Ethereum co-founder Vitalik Buterin strongly criticized the economic policies of El Salvador’s President Nayib Bukele. In a comment he made on a Reddit forum on Friday, he questioned the Central American country’s government for forcing its citizens to use Bitcoin as legal tender.
He voiced the measure of “reckless” and “contrary to the ideals of freedom that are supposed to be so important to the crypto community.” Buterin was responding to a post on the subreddit criticizing the mandatory nature of the cryptocurrency law signed by Salvadoran President Nayib Bukele.
On the specific argument that “pushing BTC to millions of people” without making “any prior education attempts” would result in scams and hacks. Vitalik Buterin questioned these policies and continued to criticize those in the crypto communities who praise Bukele’s controversial policy without criticism.
He had especially nasty words for “Bitcoin maximalists.” Who he called “those primarily responsible” for amplifying a purely festive tone in response to the new law.
According to JP Morgan, institutions buy Bitcoin instead of gold as inflation soars
According to a note shared by JPMorgan with its clients on Thursday, the recent rise in the price of BTC was predominantly attributed to institutional investors seeking a hedge against inflation.
Bitcoin adoption contrasts with a May JPMorgan report. In which analysts pointed out that large investors were ditching Bitcoin and betting on traditional gold.
The implicit endorsement of Bitcoin by major banks and regulators is going to accelerate the collapse of #Gold and the rise of #Bitcoin as the preferred safe-haven store of value for both institutional and retail investors.https: //t.co/7os1ojenHs
– Michael Saylor⚡️ (@michael_saylor) October 7, 2021
Unlike other analysts this week, JPMorgan did not cite speculation surrounding the imminent approval of a Bitcoin futures ETF as a major price driver.
Sen. Cynthia Lummis reveals bitcoin purchase worth up to $ 100,000
US Senator Cynthia Lummis, a Republican from Wyoming, has revealed that she bought Bitcoin (BTC) worth between $ 50,001 and $ 100,000 on August 16. According to documents filed Thursday.
The disclosure was part of the Stop Trading on Congressional Knowledge Act, or STOCK. That prohibits the use of non-public information for profit. The STOCK Act became law under the Obama administration in April 2012 and is designed to combat insider trading.
Russia’s financial watchdog suggests legal restriction on cryptocurrencies
The chairman of the Financial Markets Committee of the Russian State Duma, Anatoly Aksakov recently conveyed his views regarding restrictions on digital tokens.
“The deputies of the State Duma will think about a legislative restriction on investments by unskilled investors in cryptocurrencies and crypto assets. In order to protect private investors.
Russia needs to adopt new laws to protect retail investors from potential losses from investing in cryptocurrencies. This was reported by the local news agency Interfax.
This news contains a similar tone to the Narrative of the Central Bank of Russia, in early September 2021. The CBR with commercial banks collaborated to delay payments made to crypto exchanges.
However, crypto traction in Russia has seen a significant increase. About 77% of Russian investors said that cryptocurrencies were the “most progressive” investment. Considering the large number, these tokens have taken the citizens by storm.
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