BTC Price at $500.00? Crypto CEO bullish and more
2 min readA Week of Questions: Will the BTC Price Break Half a Million US Dollars? Does the Salvadoran BTC Bond deliver what it promises? Is the SEC’s regulatory efforts slowing down innovation in the crypto sector?
BTC bond on shaky ground
Nayib Bukele, who claims to be the “coolest dictator in the world” and a self-confessed crypto fan, is setting up a BTC bond to bolster the country’s treasury. The goal: to raise $1 billion to increase the country’s BTC holdings, as well as to finance the “BTC City” that has been built from scratch.
Like the Financial Times reported, that triggers at least frowns in the eyebrows of the observers. As El Salvador’s former central bank governor comments:
If that goes wrong, a lot of doors will close.
Carlos Acevedo
Ultimately, Bukele is making a bet at the expense of his people: If the BTC price develops positively, the treasury will benefit. If there is a bear rally, things look rather unfavorable.
But that’s not all, the BTC bond is also technically on shaky ground. Because the exchange on which the BTC bond will later be traded is BitFinex. And that is under the close scrutiny of the regulatory authorities. She was banned from New York in 2020. Prosecutors convicted the company of deceiving investors and fined it $18.5 million. In addition, there is still suspicion of BTC course manipulation with the associated company Tether. If the authorities make further advances here, this could also affect Bukele’s BTC bond.
Is Gary Gensler preventing innovation?
Meanwhile, Republican US politician Tom Emmer has criticized the Securities and Exchange Commission (SEC), specifically Gary Gensler. With their regulatory efforts, they are slowing down innovation in the crypto sector.
My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation.
Tom Emmer
BTC Price at $500,000: Moon Forecast by Mike Novogratz
Mike Novogratz doesn’t seem to have any issues with that. On the contrary: The founder and CEO of Galaxy Digital is once again putting on the bull horns. His forecast: The BTC price will break the 500,000 US dollar mark. However, when it comes to Novogratz, investors will have to be patient. Novogratz’ time horizon: 5 years.The perma bull also comments on current discussions about the possibility of Russia using BTC and other cryptocurrencies to circumvent sanctions.
There are zero chances that the Russian government can use cryptocurrencies to circumvent sanctions. We, [Galaxy] Digital, are regulated by 25 different authorities. I’m sure at FTX, binance and so on, it’s the same. […] Also, BTC is a public blockchain.
Mike Novogratz
Whether Novogratz has ever heard of privacy coins and unregulated crypto exchanges remains in the dark for the time being.
