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GREAT NEWS Crypto Bitcoin Cryptocurrency Update 1-17-21 Bitcoin News Biden’s $1.9 Trillion Relief Package
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Here’s your crypto, bitcoin, and cryptocurrencies update for Sunday, January 17th, 2021.
But first, a British man who accidentally threw out a hard drive with a trove of bitcoin on it is once again urging local city officials to let him search the city’s landfill.
James Howells, IT engineer from Newport, Wales, said he discarded the device while clearing out his home in 2013.
He claims he had two identical laptop hard drives, and that he mistakenly put the one containing the cryptographic “private key” needed to access and spend his bitcoins in the trash.
Howells says he had 7,500 bitcoins which, at today’s prices, would be worth more than $280 million.
He says the only way to regain access to it would be through the hard drive he threw in the trash eight years ago.
But the Newport City Council has so far rejected his requests to look through the landfill, citing environmental and funding concerns.
And next, massive blackouts and smog have hit cities across Iran and the government is saying bitcoin mining is to blame.
According to the Washington Post, “massive blackouts and smog have hit cities across Iran. It’s a toxic mix as the country, already under economic duress and suffocating U.S. sanctions, simultaneously battles the region’s worst vaccine outbreak.”
However, government officials say that bitcoin mining at cryptocurrency farms – the energy-intensive business of using large collections of computers to verify digital coin transactions- is partly to blame.
But Iranians in the bitcoin industry reject the government’s accusations, saying the industry is being blamed for a broader problem.
The Washington Post states, “The government itself has pointed to cheap electricity rates, enabled by government subsidies, as another major cause of the blackouts.”
This is really interesting as lawmakers have tried to extend control over the industry.
And finally, some Wall Street analysts are now wondering openly if the economy and markets are becoming hooked on stimulus.
Ed Mills, of the stock-brokerage firm Raymond James, wrote, “The market is back to an expectation that more fiscal stimulus is all but inevitable.”
This could start the demand for bitcoin, seen by a growing number of investors as a hedge against inflation.
Edward Moya, a New York-based senior market analyst wrote, “Stimulus targets could steadily increase on any setbacks with the virus and that has been one of the fundamental reasons why many continue to pile into bitcoin.”
The U.S. national public debt already stands at an elevated $27.7 trillion and analysts say the Fed would likely have to help finance any extra government borrowings with more purchases of Treasury bonds.
“The U.S. President-elect proposed an emergency relief package worth $1.9 trillion and the leading cryptocurrency by market value is trading down near $38,000.”
The lack of response by the bitcoin market is perhaps surprising this week, given that fiscal stimulus is inflationary and bitcoin is widely considered a store of value.
Please remember that this video should not be viewed as financial advice, and if you do, you will lose all of your Shekels
Sources:
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