Weekly Recap

August 23rd- August 30th, 2020

Welcome to our 4th weekly recap for August.

Overview

- IMF calls crypto “special currency” and educates the public
The International Monetary Fund (IMF) had recently published a video explaining what cryptocurrency is. Besides suggesting that cryptocurrency could “completely change the way we sell, buy, save, invest, and pay our bills,” IMF went on by saying that it “could be the next step in the evolution of money.”
- Korean Police Seize Crypto Exchange Coinbit Over Allegations of $84 Million in Wash Trades
Police in South Korea on Wednesday raided and seized the offices of Coinbit, the country’s third-largest crypto exchange, over allegations it faked 99% of its trading volume.
- New SEC Filing Shows Fidelity Preparing to Launch Bitcoin Fund
The U.S. Securities and Exchange Commission (SEC) has published a new filing for a bitcoin fund, submitted by Fidelity Investments’ head of strategy and planning.
- Visa Exec Says ‘Opt Out With Bitcoin’ Slamming Fed’s Policy Change Toward Inflation
On Thursday, 17 top Federal Reserve officials explained that the committee plans to let inflation run hotter than usual, or above the benchmark 2% rate for a duration of time. Fed Chair Jerome Powell’s speech was considered a “major policy shift” and a number of economists commented on the central bank’s move. Senior director of policy at Visa, Andy Yee, said Powell’s inflation statements were historical and people should “opt out with bitcoin.”