Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Attempts to save the economy have forced the U.S. to continue with plans to print more money. However, cryptocurrency market participants believe that the plan is providing a platform for Bitcoin to go even further mainstream.
The possibility of low interest rates and Quantitative Easing (QE) to create greater debt in the years ahead has been noted by many reports. In recent times, Sven Henrich of NorthmanTrader tweeted about the QE measures:
“Ever since low rates and QE the entire growth curve as stalled. Or rather the growth is not there and the Fed is desperately trying to mask this fact and subsidize the system with debt creation. Take out the debt over the past 11 years and you have zero growth. None.”
Andy Edstrom, who wrote the book entitled “Why Buy Bitcoin” featured in a podcast recently where he talked about the generational impacts of this liquidity injection into the markets. He noted that it would affect the millennials the most, as older generations will not pay back.
Based on Edstrom’s suggestion, because the U.S. dollar will ultimately lose value, the only option for millennials is investment in Bitcoin as its price is anticipated to surge higher in the years ahead. He also suggested that they invest in gold, but gold is not capable of buying the basic necessities of life unlike Bitcoin in times of need. Hence, millennials may need to turn to Bitcoin ahead.
By the time millennials begin to invest in cryptocurrencies, the older generation will realize the potential of cryptocurrencies. In addition, Alex Gladstein of the Human Rights Foundation said the people of America should embrace Bitcoin as a way to respond to ‘the authoritarian overreach on civil liberties and the money manipulation’.
Whatever is the case, undoubtedly, there could be grave consequences over the current financial markets conditions ahead and Bitcoin investment may be a potential way out for some people.