Russian President Vladimir Putin has triggered the resignation of his entire cabinet today, after laying out plans for Russia’s future political power balance. This political change has caused a Bitcoin spike!
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PUTIN CAUSES RUSSIAN CABINET TO RESIGN, BITCOIN PRICES SPIKE
PRESIDENT MADURO FORCES AIRLINES TO BUY FUEL USING PETRO CRYPTOCURRENCY
MALAYSIA BANS ICOS, ISSUES REGULATIONS FOR IEOS INSTEAD
Bitwise Withdraws Bitcoin ETF Application With the SEC
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all right welcome back everybody toaltcoin daily my name’s Austin before weget to Malaysia before we get toVenezuela before we even get to our topstory involving Putin Russia and Bitcoinhit the like button hit the like buttonand hit subscribe you do not want tomiss one of our daily videos keeping youinformed on the crypto market before weget to Venezuela the first piece of newsPutin has fired his entire Russiancabinet this just happened he caused hisRussian cabinet to resign and because ofthis Bitcoin prices were spiking inRussia again we’re seeing this whencountries when governments havepolitical instability bitcoins doingexactly what bitcoin was designed to dowhich is being a peaceful protest a wayto opt out of government backed moneygovernment instability Russian PresidentVladimir Putin has triggered theresignation of his entire cabinet todayafter laying out plans for Russia’sfuture political power balance thispolitical change has caused Bitcoin tobegin trading at a premium on Russianexchanges and if you’re wondering whyhas Putin fired his entire cabinet wellyou can guess Putin is attempting sureattain power by enlisting the state dumaas a decision maker so he’s doing thisto remain in control and when he firedhis cabinet the move caused a new waveof political instability as Russia willhave to scramble to assemble a newgovernmentadditionally Putin has proposedconstitutional changes to allow morepower to shift to the State Duma so whyis this State Duma shifting Wyatt why’sPutin shifting more power towards themwell skeptics viewed this move asPutin’s bid to extend his 20-year run asboth president and Prime Minister evenafter his latest presidential termexpires through the Duma so this is whyhe’s flown power through to that Dumathrough the Duma it would be possiblefor Putin to keep pulling the strings ofpower despite not being directly at thehelm Putin’s rule has extended over 20years longer than some of the mostestablishedand leaders now could you imagine ifTrump did this for example to Congressif Trump fired Congress not that that ispossible you can bet Bitcoin priceswould spike in America too but theyspiked in Russia for this event well inthis case news of a cabinet crisis wasimmediately reflected in Bitcoin marketprices on one of the more prominentRussian exchanges ex-mo one of thebest-known local markets traded Bitcoinat a premium with the price of ninethousand twenty four dollars per BTCwhile overall prices were only aroundeight thousand eight hundred fourteen sothe minute that Putin fired his entirecabinet and the Russian people saw thispolitical instability those Russianpeople were willing to pay a premium onBitcoin as a way to opt out give me yourthoughtscomment below before we get to Malaysianext piece of news president Maduro thepresident of Venezuela is now forcingAirlines to buy fuel using petrolcryptocurrency now if you like Bitcoinyou probably hate the petrol because thepetrol was a way for the government tokeep to try and keep at least controlover their people with the petrolcryptocurrency but the thing is nobodyused it nobody wanted itwell now the president is forcingairlines to buy fuel using it check thisout venezuela’s President Nicolas Madurorecently announced that he plans torevive the country’s oil backedcryptocurrency to petrol which failed toattract users the coin originally wassupposed to help the people andrepresent a safe haven for the nearlyworthless Venezuelan Bulevar but alsoand here’s the real reason why this wascreated the petrol was also supposed tohelp circumvent US sanctionshowever petrol which was launched in2018 failed to attract users asVenezuelans were more interested inBitcoin in specific altcoinsbut now Maduro has announced that heplans to bring the petrol back so whathappened this Tuesday president Maduropublisheddecree stating that Airlines flying fromCaracas are now obligated they now haveto pay for Venezuela’s fuel via thepetrol he said and I quote I decree thesale of all fuel sold by the PDVSA forplanes operating international routes bemade in Petros from now on so the fuelsold must be made in Petros wow I wouldhate to be those airlines that are notforced to expect I accept it forced toaccept this national currency thatnobody else really wants but he’s tryingto get people to want it because furtherhe ordered that the coin must be morewidely used throughout the country nowthe fact that the u.s. banned the use ofthe petrol and marked it as a scamdidn’t help the coins popularity so theu.s. banned the petrol saying it’s ascamso the petrol to the US is sort of likewhat hacks is to the crypto communityone guy really wants you to use it andeverybody else is saying it’s a scamsort of like that if you agree if youdisagree you tell me but to finish upthis piece of news another one ofmaderos decrees states that the coin thepetrol must be used for paying forStates document services such aspassports but even with all thosedecrees so far even Venezuelans avoidedpetrol as much as possible as many don’teven know how to use it as forforeigners the coin is not only bannedby the US but it was also labeled as ascam by numerous by numerous risk ratingwebsites so the battle rages on let usnot forget that Venezuelans the peoplestill have shown that they’re open tothe idea of cryptocurrenciesby using trusted decentralized coins tobattle their hyperinflation they justdon’t want the petrol that’s beingforced down their throats you tell mewhat you think next piece of newsMalaysia has a bandic OS but instead they have issuedregulation for ayios so they are bullishon ayios in their countryfinancial regulators in Malaysia havepublished guidelines for crypto initialexchange offerings ayios as part of themove initial coin offerings I SEOs byindividual token issuers are no longerpermitted in the country according toFinTech Malaysia the country’sSecurities Commission their SC publisheda set of guidelines for ayios onWednesday January 15th in the newregulatory paradigm crypto exchanges arenow responsible for token sale events sothis flows massive power to theexchanges but it also flows massive riskto those exchanges as well because nowthe exchanges choose what token is rightfor youthus crypto exchanges will alsoundertake due diligence assessments fortoken sales evaluating token issuers inconjunction with the SC and cryptoexchanges that are registered as ieooperators that offer you DYI o must alsomaintain a minimum paid of capitalequivalent to 1.2 million dollars nowlet’s cut right to the chase becauseyou’re not an exchange you’re apotential buyer if you live in Malaysiawith these new guidelines with theseayios this is now what you’re allowed todo the guidelines also includeinvestment limit clauses for retailinvestors only allowed to put up amaximum of $500 into any token sale thisfigure is significantly lower than thelimit set for equity crowdfunding whichcurrently stands at $1,200 now somepeople are saying that $500 is tooconstrictive the individual should havemore freedom I don’t live in Malaysiabut uh either way the main thing thatthis shows is in a way the wild wildwest of crypto is starting to become alittle less wild you tell me but nextpiece of news and this one’s a veryquick one bitwise has just withdrawn itsBitcoin ETF application with the SEC nowthis is something we’ve seen time andtime again they obviously withdrewbecause theythe SEC would accept would allow theirBitcoin ETF application I will read youone quote and why why is the SEC notallowing a Bitcoin ETF well here’s whythe proposal did not meet their legalrequirements to prevent marketmanipulation or other illicit activitiesthe Commission said in its rejectionletter so as long as the SEC feels andmarkets are manipulated no Bitcoin ETFin a direct quote this is the next steptowards our long-term goal of bringing abig point ETF to the market and we planto refil our application at anappropriate time we are currentlyworking hard on answering the questionsthat the SEC raised in its 112 pageresponse to our initial filing this wasa quote from Matthew Hogan it wisestglobal head of research so it got pulledI’m sure they’ll submit again that wasthe video for today my name’s Austinhit the like button hit subscribe andper usual I’ll see you tomorrow