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"There's no reason to do that, other than to pander to generous special interest campaign contributors," Summers said of establishing a bitcoin reserve.
Summers, who as treasury secretary in the Clinton administration oversaw the U.S. national gold reserve, said in an interview with Bloomberg TV that the idea of creating a national Bitcoin reserve ...
“Despite the massive $16 billion purchase, Bitcoin's price gain of roughly 10% during this period raises questions about the broader market's strength,” the report notes.
Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar ...
In 2011, the value of one bitcoin rapidly rose from about US$0.30 to US$32 before returning to US$2. [42] In the latter half of 2012 and during the 2012–13 Cypriot financial crisis, the bitcoin price began to rise, [43] reaching a high of US$266 on 10 April 2013, before crashing to around US$50.
"If we do get a bitcoin strategic reserve where the government is buying bitcoin … $200,000 bitcoin is going to be looking quaint. You're going to be looking at $300,000, $400,000, $500,000 bitcoin.
In July 2013, Trendon T. Shavers was charged by the SEC for "defrauding investors in a Ponzi scheme involving Bitcoin" that amounted to over 700,000 Bitcoin or $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. [62]
It has already been a landmark year for crypto, with bitcoin hitting $100,000, the U.S. Securities and Exchange Commission approving the first exchange-traded funds that hold bitcoin and crypto ...