• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
crypto digital dollar
Nexo

How Will The Crypto Market React To Next Week’s Senate Hearing On a Digital Dollar?

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

Bitcoin and the rest of the crypto market are at a pivotal moment. Either a new bull market is beginning, or a deeper fall into a bear market is next.

How will the market react to the potential emergence of a digital dollar coming out of next week’s Senate hearing on the topic?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Crypto Dad Pushes United States To Embrace A Central Bank Digital Currency

Next Tuesday, the United States Senate Banking Committee will hold an important hearing on the potential of a digital dollar.

The virtual hearing, dubbed “The Digitization of Money and Payments” takes place on June 30, 2020.

The hearing is expected to discuss the potential tokenization of the dollar and the creation of a “CBDC.” CBDC stands for Central Bank Digital Currency, similar to how China has named its digital yuan as DCEP (Digital Currency Electronic Payment).

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Speaking at the hearing is former Commodity Futures Trading Commission chairman J. Christopher Giancarlo.

Giancarlo was affectionately dubbed “Crypto Dad” in the years prior due to his support of the crypto industry.

RELATED READING | GOLD TO BECOME MORE LIKE BITCOIN IN COMING DECADE AS WORLD GOES DIGITAL

Now, he’s pouring his efforts into the Digital Dollar Foundation, a not-for-profit that focuses on research and discussion surrounding a tokenized dollar.

Through a partnership with Accenture, Crypto Dad seeks to push the United States towards a new era of a digital dollar.

The digital dollar was recently mentioned as part of a draft of the CARES Act, however, the mention was later removed when it reached the House of Representatives.

The United States moving to a crypto-like version of the dollar will help the country keep its currency in power during the emergence of the digital yuan.

Can a Digital Dollar Save USD From Bitcoin, the Yuan, and Other Currencies?

It also could help the dollar compete with Bitcoin and other cryptocurrencies in the long haul as digital money.

The event also takes place on the last day of the month. Monthly candle closes in the cryptocurrency market are especially important.

And with nearly a $1 billion in options contracts expiring in Bitcoin this coming Friday, the following week when the hearing and monthly close takes place, could be especially volatile as a result.

It’s not just due to the crypto market’s response to the hearing, either. The dollar itself is facing its most brutal environment yet.

RELATED READING | ‘WANING’ SAFE HAVEN STATUS LEAVES THE DOLLAR VULNERABLE TO BITCOIN

Analysts expect the dollar to drop as much as 35% against competition currencies. This could also boost Bitcoin and other crypto assets as well, which are bound to the dollar by way of a USD pair.

Unless the United States releases extremely positive news regarding a new digital dollar that brings renewed trust and comfort in holding the asset, markets could catch fire as the dollar burns down.

Featured image from Shutterstock.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

17 hours ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

1 day ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

1 day ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

3 days ago
Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

3 days ago
North Korean Hackers

North Korean Hackers Suspected Of Perpetrating $100 Million Harmony Attack

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.