From Zero Hedge:
While Gary Gensler, nominated to chair the SEC, was evasive on specifics at yesterday’s Senate Banking Committee hearing, he was far more supportive broadly-speaking than many expected (especially after Yellen’s lies):
“Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion,” said Gensler.
“I’d work with fellow commissions both to promote the new innovation but also, at the core, ensure investor protection. If something were a security, for instance, it comes under security regulation, under the SEC.”
That provided some relief for crypto investors, but the last 24 hours have seen a great deal of news.
Bitcoin has rallied above $52k…
And Ethereum is back above $1600…
Billionaire VC Tim Draper also raised Bitcoin’s profile further yesterday in his podcast.
CoinTelegraph reports that the famous investor picks Netflix among major companies as the most likely to put Bitcoin on its balance sheet.
“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix and so I think that might be the next big one to fall.”
Ever the optimist, Draper also considered that Amazon would add a direct Bitcoin payment option in future.
“Amazon will probably start accepting Bitcoin pretty soon,” he said, noting that consumers have been able to buy products indirectly using cryptocurrency for many years.
Draper sees the (fiat) price of crypto soaring…
“I think bitcoin in 2022 or the beginning of 2023 will hit $250,000,” he said at the time, when bitcoin was worth less than $4,000. “I think the reason is that bitcoin will be the currency of choice.”
“The current currency holdings in fiat is about $100 trillion and bitcoin‘s market cap is just reaching $1 trillion now, so there’s no reason it can’t go up 100-fold,” he said.
Which would imply a $5,000,000 price for bitcoin.
“It’s not like it’s going to completely replace the dollar, although I think people are going to laugh when you’re trying to buy things for dollars in the future.”
In addition, billionaire Mark Cuban had a Twitter-tirade warning Peter Schiff that gold “will die” as a store of value
“Let me help Peter. Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring,” one tweet reads.
“BTC/Eth are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications.”
Continuing, he gave a stark verdict on the future of gold.
“What we are seeing built w/crypto today is just proof of concept. As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today,” a further post says.
“But Gold won’t ever change. Which is why it will die as a SOV.”
“Don’t forget, Gold was a SOV built on technology. From picks and shovels to mining operations that keep trying to improve. Whoever could use the tech of the day to find and mine the most efficiently was the most rewarded. Much like Crypto is today,” a final message to Schiff concludes.
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Author: Tyler Durden