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PETER SCHIFF SLAMS DONALD TRUMP’S STRATEGIC BITCOIN RESERVE PROPOSAL
With the incoming Donald Trump administratation, crypto might play a key role, but Peter Schiff thinks Bitcoin Reserve proposal is a bad idea
▪️ Peter Schiff has watered down the hyped Bitcoin reserve proposal
▪️ He believes the move might crash the US Dollar in the long term
▪️ Many differ from Schiff with Bhutan also keeping a BTC Reserve
Peter Schiff, the core BTC critic has slammed the strategic BTC Reserve proposal that might come into effect with the re-election of former President Donald Trump. While many industry leaders and some lawmakers are celebrating this proposal, Peter Schiff has detailed why this move, if achieved, can destroy the United States.
Peter Schiff and the Deadly Bitcoin Reserve Cycle
As an economist, Schiff has always decried the massive focus on BTC as an investment asset. While the industry has continued to move forward despite his warnings, the banter has not ceased. Peter Schiff said if the US Government establishes a Bitcoin reserve and acquires 1 million BTC, it might buy more.
Based on his analysis, this initial purchase will push the price of the coin to a new high, turning many early buyers into millionaires and billionaires.
This push mights see these investors sell their coins to cash out the profits accrued over the years. As the Bitcoin critic noted, this will make the BTC holding of the US government fall drastically.
To save face, the government might print dollars to buy more BTC to keep the price afloat. As Schiff noted, this is unsustainable as Bitcoin in this instance cannot stand as a proper hedge for the dollar. His believes this reality might greatly devalue the US Dollar. However, he noted that Bitcoin price will also tank in the long term.
The plans for a Bitcoin reserve has gained traction in Congress with Senator Cynthia Lummis publishing a Bill in that regard. President-elect Donald Trump has reiterated his plans for Bitcoin with many having high hopes on what comes next.
The Other Side of the Coin
While Peter Schiff has a negative view about a BTC reserve, other industry leaders have a different view. Advocates of the move believes the premier cryptocurrency have the right technology to tag as a store of value.
The growing demand for the coin, sparked in part by MicroStrategy’s bullish accumulation, has helped fuel its steady growth over time. Peter Schiff is an advocate of Gold, as he believes the precious metal is substantial and has stood the test of time. Even if Donald Trump establishes the reserve as promised, he said it can never be as high as proponents like RFK Jr projects.
However, countries like Bhutan has seen its Bitcoin reserve soar above $1 billion per the soaring price of the coin. As of writing, the price of Bitcoin has scored a new All-Time High (ATH) above $85,495.18, up 5.73% in 24 hours.
@ Newshounds News™
Source: CoinGape
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EU MANDATES DIGITAL PRODUCT PASSPORT BY 2027—VECHAIN TOOLCHAIN LEADS THE CHARGE IN SUPPLY CHAIN TRANSPARENCY
▪️VeTonsberg, VeChain’s partner in London, is preparing companies for future compliance, using blockchain solutions to enable end-to-end traceability.
▪️The DPP initiative aligns with global trends toward stricter traceability, as seen in U.S. regulations.
The European Union (EU) is moving towards enhanced sustainability and transparency requirements for products sold within its markets. Here, VeChain’s technology will play a significant role.
The recently introduced Digital Product Passport (DPP) aims to strengthen traceability across sectors including electronics, textiles, and automotive, reported CNF.
EU’s Digital Product Passport (DPP) Initiative Promotes Sustainability and Transparency
VeTonsberg, a London-based partner of VeChain Technology Group, has announced its readiness to support companies in meeting these compliance standards with blockchain solutions.
However, currently, the implementation of DDP isn’t mandatory but industry participants expect it to be obligatory by 2027.
The DPP is set to provide detailed, accessible information about each product. It will include the product’s origins, environmental impact, and disposal guidance. This aligns with surging global demands for product transparency owing to heightened consumer awareness and investor expectations for sustainability.
“Supply chain transparency is no longer optional,” stated VeTonsberg on X. They emphasized that “the EU Council Digital Product Passport (DPP) is setting the stage for global traceability and sustainability.”
For further context, the concept of a DPP operates similarly to a traditional passport but for products. It serves as a digital record that documents critical lifecycle details, i.e., from materials and origin to environmental impact and disposal instructions.
According to EU regulations, each product will be equipped with a unique QR code or NFC tag to allow easy data access. This centralized digital platform ensures stakeholders can verify product authenticity, origins, and compliance at every stage.
DPP requirements are a component of the EU’s Ecodesign for Sustainable Products Regulation (ESPR), which aims to address the environmental footprint of consumer goods.
With preliminary implementation in 2024, the ESPR mandates DPPs for products with significant environmental impact potential.
VeChain and VeTonsberg Ready to Support Compliance in Emerging Product Traceability Requirements
Moreover, the EU aims to make DPPs compulsory for high-impact goods as transparency in product lifecycles is key to advancing sustainability. As an industry partner, VeTonsberg is set to play a significant role in facilitating these compliance standards.
The company, established in 2022, offers blockchain, NFC, and RFID solutions specifically designed to align with VeChain’s Toolchain platform. This suite of tools allows end-to-end product traceability, data reporting, and integration into existing systems.
According to VeTonsberg, “We can help you implement VeChain Toolchain to meet these requirements by offering end-to-end traceability, monitoring and data reporting for compliance, and integration with existing systems for seamless data flow.”
The DPP initiative follows a similar global trend. VeChain partner VeTonsberg highlighted that other countries are tightening regulations on traceability.
They also cited the U.S. Food and Drug Administration’s Food Safety Modernization Act and Drug Supply Chain Security Act as examples of recent transparency measures in food and pharmaceuticals, reported CNF.
VeTonsberg’s offerings align with these regulatory shifts by helping industries adapt to new compliance demands. The company has also underscored the urgency for businesses to prepare. In the post, they noted, “The deadline is fast approaching… Ensure your supply chain is compliant by starting today.” Meanwhile, it’s worth noting that VeChain has launched the My Story DDP tool with DNV for a similar cause.
@ Newshounds News™
Source: Crypto News Flash
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🌱WILDFIRES HAVE CAUSED SIGNIFICANT DESTRUCTION IN BOTH CALIFORNIA AND THE NEW YORK-NEW JERSEY REGION | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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