Lu Lei, vice-governor of the People’s Bank of China (PBoC), has just offered an unexpected tribute to Satoshi Nakamoto by putting Nakamoto above Nobel laureate Robert Numdell in terms of his contribution to monetary economics.
Many think that this incident has once again shown China's softening stance when it comes to Bitcoin, from a country that was so well known for its restrictive stance on cryptocurrencies in the past.
The Chinese official has named Satoshi Nakamoto and Robert Mundell as the two people who stood out to him for their contribution in the field of monetary economics, but he has also alluded that while Mundell's vision of a utopian society based on a unified global monetary system centered around the dollar remained a concept until the day he died, Satoshi's vision of bitcoin flourished and gradually ascended to the status of an extraordinarily valuable digital asset.
This transformation has diverged sharply from its original purpose as a widely circulated currency. What was once conceived as a decentralised alternative to traditional fiat currencies, Bitcoin has increasingly become a speculative vehicle, drawing the attention of investors seeking to capitalize on its price volatility.
Lu Lei also argues that China could risk being obsolete if the country doesn't adapt to the digital age. He argues that the China is pivoting towards a future that balances both technological innovation while retaining monetary sovereignty.
Bitcoin's revolutionary journey from idea to a premium digital asset has raised critical questions about its future role in the financial system and how it is here to stay.
The Chinese Central bank has also started to recently push its digital currency, showing that china is slowly but surely starting to accept digital assets as an inevitable part of tomorrow's economy.
Economists are suggesting that China is on the verge of rolling out a massive $1.4 trillion stimulus package, which could revive its economy and spark a significant rise in Bitcoin and crypto prices.
The recent economic data from China paints a worrying picture. The consumer price index (CPI) rose just by 0.6% in August, while the GDP of the country only grew by 4% after accounting for the inflation.
Hence, the Chinese government is hoping that this 1.4 trillion package would be able to revive the Chinese economy, which could increase with the reelection of Republican party Presidential candidate Donald Trump, anonymous sources familiar with the matter.
If approved, the yuan debt would be raised over the following three years, with the proceeds used to help local governments address debt risks.
Arthur Hyaes, the co-founder of BitMEX speculates that the potential debt could increase interest in Bitcoin's status as a hedge against monetary debasement among traders in mainland China. This could be a great buying opportunity Hayes wrote in a blog post
"The fact economists are bearish on the size and scale of the stimulus so far presents a great buying opportunity. Because when the average wealthy coastal living Zhou decides they must have Bitcoin at any yuan price, the upside price volatility will harken back to August 2015."
Hayes prediction comes shortly after Bitcoin surpassed $70,000 for the first time since June 10, bolstered by the growing anticipation of the US presidential election on Nov 5.
Hayes predictions are based on Bitcoin's previous reaction to China's national debt increase.
Bitcoin saw a five fold increase in 2014 when the People's Bank of China (PBOC) executed three consecutive devaluations of the Chinese yuan, which lost over 3% of its value.
"In August 2015, Bitcoin went from $135 to $600-an almost 5x pump in under three months after a shock yuan devaluation."
Investors like MicroStrategy's Michael Saylors have described Bitcoin as the best hedge against inflation and fiat currency devaluation.
Bitcoin is outpacing traditional assets like gold due to increasing adoption by individuals and institutions. With political backing and a surge in value, it’s gaining traction as a reliable store of value, alongside stablecoins for everyday transactions.
JoyThe crypto industry has invested heavily in the 2024 US election, with companies like Coinbase and a16z donating millions to support pro-crypto candidates. In total, the sector has contributed over $133 million to super PACs backing crypto-friendly policies.
AnaisColorado residents has been receiving calls from "Sergeant Schilling", coercing victims to pay a $10,000 fine for missing their jury duty.
XingChiCraig Wright envisions transforming Bitcoin into a practical tool for financial inclusion through his proposed TerraNode, which aims to enhance Bitcoin's scalability and accessibility for users worldwide. He believes this system will eliminate high fees and barriers, empowering individuals excluded from traditional banking to engage in global trade without restrictions.
AnaisStephen Mollah recently claimed to be Satoshi Nakamoto at a press conference in London but failed to provide any credible evidence to support his assertion. The event, which was marred by technical issues and confusion, left attendees frustrated and questioning the validity of Mollah’s claims, which echo similar unproven assertions made by others in the past.
AnaisBitcoin was close to $73,000 on Wednesday, almost breaking its all time high just a week before the U.S. elections.
XingChiIndia has recently announced that the country is considering banning cryptocurrencies like Bitcoin and Ether in favor of its Central Bank Digital Currency (CBDC).
XingChiTether is biting back on The Wall Street Journal for speculating that the company is under investigation by the U.S federal government.
XingChiMicrosoft has made a firm stance to say NO to Bitcoin, stating that this aligns better with the company's long term interest.
XingChiImmutable has received a Wells Notice from the SEC, raising concerns about the classification of its IMX token as a security following a 2021 listing and private sales.
Weatherly《华尔街日报》近日报道称，美国检察官正在调查 Tether 是否违反制裁和反洗钱法规，USDT 或被部分非法组织利用。Tether CEO 表示，公司致力于遵守国际制裁，不会与监管部门对抗。
AlexArthur Hayes 近日在采访中表示，他对 Solana 的未来潜力持积极态度，认为其表现或将超过比特币。同时，他指出美国大选的具体结果并非市场核心，真正影响加密市场的是即将公布的联准会利率决策。
Miyuki美国总统大选将于当地时间11月5日正式开启，本文分析了可能出现的四大选举情境，评估其中最有利于投资市场的情境以及可能导致市场震荡的风险。
WeiliangCraig Wright envisions transforming Bitcoin into a practical tool for financial inclusion through his proposed TerraNode, which aims to enhance Bitcoin's scalability and accessibility for users worldwide. He believes this system will eliminate high fees and barriers, empowering individuals excluded from traditional banking to engage in global trade without restrictions.
Anais稳定币发行公司Paxos在昨日（1日）发布公告，正式推出新型美元稳定币USDG（Global Dollar），该币种符合新加坡金融管理局（MAS）即将发布的稳定币监管框架的要求。
AlexTech giants Meta and Google face potential defamation risks as they integrate AI-generated user comments and reviews into their platforms, which could expose them to legal action if defamatory content is included. Recent legal rulings suggest that these companies could be held liable for such content, complicating the landscape of defamation law as technology continues to evolve.
Weatherly瑞士联合银行（UBS）推出了其首个基于以太坊区块链的代币化基金，显示出传统金融巨头对区块链技术的关注加深。加密分析人士认为，这将进一步推动以太坊（ETH）在传统金融生态中的地位，并可能带动ETH价格上涨。
MiyukiSingapore’s MAS is pushing forward with an ambitious asset tokenization plan, creating frameworks and commercial networks to integrate blockchain into traditional finance. With a test network for digital Singapore dollar transactions and global partnerships, Singapore aims to lead the tokenization market by 2030.
AnaisTaiwan is introducing new crypto regulations set to take effect in January 2025, focusing on compliance registration, stricter asset listing rules, and enhanced scrutiny for virtual asset service providers. The regulations aim to protect consumer interests by improving asset custody practices and establishing clear guidelines while emphasizing accountability and transparency in the crypto sector.
Weatherly