Kiffmeister’s #Fintech Daily Digest (08/23/2020)

How to fix the Covid stimulus payment problem: Accounts, information, and infrastructure

To improve its ability to deliver economic impact payments to individuals, the federal government should:

  • Require all financial institutions to offer no/low-cost basic banking services, similar to the Bank On initiative and the FDIC’s Safe Account programs. 
  • Empower consumers and regulators to vet the “do not bank” list to enhance access (a list comprised of people who have had accounts flagged for money laundering or fraud violations). Offering universal accounts will not help those who are blackballed.  
  • Connect existing information between silos to effectuate payments, gathering and retaining information where it is lacking.
  • Require immediate funds availability for all Treasury payments. A real-time payment system is not essential to put such a requirement in place.

Bitcoin Whale Sold at $12,000 BTC Price After HODLing for 2 Years

A Bitcoin (BTC) whale took profit after two years. Data from Whalemap suggests the whale purchased nearly 9,000 BTC in the third quarter of 2018. The whale held on to the BTC for nearly 22 months, through two major capitulation phases. Bitcoin dropped to sub-$4,000 level twice, first in January 2019 and second in March 2020. The investor waited through both periods, ultimately selling at around $12,000. 

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