JPM: Dollar “losing its status” as dominant currency – July 29

📈 30 Second Price Summary

Current Bitcoin Price$9,575

Shortly after our newsletter on Friday, Bitcoin briefly jumped up from around $9800 to $10,100, before quickly falling to around $9500. That’s where it’s been sitting for the last 48 hours, with many altcoins seeing a similar pattern over the last few days.

Top Stories for 29th July 2019 🔥

👉 JPM: Dollar “losing its status” as dominant currency

JPMorgan Chase is a well-known American investment bank. One of their services is J.P. Morgan Private Bank, an exclusive investment bank.

Craig Cohen, an FX, Commodities and Rates Specialist at J.P. Morgan Private Bank, recently published a post questioning the strength of the dollar. He writes: “we believe the dollar could lose its status as the world’s dominant currency (which could see it depreciate over the medium term) due to structural reasons as well as cyclical impediments.”

👉 Tax ramifications of paying for a coffee with crypto, explained

We all know that cryptocurrency-related tax is incredibly complicated, since it’s subject to capital gains tax under some circumstances, and doesn’t really reflect how other currencies would be taxed.

A recent Reddit post details the six steps a user would need to go through to pay taxes on the money they use to buy a coffee. Needless to say, the complexity is horrifying!

👉 Ripple CEO writes open letter to Congress

Brad Garlinghouse is the CEO of Ripple. He recently published an open letter, together with Ripple Executive Chairman Chris Larsen, to Congress.

In the letter, he asks Congress to seriously consider how they will be treating crypto regulation. To quote:

We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush.