With the unexpected death of Gerald Cotten, CEO and founder of Quadriga Fintech Solutions Corp., his widow Jennifer Robertson has found herself in the middle of a complicated legal battle. She is facing off in defense of her husband’s legacy against former Quadriga CX investors and customers. Robertson never thought this was going to be a simple process. She has admitted that she has little to no experience dealing with Bitcoin, let alone running a company. But what came as a surprise for her was the amount of blowback she is receiving.
By Trey Johnson | United States
President Donald Trump and Ron Paul actually agree on something: Americans need to audit the fed. Trump has said recently, “I really disagree with what the Fed is doing” on the topic of raising interest rates. Of course, both political leaders have reasons for concern: the U.S. dollar has lost over 96% of its value since the inception of the Federal Reserve in 1913.
Paul has also repeatedly called for an audit of the Federal Reserve. His son, too, shares this same belief. Rand Paul has put forth legislation to audit the fed and it indeed includes an exception for cryptocurrencies.
The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes. -Ron Paul
Spending cuts are probably the next thing Americans need, next to aggressive tax cuts. The inclusion of these tax cuts, however, will not entice Democrats standing on the opposite side of the aisle, preparing to resist. Generally in favor of higher taxes than Republicans, their support for capital gains exemptions may be low.
The Federal Reserve has never had an audit before, in its more than 100-year history. In past votes, Democrats have shown little support for the plan. However, some have dissented and shown support, including left-leaning Independent Bernie Sanders.
Federal Reserve Danger
Ron Paul is able to point out the apparent near danger that the Fed’s fiat currency manipulation has caused:
In contrast to market money, government-created fiat currency is anything but stable. Central banks constantly increase and decrease the money supply in an attempt to control the economy by controlling the interest rates. This causes individuals to misread market conditions, and … eventually, reality catches up to the Federal Reserve-created fantasies.
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Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.
However, over the past several days, it is beginning to show life again.
On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.
This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.
Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.
Sustainable Cryptocurrency Market Gains
As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.
Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.
Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.
Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.
The Cryptocurrency Market in U.S. Cities
Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.
While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.
Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.
For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.
Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.
Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.
“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”
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