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White House is “clueless’ about Bitcoin

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Gary David Cohn, an Investment Banker and Chief economic adviser to President Donald Trump is clueless about Bitcoin.

In an Interview with CNBC, Jim Cramer on Friday asked the National Economic Council director and adviser to President Donald Trump for his opinion on the cryptocurrency that has recently seen its price skyrocket.

In response, Cohn simply shrugged.

“I’m going to leave that to you,” he told Cramer. “You’re the expert today.”

Gary Cohn is an Investment Banker who is known for in depth knowledge of financial markets,

He was formerly the president and chief operating officer of Goldman Sachs from 2006 to 2017. Cohn is a registered Democrat, but has donated extensively to Republican politicians as well.

Cohn is considered one of the most influential voices in the Trump administration.

His recent comments on CNBC shows that he is absolutely clueless of what Crypto currency is, and if he is saying so, it is pretty much obvious President Donald Trump is unaware of what’s happening around in the world of crypto currencies.

Later on in an Interview with Bloomberg he mentioned that we are keeping an eye on Bitcoin, but we don’t think so that Bitcoin is a economic threat.

CNBC reporter Steve Kopack posted his reaction on Twitter when he was asked about the Bitcoin

The lack of discourse about bitcoin is something of a pattern. Last week, Sarah Huckabee Sandersanswered a question from a reporter during a press briefing about whether the government would regulate cryptocurrencies like bitcoin. “I know this is something that is being monitored by our team here,” she said, in what amounted to the first White House response from the Trump administration on bitcoin. “Tom Bossert, with the Homeland Security team, an adviser to the president, has brought this up in a meeting earlier this week. I know this is something he is keeping an eye on.” She quickly changed the subject.

It seems that White house is clueless and confused about what to say about Bitcoin in Media as they have absolutely no idea how to tackle questions about the emerging market of crypto currencies.

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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Take a Crypto Pill

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Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.

Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.

First South Korea and now US

First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.

HODLers will take over market soon

Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.

 

 

 

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Venezuela is the cheapest country to mine Bitcoin

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Cost of mining one Bitcoin in Venezuela is just $531 

Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170

After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.

Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.

Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland

Bitcoin mining leading surge in global electricity consumption

 

 

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