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Tesla’s $1.5 billion Bitcoin purchase may have finally pushed cryptocurrencies onto the radar of huge financial institutions, but not necessarily onto their balance sheets.
This was one of the inferences implied by Chi Lo, Senior Strategist at BNP Paribas Asset Management. According to the exec, “crypto prices will eventually crash,” triggered by a shift in monetary policy or regulations.
In a blog published on the BNP Paribas website, Lo addressed the rising popularity of cryptocurrencies as an asset class and critiqued its use as a currency. According to Lo, Bitcoin is not money, nor is it a store of value, but rather a “vehicle for speculators.”
In fact, the analyst believes that the reasoning behind Bitcoin’s popular ‘store of value’ narrative is flawed in the sense that Bitcoin’s fixed supply is a problem for the asset and not necessarily a benefit. He argued,
“Contrary to the conventional wisdom that the finite supply of bitcoins and cryptos is a benefit and protects value, it is in fact a big problem for them being considered as money.”
The maximum number of Bitcoins that can ever be mined is 21 million. In the said blog, Lo claimed that these supply limitations make cryptocurrencies unsuitable as legal tender because a static money supply would deprive central banks of the ability to implement countercyclical policies.
The strategist’s final argument for his case against cryptocurrencies was that countries will take steps to protect their monetary systems and currencies and their ability to tax and manage the economy.
“The more people believe cryptocurrencies are money, the greater the risk of government intervention in this market,” he added, going on to say that the emerging trend of official digital currencies, or CBDCs, is a sign of central banks fighting back.
While crypto-proponents would certainly have a long list of counter-arguments to Lo’s statements, an unsettling reality could be the fact that there may be some truth to the last point he makes about government intervention. In countries like China, private cryptocurrencies are already frowned upon, with the nation also in the process of issuing its own CBDC on a wider scale soon.
On the contrary, banks like BNY Mellon have recently come out in support of cryptocurrencies offering custodial solutions for digital assets. Given its strategist’s thoughts on the matter, it is unlikely that BNP Paribas will do the same in the near future.
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- US IRS recently published a draft with instructions on how crypto users should file their tax reports.
- The agency insists that anyone who bought crypto in 2020 needs to report it in their form.
- But, since crypto purchases are not taxable events, coin buyers do not have anything else to report.
The US IRS (Internal Revenue Service) recently released revised draft instruction for the country’s tax filers. The tax agency used the opportunity to remind the country’s citizens that crypto users need to admit their dealings with digital currencies when filling up the IRS tax forms.
The IRS insists: Anyone who bought crypto needs to admit it
The IRS started a new campaign of reminding the US tax filers in 2021 that they are obligated to disclose and clarify their crypto purchases. The agency insists that any crypto purchase counts as a virtual currency transaction, and as such, it must be listed in the tax report.
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The instructions are rather clear — anyone who bought digital coins in 2020 needs to answer “yes” to a Form 1040 crypto question. The question, for those who may have missed it, is “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
Now, not any dealing with digital coins need to be reported, according to the IRS. Users who only held coins in their possession, or transferred them between different wallets that they own do not have to disclose such cases of crypto management.
The IRS updated their October 2020 draft
One interesting thing that some crypto users have noticed is that the previous instructions page — the one released in October 2020 — did not include purchases. Crypto users were only obligated to report transfers of coins such as airdrops, hard forks, as well as sales, trades, and alike.
However, it did not specifically say that users must report purchases. The new draft, published on the last day of 2020 — December 31st — was the first iteration that had it included.
According to CoinTracker’s Head of Tax Strategy, Shehan Chandraskera, this clarification is very important. Before, the draft only mentioned “financial interest,” which is a very broad category. Specifying what the IRS wanted is a good way for crypto users to accurately fill out their taxes without having to interpret the law themselves.
One last thing to note is that, despite the fact that crypto users need to select “yes” on their forms — buying crypto is not a taxable event in the US. As a result, there is nothing to report apart from admitting that the tax filer is a crypto buyer. This leads to the question of why the IRS wants to know this? So far, there is no clear answer.
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Across numerous industries throughout the decades, there has always been a pervasive fear that robots are going to take our jobs. While there has been plenty of evidence that automation ultimately moves human workers off production lines, automation often needs human interaction in order to operate within acceptable margins. When we think of these robots taking our jobs and get angry, we’re holding on to an antiquated task view of the world that, with or without us, is going to change.
When we think about robots taking our jobs, we layer on a vision of humanoid androids literally doing the tasks we’re doing. While there is plenty of speculation around this type of usurping, we should be thinking a bit smaller in scale. In a physical sense (a robotic arm or something more tangible), robotics and artificial intelligence have already been woven into industries like healthcare and retail. This has changed the workforce, as it has shifted around the implementation of robotic assistance.
While AI is usually the most frequently referenced technology in these scenarios, blockchain could play a role as well. Smart contracts are designed to facilitate the execution of a set of terms between two systems. So, it’s reasonable to imagine a world in which blockchain and crypto technology replace certain management or human resources functions in office settings. Repetitive tasks like, well, task assignment could be handled on the blockchain in the near future.
That’s only part of our robotic future
The smaller-scale applications of robotics — such as AI-enhanced call centers, for instance — are the ones in which most of us will be operating. Within these call centers, as an example, AI will serve as chatbots, voice routing systems and customer-service-enhanced servicing. It will enable customer service agents to be human when needed, while routing and analyzing data to serve both the client and customer. It will be the same for many industries implementing AI systems to handle large sets of data and tedious tasks formerly handled by teams of humans.
It’s losing direct touchpoint visibility to those tasks that creates the fear of job loss. This mindset, or unwillingness to adapt to change and shift how we operate in the workplace, is nothing new. It has been that way since the first automation was introduced on automotive assembly lines. Yet, humans are nimble and have always found ways to adapt. As we see more and more AI systems implemented in order to handle complex tasks with speed, assisting businesses in growth and data management, we’ll see more and more humans being forced to pivot to new roles that may look nothing like anything they’ve ever done.
Economists predict that by 2030, robots will have assumed 20 million jobs from human workers. Considering that the United States is operating right now at record unemployment levels, those are a lot of jobs lost. This is where we need to adjust our thinking. Robots can have those jobs. They should have those jobs. Without it, there is no innovation — there is no change. We invent a process, we perfect that process, and then we implement automation to streamline that process so that we can move on to the next one.
There is always something next
Nearly every robotic process or automation creates a new job for a human. The new normal demands not only human oversight for robotic implementation but complementary roles that will see human jobs created to work in conjunction with these so-called robots. AI needs to be trained, delivery robots need to be maintained, and so on. This isn’t to say that the jobs robots will be taking are not worth the effort of humans to keep for as long as possible.
In order to properly hand off task-oriented and functional jobs to automation, they must be studied, practiced and broken down into singular bits of information that could then be programmatically trained to an AI system or physical robot. With an AI system, that training would evolve into machine learning that needs to be monitored and documented for future use cases and applications.
We have to start coming to the realization that at the current speed of AI as it is being implemented in industries large and small, there will be attrition. There has to be attrition, as this is the only solid path to innovation. This isn’t to say that the only path to innovation is the job loss of human workers or that they should then somehow turn their unemployment into innovative ideas — although, some inevitably will. For instance, robots will force us to evolve in how we operate supply chains and how we communicate with computer interfaces.
This evolution in business processes concerns things like how our smart machines communicate with other smart machines and how AI systems can be utilized to enable sustainable technology in sectors such as energy and manufacturing. These advances wouldn’t exist without fighting through the resistance to automation taking jobs.
The idea of robots taking jobs has always brought with it a generally negative view of the entire picture. The focus is often on a singular job or role that has been replaced by a robot rather than the jobs created by that automation.
The bigger picture is one of change, of a constantly shifting way of thinking and doing business. AI brings with it the ability to analyze unimaginable data sets, automate previously unattainable processes, and bring forward a future that will ultimately provide jobs for everyone.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Dominik Schiener is a co-founder of the Iota Foundation — a nonprofit foundation based in Berlin. He oversees partnerships and the overall realization of the project’s vision. Iota is a distributed ledger technology for the Internet of Things and is one of the largest cryptocurrencies. Additionally, he won the largest blockchain hackathon in Shanghai. For the past two years, he has been focused on enabling the machine economy through Iota.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Dominik Schiener
The government of Venezuela has floated a new use case for cryptocurrencies, President Nicolas Maduro said during a recent speech, one that highlighted the possibility of using digital assets in trades, alongside the cryptocurrency Petromoneda (or Petro). The controversial Petro was launched two years ago to reduce the Venezuelan economy’s dependence on the U.S dollar. However, according to many foreign observers, the experiment has been a failure.
During the aforementioned speech, President Maduro presented an anti-sanctions law before the Constituent National Assembly, one that aims to “strengthening the use of Petro and other cryptocurrencies.” According to the President, such a law would stimulate the development of various sectors in the South American nation. Maduro added,
“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”
After U.S. sanctions blocked Venezuela from carrying out global transactions, the President had announced that the country’s central bank would actively study whether the bank could hold cryptocurrencies in its reserves.
In fact, several months ago, Maduro had airdropped state-supported stablecoin Petro, a step that was seen in many quarters as an attempt to rein in hyperinflation and the drop in oil prices using crypto. The speech in question, however, did not clarify if its use of cryptos would also function along the same lines.
On the contrary, a study by blockchain and crypto-analysis firm Chainalysis had found that,
“Venezuela represented an excellent example of cryptocurrency adoption in developing countries and how citizens use it to mitigate economic instability.”
In fact, the South American nation was ranked third in terms of global crypto-adoption by the study, as seen in the image below.
Image Source: Chainalysis
Besides, Brazil has also announced plans to launch a CBDC soon, which, along with the Venezuelan crypto, could further drive the adoption of cryptocurrencies in the Latin American region.
A perfect week, one that saw the market recover to an extent, came to an abrupt halt when Bitcoin dropped by $350 over the last 24-hours. Riding high on the charts, Bitcoin, trading at a price of $10,575, soon fell down to $10,204 in a matter of just 8 hours. In fact, the aforementioned fall was accompanied by other on-chain developments as well, with Glassnode indicating that miners have started to cash out their profits once again.
Source: Twitter
As illustrated in the attached chart, Bitcoin miners have been selling a huge volume of BTC over the past week, with selling pressure continuing to rise across the industry. This is typical behavior from miners as a majority of them would want to take advantage of high mining profitability before other mining competitors joined the market.
On the other hand, Bitcoin’s Active Addresses also indicated a bearish divergence after a positive week. As can be observed from the attached chart, the price hardly drew any convergence with the active addresses, with unique entities continuing to fall under the present market circumstances.
However, despite the fact that the market was being driven by such bearish factors, a sliver of hope could be seen on the 4-hour chart for Bitcoin traders.
Bitcoin seeks support from 50-Moving Average
Source: Trading View
The attached analysis clearly highlights the 3.42 percent pullback registered over the last 24-hours. However, from the same analysis, it can also be observed that BTC managed to salvage the situation after registering a spike off the 50-Moving Average, at press time. At the time of writing, Bitcoin was valued at $10,474, a development that supports the argument that despite yesterday’s collapse, recovery remained on course.
Bitcoin’s quick ascendency towards $10.5k was possibly driven by sufficient demand from retail investors on exchanges. As miners continued to dump Bitcoin on exchanges, it is quite likely that the traders were able to absorb the short-term selling pressure on the retail side, hence accounting for a quick turnaround for Bitcoin.
At press time, Bitcoin was heading towards the re-test at $10,500, but further corrections cannot be dismissed. While the world’s largest digital asset has just survived another bearish reversal, it continues to tread thin ice.
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