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Ohio Democrat Lawmakers Propose Blockchain Voting in Bill For Election Overhaul

In the Ohio House of Representatives, Democrats have included a new voting system pilot based on blockchain as part of their elections law overhaul bill. The system will be used to count and track the votes of military personnel stationed outside of the US but registered to vote in Ohio.

On May 5, the Ohio Democrats introduced the elections overhaul bill which requests the set up of a pilot program for blockchain voting specifically for Ohio registered U.S military voters stationed overseas.

The bill was introduced by Democrat Reps. Beth Liston and Michele Lepore-Hagan with the signatures of 16 other Democrat party members.

While no technology vendor has been named as of yet, the proposal is explicit about the role that blockchain will play in the new system. Should the bill be passed, the votes of military personnel will be encrypted, transmitted and be protected and secured by blockchain technology.

A board of elections would be selected and then physically print the incoming military votes for counting. The selection of the election board responsible for the counting falls on the Ohio Secretary of State, Frank LaRose, as the bill reads, “The Secretary of of state shall select the boards of elections that shall participate in the pilot program.”

Potential US Congress Blockchain Government Voting Overhaul

Blockchain voting systems appear to be increasingly part of the US Government’s discussion on elections.

The Ohio Democrats’ proposed pilot for military members comes at a time when US Congress is also considering using blockchain technology to enable the Senate to conduct remote voting on national affairs during the ongoing COVID-19 pandemic.

According to a Senate staff memo, the Covid-19 pandemic has forced the shut down of many sectors of the society. As the two chambers of Congress have always met in person to conduct deliberation and vote, there is an expressed need to change the system to follow social distancing orders and to protect member voters.

Voting enabled by blockchain could allow the process to be conducted remotely while offering a high level of security. “Blockchain can provide a secure and transparent environment for transactions and a tamper-free electronic record of all the votes. It also reduces the risks of incorrect vote tallies,” read the memo.

Senate Rejects Second Stimulus, Markets Plunge and Bitcoin Price Predicted to Crash to $8,000 in September

The Dow Jones and Nasdaq both plunged suddenly as the second Republican stimulus package was rejected from United States Senate consideration by Senate Democrats 52-47. But what impact will the rejection of the second-round relief have on the stimulus-driven recent bull run of the stock market and the Bitcoin price?

As the US elections get closer, Senate Democrats have voted down the latest Republican stimulus package. The recent strength of the dollar, as well as the stock markets, appear to have been riding on the back of the previous economic stimulus and the effect will most likely see the markets continue on a downtrend and most likely a significant crypto crash which could see the Bitcoin price as low as $8,000.

No Second Stimulus—No Bitcoin Bull Run For September

Immediately following the vote on the Republican $1.1 trillion HEALS Act and rejection by Democrats for the coronavirus stimulus, the Dow Jones industrial average lost 405.89 points at 27,534.58. The S&P 500 index dropped 59.77 points at 3,339.19, while the Nasdaq composite was down 221.97 points or two percent at 10,919.59.

Source: Yahoo Finance

The rejection of the stimulus bill will dry up the liquidity currently supporting the market and is predicted to move the markets into a downward trend—and things do not look good for the Bitcoin price either.

Source: Binance BTC/USD

In order to start moving in a bullish price direction, BTC will have to rise to the red line on the graph, which represents the low resistance of the previous BTC price range. As the bulls of stock market and even the bitcoin and crypto market have been driven by the injection of liquidity and economic stimulus—which has now dried up—it appears unlikely that Bitcoin will be able to generate a strong upward movement in the short-term.

Source: Binance BTC/USD

The Bitcoin price surged through to around $10,418 before correcting to around the $10,300 mark. As displayed above in the 1-day chart, the Bitcoin price continues to move within the horizontal channel, consolidating around the $10,000 mark—which it has done since its price crashed on Sept 2 and 3. Each time BTC has touched the top of this horizontal channel it drops, which is not a good indication that Bitcoin will move in an upward direction.

On our analysis, BTC/USD charts indicate that the BTC support point of $10,000 will most likely break and turn into a resistance line in the coming weeks, which would see the Bitcoin price crash to the previous support levels of $8,000 and even further should a second stimulus bill not come at all by the end of the year.

As reported by Blockchain.News, US-based crypto exchange Kraken’s August 2020 volatility the report also indicates that Bitcoin is due for a very negative performance in September that could see the pioneer crypto’s price crash before returning to a state of extreme volatility.

Democrat Nancy Pelosi Says $1.8T COVID-19 Stimulus Package Talks at Standstill, How will Bitcoin react?

Democrat Nancy Pelosi said yesterday that discussions over a new $1.8 trillion stimulus package have ground to a halt, which President Trump is blaming on the Democratic House Speaker. What could the stimulus delay mean for Bitcoin and the crypto market?

According to a report from the Wall Street Journal on Oct. 11, Democratic House Speak Nancy Pelosi has opposed the Trump administration’s proposed $1.8 trillion COVID-19 stimulus relief package, arguing that the proposal lacks adequate funding and has no strategy for contact tracing or national testing.

President Trump has responded saying that the impasse has been caused by Pelosi herself. The WSJ quoted Trump from his Fox News Interview as he said:

“Republicans want to do it. We’re having a hard time with Nancy Pelosi.”

Despite the President’s claims, it was reported by the Financial Times on Oct.10 that many in the GOP were not enthusiastic about backing the Trump administration’s proposal and voiced support for a much smaller relief package.

The new White House proposal would effectively expand the Affordable Care Act’s provisions to people who have lost their employment and insurance throughout the pandemic. Extending the ACA is one point of contention within the GOP as many of its members have been vocal about scrapping the act altogether.

What Does this Mean for Bitcoin?

Bitcoin has seen a huge increase in value this year, largely based on the bet by investors that the trillions in government and central bank money printing and relief spending globally in response to the COVID-19 market disruption will likely lead to very high inflation and US dollar debasement.

In theory, high inflation and the US dollar losing purchasing power will send the Bitcoin price surging as it solidifies its position as a hedge investment and store of value.

For now, the impasse between the Republicans and Democrats on reaching a stimulus amount agreement could see the Bitcoin price stall or even fall slightly. However, should the two sides reach an agreement soon, the price of BTC should rise consequently.

The Bitcoin price is currently trading at $11,395 at the time of writing, up 0.8% over the last 24 hours according to CoinGecko.

Two Major Events Will Influence the Bitcoin Price in the Next 24 Hours

Bitcoin and cryptocurrency traders face a moment of pause as they await two major events that will likely either send the BTC price soaring or cause a major bearish correction in the crypto markets.

The Bitcoin price is currently hovering around the $11,400 per Bitcoin and has moved in line with the mainstream equity markets over the last two months.

Despite the fanfare made regarding Square’s recent $50 million investment into Bitcoin and joining the list of public companies hedging with the crypto asset—the BTC price has remained mostly uninfluenced by what many have viewed as a catalyst for further mainstream investment.

However, in the next 24 hours—two events will occur that could give Bitcoin traders the buy or sell signal they are seeking. The first is that in the next few hours, Federal Reserve Chairman, Jerome Powell is set to speak on the digital currencies at the International Monetary Fund’s (IMF) annual meeting.

The second event is the impending deadline on a pre-election round of stimulus—set by House Democrat Speak Nancy Pelosi for the Trump Administration to reach a deal with Democrats by Tuesday, Oct. 20.

Fed Chairman’s Influence on BTC Price

As reported by CNBC, on Feb. 12, Fed Chairman Powell’s address to Congress in which he appeared to acknowledge the power of digital currencies had a significant impact on the Bitcoin market, sending the BTC price surging above the $10,000 mark for the first time in 2020.

In his testimony in front of Congress on Tuesday, Powell was asked about central bank digital currencies and the Fed’s view on a digital dollar. The Fed Chairman acknowledged that Facebook’s Libra project served as a wake-up call that a digital currency could come “fairly quickly” and in a way that is “quite widespread and systemically important.”

Depending on what Powell says in today’s panel at the IMF on digital currencies, comments along the same lines as those in February are likely to send the BTC price higher. Fed Chair Jerome Powell’s panel will be webcast at 8 am ET on Monday, and is entitled “Cross-Border Payment—A Vision for the Future.”

Democrat Pelosi’s Pre-Election Stimulus Deadline

The second factor sure to move the Bitcoin price needle one way will be the outcome of the Democrats ultimatum to reach a consensus on a pre-election stimulus package with the White House by Oct.20.

As reported by Blockchain.News, Senate Democrat Nancy Pelosi has put a hard deadline on the stimulus negotiations between Democrats and Republicans as no agreement has yet been reached. House Democrats have proposed a $2.2 trillion relief package, and although President Donald Trump has said that he’s prepared to go beyond his own party’s $1.8 trillion proposal—Senate Republicans remain in favor of a much more modest package and have been pegged as unlikely to support Trump in this compromise.

This outcome of Pelosi’s ultimatum should affect the Bitcoin price one way or the other—largely based on the bet by investors that the trillions in government and central bank money printing and relief spending globally in response to the COVID-19 market disruption will likely lead to very high inflation and US dollar debasement.

This inflation theory is currently being heavily supported by an onslaught of public companies and notable Bitcoin investors such as the Winklevoss Twins and Max Keiser.

For now, a further impasse between the Republicans and Democrats on reaching a stimulus amount agreement could see the Bitcoin price stall or even fall slightly. However, should the two sides reach an agreement by Tuesday, the price of BTC should also rise significantly.

Nancy Pelosi Says Tuesday is Deadline if White House Wants Pre-Election Stimulus, BTC Traders Standby

Democrat House Speaker Nancy Pelosi (D., Calif.) has told the White House it has 48 hours, or until Tuesday, to reach a deal with Democrats if it hopes to provide an additional round of economic stimulus before the elections next month.

Senate Democrat Nancy Pelosi has put a hard deadline on the stimulus negotiations between Democrats and Republicans as no agreement has yet been reached. House Democrats have proposed a $2.2 trillion relief package, and although President Donald Trump has said that he’s prepared to go beyond his own party’s $1.8 trillion proposal—Senate Republicans remain in favor of a much more modest package are pegged as unlikely to support Trump in this compromise.

According to the Wall Street Journal on Oct. 18, when asked about whether a deal was likely to be reached in the 48-hour deadline, Pelosi responded, “That depends on the administration.“ She asserts that the Tuesday deadline, “only relates to if we want to get it done before the election, which we do.”

An aide to Pelosi reportedly told the WSJ, that if no deal is reached by Tuesday it’s unlikely to a stimulus package would be produced before the Nov. 3 election, the WSJ said, quoting an aide to the Senate Democrat.

Republican Tom Reed concurred with the assessment saying that if a stimulus package is not passed before election, it may not happen until February.

Bitcoin Price and Stimulus

In theory, high inflation and the US dollar losing purchasing power will send the Bitcoin price surging as it solidifies its position as a hedge investment and store of value.

This inflation theory is currently being heavily supported by an onslaught of public companies and notable Bitcoin investors such as the Winklevoss Twins and Max Keiser.

Pelosi and Mnuchin Narrow Differences on Pre-Election Stimulus Terms, Will Republicans Compromise?

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin have reportedly narrowed their differences on the terms for a pre-election pandemic relief package after a phone call on Monday afternoon.

In a tweet on Oct.20, Pelosi’s deputy chief of staff Drew Hammill said:

“The Speaker and Secretary Mnuchin spoke at 3:00 p.m. today for approximately 53 minutes. In this call, they continued to narrow their differences. The Speaker has tasked committee chairs to reconcile differences with their GOP counterparts on key areas […] The Speaker continues to hope that, by the end of the day Tuesday, we will have clarity on whether we will be able to pass a bill before the election. The two principals will speak again tomorrow and staff work will continue around the clock.”

On Oct.18, Democrat House Speaker Nancy Pelosi (D., Calif.) told the White House it had 48 hours, or until Tuesday evening, to reach a deal with Democrats if it hopes to provide an additional round of economic stimulus before the elections next month.

House Democrats have proposed a $2.2 trillion relief package, and although President Donald Trump has said that he’s prepared to go beyond his own party’s $1.8 trillion proposal—Senate Republicans remain in favor of a much more modest package and are pegged as unlikely to support Trump in this compromise. The same may be likely in regards to terms reached by Mnuchin and Pelosi last night.

This matters to crypto as Bitcoin has seen a huge increase in value this year, largely based on the bet by investors that the trillions in government and central bank money printing and relief spending globally in response to the COVID-19 market disruption will likely lead to very high inflation and US dollar debasement.

In theory, high inflation and the US dollar losing purchasing power will send the Bitcoin price surging as it solidifies its position as a hedge investment and store of value. For this reason, a number of high profile investors and public companies have reportedly been leveraging the cryptocurrency as a store of wealth and hedge investment.

What could a Democrat Sweep in US Elections mean for Bitcoin?

What would it mean for Bitcoin (BTC), if the Democrats manage to pull off a clean sweep in the coming US elections?

An election outcome where Joe Biden defeats Donald Trump in the presidential race and Democrats win a majority in both chambers of Congress would most likely mean more financial stimulus but could trigger the Federal Reserve to raise interest rates earlier than expected—according to one Morgan Stanley executive.

In a report by CNBC on Oct. 21, Jim Caron a portfolio manager at Morgan Stanley Investment Management said that a Democratic sweep of the election would most likely unleash further financial stimulus that could boost US economic growth prospects beyond 2021—however, a ‘blue wave’ could spur the Fed to raise interest rates much earlier than expected.

As reported by Blockchain.News, the Federal Reserve had originally projected back in September that it would maintain its policy rate of near zero until after 2023. Caron told CNBC that should Democrats sweep Republicans in the coming elections, he expects the FED may bring this timeline for interest rate hikes forward a year.

The Morgan Stanley executive said that the US economy was already expected to rebound in 2021 from the effects of the COVID-19 pandemic disruption—Caron believes that should Democrats win and pass further stimulus funds, it could boost growth impact into 2022.

While the extra growth sounds positive, Caron said that nobody wants to talk about interest rate hikes at the moment, but the effect of the stimulus “could bring the first rate hike by the Fed in from 2024 to 2025 to maybe 2023 to 2024.”

However, the Morgan Stanley investment manager believes the election will raise more questions than provide answers. Many investors are wary of a Biden win as it is expected it could result in higher taxes and tighter regulations, which could have a knock-on effect on lower corporate profits and less economic growth.

What a Blue Sweep Means For BTC’s price

The Bitcoin price today has seen a sharp rise due to the rising potential that a deal will be made between both parties to release another round of relief stimulus prior to the elections after House Speaker Nancy Pelosi said that she and Treasury Secretary Steve Mnuchin have narrowed their differences. The BTC price has risen on this sentiment alone.

As predicted by Caron of Morgan Stanley, a democratic clean sweep in the next election should definitely guarantee further stimulus packages which would be a boost for the stock markets—as Bitcoin and equities have been strongly correlated in recent months—it could also provide a boost to cryptocurrency prices.

Bitcoin investors continue to bet that the continued flood of government and central bank spending to fight the pandemic-caused economic slowdown will eventually lead to high inflation, which would also be beneficial for cryptocurrencies as the US dollar would lose purchasing power and send BTC’s price surging.

This inflation theory is currently being heavily supported by an onslaught of public companies and notable Bitcoin investors such as the Winklevoss Twins and Paul Tudor Jones.

The Bitcoin price currently sits at $12,259 at the time of writing, and should a pre-election stimulus be passed today we could see BTC go on a powerful surge up the price chart.

Stimulus Checks and Gary Gensler: Is President-elect Joe Biden Long on Bitcoin and Altcoins?

Is President-elect Joe Biden long on Bitcoin and cryptocurrency?

President-elect Joe Biden has named a former blockchain professor from MIT, Gary Gensler, to head up the United States Securities and Exchange Commission (SEC) to replace Jay Clayton only a week after a new dollar depreciating plan for $1.9 Trillion in economic stimulus.

Gary Gensler Next SEC Chair

President-elect Biden’s transition team to takeover financial policy of the United States includes former Commodity Futures Trading Commission (CFTC) Gary Gensler who will assume the SEC chair position vacated by Jay Clayton.

Along with his extensive experience in regulating financial markets, Gensler also has a long history in public policy and finance. Gensler is a senior advisor to the MIT Digital Currency Initiative and lectures on blockchain technology at MIT sloan.

The announcement is truly exciting for cryptocurrency advocates as the SEC are desperately in need of a more refined and a balanced approach to crypto regulations in the US—and Gensler has publicly stated that the nascent industry needs public policy to succeed.

Host of CNBC’s Crypto Trader, Ran Neumer posed the question on Twitter:

“I think @JoeBiden is Long BTC and ALTS. Why else would he print so much money and appoint a blockchain professor for MIT as the new chair of the SEC?”

Stimulus and Bitcoin

President-elect Joe Biden also unveiled the details of a $1.9 trillion coronavirus rescue package last Thursday, with several stimulus measures to fight against the COVID-19 pandemic.

With the new US President Joe Biden coming into office, he appears set to continue flooding the market with trillions of dollars of unbacked freshly printed fiat currency, which is exciting news for the Bitcoin bulls.

The new stimulus plan will almost certainly include a provision to increase the amount of the second round of direct payments (that is, stimulus checks) from $600 to $2,000, and there will be more money for vaccine distribution, schools, rental assistance, small business aid, and tax credits.

$1.9 Trillion is a gigantic number, as even all of the circulating Bitcoin added up it is just $711 Billion, which is more than 2.5 times that of Bitcoin’s market capitalization.

From the chart above, we can easily observe that when the M1 Money Stock supply increases, Bitcoin Price also follows. If history repeats itself this time, we may see another surge in Bitcoin price after Biden’s administration plan comes into effect.The Bitcoin price is $37,427 at the time of writing showing an increase of 3.8% in the last 24 hours.