"Bitcoin standard" and central banks; SEC sees Bitcoin manipulation; Pompliano vs SWIFT and more

Juan Aponte by Juan Aponte - 01:55 AM Sep 11, 2019


SEC sees manipulation in Bitcoin, Bitcoin's popularity grows in Turkey, Anthony Pompliano challenges SWIFT over Bitcoin, Saifeden Ammous believes banks will adopt crypto.

Bitcoin's popularity grows in Turkey

Didi Taihuttu of "The Bitcoin Family," famous for selling all his belongings to go with Bitcoin, shared via Twitter, the growing popularity of the cryptocurrency in Turkey.

The shared video shows a billboard along a city street in Turkey that advertises Bitcoin along with other foreign currencies. On the screen are the current exchange rates for each coin of the listed coins.

The video is another glaring example of Bitcoin's growing popularity in Turkey as the Lira continues to fall like other fiat coins. Meanwhile, the government says currency deposits are exerting downward pressure on the country's currency.

Anthony Pompliano responds to SWIFT: Bitcoin network is ten times bigger
Recently, a SWIFT representative made negative comments about cryptocurrencies, claiming that they are useless and unstable:

They drop in value like a yo-yo; they are useless and unstable. Moreover, even if encryption companies make it stable, it's still a basket of coins.

Bitcoin's lover and co-founder of Morgan Creek Digital, Anthony Pompliano reacted and challenged Swift to return to his words, saying that Swift's network is ten times smaller than Bitcoin and that for BTC this is just a start.

It should be remembered that Pompliano has made clear the reasons why he believes Bitcoin could reach a price of $100,000 in the coming months.

Saifedean Ammous, the author of Bitcoin Standard, believes Bitcoin is now knocking on the door of central banks.

Saifedean Ammous, an economics professor famous for his book The Bitcoin Standard: The Decentralized Alternative to Central Banking (highly recommended book for bitcoiners), spoke about Bitcoin and financial institutions in an interview with Preston Pysh.

According to Saifedean, cryptocurrencies have emerged as a result of the free market and have developed as an "Internet neutral protocol" that allows global transactions without the intervention of a third party. According to his vision, Bitcoin is a powerful tool and can function even more like a "settlement layer" for financial transactions.

He also stated that the code in which Bitcoin runs could be the "last frontier of the Internet" since it dissipated the complex and fragile set of functions presented by political and financial institutions during the last centuries. Today, several industries, large and small, have already adopted cryptography. Moreover, he noted,

"But now it's knocking on the door of the central bank."

According to Ammous, central banks will have to board the blockchain ship if they are to be competent in the new era of the digital economy.

SEC Chairman Addresses BTC Price Manipulation

Jay Clayton, Chairman of the U.S. Security Exchange Commission, spoke about the manipulation of the cryptocurrency market in a panel at The Economic Club of New York.

Asked the long-awaited question about whether the crypto community is closer to getting ETF approval from Bitcoin in the short term, Clayton explained:

"There is a product that is the asset of Criptomoneda, then there is trading and holding that asset. We've talked about whether some of these assets are securities and we don't see Bitcoin as a security. However, when you put it in a product and turn it into security, then we have to worry about whether it is marketed or adequately maintained".

He also added:

"Nothing could be further from the truth, we have long rule books, all kinds of protections to make sure that prices are not manipulated in the stock markets, I don't see them in Crypto's asset markets".

The complexity of regulating something they can't control is more than obvious; however, it is necessary for regulators to fully understand the technology to issue rules that don't suffocate the crypto market since it has its own consensus rules, the blockchain.

About The Author
Juan Aponte

Juan AponteI am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.