Sunday ended a bad week for bitcoin, with a dip below $9,000 kept to a brief flirtation—investors hope. But there’s plenty of optimism to go around, as two models predict big bitcoin price increases coming—possibly mirroring or surpassing the 2017 bubble’s $20,000 mark. And China surprised absolutely no one by announcing that it will be tracking large(ish) digital yuan transactions by default.
The Bank of International Settlements has come out firmly in favor of central bank digital currencies (CBDCs) in a new report—calling them a potentially evolutionary change that can “set high standards for safety and risk management and serve as a basis for sound innovation in payments.”
Crypto investment firm Grayscale has accumulated 3.4% of all bitcoins and is still buying voraciously, leading to concerns it will corner the market. Jim Rogers, a one-time George Soros partner, thinks governments will drive crypto underground if they become widely usable as cash, and current Jack Abramoff partner is finding out the hard way not to work on anti-money laundering tech (AML BitCoin in this case) with someone convicted of fraud and corruption. The Glupteba bot-net doesn’t get instruction directly, but by scanning Bitcoin’s blockchain for hidden clues.
For eight months, the encrypted messaging app and the regulator have been coming to blows—with the SEC claiming the company’s $1.7 billion sale of gram tokens was an illegal securities sale. Under the deal announced on June 26, Telegram would pay an $18.5 million penalty and return $1.2 billion—about 70% of the funds raised—to investors.