Baxia Markets
July 31, 2021

Bitcoin facing resistance, staying below 40000

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In the reports published this morning, IMF had made clear that it was not a big fan of crypto whatsoever. On the IMF front, this multinational financial organization argues in a blog post this week that cryptocurrency is not suitable for use as a "national currency" (a step El Salvador took last month) because "in most cases, risks and costs outweigh potential benefits." With the volatile nature of most, if not all cryptocurrencies, IMF mentioned that it is a poor way to store value and most cryptocurrencies are not related to the real economy.





Now, what does all of this mean for cryptocurrency investors? I actually see both bad news and good in these reports. On one hand, yes, the clear trend for crypto going forward appears to be for governments and international organizations working with governments to try to layer new reporting requirements, taxes, and other regulations on cryptocurrencies, which could diminish their attractiveness to investors and users alike.


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