Weekly News Roundup (10/22/19)
Welcome to our Snowball cryptocurrency media digest. Here we will provide you with regular updates on trending news from the blockchain and crypto space.
This week in crypto:
One to watch - The UNICEF Crypto Fund: The United Nations Children’s Fund recently launched a new fund called the Cryptocurrency Fund. The purpose of the fund is to allow the non-profit to accept donations of Bitcoin and Ether, hold those donations in crypto, and then empower the organization to send Bitcoin and Ether to those in need. Read more.
Fed balance sheet approaches $4T: The Fed Just Printed More Money Than Bitcoin’s Entire Market Cap.
QE refers to the buying up of government bonds in order to provide economic stimulus. The Fed’s balance sheet, jumped from $3.77 trillion last month to $3.97 trillion. Read more.
Trump’s Former Fed Pick Stephen Moore Announces Cryptocurrency to Compete With Central Banks: Earlier this year, President Trump nominated Stephen Moore, an outspoken economist, and former campaign adviser, to join the Federal Reserve and help manage the nation’s currency. The nomination fell short, however, and now Moore has decided to manage a different sort of currency: A digital “stablecoin” called Frax. On Tuesday, Moore and his partners will formally announce plans for the coin, which will be pegged to the U.S. dollar so that its value will be more stable — hence its stablecoin moniker — than other cryptocurrencies like Bitcoin. Read more.
Facebook’s Libra Is ‘Neat Idea That’ll Never Happen,’ Dimon Says: Count the chief of the biggest U.S. bank among doubters of Facebook’s effort to create a cryptocurrency. “It was a neat idea that’ll never happen,” JPMorgan Chase CEO Jamie Dimon said on a panel at a conference hosted by the Institute of International Finance in Washington. Dimon said the idea wasn’t particularly unique and pointed to his own firm’s stablecoin, JPM Coin. Read more.
CFTC Chair Says Ether Futures ‘Likely’ in 2020: Commodity Futures Trading Commission Chairman Heath Tarbert believes the crypto world will see ethereum futures contracts sometime in 2020. Speaking at Georgetown University in a fireside chat during the first day of DC Fintech Week, Tarbert told moderator Chris Brummer that he “absolutely” believes ether futures could trade in the next six to 12 months. “I’d say it is likely that you would see a futures contrast in the next six months to a year,” he told Brummer, though he cautioned that simply launching a futures contract isn’t the be-all and end-all. Read more.
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