Latest news with #Bitcoin-friendly
Int'l Business Times
20-05-2025
- Business
- Int'l Business Times
Bitcoin Champion Sen Cynthia Lummis Cancels Meeting With Ripple CEO, $XRP Tumbles
Cynthia Lummis Sen. Cynthia Lummis, R-Wyo., reads the draft of the "Bitcoin reserve bill" at Bitcoin 2024 conference in Nashville. Bitcoin Magazine YouTube | Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill Bitcoin Magazine on YouTube / Screenshot Garlinghouse urged Lummis to reconsider her stance and "be a leader for all of crypto" Bitcoin maximalists slammed the Ripple CEO for criticizing Lummis in public $XRP holders said it appears Lummis doesn't want a level-playing field in the crypto industry Sen. Cynthia Lummis, R-Wyo., has canceled a meeting with Ripple CEO Brad Garlinghouse, dashing hopes for a potential shift in dynamics in the long-running power struggle between the Bitcoin and XRP communities. Garlinghouse took to X on Monday to reveal that Lummis, known for championing a national strategic Bitcoin reserve, "canceled a meeting" with him and will not reschedule. Ripple CEO calls out Lummis In his Monday revelation, Garlinghouse said he was heading to the Capitol "to champion sensible pro-crypto legislation around stablecoins and market structure." As he has done in the past, the Ripple leader called for open-mindedness when it comes to politicians dealing with the cryptocurrency industry. He specifically called on Lummis to reconsider her stance. "As a leader in Congress and Senator from one of the most crypto-friendly states (WY), I hope you will reconsider and be a leader for all of crypto," he wrote. Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure, and I'm very encouraged to see our elected officials look at crypto as it should be – a multichain industry. That said, @SenLummis, as Chair of the Digital Assets Subcommittee,… — Brad Garlinghouse (@bgarlinghouse) May 19, 2025 Despite his subtle jab at the Bitcoin-friendly senator, who also chaired the Senate's Digital Assets Subcommittee, Garlinghouse said it was still encouraging to see that some government officials "look at crypto as it should be – a multichain industry." This was hardly the first time Garlinghouse criticized "maximalism," a term used by crypto users to refer to crypto holders who believe a specific digital coin is the only digital asset the world will need in the future. $XRP dips amid news XRP, the world's current fourth-largest crypto asset by market capitalization, retreated Monday after news of the canceled meeting spread across crypto communities. Data from CoinGecko showed that XRP prices plunged as low as $2.30 from trading at around $2.38 earlier in the day. Despite the price dip, XRP remains in the green, climbing by 0.6% in the last 24 hours. Ripple oversees the development of the XRP Ledger, whose native cryptocurrency is XRP. There has been an ongoing war of words between BTC maximalists and the XRP Army, which has often pushed Bitcoin and XRP to trend on social media. $BTC maximalists, $XRP army clash on X On X, where the bitter word war among top crypto communities has triggered questions on unity in the space, another exchange of words emerged from Garlinghouse's revelation. Prominent BTC maximalist Pierre Rochard blasted Garlinghouse for his alleged push for central bank digital currencies (CBDCs). "Nobody takes you seriously anymore," the Bitcoin Bond Company CEO said. You ruined your reputation and lost all credibility by pushing for CBDCs and against Bitcoin. Nobody takes you seriously anymore. — Pierre Rochard (@BitcoinPierre) May 19, 2025 Chainlink community liaison Zach Rynes said Garlinghouse shouldn't have called out Lummis publicly, saying it doesn't help improve crypto's relationship with politicians. Very weird tweet, if she didn't want to take a private meeting, why call her out publicly? That's not going to help relations, and why offer an even more public livestream discussion? — Zach Rynes | CLG (@ChainLinkGod) May 19, 2025 Other prominent crypto users encouraged Lummis to take up Garlinghouse's offer to discuss the broader crypto space with the Ripple CEO through an X Spaces session. That would be a great X space, @SenLummis! — Vet (@Vet_X0) May 19, 2025 Some also encouraged Lummis to join advocacy groups that provide advice on pro-crypto policies. Others in the XRP community said Lummis may want "an unfair advantage for Bitcoin" since a level-playing field for all crypto firms and projects might threaten the world's most valuable cryptocurrency. Why would @SenLummis cancel a meeting? Perhaps she wants an unfair advantage for Bitcoin. A level playing field is too threatening for Bitcoin, perhaps. — 🪝 (@DarkScarf89) May 19, 2025 @bgarlinghouse's spot on. If the U.S. wants to lead in crypto, open dialogue between the public and private sectors is non-negotiable. Refusing to meet sends the wrong message, and slows real progress. This is a multichain, global industry. Policy needs to reflect that. — JDNomax (@JDNomax) May 19, 2025 The official X handle of the Rowen Exchange agreed that Garlinghouse was right for publicly revealing Lummis's cancelation of the meeting, indicating growing demand for political interest in other crypto coins and companies outside the Bitcoin brand. Thank you for calling this out. This needed to be said — Rowen Exchange (@RowenExchange) May 19, 2025 Lummis has yet to respond to concerns around her supposed favor of BTC and rejection of other crypto projects. © Copyright IBTimes 2024. All rights reserved.
Time Business News
13-05-2025
- Business
- Time Business News
Crypto Jesus Trump: Best Leader in Digital Currency Revolution
For better or worse, Donald Trump has become a figure of the century in the crypto world, earning the epithet 'Crypto Jesus Trump'. From mocking Bitcoin in 2019 to using it as a financial tool against CBDCs (Central Bank Digital Currencies), his attitude has surprised no one – traders, analysts, or politicians. His pro position on crypto, as the 2024 election bulldozes towards him, could change the face of digital Finance. Will he champion Bitcoin-friendly policies? Can he make the US a crypto superpower? Let us dig deeper into the digital currency revolution from Trump and what it means to investors, the economy, and the MAGA movement in general. The digital currency of crypto Jesus Trump revolution has transformed the finance world, redefining how businesses and people interact with money. With the growing popularity of cryptocurrencies, we find some leaders pushing the innovation and adoption of the technology. The phrase 'Crypto Jesus Trump' was not a whim out of nowhere. It first began as a meme among libertarian Bitcoiners, and has remained even as Trump's rhetoric changed from skeptic to fanboy enthusiasm. Early Skepticism: In 2019, Trump tweeted that he was 'not a fan of Bitcoin' and blamed it for volatility, preferring the dollar. In 2019, Trump tweeted that he was 'not a fan of Bitcoin' and blamed it for volatility, preferring the dollar. The Pivot: He claimed to be 'the crypto president,' even welcoming campaign funds in crypto by 2024. Others say it's a political ploy to win over libertarians and tech-friendly voters. Others think he sees crypto Jesus Trump as a vehicle against government overreach. In 2024, if Trump wins, his policies may lead to a gold market boom. What traders & analysts are monitoring here is: Trump has indicated recognizing Bitcoin as a strategic reserve, like gold. Killing the CBDC Push He promises to thwart a US digital dollar by referring to it as a 'government surveillance tool'. Easing Regulations Soft SEC enforcement of crypto projects should increase innovation. Market Reaction Analysts estimate that a victory for Trump could send bitcoin to over $100K in a bid to speculate on deregulation. The 2024 election isn't just about politics—it's a battle for crypto's future. Policy Area Trump's Stance Biden's Stance Regulation Pro-innovation light-touch, Stricter SEC enforcement CBDCs Opposed to Exploring Digital Dollar Taxation: Potential crypto tax cuts, Higher capital gains Why It Matters: A Trump win could mean friendlier policies for exchanges like Coinbase, while Biden's approach may favor institutional control. The pseudonymous founder of Bitcoin, Satoshi Nakamoto, spearheaded this digital currency of the crypto Jesus Trump revolution. Nakamoto's vision is still felt in the industry through blockchain technology and decentralized Finance. Ethereum and Smart Contracts – As a cryptocurrency and blockchain technology innovator, Vitalik Buterin (born 21 January 1994) developed Ethereum – the world's second-largest form of cryptocurrency after the crypto Jesus Trump, currently comprising 53% of market share – and smart contracts, going ahead to create an Ethereum development platform. Vitalik Buterin, Ethereum's co-founder, changed digital currency with smart contracts. The Ethereum blockchain supports decentralized applications (DApps), which generate innovative ideas in Finance, gaming, stories, and supply chain management. Now, as the founder of the crypto Jesus Trump platform she created, Changpeng Zhao has played a fundamental role in making cryptocurrency globally accessible. Binance's exchange platform provides trading, staking, and decentralized Finance (DeFi) solutions that increase mass adoption. Elon Musk, CEO of the famous Tesla and SpaceX, has dramatically influenced the Jesus crypto Trump world. His acceptance of Bitcoin and Dogecoin has shaped market trends, while Tesla's acceptance of Bitcoin as a form of customer payment was a moment of mainstream adoption. Brian, CEO of Coinbase, has enabled institutional investment in digital currencies. Coinbase's nifty user-friendly platform has inked millions of users, connecting the gap between traditional money and crypto. Jack Dorsey, the previous CEO of Twitter and Square (now Block), is a staunch proponent of Bitcoin. His initiatives entail financial inclusion, where Bitcoin is supposed to be used as a way of trading for economic empowerment. Trump is not just using crypto Jesus Trump as a topic; he profits from it. Trump NFTs: His controversial NFT collections went out of stock quickly – politics met digital collectibles. Crypto Campaign Donations: He now supports crypto by receiving BTC, ETH, and meme coins, a pro-crypto move. Critics say it's a marketing ploy, but supporters argue it's a sign he's committed to Web3. Crypto Jesus Trump fits ideally with Trump's anti-establishment base. Decentralization = Freedom: A lot of MAGA supporters consider Bitcoin an opportunity to exit 'woke' financial systems. Key Allies: Elon Musk and Vivek Ramaswamy echo Trump's pro-crypto message. Bitcoin Price Surge: Some projections give $150K+ BTC in the year 2025 with Trump. Altcoin Boom: Meme coins and DeFi tokens may gather good momentum in the hopes of deregulation. Institutional Influx: Wall Street could be getting billions invested into crypto ETFs. Not everyone's convinced. Detractors argue: 'Trump crypto jesus trump scam' theories – do his NFTs have real value? Volatility Risks: Could another FTX-style collapse be the result of deregulation? Will Trump emerge as 'the crypto president'? We may see: A Bitcoin-friendly White House More U.S. mining dominance Be he an avatar of financial freedom or the maestro of political pageantry, the fact cannot be argued away: his success has turned the world of stock-option brokers upside down. Crypto Jesus Trump has decisively changed the field of discussion around digital currency. From Skeptic to Savior: Trump's change from mocking Bitcoin to replacing it could revamp the US crypto policy. 2024 Election = Crypto Crossroads: Bitcoin's next bull run might be triggered by Trump's victory, while Biden's route is regulatory. MAGA Meets DeFi: His partnership with libertarians, tech barons, and anti-CBDC champions has turned crypto into a central political battleground. High Risk, High Reward: Traders and analysts are split. Will Trump's policies supercharge innovation or invite reckless speculation? Whether you love or hate him, the influence on crypto Jesus Trump is too significant to ignore. If he wins in 2024, we might see the greatest financial revolution since the inception of Bitcoin. What's next? Track Trump's campaign steps, SEC occurrences, and Bitcoin's price development because of war, tweets, policies, and NFT drops that affect this market. TIME BUSINESS NEWS
Business Mayor
29-04-2025
- Business
- Business Mayor
Bitcoin Mining Centralization in the U.S.: A New Risk for the Industry?
A groundbreaking study from the Cambridge Centre for Alternative Finance (CCAF) claims that the United States now dominates Bitcoin mining, controlling as much as 75.4% of the global hashing power. 'The U.S. has solidified its position as the largest global mining hub (75.4% of reported activity),' the CCAF reports, based on a survey of 49 mining firms representing nearly half the Bitcoin network's hashrate. This concentration, equating to roughly 600 exahashes per second (EH/s) of the global 796 EH/s, raises a pressing concern: Is Bitcoin mining becoming dangerously centralized in the U.S., and what risks does this pose for the emerging asset's future? Howard Lutnick, U.S. Secretary of Commerce and former CEO of Cantor Fitzgerald, recently shared insights into the Trump administration's vision to position the U.S. as a Bitcoin superpower. 'It's like gold. To me. It's a commodity,' Lutnick said in an interview with Frank Corva of Bitcoin Magazine, highlighting Bitcoin's fixed supply of 21 million coins. He outlined plans to 'turbocharge' U.S. mining through the Commerce Department's Investment Accelerator, which streamlines permits for miners to build off-grid power plants. 'You can build your own power plant next to [your data center]. I mean, think about that for a second,' he said. This pro-business stance has fueled America's mining boom, but the CCAF's findings suggest a downside: centralization. For years, Bitcoiners worried about China's dominance, which peaked at 65–75% of global hashrate before its June 2021 mining ban. 'In 2019, China dominated global Bitcoin mining, accounting for 65–75% of the total Bitcoin network,' a 2025 Nature Communications study notes. When China banned mining, hashrate dispersed globally, with many operations relocating to the U.S., drawn to states with abundant energy and favorable policies. This shift caused a 50% market correction but paved the way for a 130% rise toward the end of the year, demonstrating the market's resilience. Read More Bitcoin Covenants: CHECKTEMPLATEVERIFY (BIP 119) While China's historical hashrate concentration never led to network abuse, it was a constant concern. Now, with the U.S. holding 75% of hashrate, similar risks emerge. The Trump administration is Bitcoin-friendly, but a future administration could turn hostile, leveraging centralized hashrate to control the network. Unlike China's ban, a future U.S. government might try to regulate or manipulate mining, using executive powers like sanctions to censor transactions — a threat amplified by mining's concentration. The U.S.'s federal structure offers a potential safeguard. The division of powers between states and the federal government could enable resistance to federal overreach. In states with significant mining activity, officials and the public might argue that manipulating the industry harms Bitcoin's value, impacting investors. Such resistance could preserve the network's integrity. The weakening of the U.S. monetary sanctions regime might play to our advantage. Following the 2022 seizure of Russian treasuries, nations misaligned with U.S. policy have reduced U.S. bond purchases, undermining the fiat rails abused in sanctions. The Trump administration is shifting toward tariffs to control goods rather than money flows, potentially reducing the threat of monetary censorship. This pivot buys Bitcoin time, as centralized hashrate may be a soft target for federal intervention. Nevertheless, American Bitcoiners must stay proactive. Deepening Bitcoin adoption to embed it widely in the economy and throughout the world could deter censorship, as attacks on the network would harm personal wealth, spurring backlash. History also shows miners adapt when displaced — China's ban proved that — but governments learn. A future U.S. administration might not ban mining but seek to control it, exploiting centralization. The Bitcoin industry faces a critical juncture. With as much as 75.4% of hashrate in the U.S., even low estimates of 50% present a centralization risk that looms large. Should we diversify globally or lean into America's mining dominance? As Lutnick's vision unfolds, Bitcoiners must ensure this sovereign money remains resilient, regardless of who holds power.
Otago Daily Times
25-04-2025
- Business
- Otago Daily Times
Promoting Bitcoin bit by bit
Making Queenstown Bitcoin-friendly is the aim of a new community-led initiative. Arrowtowner Nell Hunter has started 'The Bitcoin Basin', a movement "focused on helping local businesses, educating the public and creating a circular economy where Bitcoin can be earned and spent locally". Bitcoin, which has been used as a currency since 2009, is the world's first and only decentralised digital currency. Hunter is backed by local-based payment platform Lightning Pay, co-founded by local computer scientist Rob Clarkson, which allows businesses to accept Bitcoin at point of sale, with the option to either accept it or convert it into New Zealand dollars within 24 hours. Hunter says she's also supported by local professionals including Derek Roth-Biester "and others who view Bitcoin not as a speculative gamble, but as a secure store of value and a practical, sound means of payment, especially in a time of rising inflation". She and colleagues recently met with local MP Joseph Mooney and will soon present their vision to MPs in Wellington. They're also exhibiting at Host-Tech — a showcase of Queenstown hospo and tourism technology — on May 22. Hunter: "We want Bitcoiners from around the world to come here, spend here and support local businesses. "Governments and states around the world are taking Bitcoin seriously. "We want to make sure NZ doesn't fall behind."
