probably
not what the money was supposed to be
used for however people have probably
lost faith across the United States and
the whole financial system so that you
they're just trying to find some outlet
to save themselves and put their money
somewhere so you can see Brian Armstrong
here on his Twitter page so if you want
to follow him it's at brine underscore
Armstrong and you can see the percentage
of bhai's deposits that are exactly the
same size as $1200 stimulus check you
can see here from the start of January
of 2020 and this goes all the way to the
current day it just kind of goes along
goes along goes along goes along goes
along spike and then drops so that's
pretty amazing he just tweeted this out
on April 16 so then it says meanwhile
several posts had hit the front page of
the Bitcoin subreddit subreddit from
traders claiming they quickly converted
their government checks to BTC so that
makes sense that
certain percentage of people were doing
it Bryan Armstrong seeing it and they're
seeing on the subreddit that they're
doing it so qualified Americans can
receive up to twelve hundred dollars of
stimulus payment depending on their
income House Democrats Tim Ryan and bro
kana are now proposing a new bill that
would increase the amount of relief
payments to $1200 per month until the
economy returns to pre-crisis level so
their problem may be it's a good thing
to do but they just keep printing more
and more money which means more and more
people while they probably in the moment
appreciate it long term they're they're
just not understanding how the country
can be twenty five trillion dollars in
debt and what does it mean for the long
term and they're not there be more and
more people that aren't going to trust
the system and the new proposal also
reintroduces the digital dollar now
they're focused on how they deliver
money to the masses quickly however we
know long-term the digital dollar really
helps out cryptocurrencies in general
and this which would be a central bank
controlled version of the United States
dollar but it would essentially there's
more details to it and I've actually
done a video about the digital dollar
project which I'll put in the comment
section below but you know it'll be
interesting to see what happens
long-term this is probably this whole
corona virus pandemic while incredibly
terrible for the entire world in the
United States specifically because I
live in the United States long term it
will probably propel the digital dollar
in the digital dollar project the
proposed law would also create a digital
wallet as a means to pay individuals and
businesses affected by the coronavirus
induced financial crisis so that's the
reasoning for creating it but long term
there's probably other reasons so again
I will put in the comments section below
the the video that I did about the
digital dollar project and at the end of
this video I'm just gonna put it in the
in screen so you'll go right into that
that video if you want to check it out
alright so continuing along check this
out billionaires Mark Cuban and Tyler
Winklevoss go head-to-head on future of
Bitcoin now just so you know I've done a
recent video about
Mark Cuban and his thoughts on on
Bitcoin so I will actually put that
video in the comment section below as
well and you know Tyler Winklevoss and
the Winklevoss twins that probably
historically known about what they did
in the dust-up at Harvard with Mark
Zuckerberg with Facebook but then now
they're really known for Bitcoin so
check this out an unusual scene is
unfolding on Twitter as billionaire
entrepreneurs
Tyler Winklevoss and Mark Cuban argue
about the past and future of the world's
leading in cryptocurrency Bitcoin Tyler
Winklevoss first reported responded to
comments that Cuban made during a recent
interview on the pop podcast hosted by
Morgan Creek digital partner Anthony
pump leon o cuban criticized Bitcoin for
being too difficult to understand now I
kind of agree with that for the average
Joe investor probably doesn't understand
we all know we know we have to get we
have to get on exchanges and convert
monies to fiat money is to Bitcoin in
order to get in our favor all coin or
what have you it's convoluted you have
to make it easier and frictionless for
the average Joe investor if we want more
than retail investors get involved which
will cause more demand which will cause
the prices to go up
so his quote here is says there's so
many peculiarities to Bitcoin the having
the mining link of ass who owns and
operates that crypto exchange Jim and I
shot back at the critique with an
analogy about basketball
he says the rules of basketball are far
more peculiar but that doesn't seem to
be holding it back Cuban who owns the
Dallas Mavericks responded by highly in
the fact that basketball was created by
a well known founder with a simple
purpose unlike Bitcoin whose inventor
remains anonymous and continuing you can
see on Mark Cuban's Twitter page it says
one has started but one was started bike
and I named James in a gym with a peach
basket and a ball to entertain kids he
so he's talking about the history of
basketball in general the other was
started by a guy no one can find that
hundreds claim to be with a computer and
an algorithm to give millions
thing to argue about which is simple
interesting response mark okay so
Winklevoss says the origins of Bitcoin
in basketball are ultimately unimportant
and not relevant so he's trying to kind
of get out of it now because mark even
makes some good points both mark both
Mark Cuban and Winklevoss agree on one
thing about Bitcoin
it must be user friendly to gain
traction it's so true and I agree with
that too despite bitcoins brand
recognition in the crypto sphere critics
are quick to point out that BTC is not
widely used by the mainstream because of
the complexity of managing private Keys
digital wallets and long passwords that
are subject to imperfect human memory
and the need for custody solutions cuban
says bitcoin won't survive until it
becomes friction free ads Winklevoss I
do agree that UX and UI are critical to
mainstream adoption that's so true with
the user interface and everything so
long-term hopefully they can work they
as in just the crypto sphere can work
out the the need for it to be friction
free to get more retail investors
involved so continue along Cornell
professor and best-selling author
champion Bitcoin and crypto for money
transfers in Lebanon so it's great when
we focus on these individual countries
because every country is different how
they move their money around so when you
highlight different countries it's
interesting when they come up with the
solution of Bitcoin or other crypto
currencies in general especially
something like
ripple with XRP for cross-border
payments so on Thursday Lebanon's
central bank ordered money transfer
services in the country to issue cash in
local currency at a quote market rate
according to a circular issued by Bank
daily bond the central bank as for any
foreign hard currency obtained from
abroad it it now has to be sold to a new
centralized
foreign exchange in Tippin unit where
will be traded the measures are an
effort to stave off a financial crisis
that has already pushed the nation to a
breaking point embroiling lebanon in a
social unrest and pull
local protests comic without the United
States now it's just starting out but
I'm sure it's gonna get bigger the
country's economic unraveling has
prompted a Cornell computer science
professor professor and a best-selling
author to recommend crypto currencies
for people living in Lebanon as a means
of pushing back against heavy-handed
capital controls as the Lebanese pound
continues a six-month nosedive losing
about half its value the government is
facing an increasing number of people
who are seeking out safe haven assets
exchanging the currency exchanging the
currency for local or foreign currencies
says naseeb Nour Brill chief economist a
bi bows Bank there's been a hesitation
by expatriates to send remittances
through banks and so funds were shifted
to money transfer operations so you can
kind of see his tweet here yeah I don't
understand that that's fine Lebanese and
it says however a commis don't suggest
that Lebanese residents use BTC as a
store of value says to leap Bitcoin
works for transfers you bypass the
banking system harder for daily
transactions and I do not think it's
good for storage because it's very
volatile so that's an interesting point
right there so long-term Bitcoin works
for transfers as you bypass the banking
system I I highlight that because more
and more people on a day-to-day basis
are getting sick of the current system
and not trusting the current system so
he this person a Cornell investor a
professor and the CEO of the digital
asset marketplace a VA Labs warns that
other governments will follow
Lebanon's suit and the quote is what's
happening in Lebanon government moving
towards freezing all foreign denominated
accounts is what will happen across many
other countries move to cripple
currencies to avoid a quarantine that
ends with a forced government mandated
quote haircut he indicates that gold and
silver are risky but the blockchain
based stable coins backed by physical
asset
could help people navigate the crisis
silver and gold put people at risk if
they take possession and if people don't
take possession their assets these
assets are subject to counterparty risks
and he adds digital assets provably
backed by fiscal goods including
precious metals are awesome
we designs a VA to facilitate their
issuance and transfer among other things
so he's kind of pitch in his own country
but his company but the overall point is
interesting
and he says here Lebanon's face its
worst debt crisis as the country's 1975
to 1990 civil war Wow 15 years of war
alright continuing about Bitcoin in
general says institutional investors
pour four hundred and ninety eight
million dollars almost half a billion
dollars into Bitcoin and etherium as
crypto fun executive declares cats out
of the bag so it says new numbers from
the digital asset management giant
grayscale show investors are
collectively throwing fake money into
aetherium for the first time on top of
the investment of records in Bitcoin
according to grayscales a quarter one
twenty twenty report institutions are
taking a serious interest ether enough
to print a record quarterly inflow into
the grayscales aetherium trust so i just
want to bring that up because it's just
amazing how much five hundred million
dollars into Bitcoin and the theorem so
people are scared out there they're
looking for alternate investments so
check this out seventy five billion
dollar hedge fund Renaissance technology
is eyeing the Bitcoin futures market so
you can see the quick takes here we
won't go through the whole thing but it
says the first bullet point quick take
is seventy five billion dollar hedge
fund Renaissance Technologies has opened
the door to investing in Bitcoin futures
next bullet as per a regulatory filing
the fund said it's well-known medallion
funds would be able to buy Bitcoin
futures on the CME and the third bullet
the firm made headlines earlier this
week for its eye-popping return
so you know more and more people getting
involved more and more use case more and
more momentum more and more people are
afraid of what's going on in in the the
financial space in general alright so
let's go this next one u.s. United
States SEC allows ten billion dollar
hedge fund to offer access to SME future
so we just talked about that but the
point of this one is is that you the
United States Securities and Exchange
Commission is allowing it so it says the
seemingly highly lucrative medallion
funds will be able to target seamy
groups cash-settled bitcoin futures
according to a filing so medallion funds
gets the BTC Futures go ahead according
to literature Renaissance will offer
access to cash settle contracts for from
SME Group one of the two oldest running
Bitcoin futures providers the medallion
funds are permitted to enter into
Bitcoin futures transactions which
Renaissance will limit to cash-settled
futures contracts traded on the cme
estates so i just kind of wanted to wrap
up this video about that because just
again there's more and more use case
more and more forward momentum in this
space in general so thank you so much
for tuning in to the cryptocurrency
portal like i said earlier in this video
i'm gonna end have an end screen here at
the end about the digital dollar project
so we'll end with that but thank you for
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