This week BiC dives into the quotes of the week following a rough week in the market. The quotes that made news and how they possibly affected the market are stark contrast to a week of sell-offs. This week BiC looks at quotes for a couple of perma-bulls, the SEC commissioner, the VP of Nigeria and MoneyGram’s CFO.
Ripple has been under the hammer for the better part of two months now following the SEC’s charges against the company. The SEC alleges that Ripple sold its tokens as a security. This is something that is not allowed without prior approval through the SEC.
The case is expected to be long and drawn out. MoneyGram Chief Financial Officer Larry Angelilli spoke out this week about the situation the company which partnered with Ripple finds itself in.
MoneyGram cancelled its partnership with Ripple when the SEC filed the charges. However the issue is that the company used XRP in cross-border transactions in order to save foreign exchange costs. The end of the partnership now sees MoneyGram having to change their strategy,. This is costing them more money. “If there’s a resolution to the case, especially if Ripple prevails, then I would say there would be no problem,” Mr. Angelilli said. “But that could be a long time.”
Ripple will likely continue to suffer while the case remains open. With MoneyGram likely to look for alternatives, Ripple will see a major loss in potential business through the payments provider.
The SEC Hits Out at Crypto
The crypto markets have been extremely volatile in 2021. Fortunately, mostly bullish volatility means crypto investors have enjoyed huge gains since the beginning of the year. However that has not stopped the SEC from releasing a risk alert this week regarding digital assets.
The risk alert outlines the standpoint of the SEC on digital assets. The Senate holds confirmation hearings for Gary Gensler on Mar 2. This should provide further insight, and maybe quotes for next week.
SEC Commissioner Hester Pierce posted the risk alert saying “I welcome your feedback”.
The focus of the alert notice includes Anti-Money Laundering (AML) issues, operational security and record keeping. Risk management also features in the alert.
If the alert is anything to go by, 2021 will most likely bring sweeping regulations to the crypto industry. It seems clear that the U.S government looks to reduce criminal activity through cryptocurrencies is mitigated.
Nigeria VP Asks for Regulation
Nigeria is known as one of the biggest cryptocurrency adopters on the continent. Crypto usage in Nigeria is the largest on the continent. However, following recent setbacks by the Central Bank of Nigeria, commercial banks must to close all cryptocurrency trading related accounts. The country continues to ban crypto trading instead of looking for avenues to regulate the industry.
The Central Bank’s decision to essentially ban cryptocurrencies has forced the Nigerian SEC to cease crypto-related activity. Among other things, this includes any potential proposals on the table beforehand.
The people of Nigeria have lashed out at the news, stating that they will not be stopped. Nigerian Vice President Prof. Yemi Osinbajo has spoken out about the news. The VP has asked for the country to consider regulation instead of banning digital assets. In a series of tweets, the professor stated that the CBN should avoid “killing the goose that might lay the golden egg”. He also tweeted that “Cryptocurrencies… will challenge traditional banking, including reserve banking, in ways we cannot yet imagine…”
Permabull Saylor Says BTC is the Answer
Microstrategy co-founder Michael Saylor continues to speak about the opportunities that Bitcoin offers. The Bitcoin maximalist spoke out this week once again.
Saylor recently tweeted about an interview he had on Bloomberg. In the tweet, Saylor explains that “corporations need new techniques to manage the dilutive impact of monetary inflation on their balance sheet. The best idea is Bitcoin”.
The backing of Bitcoin by the founder comes as no surprise as his company was in the news this week. Microstrategy has raised debt in order to fund an additional $1 billion in Bitcoin purchases. The additional $1.026 billion Bitcoin buy sees Microstrategy add an additional 19,452 Bitcoins to their already massive whale bag.
Saylor has been a massive proponent for the crypto market and for Bitcoin in particular. The MicroStrategy founder doesn’t look like he plans on slowing down his outlook either.
Winklevoss Calls Stimulus a Win for Bitcoin
Tyler Winklevoss commented on the recent announcement by the U.S Government that will see a $1.9 trillion stimulus package approved. His view points to what some would call unintended consequences.
President Joe Biden approved the stimulus package early on Saturday. His drive is on easing the current conditions in the country caused by the Covid-19 pandemic.
Gemini exchange founder Tyler Winklevoss then commented on the stimulus approval, stating “House set to approve a $1.9 trillion dollar advertisement for #bitcoin”.
The stimulus package is designed to go out predominantly for jobless Americans who need unemployment benefits. However, it could lead to a flush of new cash into the financial markets. Many Americans could see this as an opportunity to grow their free money through whatever means necessary.
The Winklevoss twins have been massive cryptocurrency evangelists. Their comments on the stimulus continue to show their support for decentralization and community adoption.
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