Bitcoin has been flying high in the news, and continuing to merit a fair amount of credibility in the marketplace as more and more people are adopting it. After reaching as high as $500 a coin this last week, it has now settled down to the $375 range. The last time it reached $500 was over a year ago, in August 2014.
Of course, banking elites would come out strongly against Bitcoin, so it doesn’t surprise us that JP Morgan CEO Jamie Dimon just came out and said “virtual currency will be stopped.” He believes the Department of Justice won’t allow a free and open currency, and that blockchain technology will probably be used to transfer U.S. dollars instead.
In government news, Senator Rand Paul came out to argue against the proposed Social Security funding reforms. In a newly-proposed bill, the U.S. Congress is admitting that Social Security is failing. What this proposed bill essentially means is that anyone under the age of 50 should be prepared to fend for themselves in terms of retirement funds.
Quick question: if the economy is doing so well, how come Janet Yellen just came out and admitted negative rates are on the table?