How the US elections affect the mood of traders, and how the digital ruble is introduced in Russia
16.10.2020
On November 3, 2020, the next US elections will be held. Incumbent President Donald Trump still holds the leading position, and US Vice President Joe Biden, a member of the Democratic Party, steps on his toes.
Most of the major crypto traders on Twitter expressed their opinion on whether one or another election outcome will affect cryptocurrencies. It was from the opinions that: "If the transfer of power is easy, then no special changes are expected"; the latter believe that: "Bitcoin's value will grow rapidly due to the uncertainty of the financial market"; and still others adhere to the following point of view: “after the elections, all industries will grow, including cryptocurrency, and this will be facilitated by the positive attitude of investors, especially after quarantine.”
Researcher Timothy Peterson expressed his confidence on Twitter that there is a 90% chance that bitcoin will not fall below $11,000. In June 2020, he updated his forecast for November: on November 30, 2020, the price of bitcoin will be above $12,000 with a 90% probability. $100,000 is projected in January 2024 and $1 million in March 2028.
Let's not forget that these are just assumptions, and the real picture will be visible immediately after the elections.
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Representatives of the Central Bank of Russia issued a statement saying that from now on there will be a maximum limit on investments in digital currencies. The regulator will allow Russians to buy tokens and other digital assets for as little as 600,000 rubles a year. The limit is set for unqualified investors. As for qualified investors, the regulator will allow them to buy tokens on platforms operating in foreign jurisdictions.
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The Russian State Duma is actively considering the issue of creating a cryptoruble and, in general, the feasibility of this initiative. The appearance of this token will be an important step towards improving the financial system of Russia. Also, from a technological point of view, a big positive shift is predicted. Even taking into account the fact that the appearance of the cryptoruble promises many moments that will make life easier for its users, the government is afraid that it will take more than one year to switch to a new tool.
A well-known economist from Russia, Mikhail Delyagin, believes that if the digital ruble is destined to appear, then it will never be a cryptocurrency! The economist focuses on the fact that cryptocurrency in its understanding is an asset that is not issued or controlled by any state. And her original idea is a coin that is not subject to any supervisory authorities.
The Central Bank of Russia announced the launch of this token, without specifying how it will control the movement of this asset.
Commercial banks will test the digital ruble. If the project passes all stages of approval, then a limited circle of users will take part in the experiment on its use. There are already people willing to participate in the pilot project. The first to show interest were the Moscow Credit Bank, Promsvyazbank, the Crimean Russian National Commercial Bank, Zenit and Dom.RF banks. In order to pay offline with a digital ruble, you will need to transfer it from an online wallet to a mobile phone. The advantage of this asset will be a relatively low commission compared to other non-cash payment and settlement methods. The launch of this experiment is scheduled for 2021.
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Dash is no longer an anonymous cryptocurrency. From a comment by Fernando Gutierrez, CMO of Dash Core Group, it appears that Dash is no longer focusing on privacy. But, the PrivateSend function remains, which complicates transactions, thereby giving users the possibility of greater anonymity.
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Demand for oil will stop growing in the next decade, according to estimates by the international energy agency. Renewable energy sources will begin to replace the usual ones, in the next decade they will provide 80% of the growth in global energy demand. The second wave of Covid-19 will also significantly change the oil industry. The rising number of new cases and the resumption of restrictions raise doubts about the speed of economic recovery and, therefore, the prospects for oil demand. Recently the forecast of falling demand for oil and OPEC.
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