Crypto Market Overview October 11th | Dex-Trade

Crypto Market Overview October 11th | Dex-Trade

The Future of BTC Is to Be “Much Higher”: a Dose of Optimism from Paul Tudor Jones

Billionaire investor, well-known hedge fund manager and founder of Tudor Investment Corp, Paul Tudor Jones, in an interview with CNBC, answered the question: “Will the cryptocurrency he mentioned earlier be much higher than today,” replied: “Oh yeah, I think so." Jones is considered a prominent investor in "market stability" and has a current net worth of $7.5 billion, according to Forbes. He is also a staunch supporter of Bitcoin. In May, he said: “It’s hard not to want to be long crypto.” And even earlier, he said that he prefers cryptocurrency to gold as a protection against inflation. The businessman also got his friend, billionaire, chairman and CEO of Duquesne Family Office LLC, Stan Druckenmiller, hooked on bitcoin. However, he recently stated that he no longer owns BTC. However, Druckenmiller said he "could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks." Jones, on the other hand, seems to have genuine confidence in Bitcoin, as he still sees it as a viable hedge against inflation: “Inflation is a bit like toothpaste. Once you get it out of the tube, it’s hard to get it back in. The Fed is furiously trying to wash that taste out of their mouth. … If we go into recession, that has really negative consequences for a variety of assets.”


McDonald's Switzerland Starts Accepting Bitcoin Amid Bear Market

The Swiss city Lugano has become one of the first tourist Bitcoin hubs in Europe, and just the other day, the fast food restaurant chain McDonald's allowed its visitors from the town to pay for orders in BTC, despite the fact that the crypto market seems to be entering a new phase of the collapse. The authorities of Swiss Lugano are clearly positive about the introduction of cryptocurrency. In March, the city announced plans to make Bitcoin, USDT, and the LVGA token de facto legal tender within city limits. The announcement was made during a Plan B conference with Mayor Michele Voletti and Tether CTO Paolo Ardoino. The decision came after a joint initiative to make Lugano the European Bitcoin capital. Then Tether, as part of its cooperation to develop the blockchain market, allocated $107 million to a special fund. The local government has also allocated $3.21 million for the same purpose as Tether. That is, the players are interested in supporting the industry, and the funds raised will be used to finance local blockchain startups and support business integration with daily operations planning tools. As for McDonald's, this is not the first time the fast food restaurant chain has encountered the organization of the crypto payment process. In September 2021, just after bitcoin became legal tender in El Salvador, the company updated its payment acceptance system to include BTC.


Nobel Prize in Economics Received by Former Fed Chairman Ben Bernanke

On Monday, the Royal Swedish Academy of Sciences, which is responsible for selecting Nobel Laureates in Economic Sciences, announced the decision to award the 2022 Sveriges Riksbank Alfred Nobel Memorial Prize in Economic Sciences to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dibwig “for research on banks and financial crises.” “This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.” — representatives of the Academy of Sciences said. According to Swiss academics, Ben Bernanke analyzed in detail the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how the bank run was a decisive factor in the fact that the crisis became so deep and protracted. However, Bernanke has a lot of opponents in almost any financial field, so the news about his receiving the Nobel Prize was not entirely unambiguous on Twitter. For example, Big Short investor Michael Burry wrote: “Bernanke gets the Nobel Prize in Economics. Not a joke." And Alasdair Macleod, head of Research for Goldmoney, tweeted: "If it hadn’t before, I think that this shows the Nobel Prize Committee has lost all credibility." Bernanke's fan base is growing by leaps and bounds...