G7 report regarding Bitcoin and all cryptocurrencies.

[South Park]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

There is nothing new for what I can see, they are still maintaining their posture that cryptocurrencies are not really good to be used for payments and are not a store of value, but it was to be expected, what are we waiting for? That they admit that bitcoin is better in many ways than their fiat and people should use it as a way to protect themselves from the crisis it will come, at this point I do not care what they say about bitcoin what I care about is that bitcoin keeps growing in popularity despite all of these obstacles.

[1714985101]

1714985101

[slaman29]

Coins including BTC are high speculative assets and its no different to other assets as well. Its so happen that BTC is more volatile. You wouldn't invest in Stablecoin as its just a stable but of course you as trader can use it. I don't personally knew anyone who will keep USDT for too long. The only reason why you would be storing stablecoin is if you speculate the bear will take years and years and you wait for the market to cool down so you can buy back while your money still is as is the last time you store it.

No different? I can tell you one big difference. It's the first asset to be purely digital, purely transparent in terms of supply and purely verifiable when compared to all other assets.

It also doesn't just so happen that btc is volatile. It's a new asset, not yet having the time to mature. So yeah. It's going to be volatile.

I'd rather store fiat in an event of bear. What happens when your precious Tether goes to jail?

[CLS63]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

I think that G7 report is right about stable coins having a big potential. But I don't think that cryptocurrencies are not appropriate for everyday use like buying something by Bitcoin etc. . There are many people that prefers using Bitcoin instead of a fiat currency and the numbers of these people are getting bigger. On the other hand, I think that stable coins can be more appropriate to be made as local currency compared to Bitcoin or any other crypto.

[Haunebu]

On the other hand, I think that stable coins can be more appropriate to be made as local currency compared to Bitcoin or any other crypto.

Its not that simple. Stable coins can actually prove to be better than BTC, but they will centralize these coins which is basically a digital format of FIAT currencies and is the complete reverse of what BTC is trying to achieve.

The major governments will probably never support BTC, Libra etc, but their support is clearly not needed since BTC and other popular crypto continue to grow with time.

[audaciousbeing]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

Unfortunately, what the report says is true because looking beyond sentiments, crypto currency as a means of payment is not reliable because of the volatility that is being witnessed in the market because you can sell your goods at an equivalent amount for a certain fiat value and in the next 24hours that value drops drastically to you which makes you lose because you cannot restock or increase which makes the buyer lose more from his own end.

However, the volatility is what makes the market interesting because the hope of making decent return on investment within a short period of time is a factor that is not offered in the fiat market which I feel is pulling majority of people into the market. The question about G7 report is whether they can do anything about it?

[kryptqnick]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

Why did not you leave a link to the report? It's an important thing to make sure we're discussing what's actually going on rather than your stance on this matter. It's especially important since when I googled it I not only wasn't able to find it, but I also found lots of articles saying the exact opposite of what you're saying about stable coins. It seems that G7 doesn't find them reliable (see here or here). Anyway, I've found a  report on stablecoins, and while it seems to favor them over decentralized unregulated cryptocurrencies, it still find lots of risks that have to be dealt with if these coins are to be used for serious operations. I think that it's natural for the govs to favor stablecoins over cryptos like Bitcoin because stability is what they are trying to ensure with fiat and because high volatility can indeed be a big obstacle for a coin to become used in retail, for instance. But I think that stablecoins are just trying to copy fiat, and they can collapse anytime which is actually riskier than volatile cryptos. When it's volatile, you sort of see the risks, but when it's stable, it gives a fake comfort like it will always be this way.

[BrewMaster]

Stablecoins have usecases only while crypto coins is alive in my opinion

that is somewhat true because you should first consider day trading and remaining inside exchanges as "use case" before you can make that claim and also you should clarify that "stable coin" refers to the cryptocurrencies such as tether not libra.
remember than this report mainly means libra when it says "stable coin" which is different. it is useless with or without cryptocurrencies!

[jarhed]

Stablecoins have usecases only while crypto coins is alive in my opinion

that is somewhat true because you should first consider day trading and remaining inside exchanges as "use case" before you can make that claim and also you should clarify that "stable coin" refers to the cryptocurrencies such as tether not libra.
remember than this report mainly means libra when it says "stable coin" which is different. it is useless with or without cryptocurrencies!

It is very logical that Stable coins are Bitcoin dependent. But every year, Stable coins gain more and more popularity and even go beyond the cryptocurrency market.

[ILuckyGuyI]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

G7 report is not much different from the opinions of governments about Bitcoin and other cryptocurrencies. Of course, it is reported that Bitcoin is volatile and because of that, it is not reliable.

[boris2470]

Coins including BTC are high speculative assets and its no different to other assets as well. Its so happen that BTC is more volatile. You wouldn't invest in Stablecoin as its just a stable but of course you as trader can use it. I don't personally knew anyone who will keep USDT for too long. The only reason why you would be storing stablecoin is if you speculate the bear will take years and years and you wait for the market to cool down so you can buy back while your money still is as is the last time you store it.

In my opinion, stablecoins can be controlled by third parties. That's why states are interested in this type of crypto and why everyone is afraid of Libra.
Bitcoin is safe that is why G9 skeptical of that coin

[Slow death]

Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

I don't know how it can affect the market, but I can agree with the part they talk about being very speculative, it happened today:



fell $700 in a few hours

And you know what's most shocking in all this? Is hearing comments from certain people who say the price will reach $100,000 next year, this is very shocking

[Expecto]

I regret to say that G7 report is not good for cryptocurrencies. It opposes the cryptocurrencies and I wonder if the fall of Bitcoin price from 8200 dollars to 7500 dollars is related to this report too or not. But I think there is a different reason for this fall.

[Dytoribric]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

If you notice that the market reacts before any news about this appears. There was also a lot of positive news about Bitcoin, but the market is still in a bad position. I think it all turned into speculative tools and nothing more.

[Kyraishi]

i think it only affects the decisions of the government(s) about bitcoin and mostly for taxation purposes. for example when they say "it is not reliable means of payment and is highly speculative asset class" that means the government would consider bitcoin as an asset, commodity,... instead of a currency. and that mostly translates into how they tax it.
otherwise bitcoin is what it is. it is a global censorship resistant payment system that has a volatile price that is on the rise in long term due to it still being in it s early stages of adoption. what these reports end up saying regarding bitcoin is not going to change that.

That's what I'm thinking as well - I don't the G7 summit is actually that critical and I have the feeling it was mostly a summit to discuss the control and taxation of crypto-currencies in the future.

There's a lot of theories that the G7 summit affected price and isn't good for crypto, which I disagree with, it's just getting to the point where people like to associate the price of Bitcoin to any event that's even slightly related to it.

From the G7 conference we understood that the governments heavily favoured controllable stablecoins over the more popular option, Bitcoin, which was fair and honestly expected.

[henmark]

They will still surely change their stance on bitcoin because the reason why they are still classifying other coins with bitcoin is its volatility which I am not scare of, as time goes by, the usage of bitcoin will increase and demand will start becoming higher than supply and as demand becomes higher than supply, the volatility will reduced and it will become like a stable coin but at a more higher value.

I don’t see the g7 report actually affecting bitcoin negatively, provided that they don’t declare bitcoin as illegal, they only showed concern about bitcoin and other cryptocurrencies that are not stable which I am sure that their view will eventually change in the future when we are fully developed and so many world starts using it for payments and as digital asset.

[Murat]

It's true that we don't have any positive news or research from the government or any official end, still, there is a negative view regarding this platform and most of the countries are trying to create a lot of barriers to this platform. I think this will bring a more or less negative impact but with the change of time, this platform will get another hit, It also true that Bitcoin has already passed 10 years in a lot of negative environment, so this platform will go another multiple 10 years for sure because of it has a lot of people who believe that cryptocurrency platform will be the main of the monetary system and payment system so those news doesn't matter at all.

[BrewMaster]

Stablecoins have usecases only while crypto coins is alive in my opinion

that is somewhat true because you should first consider day trading and remaining inside exchanges as "use case" before you can make that claim and also you should clarify that "stable coin" refers to the cryptocurrencies such as tether not libra.
remember than this report mainly means libra when it says "stable coin" which is different. it is useless with or without cryptocurrencies!

It is very logical that Stable coins are Bitcoin dependent. But every year, Stable coins gain more and more popularity and even go beyond the cryptocurrency market.

i have not ever seen any of these stable coins go beyond the cryptocurrency market, could you show me an example of one in real world?
the only popularity that i have seen them gain was from traders and that is because of the extreme volatility of the altcoin market and the fact that they want to use an escape route that is not changing price with bitcoin. and since over the past 2 years ever since bitcoin drops altcoins drop the best choice has been stable coins otherwise they have no purpose.

[South Park]

Today I read information that a G7 report on cryptocurrency was published.
 The authors of this document stated that bitcoin and other cryptocurrencies are not reliable means of payment and seem dangerous for storage.
 Nevertheless, the report refers to the fact that stable coins are the exception and that such coins have real potential for everyday use.
 The team that conducted the research turned up that not a single global project of stable coins can be legally used until the relevant laws are adopted for control, regulation, etc.
 But the document also mentions that Bitcoin and other cryptocurrencies are still a highly speculative asset class.

 Guys, I ask you to comment on this matter.  After all, many are interested in the question of how exactly the G7 report will affect the entire cryptocurrency market.

I think that G7 report is right about stable coins having a big potential. But I don't think that cryptocurrencies are not appropriate for everyday use like buying something by Bitcoin etc. . There are many people that prefers using Bitcoin instead of a fiat currency and the numbers of these people are getting bigger. On the other hand, I think that stable coins can be more appropriate to be made as local currency compared to Bitcoin or any other crypto.

I wonder what they mean by stable coins having real potential, real potential on their hands maybe? Because in this market the only cases in which stable coins are useful is to allow you to protect yourself from the volatility of the market when you are not watching the markets closely or when you firmly believe there is going to be a decrease in the price of most coins, besides those two cases stable coins do not really have any purpose or reason to exist.

[wxxyrqa]

I think that the statement that stable coins have good prospects, have really selfish goals.  Considering the fact that the US government announced the creation of its own currency in the near future, which will have a stable price and which will be partially supported by the dollar, now it becomes clear why this report was talking about stable coins, while completely discrediting everything  other cryptocurrencies.  Now I’m sure that this was the reason why the market immediately fell as soon as the G7 report was released.
 But the situation has changed very quickly and since now the entire cryptocurrency market has soared by an average of 15% over the past two days, it primarily indicates that something is happening, and very large-scale.  I have never seen Bitcoin rise by $ 2,500 for 12 hours.  But analysts say this was due to a statement by the Chinese government on the legalization of blockchain.  In some higher educational institutions in China, a program for educating students on blockchain issues is already being processed.  XNET, recently released its cryptocurrency, and after a government statement, it has already skyrocketed in value by almost more than 100%.  In a few days, almost 37 billion dollars increased in the capitalization of Bitcoin.  These are truly stunning indicators.

[erickastella]

in my opinion if cryptocurrency is used as a transaction tool in daily life it is difficult but does not rule out the possibility of happening because some projects in my country cryptocurrency can buy the goods they want but within a limited market scope.