Daily Litecoin News Update
A surprising report from Congress has just cemented our faith in cryptocurrencies and Litecoin. I say “surprising” because, believe it or not, one whole chapter in the report was dedicated to cryptocurrencies. Yes, you read that right.
The report, published by the Joint Economic Committee Congress of the United States, discussed matters of macroeconomic growth, tax reforms, and U.S. trade, among others. A good 27 pages toward the end were devoted to blockchain, cryptocurrencies, and their potential.
Here are a few key takeaways from the report we found interesting.
- The report illustrated the merits of blockchain at great length, saying the technology offers a secure and efficient way of securing data. The report identified blockchain’s real-world applications in industries like healthcare, utilities, retail, and technology, where it’s helping businesses record and track data efficiently.
- It also highlighted the fact that, to critics of government-controlled monetary policy, cryptos with a limited supply of coins make for an ideal alternative to fiat currency.
- The report also considered the possibility that cryptocurrencies may act like fiat currencies if volatility is checked. (Source: “Report of the Joint Economic Committee Congress of the United States on the 2018 Economic Report of the President,” United States Congress, March 13, 2018.)
While the report also highlights some of the problems with cryptocurrencies such as cyber threats, extreme price volatility, and the risks involved with initial coin offerings (ICOs), it concludes on a positive note, urging policymakers to learn about blockchain and cryptocurrencies and devise a regulatory framework that protects investors but doesn’t impede innovation.
This is by far the best endorsement of blockchain and cryptocurrencies that we’ve received from the U.S. government.
Chart courtesy of TradingView.com
What does all this mean for Litecoin? It’s obvious. The U.S. government is opening up to cryptocurrencies, offering them a chance to flourish in the country.
For Litecoin, in particular, which is powered by blockchain, has a limited supply, is uncontrolled by anybody, and has a great potential to serve as a digital alternative to money, this is a rubber stamp of approval.
Let’s be fair. Litecoin without its pack is a lone wolf that will find it hard to survive in the wild. Litecoin’s performance partly hinges on the success of the crypto industry at large. If cryptos crash, Litecoin crashes. If cryptos prosper, Litecoin prospers.
So every time the question of cryptocurrency regulations comes up, we’re all ears. After all, it affects the cryptocurrency community alike.
This new report is music to our ears and encourages us to maintain our original Litecoin price prediction with a $400.00 price target.