Hello BHEX-ers! A lot have been going on in the cryptocurrency world. Bitcoin surged back to the $13,000 level before dropping off like a rock again towards $11,000. However, we will leave that for another day of analysis. This article will be focused on the fundamentals and the happenings around the cryptocurrency space.
BHEX x Lambda phase 2 campaign
On 8 July 2019, BHEX relaunched the Lambda campaign, this time offering a 68% annualized+ dynamic returns. In record time of 11 hours, the campaign was fully filled, signifying the attractiveness of the BHEX campaigns that we have been running so far. If you do not want to miss such attractive deals, head over to our Telegram group to receive announcements of such campaigns!
US President Donald Trump’s stance on Bitcoin (and cryptocurrencies)
US President Donald Trump tweeted on 12 July 2019, that he was not a fan of cryptocurrencies as a whole, stating that the value of cryptocurrencies are volatile and “based on thin air”. He also mentioned that “Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity”. Does Mr. President Trump know that before cryptocurrencies existed, drug trade and illegal activities were conducted through FIAT, which also includes the US dollar?
Singapore’s stance on cryptocurrency regarding Goods and Services Tax (GST)
On 5 July 2019, the Inland Revenue Authority of Singapore (IRAS) released a draft guide on the GST treatment of transactions involving cryptocurrencies. Any token that can function as a medium of exchange will be labeled as a “digital payment token”. The official draft can be accessed here.
This is great as people who want to participate in cryptocurrency transactions as a medium of exchange will not be subjected to the 7% GST in Singapore. This will in fact, increase the popularity of cryptocurrencies and in the near future, increase adoption.
Fed Chairman Jerome Powell concerns on Libra, Facebook’s cryptocurrency
On 10 July 2019, Federal Reserve Chairman Jerome Powell raised concerns over Facebook’s upcoming cryptocurrency known as Libra. One main concern that he raised was over “money laundering” that could occur when Libra is released. In a sense, the Fed is keen on protecting consumers so that they don’t fall into scams or conduct dirty business that cannot be detected.
[The Federal Reserve is one of the most powerful entity on Earth due to its influence over the US dollar. In the same address, they have hinted on interest rates cuts which can impact the global economy. This in turn, will also affect cryptocurrencies, but we would not know any effects yet.]
Fold App allows consumers to pay using Bitcoin at major retailers
Fold is a payments platform that just introduced a lightning network protocol that allows users to pay using Bitcoin at places like Starbucks, Whole Foods, Home Depot and Southwest Airlines. (Source: Coindesk).
Honestly, who wouldn’t love adoption of cryptocurrency? Imagine the vast number of customers that Starbucks receives everyday paying in Bitcoin. This would without a doubt, increase the adoption of cryptocurrencies.