By CCN Markets: Facebook has too much power to engage with a cryptocurrency, a United States senator has warned, days after the social media giant launched Libra. Sherrod Brown, a Democratic senator from Ohio, told Bloomberg TV that the public has increasing concerns around the social network. Facebook is too big and too powerful. I don’t know that people would have said that two or three or five years ago, but the public increasingly believes they’re too big and too powerful, particularly to engage in a risky cryptocurrency. Running a cryptocurrency system out of a Swiss bank is a big
The lawsuit against Craig Wright continues this week and on April 5, court dockets indicate that Florida Magistrate Judge Bruce Reinhart memorialized rulings from the recent Craig Wright deposition. Moreover, the counsel representing the Kleiman estate has submitted 2,136 documents belonging to Dave Kleiman on April 4. Many of the court documents submitted over the last year reference a mysterious woman named Uyen T Nguyen.
When bitcoin came out, supporters believed that the decentralized cryptocurrency would decimate the banking industry. Years later, as digital currencies became more mainstream, these networks were suddenly commanding billion dollar valuations. Meanwhile, cryptocurrency exchanges, brokerage services, and over-the-counter market makers have started to look into purchasing shares of banks and even becoming the banks themselves.
The cryptocurrency market is shifting into a higher gear as influential investors’ money is about to enter and play a key role in the cryptocurrency industry. Indeed, the growing interest of financial institutions in trading Bitcoin is transforming the cryptocurrency market. Meanwhile, experts are already debating whether retirement plan sponsors should include Bitcoin in 401(k) plans.
Big Money Players are Replacing Retail Bitcoin Investors
The theory that big financial institutions are reshaping the market is gathering steam. In an article entitled “Bitcoin frenzy settles down as big players muscle into market,” Reuters describes the changes occurring in the market, stating:
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Emotiq is a powerful, next-generation blockchain with strong consistency, massive scalability, fast throughput, confidential transactions, and a natural smart contract language. Conceived by a team of veteran developers, and committed to overcoming the unresolved challenges of the blockchain, it launched with a private Token Generation Event (TGE) on March 2nd.