Crypto.IQ Daily Digest July 25, 2018

THE MARKET, BITCOIN, ADOPTION
Trade War Will Launch Bitcoin As The New Gold

+IQ Perspective

Stormy economic times are good for Bitcoin because they highlight the biggest pluses that it has, namely that it is censorship resistant, has an ironclad cap of 21 million coins, and has no central authority, among a host of others.

Because of this, people who hadn’t even thought about Bitcoin as an option now see it as a safe haven. In this case, we’re seeing insiders in China getting out of the yuan and into Bitcoin just ahead of a devaluation of that currency. And there is more devaluation to come, so we can expect more adoption as a hedge against further devaluation.

On other fronts, governments are likely to seek cover in crypto to sidestep sanctions imposed by other nations. Some have said this will complicate international relations. We think it will just make it harder for the most powerful governments to rule other nations through economic might rather than negotiation. Some call that bullying.

REGULATION
India’s Law Reform Committee Accepts Cryptocurrency as a Valid Mode of Payment

+IQ Perspective

It looks like India is in an intellectual tug of war with itself over cryptocurrency. The supreme court for the second most populous nation on earth will decide on Sept. 11 whether the Royal Bank of India was justified in shutting down all accounts linked to cryptocurrency. The move has virtually snuffed out a once booming cryptocurrency market.

Now, the country is considering legalizing sports gambling and looking at digital avenues as the best ways to facilitate payouts.

We think anything that lets people do what they want as long as they don’t affect others is a step in the direction of greater personal freedom, something we strongly support. It also sends a message, intentional or not, in support of cryptocurrency.