Tag: embrace

  • Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his 'America Party' will embrace Bitcoin, criticizes Trump's fiscal bill

    Elon Musk, the founder of Tesla and SpaceX, has declared that his nascent political movement, the “America Party,” will embrace Bitcoin, stating that traditional fiat currency “is hopeless.”

    This announcement, made on the social media platform X, comes amid a deepening public rift between Musk and President Donald Trump, primarily over the administration’s fiscal policies.

    Musk’s plan to form the “America Party” appears to have been catalyzed by his strong opposition to President Trump’s massive tax and spending package, colloquially known as the “Big Beautiful Bill.”

    Musk has harshly criticized the legislation as being fiscally irresponsible, at one point labeling it the “debt slavery bill.”

    This disagreement has seemingly created an irreparable break between the two influential figures.

    While the America Party has not yet been officially registered and lacks an official website, Musk has used his posts and retweets from supporters to outline its core ideology.

    He envisions a party that champions a pro-tech, pro-free speech, and anti-regulation agenda, while adopting generally centrist policies on other issues.

    Musk, a long-time supporter of cryptocurrencies whose companies SpaceX and Tesla both hold Bitcoin (BTC) in their corporate treasuries, sees the digital asset as a key part of this new political vision.

    Musk has indicated on X that the party, once formally established, will not immediately field a Presidential candidate.

    Instead, its initial focus will be on contesting House and Senate races, aiming to build a political foothold from the ground up.

    President Trump, for his part, has not taken kindly to Musk’s political maneuvering.

    In a Truth Social post on Sunday evening US time, Trump fired back, stating that Musk had gone “off the rails” and had become a “TRAIN WRECK.”

    Crypto markets react to easing trade tensions

    While this political drama unfolds, the broader cryptocurrency market experienced a lift on Sunday morning.

    Major cryptocurrencies rose after US Treasury Secretary Scott Bessent hinted at the likelihood of upcoming trade deals being finalized before the crucial July 9 “Liberation Day” tariff deadline.

    Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly surpassing the $109,000 mark.

    Other major tokens also saw gains: payments-focused XRP and Solana’s SOL token both rose by over 2%, while the popular meme token Dogecoin (DOGE) climbed 3%, according to data from CoinDesk.

    Ethereum’s Ether (ETH), the second-largest token, rose 1.5% to $2,550.

    The tariff clock is ticking

    In an interview with CNN, Treasury Secretary Bessent stated that the US is close to finalizing several trade deals ahead of the July 9 deadline.

    This is the date when a temporary pause on higher tariffs, initially announced on April 2, is set to expire.

    “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said, according to Reuters.

    He clarified that July 9 remains the firm deadline for negotiations; if deals are not reached, the higher tariffs announced in early April will take effect from August 1.

    “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” Bessent told CNN, adding that some countries were “foot-dragging” on finalizing deals.

    This coercive tactic of imposing tariffs to rebalance trade relations and reduce the US trade deficit has been a central pillar of President Donald Trump’s economic policy since he took office earlier this year.


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  • Bank of America CEO says banks will embrace crypto with clearer regulations

    Bank of America CEO says banks will embrace crypto with clearer regulations

    • The banking sector could embrace crypto payments if clearer rules are in place
    • Crypto would be another form of payment like Visa and Mastercard, said Brian Moynihan
    • A new crypto task force aims to provide a “clear regulatory framework for crypto assets”

    Bank of America’s CEO said the US banking industry will embrace crypto payments if clearer rules are in place from regulators.

    In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Brian Moynihan said that all banks send money digitally nowadays. He added that if rules come in and crypto payments are made “real,” then “the banking system will come in hard on the transactional side of it.”

    “If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment,” the BoA CEO said.

    To date, US banks have been cautious about offering retail crypto services, instead focusing on providing institutional products such as spot Bitcoin exchange-traded funds (ETFs).

    Changes under a Trump administration?

    Moynihan’s comments come as President Donald Trump started another term in the White House earlier this week.

    During his election campaign, Trump indicated a pro-crypto stance and has since appointed several pro-crypto candidates to various government positions.

    Introducing a new crypto task force “dedicated to developing a comprehensive and clear regulatory framework for crypto assets” could give banks the push they need to enter the space.

    Speaking to CoinJournal, Tom Kiddle, co-founder of Palisade, a French-regulated digital asset custodian backed by Ripple, said: “So far, the country has done little to advance a clear crypto regulatory framework. However, Trump’s nomination of pro-crypto Paul Atkins could mark the dawn of a new era for the sector.”

    When asked about crypto such as Bitcoin as an investment option during the interview, Moynihan refrained from answering, stating that topic was “really a separate question.”

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  • Bitcoin miners embrace efficiency and renewable energy

    Bitcoin miners embrace efficiency and renewable energy

    • Bitcoin mining is at the heart of the digital gold rush and it is a critical process that underpins the entire cryptocurrency ecosystem.
    • Bitcoin miners validate transactions, secure the network, and, in the process, earn newly minted Bitcoin.
    • The World Digital Mining Summit (WDMS) stands as a beacon of innovation and collaboration within this dynamic space.

    The recent World Digital Mining Summit (WDMS) witnessed a groundbreaking moment for the Bitcoin mining industry as Bitmain, a prominent player, unveiled its highly anticipated Antminer S21 and S21 Hydro ASIC miners. These state-of-the-art mining machines have set new industry standards for both performance and energy efficiency.

    The Antminer S21 boasts an impressive hashrate of 200 TH/s and an extraordinary efficiency rating of 17.5 J/T (joules per terahash), while the S21 Hydro delivers a remarkable hashrate of 335 TH/s with an efficiency of 16 J/T. These statistics mark a significant departure from the historical norm where most Bitcoin ASICs operated above the 20 J/T threshold.

    What makes these ASIC miners truly revolutionary is their unwavering focus on energy efficiency. In an environment where electricity costs continue to rise, the Antminer S21 series presents a glimpse into the future of Bitcoin mining. It’s a future where miners can optimize their operations for maximum output while consuming minimal energy, reflecting the industry’s commitment to sustainability and cost-effectiveness.

    Efficiency advancements and sustainability:

    One of the key trends that emerged at WDMS was the integration of renewable energy sources into Bitcoin mining operations. This trend is driven by two crucial factors: the relentless increase in electricity costs and the impending Bitcoin supply halving scheduled for April 2024.

    Miners are acutely aware of the need to reduce operational expenses to maintain profitability. Rising electricity costs have prompted them to seek sustainable energy solutions. By incorporating renewable energy sources like solar and hydroelectric power, miners aim to mitigate the impact of escalating energy bills and ensure the long-term viability of their operations.

    Renewable energy integration isn’t just about immediate cost savings; it aligns with a broader commitment to environmental responsibility. In a world increasingly focused on sustainability, miners view renewable energy as a strategic imperative for ensuring profitability and industry longevity.

    Upcoming Bitcoin Halving pose some challenges

    The looming Bitcoin supply halving represents a formidable challenge for miners, as it halves their block reward distribution. To address this challenge, miners have two pivotal choices: increasing their reliance on sustainable energy sources or making efficiency improvements to their ASIC fleets.

    These strategic decisions will determine their ability to adapt to the evolving mining landscape, where efficiency and sustainability are key.

    In conclusion, the WDMS showcased an industry in transition, with Bitcoin miners embracing efficiency-focused innovations and renewable energy integration. This commitment to sustainability and environmental responsibility reflects the industry’s adaptability and resilience. As the Bitcoin mining ecosystem evolves, it does so with a clear focus on efficiency, profitability, and a greener future.

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