Fed Chairman to Speak in Jackson Hole
Today, August 23rd, Jerome Powell, the Chairman of the U.S. Federal Reserve, will appear at Jackson Hole during the Fed's annual symposium.
Why is this noteworthy? What he says could impact Bitcoin and other assets prices.
It appears likely that on September 18th, during the next Fed meeting, officials will lower interest rates. Several factors indicate this, including rising unemployment in the U.S. and decreasing inflation.
While it's unlikely that Powell will explicitly state what the Fed will do in September, his words might provide insight into the overall direction of policy.
Source: CNBC
Donald Trump to Launch His Own DeFi Platform?
Staying in the U.S., Donald Trump has confirmed earlier reports from his son, Donald Trump Jr., about a DeFi platform due to launch soon.
The former president posted on social media that he is fed up of ordinary citizens being exploited by elites and banks. He also included a link to a Telegram group related to a project called "The DeFiant Ones." What exactly is this project? At this point, it’s unclear. From Trump and his son's statements, it seems to be a platform aimed at competing with banks. Could this mean DeFi loans? We’ll have to wait for more details.
Source: X
Norway Increases Bitcoin Exposure
Yes, that’s not a mistake. Norway's sovereign wealth fund, Norges Bank Investment Management, has already invested a total of $217 million in MicroStrategy. This company has invested heavily in Bitcoin for several years. Consequently, this Norwegian entity, which manages oil sales funds, now has partial exposure to Bitcoin.
This investment positions Norway almost alongside El Salvador, which has invested in Bitcoin since 2021.
Source: Protos
China Criminalizes Cryptocurrencies?
As we can see, the world is opening up to cryptocurrencies. However, not everywhere. Chinese authorities have just announced that transactions using Bitcoin and altcoins are now not only illegal but also considered a violation of the law.
This information comes from the Supreme People's Court and the Supreme People's Procuratorate, who introduced a new legal interpretation stating that a cryptocurrency transaction is... an attempt at money laundering. They have introduced penalties of up to 10 years in prison and/or a fine of 200,000 yuan.
This puts the final nail in the coffin — Beijing does not intend to open up to cryptocurrencies. This stance is strange in the context of Hong Kong's happenings. The city-state, which depends on China, has liberalized its regulations regarding digital assets since the beginning of the year.
Source: mp.weixin.qq.com