Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up...

Trump proposes tariff-free trade for Canada, SEC vs Ripple: XRP lawsuit wrapping, Arthur Hayes predicts Bitcoin bottom at $70K, and more in this Week in Review.

Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Week in Review
Bitcoin slipped below $80K as President Trump proposed tariff-free trade for Canada in exchange for statehood, following a 50% tariff on Canadian steel and aluminum. Ripple’s legal battle with the SEC is nearing resolution. Arthur Hayes predicted a Bitcoin bottom at $70K before a strong bull market resumes. In a major victory for crypto, Congress overturned IRS crypto regulations. Lastly, markets rebounded as inflation cooled, with Trump expressing confidence in further gains despite ongoing economic adjustments.

Trump Proposes Tariff-Free Trade for Canada in Exchange for Statehood, BTC Slides Below $80K
Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

President Donald Trump announced a 50% tariff on Canadian steel and aluminum imports, combining a 25% duty on.… read more.

Editor’s comment: Many believe tariffs are one of the chief reasons markets have fallen. While they certainly have contributed, I think there are other factors that are just as important.

SEC vs Ripple: XRP Lawsuit Wrapping up as Negotiations Reach Final Stage—Report
Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Ripple’s high-stakes legal battle with the SEC may soon end, as negotiations reportedly center on vacating a key… read more.

Editor’s comment: Once this lawsuit is finally resolved, I believe impediments for a spot XRP ETF are mostly gone.

Arthur Hayes Predicts Bitcoin Bottom at $70K, Sees Strong Bull Market Ahead
Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Bitcoin could drop to $70,000 before its next rally, Arthur Hayes predicts, emphasizing patience. He warns of… read more.

Editor’s comment: I interviewed Mr. Hayes this week. I found his thesis for the remainder of the year compelling.

Congress Torches IRS Crypto Rules in Major Win for Digital Assets
Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Congress just delivered a massive win for crypto innovation, overturning the controversial IRS crypto rules that… read more.

Editor’s comment: The price action doesn’t reflect it, but it’s important to remember that crypto is getting many wins on regulatory and legislative fronts. This is yet another positive development for crypto.

‘Markets Are Gonna Soar’: Trump Shows Confidence as Inflation Cools and Stocks Rise
Trump's Tariff-Free Trade, XRP Lawsuit Wrapping Up, and More — Week in Review

Equities and cryptocurrency markets rebounded following a sharp downturn earlier in the week, fueled by signs… read more.

Editor’s comment: Trump and his administration will be happy about inflation decreasing, but I still think they want to front load more “medicine” for the market.

Tags in this story
Donald Trump, Ripple XRP

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Tim Draper: Bitcoin Goes to Infinity Against the Dollar—$250K BTC Is Just the Start
Tim Draper envisions a future where bitcoin dominates, fiat crumbles, and people scramble to convert dollars before they become worthless, calling BTC the ultimate global currency.

Tim Draper: Bitcoin Goes to Infinity Against the Dollar—$250K BTC Is Just the Start

Tim Draper Says Fiat Is Doomed—Bitcoin to Replace the Dollar for Everything
Tim Draper, a prominent venture capitalist and longtime bitcoin advocate, reiterated his strong belief in BTC’s future in an interview with Benzinga’s Jason Raznick this week. Expecting the cryptocurrency to surpass fiat money as the global standard, Draper doubled down on his bitcoin price prediction, stating:

$250,000 by the end of this year.

Draper envisions a financial ecosystem where bitcoin is the primary medium of exchange, eliminating the need for traditional fiat currencies. Raising concerns about a potential collapse of fiat, he detailed: “There will be a time that I’m a little worried about actually where we have a run on the fiat currencies and they’re going to run on the banks for the fiat currencies to get moved into bitcoin.” He noted: “Ideally, that’s all going to be electronically done so we won’t have people at the banks, clawing at the banks and breaking windows or whatever to try to get bitcoin out of their dollars.” He believes this transition will happen swiftly, cautioning:

If there’s a run on the dollar and they’re running to try to transfer their dollars into bitcoin, it’s going to happen very quickly.

The well-known venture capitalist argued that BTC will eventually be the preferred currency for daily transactions, making fiat obsolete. He stated: “There will be a moment when I can buy my food, my clothing, my shelter, pay my taxes—all in bitcoin, and I won’t have a need for fiat currency. There will be no reason to hold it because bitcoin appreciates in value over time and fiat depreciates in value over time, because, by its nature, governments produce more and so there are more dollars out there than there were before and so your dollars that you have are worth less and that’s what inflation’s about. So we’re gonna have a currency that is very stable.”

Draper likened fiat’s decline to historical instances of currency collapse, comparing it to Confederate dollars, which lost value after the Civil War. He stressed that technological advancements, including bitcoin and blockchain, have created a more efficient and transparent financial system.

Challenging traditional ways of valuing bitcoin, Draper suggested shifting the focus away from measuring it against fiat. “We should really not be comparing it to the dollar anymore because the dollar [and] all fiat currencies are going to fall against bitcoin. They continue to fall against bitcoin,” he emphasized. “If you believe as I do that the dollar is an antiquated currency that is not long for this world … that’s not even a fair comparison, so it should be compared to a commodity instead.”

Asserting that instead of viewing bitcoin’s price in dollars, people should compare it to commodities or tangible goods, Draper described: “If you look at it slightly differently. You flip it around—bitcoin to the dollar—you see the dollar is just falling off the map.” The venture capitalist insisted that bitcoin will eventually reach a point where its value against the dollar becomes infinite, concluding:

In effect, bitcoin goes to infinity against the dollar. But it doesn’t become infinitely valuable … the dollar becomes zero.

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