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As Extreme Inflation Looms, Ripple CEO Brad Garlinghouse Says ‘Crypto Could Help Stabilize Markets’

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As Extreme Inflation Looms, Ripple CEO Brad Garlinghouse Says 'Crypto Could Help Stabilize Markets'
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Through a tweet on his official page, Ripple Labs CEO, Brad Garlinghouse called for diversification into other assets especially cryptocurrencies to help counter the growing extreme inflation rate globally. Garlinghouse was responding to a Bloomberg article titled “JPMorgan says Bitcoin just took its first test and got ‘mostly positive’ results.”

According to him, the global market needs to take a cold hard look at the imminent extreme inflation rate fostered by various factors unfolding with time. His tweet has attracted mixed reaction in regards to Ripple Labs’ supported crypto asset, XRP, essentially on its inflation rate with respect to other top crypto assets.

According to the Bloomberg article, Bitcoin might have passed its first test during the first quarter market volatility, when it lost almost half of its value and in due time it recovered from the crash. 

Global currency inflation is rising as most federal governments increase their rate of injecting liquidity in the market haphazardly due to the coronavirus pandemic. However, inflation can be considered upon which side of view one sees it and also how fast it occurs.

This is because individuals owning tangible assets want the inflation rate to scale in order to raise the value of their assets, while on the other hand, consumers of the same assets would like the inflation controlled and lowered if possible.

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The extreme inflation rate in some countries like Venezuela has prompted most of its citizens to turn to cryptocurrencies like Bitcoin as a medium of exchange. However, due to the environmental ills of Bitcoin and Ethereum mining as well as lower speed, Garlinghouse is pushing for mass adoption of XRP as a means of retail transactions, hence countering the extreme inflation rate.

In order to discern Ripple’s bigger picture, we see that Garlinghouse has been of the notion that every digital asset will thrive according to its utility and capability to solve challenges within the system.

This makes the comparison between XRP and other digital assets as not the best scale since they tend to solve different problems. However, with the hype of the previous crypto bubble still fresh in our minds, a huge number of cryptocurrency investors are ignoring that perspective and hence the origin of the crypto community rivalry.

With the current world turmoil pushing governments in a tight corner, a massive crypto adoption might be on the way post-pandemic.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/as-extreme-inflation-looms-ripple-ceo-brad-garlinghouse-says-crypto-could-help-stabilize-markets/

Blockchain

Billionaire Mike Novogratz Builds Bitcoin Position on Prescience

The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally. Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to […]

The post Billionaire Mike Novogratz Builds Bitcoin Position on Prescience appeared first on BeInCrypto.

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The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.

Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.

And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.

Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,

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Bitcoin’s Rough Resistance

The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.

Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.

Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”

Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,

“Bitcoin will break $20,000 like a massive BOSS.”

The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.

Source: https://beincrypto.com/billionaire-mike-novogratz-builds-bitcoin-position-on-prescience/

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Blockchain

Latvian Financial Watchdog Issues Crypto Fraud Warnings

Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities. The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices. In an official statement published by the FCMC, investors were urged to stay vigilant against […]

The post Latvian Financial Watchdog Issues Crypto Fraud Warnings appeared first on BeInCrypto.

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Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities.

The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices.

In an official statement published by the FCMC, investors were urged to stay vigilant against the growing number of investment opportunities that target individuals across different channels.

According to the FCMC, cryptocurrencies, and associated platforms within Latvia function with a lower degree of regulation when compared to many other financial markets. It claims this makes attacks more prevalent in the country.

The regulators also mentioned that these attacks might be difficult to detect at first because they oftentimes use “the names and images of renowned companies.”

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Uptick in Fraud

Many online advertisements used for fraud purposes lead unsuspecting victims to fancy websites that give them a false sense of security.

The FCMC noted that online fraudsters are constantly on the watch for new ways to extort money from potential victims and that they will often contact investors via email or other popular social media platforms, and even sometimes by phone.

The scammers normally try to mislead investors into buying currencies that don’t exist, refuse withdrawals, or demand that they pay exorbitant amounts for transfers of funds.

The FCMC has welcomed residents to check with the watchdog in order to verify the legitimacy of any platforms or services before actually investing any money. The regulator also listed verified financial service providers on its website.

Source: https://beincrypto.com/latvian-financial-watchdog-issues-crypto-fraud-warnings/

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Blockchain

Upgraded XMR Becomes Best Performer Among Top 15 Coins: Analysis

The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news. The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR […]

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The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news.

The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR ranked 14th by market cap and trades at $127, increasing by 5% in the day, trimming the weekly losses to less than 4%. At the same time, other major coins from the top 15 which are less than 3% in a day. XMR increased today after a slight reaction to the expected update which was launched on Saturday.

Initially announced in August 2020, Monero’s latest Oxygen Orion update brings some more important improvements to the network at a time when the regulators are getting increasingly worried about the privacy coins. The latest update brings the so-called compact linkable spontaneous anonymous group feature.

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Source coinpaprika.com

As per the Monero blog, the CLSAG update allowed smaller and tighter transactions and will also reduce the transaction size by about 25%. This will also improve the transaction times by 10% and will bolster privacy with Dandelion ++ which is a feature that aims to protect users’ IP addresses. The latest update release comes not too long after another speed and security-centric upgrade named Nitrogen Nebula was launched which was one of the many upgrades that went live in the past few months.

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Right before the release, Monero enjoyed an increase in price and moved up by about 35% in a month and 125% in a year while the US Department of Justice released a new report that explains the risks of end-to-end encryption along with the US Internal Revenue Service which declared war on privacy coins, offering a bounty of about $625,000 to crack Monero’s privacy code.

Monero approaches key resistance, xmr, privacy

Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/monero-news/upgraded-xmr-becomes-best-performer-among-top-15-coins-analysis/

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