| Bitcoin Price Will Hit $250K by Q1 2023 Despite Consolidation, Says Tim Draper
What happened?
Speaking in an interview with Yahoo Finance on Aug. 9, the notoriously bullish Tim Draper doubled down on his prediction that Bitcoin will hit $250,000 by 2023.
What is he based this on?
"I thought there would be many more competitors at this point that were really relevant, but people have consolidated towards Bitcoin because it's decentralized," Tim Draper says.
US Federal Reserve Launching Payment System, Crypto Bulls Nonplussed
What happened?
The United States Federal Reserve left some crypto enthusiasts unimpressed this week when it unveiled plans to release a real-time payments and settlements service by 2023 or 2024. Known as FedNow, the modernized payments infrastructure will hopefully lead to faster transactions 24 hours a day, seven days a week.
How did the crypto community react to this?
Morgan Creek Digital Assets co-founder Anthony Pompliano was dismissive of the plans, tweeting: "Bitcoin is already available." Despite his oozing sarcasm, other crypto-related companies have leaped at the chance to make a contribution. Back in June, Ripple Labs announced it had been elected to a Fed steering committee connected to the project.
North Korea Stole $2 Billion in Cryptocurrency From Exchanges, Says UN
What is this all about?
Punishing sanctions have exacerbated millions of poverty-stricken North Koreans and stymied the government's development of its weapons of mass destruction programs. Consequently, Pyongyang has turned to hacking crypto exchanges in recent years to fund its regime. This week, the United Nations gave an updated estimate of the illicit proceeds naughty North Korea has gained through cyber attacks: a whopping $2 billion.
Why did this happen?
In a confidential report that made its way to the mainstream media this week, the U.N. warned that South Korea appears to be a specific target of the secretive state's malice. All this comes as Kim Jong Un continues to test ballistic missiles — executing five launches over recent weeks.
Crypto Tax Bill Introduced in the US House of Representatives
What is this all about?
A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives.
What does it mean?
If successful, Budd's bill could have huge ramifications for the crypto world, and it's the latest attempt to try to achieve tax code clarity for investors.
Litecoin Price Hits $100 as Miner Block Rewards Get Halved
What happened?
Last Monday, the incentive offered per block of mined transactions was slashed from 25 LTC to 12.5 LTC — with feverish speculation that the increased scarcity would give prices a shot in the arm. In the end, LTC rose just 13% to hit $104, and, since then, prices have been in decline, dipping all the way down to the $80 mark.
What did experts say?
Eric Turner, from the Messari blockchain analytics firm, told Al Jazeera: "Now that the halving is here, some investors are starting to exit the trade. Halvings tend to be priced in, so the event itself isn't the positive catalyst that many expect."
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