Ripple CTO Names Deadline for Lawsuit Ruling, 'Rich Dad' Author Gives BTC New Prediction, Bank of England Head Slams Bitcoin: Crypto News Digest by U.Today
TL;DR Bank of England governor Andrew Bailey recently spoke out against Bitcoin and other cryptocurrencies, saying that they have "no intrinsic value." He also warned against the use of crypto investments, as he believes that they could lead to a "misallocation of resources" and could be used for money laundering. Meanwhile, some members of the crypto community criticized Bailey's remarks, noting that fiat currencies also lack intrinsic value and are backed by nothing more than trust.
Here are the top three news stories presented to you by U.Today.
Ripple CTO names crucial deadline for lawsuit ruling
David Schwartz , chief technical officer at Ripple, has recently entered a discussion on the deadline for the Ripple ruling started by attorney John Deaton. In Schwartz's opinion, there is not anything "wrong, unusual, or strange" in the lack of decision from Judge Torres "until at least the end of September." The same idea was shared by Deaton, as he took to Twitter to outline historical timelines of Judge Torres' rulings on similar cases. For example, in the N.Y. District Carpenter's fund case, her summary judgment ruling took over eight months. However, if Judge Torres extends her decision in the Ripple case beyond Sept. 31, which would become a precedent, as none of the cases she presided over have extended beyond nine months from the filing of reply briefs.
"Rich Dad" author gives new Bitcoin (BTC) mega prediction
In a recent tweet, Robert Kiyosaki , vocal Bitcoin advocate and author of the world-famous book "Rich Dad Poor Dad," has set a completely new price goal for the flagship crypto. He first mentioned the latest move by members of the BRICS alliance to adopt the gold standard, adding that the BRICS nations will likely announce a gold-backed crypto next month. This, writes Kiyosaki, could result in the "death" of the U.S. dollar (USD) and trillions of USD "rushing home." The "Rich Dad Poor Dad" author then advised his followers, in his usual manner, to buy gold and silver as a way to protect themselves from the inflation that is set to skyrocket in the coming months. At the end of his tweet, Kiyosaki wrote that Bitcoin is poised to touch the $120,000 price level by next year.
Bank of England head slams Bitcoin