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#CryptoCorner: Trump Tweets About Bitcoin and Libra, Bank of England Governor Addresses Libra, Litecoin Named Official Crypto of Miami Dolphins

 

Point Roberts, WA and Delta, BC - July 12, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Trump Tweets About Bitcoin and Libra, Bank of England Governor Addresses Libra, Litecoin Named Official Crypto of Miami Dolphins

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Crypto Corner

Stocks discussed: (NasdaqGS:FB)

Bitcoin (BTC) got some visibility recently with after U.S. president Donald Trump opined on the cryptocurrency in a series of tweets. Trump trashed Bitcoin as being "based on thin air' and took a swing at Facebook's (NasdaqGS:FB) Libra as well. The thread ended with Trump praising the U.S. dollar in contrast.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....

....Similarly, Facebook Libra's "virtual currency" will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...

...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!

It doesn't appear that these tweets have affected the trading price of Bitcoin, which remains roughly the same as it was 24 hours ago.

Speaking of Libra, Bank of England governor Mark Carney commented on the project during a speech at the Financial Stability Report press conference, according to Cointelegraph. According to Carney, Libra will have to essentially run seamlessly upon launch to work.

"It's either successful or it isn't. If it's successful, it becomes systemic, because it would involve a very large number of users. And if you're a systemic payment system, it's 5-sigma. You have to be on all the time. You can't have teething issues. You can't have people losing money out of their wallets ... The standards are in a different zip code - to use the American term."

In an announcement today from The Litecoin Foundation, Litecoin (LTC) has been named the "Official Cryptocurrency of the Miami Dolphins". This will allow home game attendees to buy tickets for the team's 50/50 raffle with Litecoin or Bitcoin. Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation, commented:

"We're thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale."

The Islamic Republic of Iran intends to authorize crypto mining in the country, according to local outlet PressTV. Central Bank of Iran (CBI) governor Abdol Nasser Hemmati said the government had already made moves to allow mining as the activity has grown more popular with the relatively low electricity prices in the country. Hemmati said:

"Mining of the international digital currencies should be done based on the price of electricity for export. What's more important is that these mined currencies should be fed back to the national economic cycle."

Sam Mowers, Investorideas

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