Today in crypto, Elon Musk showed support for ending the Federal Reserve Bank, Edward Snowden described Solana as “born in prison” due to its heavy venture capital funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently, and Bitcoin broke through the $79,000 price level for the first time
Elon Musk wants to end the Fed
Billionaire Elon Musk appeared to back calls to end the Federal Reserve Bank by retweeting a social media post from Utah Senator Mike Lee, who argued that the Bank needs greater oversight from the Executive Branch of the United States.
Lee claimed that the current lack of sufficient executive oversight over the bank is a deviation from the Constitution of the United States and called for ending the Fed entirely.
Musk reposted Lee’s argument with a 100% emoji — echoing widespread calls from sound money advocates to abolish the central bank established in 1913.
Snowden calls for decentralization, criticizes VC influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok, Thailand.
Speaking on topics like cryptocurrencies, artificial intelligence and blockchain technology, Snowden also addressed the impact of venture capital (VC) on blockchain projects, using Solana as an example.
He described Solana as “born in prison” due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
While he acknowledged Solana’s rapid growth, Snowden expressed concerns that too much ownership has been ceded to investors, though he noted Solana could “become something” in the future.
Throughout his talk, Snowden emphasized the importance of decentralization in countering the expansive surveillance capabilities enabled by AI.
He warned of AI-driven surveillance allowing governments and corporations to process large volumes of personal data in real time, potentially paving the way for live data analysis on a massive scale:
“They want to train it on everything, and they want to be able to say, you know, who looks anomalous […] Look at everybody, look at the whole human body, and pick out anybody who is weird.”
Bitcoin breaks $79,000 and “no rash action is needed,” says analyst
Bitcoin’s price has soared through the $79,000 price level for the first time ever in a week where it has reached several new highs since Donald Trump was reelected as United States president.
On Nov. 10, 05:00 UTC, Bitcoin 
BTCUSD reached $79,141 on the cryptocurrency exchange Coinbase. However, traders warned not to make any impulsive moves just yet.
Bitcoin analyst Tuur Demeester wrote in a Nov. 10 X post that “no rash action is needed, HODLing does the work for you.” He further stated:
“$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Popular crypto analyst Invest Answers told their 227,400 X followers, “We’re taking off,” following Bitcoin breaking through the $79,000 price.
Echoing a similar sentiment, crypto commentator Rain stated, “We are so back” to their 148,000 X followers.
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2024-11-10 21:01:00