If you're catching up on today’s crypto news, here’s a summary of the latest trends impacting Bitcoin, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Elon Musk Supports Calls to Abolish the Federal Reserve
Elon Musk, the billionaire entrepreneur, appeared to back the movement to abolish the Federal Reserve. He retweeted a post from Utah Senator Mike Lee, who argued for greater executive oversight of the central bank. Lee claimed that the lack of sufficient oversight is a deviation from the U.S. Constitution and suggested that the Federal Reserve, established in 1913, should be dismantled. Musk supported Lee’s stance by reposting the message along with a "100%" emoji, aligning himself with advocates who believe in ending the central bank to promote sound money principles.
Edward Snowden Critiques Solana’s VC Influence, Calls for Decentralization
At the Near’s Redacted conference held in Bangkok, privacy advocate Edward Snowden addressed the challenges facing the crypto industry, particularly regarding decentralization. Using Solana as an example, Snowden described it as “born in prison” due to its substantial venture capital backing. He suggested that heavy VC investment could hinder a blockchain’s ability to operate autonomously, despite Solana’s rapid growth.
Snowden acknowledged Solana’s potential to evolve into something significant but expressed concerns that its investors hold too much control over its future. He emphasized the importance of decentralization, especially in an era where artificial intelligence (AI) enables unprecedented surveillance capabilities.
Snowden warned that AI-driven surveillance could allow governments and corporations to analyze vast amounts of personal data in real time. He explained, “They want to train AI on everything, identifying anomalies by examining entire human behaviors, which could enable real-time profiling at scale.”
Bitcoin Breaks the $79,000 Barrier
In other news, Bitcoin reached a significant milestone today, breaking through the $79,000 mark for the first time, signaling strong momentum in the market.
That wraps up the latest in crypto today. Stay tuned for more updates on market movements and emerging trends shaping the blockchain space.