Peter Schiff Criticizes Bitcoin as a U.S. Reserve Asset

@newsontheblockchain, 10/11/2024

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📈 Preview On Today’s News:

1. - Peter Schiff Criticizes Bitcoin as a U.S. Reserve Asset

2. - CZ Warns Against Greed as Bitcoin Hits Record Highs

3. - Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023

Keep reading for more!

Today’s Important News:

1)

Peter Schiff Criticizes Bitcoin as a U.S. Reserve Asset

Peter Schiff has dismissed the idea of Bitcoin being included in U.S. national reserves, arguing that its volatility and liquidity risks make it unsuitable. Schiff warns that large-scale liquidation by the government could lead to a market crash, undermining the fiscal security Bitcoin could potentially provide. This critique comes in response to Tom Lee's proposal that Bitcoin could help mitigate the U.S.'s $36 trillion debt. Schiff remains skeptical of integrating cryptocurrencies into government financial strategies due to their instability and the potential for long-term negative economic impacts.

• Peter Schiff rejects Bitcoin as a U.S. reserve asset due to its volatility and liquidity risks, warning that liquidation could crash the market.

• Tom Lee proposed Bitcoin as a solution to the U.S. national debt, but Schiff remains critical, emphasizing the asset's unpredictability.

2)

CZ Warns Against Greed as Bitcoin Hits Record Highs

Changpeng Zhao (CZ), the founder of Binance, cautioned cryptocurrency investors about the risks of greed as Bitcoin's price surged to nearly $79,000, marking a new all-time high. While the market experiences a bullish run, CZ emphasized the importance of managing risk, diversifying investments, and avoiding the temptation to focus too heavily on a single asset. Despite his absence from Binance's CEO position, CZ continues to influence the crypto industry and stresses balanced, long-term investment strategies. His advice serves as a reminder that high market peaks are often followed by downturns.

• Changpeng Zhao warns against greed as Bitcoin reaches a new all-time high of nearly $79,000, urging investors to manage risk and avoid concentrating too much on one cryptocurrency.

• Despite stepping down as Binance CEO, CZ remains an influential figure in the crypto industry, offering advice for balanced, long-term investment approaches during the market’s current bullish phase.

3)

Crypto Fundraising Soars to $1.76B in October, Highest Since November 2023

In October 2024, cryptocurrency fundraising reached a significant milestone, with $1.76 billion raised, marking a 96% increase from the previous month. This surge in fundraising activity, driven by notable deals such as Praxis' $525 million raise and Kraken's $100 million from the Optimism Foundation, reflected a strong demand for crypto investments. The number of deals also rose by 25%, totaling 282 transactions, with early-stage funding growing by 18%. While the financial sector saw a slight decrease in deal volume, crypto exchanges like Kraken and Yellow Card led the top raises.

• Crypto fundraising in October 2024 saw a 96% increase, reaching $1.76 billion, driven by major deals like Praxis' $525 million raise.

• The number of deals increased by 25%, totaling 282, with significant growth in early-stage funding and crypto exchanges leading the way.

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