Trader View - February 12, 2018

Trader View

Following the US Senate Banking Committee’s hearing, there have been plenty of lawmakers on the jumping off the fence albeit cautiously, to pronounce support for technology of the future. For them, the you jump I jump game most definitely comes wrapped in dollar signs! India’s Tax Office (CBDT) sent out 100k tax notices, the highest bracket for Japanese HNWs will be an outrageous 55% which is more than double the CGT levied on equities, Australia’s largest banks say the onus is on you if you choose to purchase crypto on credit (while Barclays, RBS, HSBC, Lloyds’ etc outright refuse to process such transactions) and while Korea is still on the fence, they are past the this-is-illegal-and-we-will-crack-down message conveyed previously and now saying really depends how crypto is classified. The state of Arizona is stepping it up with the senate passing a bill accepting cryptoasset payments for tax, fines & bill payments. Provided the House of Representatives ratifies the motion, looks like we’ll be hitting a milestone in the classification of legal tender. Jared Polis upping the ante on his support and is trying to get members of Congress to disclose their crypto-asset holdings. Started following the guy on Twitter after his brilliant tongue in cheek rebuttal against the establishment. (full letter here). Would be interesting to see the hypocrites called out but then again, we are talking about politicians…

And the man who started all this just saw his twitter follower base increase over thirteen-fold post! Attentions seeking politicians will definitely want in on this gravy train.

This is not to say opponents have given up.

One battle won, the war goes on..

We have been wondering why people were still bidding up XRP despite the fact that all the endorsements have essentially lead to closed networks essentially adding no value to the medium. Ignorance is not bliss in this case, leave you with an eloquent piece for your lunchtime reading explaining why it isn’t so. 

https://www.xrpchat.com/topic/18935-whos-competing-with-ripple/

May trend be your friend… Happy trading!

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