Crypto News Recap: Economic Freedom, Reddit Controversy, Tether’s Profits, Dormant Bitcoin
1. Economic Freedom Rankings:
– The United States has fallen from 4th to 25th in the world for economic freedom.
– The main reason for this decline is excessive spending by Congress and the introduction of restrictive regulations.
– Singapore ranked first in economic freedom, with Taiwan, Ireland, and Switzerland also receiving honorable mentions.
2. Reddit’s Data Access Policy:
– Reddit is considering charging for access to its API, causing frustration among its volunteer moderators.
– The decision is driven by the potential value of Reddit’s data for generative AI.
– Subreddits like r/cryptocurrency, r/bitcoin, and r/ethereum protested by going private or read-only.
3. Tether’s Profits and Stablecoin Competition:
– Tether, a stablecoin issuer, is predicted to make profits of $6 billion in 2023.
– Its earnings could surpass those of asset manager BlackRock.
– Tether’s profits are attributed to its investment in high-earning U.S. treasuries.
4. Dormant Bitcoin and Price Action:
– The amount of Bitcoin that has not moved in at least a year is increasing.
– This trend continues despite Bitcoin reaching new highs.
– The decrease in supply available for trading could positively affect price action.
5. Holding Bitcoin as a Store of Value:
– Some argue that holding Bitcoin without using it goes against its decentralized nature.
– Others believe that Bitcoin serves as a store of value during times of inflation and decreasing fiat values.
Hot Take:
The decline in the United States’ economic freedom ranking highlights the impact of excessive spending and restrictive regulations. The controversy surrounding Reddit’s data access policy raises concerns about the future accessibility of crypto-related information. Tether’s predicted profits demonstrate the success of stablecoins backed by high-earning assets. The increase in dormant Bitcoin suggests a potential positive effect on price action due to limited supply. Overall, these developments reflect the evolving landscape of cryptocurrencies and their implications for economic and financial systems.
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