FameEX Morning Crypto News Recap | June 25, 2024
2024-06-25 13:02:15
Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin Plummeted, But I’m Ready to Buy More
On June 25, Robert Kiyosaki, author of Rich Dad Poor Dad, posted on social media that despite Bitcoin's decline, he plans to buy more. He emphasized that markets fluctuate, and profits can be made by buying low and selling high. Kiyosaki prefers a long-term strategy similar to Warren Buffett's "buy and hold forever" to avoid short-term capital gains taxes.
ECB Releases Initial CBDC Progress Report, Highlights Privacy Protection
The European Central Bank (ECB) released its first progress report on central bank digital currency (CBDC) on June 24, emphasizing privacy protection. The ECB pledged to prevent tracking of personal transactions using pseudonymization, hashing, and encryption, and ensure that payment service providers cannot use consumer financial data without consent. The report also discusses methods to support offline transactions.
Crypto Could Play a Key Role in the 'Trump Trade' if Republican Election Sentiment Rises
Despite recent bearish sentiment, the structural adoption cycle for cryptocurrencies remains intact. Analysts predict that cryptocurrencies will become a key component of the 'Trump trade' if Republican election sentiment rises. The anticipated whitelisting of Bitcoin ETFs by large private banking platforms is expected to significantly alter Bitcoin portfolio allocations beyond just underlying trades.
Bank of America and Citigroup Predict Gold Prices Could Reach $3,000 an Ounce
Reports from Bank of America and Citigroup predict gold prices could rise to $3,000 per ounce within 12-18 months. While current capital flows don't support this level, encouraging signals include fund inflows into physical ETFs and a recovery in LBMA clearing volume. Analysts believe expected Federal Reserve rate cuts will particularly benefit precious metals.
Bank of Canada Governor Macklem: Canadian Economy Headed for Soft Landing, Unemployment Expected to Increase
Bank of Canada Governor Macklem stated that Canada's economy is on track for a soft landing with a moderate rise in unemployment, not requiring a sharp increase to achieve inflation targets. He noted the labor market is "closer to balance" and expressed confidence that inflation will move toward the 2% target due to recent easing of core indicators.
ECB's Schnabel Minimizes Chances of Euro Zone Interest Rates Diverging from U.S.
European Central Bank Executive Board member Schnabel downplayed the likelihood of eurozone interest rates significantly diverging from those in the U.S. Despite stronger-than-expected U.S. inflation, Schnabel noted that potential policy differences between the ECB and the Federal Reserve have not been a major concern. He acknowledged the possibility of temporary divergences but expressed uncertainty and lack of worry about their occurrence.
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