July Crypto Summary

Summer is usually slow on newsworthy material but these last few months were bursting with events that may prove to be a game-changer for the crypto-world. Here is our recap on the hot month of July.

LibraCoin comments

The official announcement of Facebook’s cryptocurrency project in mid-June caused huge wave of interest among the general public and a series of comments from regulators. Governments and central bankers of major countries shared their thoughts.
They were not impressed. Especially vocal in that regard was the French Finance Minister who dismissed any notion of allowing Libra to become a sovereign currency.

On July 2nd the U.S. House Committee on Financial Services Democrats published a press release with a letter calling on Facebook to halt the development of Libra out of concerns about privacy, national security, trading, and monetary policy.

As a result Facebook have announced that Libra will not launch until all regulatory requirements and concerns have been met. The cryptocurrency is expected to be released in 2020.

Regardless of whether Libra will be a success or not, or whether it will launch at all or not, it is positive news for the entire crypto world. This noise around it is in fact making Bitcoin stronger and is making much more people consider holding and using cryptocurrency.

Trump, treasury secretary, chairmen of the fed – all tried to diss Bitcoin. Failed miserably.

Perhaps in relation to the Libra bustle, we had some major figures in the US mention Bitcoin publicly.

On July 11th Federal Reserve Chairman Jerome Powell in front of the Senate Banking Committee claimed that “Almost no one uses bitcoin for payments, they use it more as an alternative to gold”.
And while he tried to add a darker note by saying bitcoin is a speculative store of value, in effect this was an amazing admission about the importance bitcoin has.

A day after that, the US president himself tweeted he is not a fan of Bitcoin and claimed it is not money. What a guy. We have nothing but a huge “Thank you” for him as he introdused the idea of cryptocurrencies to tens of millions of people following him on Twitter.

On 18th the Treasury Secretary Steven Mnuchin expressed desire “to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts”. Good luck regulating a decentralized open source cryptocurrency.

Well, the most influential people in the most powerful country in the world compared Bitcoin to gold, Swiss bank accounts and gave it publicity. Pretty good month for Bitcoin.

Miami Dolphins accept Litecoin

Cryptocurrencies become more and more involved in everyday life by the day. The same day Trump was sharing his thoughts about crypto on Twitter, saying it’s “based on thin-air”, a major American football team announced their partnership with the Litecoin Foundation.

Tickets for the home games of the Miami Dolphins will be sold for Litecoin starting September 5th.

JP Morgan ship caught with cocaine

It’s amusing to see that while cryptocurrencies have been blamed for all sorts of illicit activities, it’s one of the most prominent and supposedly regulated banks that got involved in one of the largest drug bust in US history.

20 tons of cocaine were seized by federal authorities in Philadelphia on July 11th, the Forbes reported. The owner of the ship – JP Morgan. It turned out that you do not need crypto to do drug trafficing.

JP Morgan declined to comment.

Norwegian Air accepts bitcoin

On July 30th one of the leading budget airlines in Europe, Norwegian Air, announced that will allow its pаssаngеrs to pay for tickets using bitcoin. Furthermore, they plan to open their own exchange. Every little step towards a new financial system matters.