Comprehensive analysis predicts bitcoin price near $20K this year, $398K by 2030
This week’s top headlines: Fake gold used to secure $2 billion in Chinese loansUnmoved coins have analysts predicting a bull run'Casino Jack' Abramoff charged in crypto fraud caseStefan Molyneux receives $100K in crypto donations after Youtube banGovernments targeting offshore banking, uncover 11 Trillion in assets
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83 tons of fake gold bars used to secure $2 billion in loans
Kingold Jewelry Inc. of Wuhan, China had been using counterfeit gold to secure loans worth approximately 20 billion yuan from 14 Chinese financial institutions. The amount of gold "Would be equivalent to 22% of China's annual gold production and 4.2% of the state gold reserve as of 2019." The news of China's fake gold was heavily discussed on social media, with some questioning the legitimacy of the overall gold market and others comparing gold characteristics to bitcoin. Tyler Winklevoss of Gemini cryptocurrency exchange noted, "This is why bitcoin is gold 2.0. It's mathematically impossible to counterfeit."
Unmoved bitcoin & crypto research report indicate possible bull run
The amount of bitcoin not moved in over a year had Blockchain data intelligence provider Glassnode drawing comparisons to the most recent bull run, tweeting out: "The last time we saw this amount of bitcoin that had not moved in over a year was in early 2016 – preceding BTC’s bull run to $20K." In addition to speculation on unmoved bitcoin, an analysis done by Crypto Research Report predicts a bitcoin Price Near $20K this year and up to $398K by 2030, stating that bitcoin was still at the very start of its adoption curve penetrating less that .5% of its total addressable market.
The U.S. Department of Justice (DOJ) announced that lobbyist Jack Abramoff and Rowland Marcus Andrade have been "charged with fraud in connection with a $5 million initial coin offering of cryptocurrency AML bitcoin." It has been more than 14 years since Jack Abramoff pleaded guilty in one of the biggest Washington lobbying scandals in U.S. history, as was portrayed in the film Casino Jack. The DOJ alleges they conspired to make false and misleading statements to potential purchasers of a proposed new cryptocurrency called AML bitcoin and according to U.S. Attorney David Anderson, Abramoff has agreed to plead guilty to criminal conspiracy charges and could face up to five years in prison.
Stefan Molyneux banned from Youtube, raises $100K in crypto donations
The controversial founder of Freedomain, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29. He joins a number of popular alt-right activists, libertarians, and cryptocurrency advocates who have recently been banned from the platform. Molyneux is well known for some of his earlier youtube videos describing the benefits of Bitcoin. This led him to gain followers within the voluntaryist and libertarian communities but some have mixed feelings for his political stances and alt-right activism.
11 Trillion in offshore assets uncovered through government programs
Governments in nearly 100 countries have been sharing offshore banking information in an effort to crackdown on tax evasion. The "Automatic exchange of information" has led to uncovering 10 trillion euros ($11 trillion) in offshore assets in 84 million bank accounts. The Tax Justice Network has estimated that governments lose $189 billion a year from $21-32 trillion in offshore accounts of private wealth while the International Monetary Fund estimates tax evasion to be approximately $12 trillion a year globally.
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