ON-CHAIN DATA TOP CAP MODEL FLASHING NEW BITCOIN PRICE TARGET OF $157K AFTER ‘WEIRD PULLBACK’ ENDS!!

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Russian lawmakers have proposed new laws that seek to ban the use of Bitcoin and other cryptocurrencies in the country, local media reported.

According to draft bills submitted by a group of deputies to the Russian parliament recently, individuals may face up to seven years in prison and fines of up to $7,000 for using BTC in financial transactions.

People will also be penalized for buying crypto with cash or transferring to accounts opened with Russian banks.

If signed into law, the bills will punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

Furthermore, “for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services,” companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800).

The draft bills were lodged with Russia’s Ministry of Economic Development earlier this week, says a report published by local news company RBC on May 21.

One of the proposed laws plans to completely stop digital assets from being used as a means of payment by citizens or corporations. People that already hold digital assets will be forced to register them with Russia’s tax agency and explain how they acquired them.

Another bill proposes to add new sections to the country’s criminal law for illegal operations with cryptocurrencies. Companies that issue or circulate digital financial assets “using sites registered in Russia or technical equipment located in Russia” are especially liable under this second draft proposal.

Penalties may be compounded for both individuals and firms “if major or especially large damage was caused to citizens, organizations or the state, or if these actions led to enrichment on a large or especially large scale.”

Local lawyers fear that if these laws are enforced, they will paralyze the Russian cryptocurrency industry. Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner and a teacher at Moscow Digital School, told RBC:

“People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level.”

In other trending Bitcoin News today:

Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000

As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.

In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.

“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://news.bitcoin.com/russia-law-criminalizes-buying-bitcoin-7-years-jail/

➡️ Teeka Tiwari – Investment of the Decade:  http://2020.cryptonewsalerts.net

Kraken Head of Business Dan Held explains why he believes the Bitcoin (BTC) price could reach $1,000,000.

Dan Held has been involved in crypto since 2013. In his latest interview with Cointelegraph, he dives into the early crypto meetups in San Francisco’s Mission District and explains how the price of one BTC could eventually reach a million dollars.

Bitcoin will become “very boring” Bitcoin is famous for its volatility, but Held thinks that won’t always be the case.

He believes Bitcoin to be digital gold. With that thesis comes the expectation that there will be immense growth in the asset’s market capitalization. 

“Bitcoin in its final stages decades from now will be something very boring. Like our grandkids will go, ‘Grandpa, Grandma, I only hear about Bitcoin. Everyone’s got Bitcoin.’ It’s like, who cares? Like it’s a boring investment. It’s like holding cash.”

Held predicts Bitcoin to hold from $5 trillion to $100 trillion dollars of value in its “final stages.”

This would result in a transformation from a highly volatile asset to a “very boring” currency. Held’s belief in Bitcoin is unshakeable.

He’s seen his net worth go up and drop 80% three times. And yet, 90% of his current net worth remains in Bitcoin.

His unwillingness to diversify his portfolio comes from a staunch belief that blockchain technology is only useful for Bitcoin.

“Satoshi purposely built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many tradeoffs to build Bitcoin that it is basically ineffective for almost anything else.”

Under this line of thought, which he calls “Bitcoin minimalism” to spite Vitalik Buterin, he doesn’t see a reason for altcoins to exist.

To Held, altcoins are just experiments that have yet to prove blockchain is useful for anything but Bitcoin.

In other trending Bitcoin News today:

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year.

A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire.

Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in.

The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion.

That corresponds with approximately $55,000 per coin. It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021.

PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price.

Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence.

“Why are people dunking on the s2f model just a few difficulty adjustments past the halving? The prediction was that BTC will be $100k before the end of 2021. Declaring victory now is like declaring victory 5 minutes into the game.” – Jimmy Song

“So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers. S2F is a valid and vital analysis of Bitcoin price that provides excellent insight into the market.” – Max Keiser

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

In this interview I debunk these arguments:– “S2F is invalid because it doesn’t work for altcoins”

– “Scarcity doesn’t give something value. I own a pair of socks my grandma made of which only 1 pair exists in the world. How valuable does that make them?”https://t.co/YS1pQiVsBs

— PlanB 🔴 (@100trillionUSD) July 3, 2020

Why are people dunking on the s2f model just a few difficulty adjustments past the halving?The prediction was that BTC will be $100k before the end of 2021.

Declaring victory now is like declaring victory 5 minutes into the game.

— Jimmy Song (송재준) (@jimmysong) July 2, 2020

So far, the arguments “debunking” S2F for BTC appear to be just random word-salads by attention seekers.

S2F is a valid and vital analysis of #Bitcoin price that provides excellent insight into the market. https://t.co/diqJfThIg3

— Max Keiser (@maxkeiser) July 3, 2020

Sparks Fly as Critics Question Bitcoin Model Predicting $100,000 by 2021

https://cointelegraph.com/news/krakens-head-of-business-bitcoin-could-go-to-1-000-000

➡️ TEEKA TIWARI: 12 SECONDS TO $12,000 REPLAY: http://12seconds.cryptonewsalerts.net

Could a government kill BTC by manipulating the Bitcoin price to stay under $1,000?

The famous trader and economist Alex Kruger expressed on Crypto Twitter his thoughts on how Bitcoin (BTC) could be eliminated for good.

Tech specialists are investing a lot of cash to control more than half of the Crypto network, but Kruger thinks this process could be completely halted and that a government would be able to kill Bitcoin just by keeping the btc price at under $1,000.

Alex Kruger tweeted…

“Governments could stop bitcoin pretty simply. How? Just short it. Keep it under $1000 for a long while, watch most people loose interest permanently. No need to bother with 51% attacks.”

Kruger then added…

“No need to panic. Government more interested in regulating and taxing than destroying or banning. I don’t think the US govt has any interest in stopping bitcoin. They just want to regulate it. If they wanted to crush it and legally could, then they would, and the intolerant minority would remain. But the masses wouldn’t likely come back for decades. Price in the doldrums.”

In other Crypto news today…

China anti-cryptocurrency FUD is sending BTC into a slump as it enters its third week of sell-offs.

Don’t worry though, says skewAnalytics, Bitcoin will be bullish long term next year.

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🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net

🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:

Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Governments could stop bitcoin pretty simply.How?

Just short it. Keep it under $1000 for a long while, watch most people lose interest permanently. No need to bother with 51% attacks. https://t.co/5cUtFGPDvd

— Alex Krüger (@krugermacro) November 19, 2019

Options skew analysis tells us market is – bearish short-term (end of November)– neutral medium-term (end of December)

– bullish long-term (March 2019 & beyond) pic.twitter.com/EoXqYEzOcn

— skew (@skewdotcom) November 18, 2019

Bitcoin Will Enter New Bullish Cycle in March 2020, Analysts Confirm