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Ripple’s anti-Bitcoin campaign to promote CBDCs

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Ripple's anti-Bitcoin campaign to promote CBDCs

Photo of Ripple and Bitcoin by Yuriko Nakao

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The impulse towards central bank digital currencies is accelerating, with Ripple emerging as the player in this global effort. This raises a paradox: While cryptocurrency advocates advocate decentralization, Ripple’s central role in CBDCs suggests a move toward more centralized control of digital currencies. How Ripple collaborates with various governments and central banks To develop CBDCs, a tangled narrative unfolds involving environmental campaigns, bitcoin and grassroots activism.

Ripple is at the forefront of CBDC Revolution, engaging with governments around the world to leverage their technology for the development of digital currency. In May 2023, Ripple launched a dedicated platform to assist central banks, governments and financial institutions in issuing CBDCs and stablecoins.

Ripple’s involvement with The Digital Dollar Project further cements its role in shaping the future of digital currencies. DDP, an independent nonprofit initiative, works closely with U.S. policymakers and stakeholders to evaluate the design and implications of a potential digital dollar.

However, Ripple’s journey is not without controversy. The company has been associated with efforts to discredit bitcoin through its financial support of Greenpeace USA’s “Change the Code” campaign. This initiative, launched on March 29, 2022, with $5 million from Ripple co-founder Chris Larsen, seeks to change bitcoin’s code under the guise of reducing its environmental impact.

Greenpeace and Crypto Billionaire lobby to change Bitcoin code

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On the same day, Larsen tweeted his support for bitcoin miners like Riot Platforms for their climate awareness efforts.

Chris Larsen

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TwitterChris Larsen on Twitter: “Today, the US hosts about 40% of the hashrate. Climate-conscious miners like @GryphonMining, @ArgoBlockchain, and @RiotBlockchain strive to use 100% renewable energy and be responsible actors ( turning off power when networks are overloaded, etc.) I applaud your efforts / Twitter”

However, the narrative takes a twist when examining the actions of the Texas Coalition Against Cryptomining, a group that campaigns against Riot Platforms, the largest bitcoin mining company in the world. This coalition, formed in April 2022, has been actively opposing Riot in Texas, citing environmental concerns.

The group’s activities include fundraising, organizing events, collecting petition signatures, testifying before the Texas Senate, and engaging with the media. They also received support from Greenpeace USA, which publicly supported their protests in October 2023.

On November 7, 2023, the Texas Coalition Against Cryptomining mentioned in an email that ‘Digiconomist is currently finalizing a comprehensive peer-reviewed study on proof of waste and water.’

This was followed by a related article published by BBC and in various media outlets on November 27, 2023. Alex DeVries, the Dutch central banker behind Digiconomist, has been a vocal critic of bitcoin. His involvement with the coalition raises questions about his broader influence on the anti-bitcoin narrative.

Greenpeace USA, Ripple and Alex DeVries, aka Digiconomist, were asked to comment on their involvement and support for these initiatives. Alex DeVries responded, expressing a willingness to discuss the topics in more detail, but a detailed response had not been received by the time of publication.

Greenpeace USA October 2023

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The leader of the “Change the Code” campaign also participated in these protests along with other members of Greenpeace, further exposing the interconnected efforts between these organizations. The Texas Coalition Against Cryptomining expressed strong concerns about the impact of the Riot facilities, stating: “These facilities place a burden on local grids and water systems. When the waste-proof miners were finally asked to shut down, as if by magic, the network stabilized.”

A Riot representative responded to this review, stating: “Not only does Riot use electricity and water incredibly efficiently, it also helps stabilize the grid. When energy supply exceeds demand, miners can absorb the surplus; and when demand exceeds supply, they return energy to the grid. In effect, miners act as shock absorbers, ensuring a smoother ride for all citizens on the network. This is especially important given the large number of intermittent energy sources in Texas.”

This sequence of events raises questions. By financing campaigns that criticize Bitcoin’s environmental footprint While promoting its technology for CBDCs, Ripple strategically positions itself as an obvious choice. Critics argue that this two-pronged approach hurts bitcoin while strengthening Ripple’s relevance in the CBDC market.

Despite its efforts, Ripple faces challenges. Forbes labeled Ripple Labs as a “crypto zombie,” citing its low active user base and the speculative nature of its XRP token. The company’s primary mission of disrupting the global payment system, dominated by SWIFT, has not materialized. However, Ripple’s XRP token remains a important cryptocurrency in market value, driven largely by speculation rather than utility.

By aligning itself with environmental campaigns and pushing for CBDC adoption, Ripple aims to transform its zombie network into a profitable network. However, the juxtaposition of his public support for sustainable practices and his funding of anti-bitcoin initiatives presents a complex narrative that deserves close examination.

“CBDCs would lead to a dystopian surveillance state where the government would have the ability to see every transaction in our lives and take away anyone’s assets for political purposes,” said Lee Bratcher, president of the Texas Blockchain Council. “Bitcoin empowers people to be their own banks and custodians of their own assets, strengthening constitutional freedoms. It is shameful to see people trying to extract profits from taxpayers while working to undermine their freedom and, at the same time, distort beyond recognition the noble cause of environmental conservation.”

The interaction between Ripple CBDC ambitions and its involvement in environmental campaigns against bitcoin illustrate a multi-pronged strategy. In promoting CBDCs, Ripple’s president funds efforts through Greenpeace USA, which runs the Change the Code campaign to change bitcoin’s code, claiming environmental benefits. The Change the Code campaign also supports the Texas Coalition Against Cryptomining.

Through a chain of intermediaries, Ripple’s top executives fund and support campaigns to discredit bitcoin mining. Ripple positions itself as an innovator and critic in the digital currency space.



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Bitcoin Will Surge to $100K After Q4, Here’s Why

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Bitcoin’s Four-Year Cycle Shows Signs of Possible Narrative Shift; $100K Soon?

Dan Weiskopf, portfolio manager at Tidal Financial Group, spoke with David Lin and discussed the future prospects of Bitcoin. The focus was on the future of Bitcoin, especially its potential to reach $100,000. The talk also touched on recent market trends, noting strong interest in Bitcoin ETFs as a possible boost to its price. Looking ahead, there is hope that more platforms will approve Bitcoin ETFs, possibly pushing its price to $100,000.

Forecasts and Volatility: The Path to New Highs

While some predict Bitcoin could go as high as $150,000 or even $1 million, Dan agrees that it needs to hit $100,000 first. Dan also acknowledged Bitcoin’s volatility, saying that large price drops of as much as 50% to 70% could happen, drawing on his experience since 2017.

“We’re going to new highs because I think partly because ETF inflows have been really strong lately. Yeah, and then I think you’ll have more platforms approving spot Bitcoin ETFs in Q4, and we’re going to go up to 100K,” he said.

Big Investors and the Transformative Power of Bitcoin

He also discussed what is persuading large investors to get in on this cycle. He mentioned two key factors. Many argue that if you haven’t invested in Bitcoin, you’re missing out, citing its strong performance over the past decade. This pressure could influence returns and client expectations.

However, he emphasized a deeper reason: if you are not embracing the transformation driven by Bitcoin and digital assets, you may face challenges. This technology has the potential to reshape industries, just as the internet revolutionized business.

“A lot of people look at Bitcoin and crypto and don’t appreciate that with higher prices comes more supply. We talk about 100K, I would expect more supply to come into the market as we go up, and that’s not really new news, but it’s higher demand that’s offsetting that supply,” he added.

Read too: It’s time tor ETH Point ETF: Here’s What to Expect From the Ethereum Price Rally

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Bitcoin Jumps as Markets See Increased Chances of Trump Victory

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Bitcoin hit a two-week high on Monday as betting markets suggested a higher chance of crypto-friendly candidate Donald Trump winning the US presidential election.

The value of the world’s largest cryptocurrency, bitcoin, was up about 5% as of 1:40 p.m. London time to $62,781.48, according to CoinGecko.

The rally follow the dramatic and failed assassination attempt about the former president Trump on Saturday.

“There is a ‘parallel’ to the assassination of President Reagan in 1981,” even though it was not an election year, Ben Emons, chief investment officer at FedWatch Advisors, said in an emailed note.

“After the incident, Reagan’s popularity skyrocketed amid a double-dip recession. The S&P 500, however, fell 9% in the aftermath due to the economic malaise. But in the current strong economy, former President Trump’s favorability is likely to skyrocket and impact markets positively.”

Investors said on the weekend they were hoping that so-called “Trump victory trades” would get a boost. These trades broadened to include several cryptocurrency stocks, such as Coinbase Global and miner Riot platformswhich rose 4.5% and 5.25%, respectively, in pre-market trading.

“Bitcoin’s price rose about 9% over the weekend, which could indicate that investors are hoping that a Trump presidency will create a more favorable regulatory climate for the crypto industry,” Zach Pandl, head of research at Grayscale Investments, told CNBC in an email.

Trump has yet to lay out any detailed proposals on cryptocurrency regulation, but the Republican candidate is now seen as broadly supportive of the sector — despite his past skepticism. He is set to speak at a major annual bitcoin conference later this month.

Trump’s campaign started accepting donations of the cryptocurrency industry in May and its the message became increasingly positive about the future of these digital assets. He also sought to position oneself against Democrats who are in favor of controlling the industry, such as Senator Elizabeth Warren.

“In addition, macro policy changes under a second Trump presidency — including continued deficit spending, reduced U.S. leadership in international affairs, weaker Federal Reserve independence, and a desire for currency weakness to help reduce the trade deficit, among other things — could introduce downside risks to the U.S. dollar in the medium term. Any downside risks to the U.S. dollar could provide support for Bitcoin’s price,” Pandl added.

Last month, analysts at Standard Chartered said that the US presidential election is the next key catalyst for bitcoin’s price and a Trump victory could push it to $150,000 by the end of the year.

“Cryptocurrencies have not had an easy time in recent months. We are currently in a crisis of previously growing capital inflows into this market that can be measured by the capitalization of stablecoins, which has frozen in the last two months,” Grzegorz Drozdz, market analyst at Conotoxia, told CNBC in an email.

With a higher likelihood of a Trump presidency and the consequent reduced chances of unrest and destabilization in the US, Drozdz now sees a potential “influx of confidence into the markets,” which could positively impact cryptocurrencies and bitcoin in the coming weeks.

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Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

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Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

Germany Sells Final Bitcoin Reserves of Initial $3 Billion in Holdings

The German government completed the sale of its remaining Bitcoin holdings on July 12. The final transaction involved 3,846 Bitcoin, valued at around $62,604 per Bitcoin, which were sent to “Flow Traders and 139Po,” entities likely for institutional/OTC deposit services, according to for Arkham Intelligence.

The majority of the 50,000 Bitcoins sold by the German government over the past three weeks originated from asset seizures. This sale marked the culmination of weeks of increased sales activity by the German government, which unloaded tens of thousands of Bitcoins in multiple tranches. This significant liquidation was a key factor in keeping the Bitcoin selloff at a low of $54,000 on July 5.

Despite Germany’s exit from its Bitcoin holdings, market pressures remain due to Mt. Gox’s impending $9 billion repayment plan. The Mt. Gox exchange, which collapsed in 2014 when Bitcoin was still in the hundreds of dollars, has long been a source of market anxiety. The repayment plan aims to compensate creditors, potentially adding significant selling pressure to the market in the coming weeks. However, it is difficult to estimate the impact of Mt. Gox’s repayment on the markets due to several factors.

Amid heightened selling pressure, institutional investors seized the opportunity to buy the dip. Data from CoinShares showed that U.S. exchange-traded funds (ETFs) saw $295 million in inflows during the week of July 8, reversing a trend of suppressed inflows into these investment funds. This activity suggests that institutional investors remain confident in Bitcoin’s long-term prospects.

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Bitcoin surges as traders bet on Donald Trump election victory after shooting

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Bitcoin surges as traders bet on Donald Trump election victory after shooting

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Bitcoin surged on Monday following an assassination attempt on Donald Trump, as investors increased their bets on the former president winning the US presidential election in November.

Bitcoin’s price rose as much as 9.1 percent to $62,830, its highest level in two weeks, after a shooter hit Trump in the ear at a campaign rally over the weekend. The Republican is seen as the most pro-crypto candidate, having hosted industry executives at Mar-a-Lago and expressed enthusiasm for bitcoin mining in the U.S.

Trump’s campaign also accepted cryptocurrency payments, a first for a major U.S. political party, raising hopes of an end to the U.S. regulatory crackdown on the sector seen in recent years.

“The probability of a Donald Trump victory has increased significantly,” said Grzegorz Dróżdż, market analyst at exchange firm Conotoxia, adding that a Trump presidency would have a “positive impact” on cryptocurrencies.

Shares of Trump’s Truth social media company jumped 60 percent in premarket trading. Trump Media & Technology Group went public in March in a merger with a blank-check company and rallied ahead of the debate between Trump and President Joe Biden last month.

The slimmer chances of a second Trump presidency were also felt in broader financial markets. U.S. Treasury yields and the dollar rose in a more muted version of the reaction that followed Biden’s disastrous debate performance.

Many investors believe Trump’s tax-cutting policies would increase deficits and inflation, hurting U.S. Treasuries and boosting the dollar, in a pattern similar to what occurred after his 2016 election victory.

The U.S. dollar index, which tracks the greenback against a basket of six other major currencies, rose 0.2% in morning trade, having weakened so far in July as investors increased their bets on a September interest rate cut by the Federal Reserve.

Yields on benchmark 10-year Treasuries rose 0.03 percentage point to 4.21 percent, reflecting a small decline in price. Contracts tracking Wall Street’s blue-chip S&P 500 and the tech-heavy Nasdaq 100 rose 0.3 percent and 0.5 percent ahead of the New York open.

Monday’s movements “touch[s] with a Trumpian theme given the popular narrative that he is good for business and… his pro-crypto stance,” Rabobank analysts said in a note to clients.

“For markets, the complexities of the US political landscape have boiled down to the assumption that the weekend’s events will lead to a greater chance of Trump winning the November presidential election,” they added.

Bitcoin peaked above $70,000 in mid-March but has struggled to make headway since the so-called halving event in April, when the number of daily bitcoins available for miners to share to secure the bitcoin network fell from 900 to 450. Some analysts had expected bitcoin to rebound after the halving.

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