Attention! - Upcoming Crypto Events To Look Out For

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In this article we will cover some good and some bad news for crypto. The latter being the infrastructure bill that is going to be released soon. The good news would be about Tesla and some more institutional investors! At the end we will take a look what this news could mean for us as investors.

Tesla and BTC

A recently uncovered SEC filing made by Tesla in September suggests that the Electric Vehicle Manufacturer could soon begin accepting Bitcoin payments again. This is because the SEC filing specifies that “we may in the future restart the practice of transacting in cryptocurrencies”. For context, Tesla briefly accepted BTC payments earlier this year before it dropped them in mid-May because of environmental concerns. This was one of the many catalysts for the crypto market crash back in May. Elon Musk has said that Tesla will accept Bitcoin payments again once most of the energy regarding Bitcoin mining is coming from renewables. As mentioned in previous articles, this threshold is about to be cracked which would lead for Tesla to accept Bitcoin payments again. This could imply that other companies would follow soon leading to a Bull-Run on BTC, especially if the Tesla stock continues to perform the way it has.

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Banks and Crypto Custody

The lack of regulations seems to be a major concern for institutions that are looking to get into crypto. Oddly enough the banks are craving crypto the most. This is because they can see all the billions flowing out of their client accounts into crypto exchanges like Coinbase. The only way that banks could compete is by offering services in-house. The crypto services that banks are the most desperate to set up relate to custody. For example, Spanish banks are looking to get clarification from the Spanish Central Bank, and it looks like they got this clarification. U.S. regulators recently noted that they will be aiming to clarify custody regulations in the coming months. This could lead to a physically backed BTC ETF which would be great news for the crypto community.

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Infrastructure Bills

With this being said, lets also take a look on some not so great events that will soon happen. In the next days two bills are about to be passed. The first one being the infrastructure-bill and the second being the human-infrastructure bill. The first one totals around one trillion dollars, and it contains two clauses that could be problematic for crypto. The first one would be the vague definition what a cryptocurrency broker is which could force certain individuals and institutions in crypto to collect KYC information about individuals and institutions for tax purposes. The second is the requirement to collect KYC information about any counter party in a crypto transaction worth more than ten thousand dollars which is impossible to do for things like DeFi protocols.
The second bill totals two trillion dollars. This bill has only one effect on the crypto space. This involves tax loopholes involving complex derivative trades. With that being said, apparently the U.S. treasury was trying to add additional tax reporting rules for cryptocurrencies to this bill and it is unclear if they succeeded.

Conclusion

Due to the reason that the last event was not that bullish, we could see a market correction over the next few days. But with all the great news in the tube, I think that this will cause a bounce back to new all-time highs. As for me, I am very excited for the next weeks to come. What about you guys, what is your strategy moving into the last two months of the year?

Published by ga38jem on
Publish0x|LeoFinance|Steemit|read.cash
On 2nd November 2021

Posted Using LeoFinance Beta



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