BASHLUX https://coin.bashlux.net Your best way to blockchain and Crypto world Tue, 24 Nov 2020 23:24:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 https://coin.bashlux.net/wp-content/uploads/revslider/Forma-14-80x80.png BASHLUX https://coin.bashlux.net 32 32 Bitcoin Will Be Accepted for Tax Payments in Swiss Canton Zug Next Year https://coin.bashlux.net/blog/59/11/ Sun, 13 Sep 2020 17:11:59 +0000 https://coin.bashlux.net/?p=1610 Bitcoin and ether can be used to pay taxes in the Swiss Canton of Zug starting next tax season. Zug’s crypto valley is home to many cryptocurrency businesses, and by …
Continue reading Bitcoin Will Be Accepted for Tax Payments in Swiss Canton Zug Next Year

Cet article Bitcoin Will Be Accepted for Tax Payments in Swiss Canton Zug Next Year est apparu en premier sur BASHLUX.

]]>

Bitcoin and ether can be used to pay taxes in the Swiss Canton of Zug starting next tax season. Zug’s crypto valley is home to many cryptocurrency businesses, and by accepting bitcoin and ether for tax payments, the canton aims to “promote and simplify the use of cryptocurrencies in everyday life.”

Pay Taxes With Bitcoin

Switzerland’s Canton of Zug announced Thursday that it will start accepting cryptocurrency for tax payments. The Zug Department of Finance is collaborating with local company Bitcoin Suisse to offer tax settlement with cryptocurrencies, starting in the upcoming tax season which begins in February next year. The announcement details:

Beginning in 2021, taxes in the Canton of Zug can be paid using the cryptocurrencies bitcoin and ether.

Companies and private individuals can use BTC or ETH to pay their tax bills of up to CHF 100,000 ($109,900). Partial payments are not accepted. A pilot will take place in the coming weeks to ensure that everything is ready for the upcoming tax season.

Anyone wanting to pay their tax bills with cryptocurrencies may contact the cantonal tax office. They will be provided with the QR code for payment. Zug’s Finance Director Heinz Tännler clarified: “We do not take any risk with this new payment method, as we always receive the amount in Swiss francs, even if payment is made in bitcoin or ether.”

Founded in 2013, Bitcoin Suisse is a regulated Swiss financial intermediary that offers prime brokerage, custody, crypto payments, collateralized loans, staking, and other crypto-financial services for private and institutional clients. The company is currently in the licensing phase for the Swiss and Liechtenstein banking licenses.

As the home of the Crypto Valley, it is important to us to further promote and simplify the use of cryptocurrencies in everyday life. By enabling the payment of taxes with bitcoin or ether, we are taking a big step in this direction.

In January, Zermatt, a Swiss municipality known for its ski resort, announced that it started accepting bitcoin for government services, including payment for local taxes. Meanwhile, the Chiasso municipality started accepting bitcoin for tax payments since January 2018.

By Kevin Helms

 

Cet article Bitcoin Will Be Accepted for Tax Payments in Swiss Canton Zug Next Year est apparu en premier sur BASHLUX.

]]>
Mastercard Launches Digital Currency Testing Platform for Central Banks https://coin.bashlux.net/blog/47/56/ Sun, 13 Sep 2020 16:56:47 +0000 https://coin.bashlux.net/?p=1607   Mastercard has launched a digital currency testing platform aimed at helping central banks test their digital currencies. The system will also demonstrate how consumers can use central bank digital …
Continue reading Mastercard Launches Digital Currency Testing Platform for Central Banks

Cet article Mastercard Launches Digital Currency Testing Platform for Central Banks est apparu en premier sur BASHLUX.

]]>
 

Mastercard has launched a digital currency testing platform aimed at helping central banks test their digital currencies. The system will also demonstrate how consumers can use central bank digital currencies to pay for goods and services wherever Mastercard is accepted worldwide.

Mastercard’s Digital Currency Testing Platform

Global payments company Mastercard announced Wednesday the launch of its “proprietary virtual testing environment” for central banks to evaluate use cases of their central bank digital currencies (CBDCs). The company detailed:

The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.

“Central banks, commercial banks, and tech and advisory firms are invited to partner with Mastercard to assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses today,” the announcement continues.

Emphasizing the need for its new platform, Mastercard cited research by the Bank of International Settlement (BIS) highlighting that about 80% of central banks are researching CBDCs and about 40% have already progressed to the experimental stage.

“Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem,” Raj Dhamodharan, Mastercard’s Executive Vice President of Digital Asset and Blockchain Products and Partnerships, detailed. “This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”

Sheila Warren, Head of Blockchain, Digital Assets and Data Policy at the World Economic Forum, believes that “Collaborations between the public and private sectors in the exploration of central bank digital currencies can help central banks better understand the range of technology possibilities and capabilities available with respect to CBDCs.”

The new platform can be customized for each central bank, allowing them to “Simulate a CBDC issuance, distribution and exchange ecosystem with banks and consumers.” This includes how a CBDC can interface with existing payment networks and infrastructures, including cards and real time payments, Mastercard described. The system can also be used to “Demonstrate how a CBDC can be used by a consumer to pay for goods and services anywhere Mastercard is accepted around the world.”

Mastercard has also been expanding its footprint in the crypto space. In July, the company announced the acceleration of its cryptocurrency card partner program aimed at making it “easier for consumers to hold and activate cryptocurrencies.” Wirex became the first native cryptocurrency platform to be granted the Mastercard principal membership that allows the company to directly issue payment cards. “The cryptocurrency market continues to mature,” Dhamodharan opined, adding that “Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.”

By Kevin Helms

Cet article Mastercard Launches Digital Currency Testing Platform for Central Banks est apparu en premier sur BASHLUX.

]]>
The “Bitcoin Rich List” https://coin.bashlux.net/blog/18/46/ Sun, 13 Sep 2020 16:46:18 +0000 https://coin.bashlux.net/?p=1603    

Cet article The “Bitcoin Rich List” est apparu en premier sur BASHLUX.

]]>

 

 

Cet article The “Bitcoin Rich List” est apparu en premier sur BASHLUX.

]]>
European Union Seeks Strict Regulation of Crypto and Stablecoins https://coin.bashlux.net/blog/41/34/ Sun, 13 Sep 2020 16:34:41 +0000 https://coin.bashlux.net/?p=1600 The European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor cryptocurrencies it considers “significant”, including asset-backed stablecoins like Facebook’s libra. Euractiv, a European news …
Continue reading European Union Seeks Strict Regulation of Crypto and Stablecoins

Cet article European Union Seeks Strict Regulation of Crypto and Stablecoins est apparu en premier sur BASHLUX.

]]>

The European Commission, the executive arm of the E.U., has drawn up regulation to tightly monitor cryptocurrencies it considers “significant”, including asset-backed stablecoins like Facebook’s libra. Euractiv, a European news outlet, first reported the news on Sept.10, citing a leaked 167-page draft crypto proposal.

According to the report, the regulation will seek to tackle bitcoin’s high volatility as well as “risks posed by systemic ones, like libra” by creating a “new college of supervisors” involving existing national and continental regulatory agencies – and one new additional body – all chaired by the European Banking Authority (EBA).

The legislation will be tied to the level of risk posed by each crypto asset, with tougher requirements on issues such as supervision and obligations applied to what it calls “significant e-money tokens”.

For example, the Libra Association, issuers of libra, will have to become a credit institution or an electronic money institution under the supervision of the EBA, with assistance from national bodies. This classification means libra and other notable e-tokens will face stricter regulation compared to other digital firms, said Euractiv.

With a potential reach of 2,7 billion people, Facebook’s libra is particularly feared by authorities around the world. The stablecoin is to be backed by central bank-issued currencies such as the U.S. dollar, and government debt.

Regulators are concerned this could destabilize monetary policy, enable money laundering while eroding user privacy. Some governments, such as France’s, have threatened to block its use within their jurisdictions.

On Friday, Germany, France, Italy, Spain, and the Netherlands said “stablecoins should not be allowed to operate in the European Union until legal, regulatory and oversight challenges have been addressed,” according to Reuters.

Under the Commission’s proposal, digital asset developers should issue a ‘white paper’ detailing information about the issuer, the token, or the trading platform “to enable potential buyers to make an informed purchase decision and understand the risks relating to the offering.”

All these documents must then be approved by national and EU regulators before issuers can start operating. Per the draft text, the EBA will be empowered to investigate, carry out on-site inspections and impose fines equivalent to 5% of the crypto firm’s annual revenue “or twice the amount or profits gained or losses avoided by these systemic cryptocurrencies thanks to the infringement.”

The Commission’s proposal, coming two years after it was first mooted, will be released sometime this year, Euractiv reported.

By Jeffrey Gogo

Cet article European Union Seeks Strict Regulation of Crypto and Stablecoins est apparu en premier sur BASHLUX.

]]>
Morgan Stanley Strategist Recommends Bitcoin https://coin.bashlux.net/blog/19/23/ https://coin.bashlux.net/blog/19/23/#respond Sun, 13 Sep 2020 16:23:19 +0000 https://coin.bashlux.net/?p=1597 Morgan Stanley Investment Management’s chief strategist and head of emerging markets has recommended bitcoin as an alternative investment to stocks amid central banks’ massive money printing policies. He says that …
Continue reading Morgan Stanley Strategist Recommends Bitcoin

Cet article Morgan Stanley Strategist Recommends Bitcoin est apparu en premier sur BASHLUX.

]]>

Morgan Stanley Investment Management’s chief strategist and head of emerging markets has recommended bitcoin as an alternative investment to stocks amid central banks’ massive money printing policies. He says that alternative assets, like gold and cryptocurrency, could keep doing well while stocks struggle.

Morgan Stanley’s Strategist Discusses Stocks, Gold, and Bitcoin

Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management Ruchir Sharma discussed stocks, gold, and also bitcoin in an interview with CNN on Tuesday. The Indian investor and fund manager joined Morgan Stanley in 1996.

Sharma began by explaining that tech stocks and risk assets would really be hurt by rising interest rates. Despite the Federal Reserve’s indication, the strategist believes that interest rates could start to rise “more quickly than we think, possibly even as early as next year.” He explained that we have been seeing “such high stock prices even though the economy is very weak.” Next year, he expects to see the opposite, as the economy rebounds and the covid-19 pandemic is behind us. However, he noted that stocks will struggle “just because of the incredible support they have got from liquidity and interest rates and that support goes away next year.”

When asked about gold and cryptocurrency, Sharma said “it’s a generational thing,” adding that some older investors are still buying gold whereas “some of the younger ones are, the millennials are buying more of the bitcoin and cryptocurrencies.” He added

Generally I think what that’s telling you is that there is this lingering feeling out there that given what central banks are doing in terms of printing so much money there is a search for alternative assets, I think that these assets could keep doing well.

“Gold, in particular, does very well when interest rates, adjusted for inflation, are negative and I see that environment carrying on for a while,” the chief global strategist predicted, adding that even when inflation comes back, central banks are going to be far behind the curve to do anything about it quickly.

However, he said that “Gold is a very speculative asset,” emphasizing that “in the long term, stocks do much better than gold.” He cited an article on The New York Times suggesting that in the last 100 years, the inflation-adjusted return on U.S. stocks is about 7% a year, compared to 1% for gold.

Nonetheless, Sharma still feels that in the next three to five years, “gold is relatively ok.” Reiterating that “central banks are printing so much money and we want some safety out there,” he elaborated:

To have about 5% or so of your portfolio in gold is not a bad idea, and if you’re a bit more adventurous, and I guess it’s more to do with demographics, then obviously search for bitcoin and other cryptocurrencies.

Sharma is not the only one who believes that central banks’ mass money-printing could boost the price of gold and bitcoin. News.Bitcoin.com previously reported on Galaxy Digital CEO Mike Novogratz and an analyst with Weiss Crypto Ratings sharing the same sentiment. Moreover, Devere Group CEO Nigel Green expects bitcoin to break out this year and macro strategist Raoul Pal believes that bitcoin beats gold on every single measure.

Some analysts have predicted that the outcome of the November presidential election could collapse the U.S. dollar, boosting the price of gold and bitcoin. As the Federal Reserve shifts policy to “push up inflation,” some companies have already turned to bitcoin as a hedge against inflation, such as the Nasdaq-listed Microstrategy.

By Kevin Helms

Cet article Morgan Stanley Strategist Recommends Bitcoin est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/19/23/feed/ 0
US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space https://coin.bashlux.net/blog/44/04/ https://coin.bashlux.net/blog/44/04/#respond Thu, 13 Aug 2020 00:04:44 +0000 https://coin.bashlux.net/?p=1580 A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking. These politicians believe America’s ingenuity can help drive this …
Continue reading US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

Cet article US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space est apparu en premier sur BASHLUX.

]]>

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking.

These politicians believe America’s ingenuity can help drive this promising staking technology.

The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert (R) of Arizona.

In their letter addressed to IRS Commissioner Charles Rettig, the quartet expressed concern that the “taxation of staking rewards as income may overstate taxpayers’ actual gains from participating in this new technology.”

They add this could result “in a reporting and compliance nightmare, for taxpayers and the Service alike.”

The letter, in which the U.S. politicians explain their understanding of proof-of-stake (POS), also gives reasons why they favor POS ahead of bitcoin’s proof-of-work consensus.

The politicians say in addition to needing “massive amounts of energy,” the Bitcoin network is “secured by a relatively small number of miners.” On the other hand, in POS, “all tokenholders can contribute to network security.”

By staking tokens, participating third-party tokenholders can also receive newly created tokens as rewards for helping to maintain the network.

The quartet says it agrees with the principle “that taxpayers’ true gains from these tokens should indeed be taxed.”

However, the politicians suggest a different solution:

Similar to all other forms of taxpayer-created (taxpayer-discovered) property — such as crops, minerals, livestock, artwork, and even widgets off the assembly line — these tokens could be taxed when they are sold.

Eager to keep the U.S. abreast with this technology, the congressmen end their letter by urging the IRS to continue pursuing its mandate “but also (to) ensure innovation won’t be driven elsewhere.”

This letter by the four members of Congress is the latest signal that the U.S. is moving to embrace blockchain technology and cryptocurrencies.

In July, the Office of the Comptroller of the Currency (OCC) clarified that national banks and federal savings associations can provide cryptocurrency custody services for customers.

Also in the same month, a U.S. federal court ruled that bitcoin is a form of money.

Meanwhile, reacting to the letter by the U.S. congressmen, Tim Ismilyaev, CEO and founder at Mana Security, says the growth of POS has finally forced some people in the U.S. government to see the importance of embracing cryptocurrencies.

“The US government recognizes the immense growth of assets locked in POS and defi [decentralized finance] markets (over $15B is already locked in such products) although these markets did not exist a few years ago. The value of locked assets is likely to surpass $100B mark in upcoming years, and this will happen with or without US approval. So this move by Congress toward crypto is rational.”

The bipartisan letter was written on July 29.

by Terence Zimwara

Cet article US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/44/04/feed/ 0
Crypto Adoption Soars in Slovenia: Over 1,000 Locations Accept Cryptocurrencies https://coin.bashlux.net/blog/08/55/ https://coin.bashlux.net/blog/08/55/#respond Wed, 12 Aug 2020 23:55:08 +0000 https://coin.bashlux.net/?p=1577 Cryptocurrency adoption is growing rapidly in Slovenia. More than 1,000 locations in the country now accept cryptocurrency payments, including cafes, restaurants, dentists, hair salons, and hotels. Cryptocurrency Adoption Soars in …
Continue reading Crypto Adoption Soars in Slovenia: Over 1,000 Locations Accept Cryptocurrencies

Cet article Crypto Adoption Soars in Slovenia: Over 1,000 Locations Accept Cryptocurrencies est apparu en premier sur BASHLUX.

]]>

Cryptocurrency adoption is growing rapidly in Slovenia. More than 1,000 locations in the country now accept cryptocurrency payments, including cafes, restaurants, dentists, hair salons, and hotels.

Cryptocurrency Adoption Soars in Slovenia

The number of locations accepting cryptocurrencies through the Gocrypto payment system has surpassed 1,000, Gocrypto announced last week. These locations include cafés, restaurants, taxis, mechanics, dentists, hair salons, hotels, and sports facilities. Among them are major retailers, such as the Tuš supermarkets, Slovenia’s biggest electronic seller Big Bang, Atlantis Water Park, and Burger King Slovenia.

Noting that “you can just use your crypto wallet when getting around your daily life,” Gocrypto remarked:

Slovenia [is] taking the global lead as the country with the highest number of physical locations accepting cryptocurrencies.

According to its website, Gocrypto is currently present in 15 countries and more than 150,000 products can be bought using its system. The countries are Argentina, Austria, Bulgaria, Colombia, Croatia, Czechia, Hungary, Japan, Portugal, Romania, Slovakia, Slovenia, Switzerland, the U.K., and Venezuela. In some countries, the system is operated by Gocrypto’s partner Xpay.

At the time of this writing, the Gocrypto website is showing 1,416 merchants using its system, only 95 of which are online stores.

The Gocrypto system consists of one or more point-of-sale (POS) terminals connected to the Gocrypto payment network. Customers can use bitcoin, bitcoin cash, ether, the euro token, and Gocrypto’s native token GOC to pay for goods and services. Merchants receive payments in their local currency. Currently, Gocrypto is compatible with the Elly wallet app and the Bitcoin.com Wallet.

The first version of Gocrypto, Elipay, was tested at BTC City Ljubljana, one of Europe’s biggest shopping centers, which has about 21 million visitors a year.

Merchants accepting cryptocurrencies can also be found on websites such as Acceptbitcoin.cash and Green Pages. In addition, map.Bitcoin.com currently shows about 500 merchants accepting bitcoin cash in Slovenia.

 

 

Cet article Crypto Adoption Soars in Slovenia: Over 1,000 Locations Accept Cryptocurrencies est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/08/55/feed/ 0
Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook https://coin.bashlux.net/blog/48/30/ https://coin.bashlux.net/blog/48/30/#respond Wed, 12 Aug 2020 23:30:48 +0000 https://coin.bashlux.net/?p=1574 Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. …
Continue reading Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Cet article Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook est apparu en premier sur BASHLUX.

]]>

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project.

Goldman Sachs’ Cryptocurrency Plan

Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on Thursday, quoting the new digital assets chief as saying:

We are exploring the commercial viability of creating our own fiat digital token.

However, McDermott added that “it’s early days as we continue to work through the potential use cases.” He is expanding his team at Goldman Sachs, reportedly hiring Oli Harris, JPMorgan Chase’s head of digital assets strategy. Harris was involved in JP Morgan’s cryptocurrency, the JPM coin, and was also a vice president in charge of Quorum, the ethereum-based blockchain platform that underpins the JPM coin. The coin, pegged to the U.S. dollar, enables the instantaneous transfer of payments between institutional clients, JPMorgan explained on its website.

The new digital assets head said that it is crucial to build “consensus with other banks, institutional investors and regulators,” the publication noted. He believes that “The technology will only take off when it gains a critical mass of users across the world of finance” and “industry consortiums are the best way forward.”

McDermott further explained that he “spends a lot of time talking to other companies, including JPMorgan and Facebook.” The social media giant has proposed a cryptocurrency project called Libra, which recently updated its plans to better comply with regulatory requirements. According to CNBC, he indicated:

One Goldman project involves collaboration with JPMorgan, potentially regarding how the two banks’ nascent technology efforts could work together.

“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” the new digital assets head opined.

He believes that “Since the boom days of bitcoin a few years ago, interest has shifted from retail and rich investors to large institutions,” the publication conveyed. “We’ve definitely seen an uptick in interest across some of our institutional clients who are exploring how they can participate in this space … It definitely feels like there is a resurgence of interest in cryptocurrencies,” McDermott was quoted as saying.

Goldman Sachs has not been pro-cryptocurrency in the past. In May, the investment bank told its clients that “cryptocurrencies including bitcoin are not an asset class.”

by Kevin Helms

Cet article Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/48/30/feed/ 0
Coinbase Sees More Institutional Investors Buying Bitcoin in H1 https://coin.bashlux.net/blog/03/29/ https://coin.bashlux.net/blog/03/29/#respond Fri, 31 Jul 2020 13:29:03 +0000 https://coin.bashlux.net/?p=1570 Coinbase says more institutional investors are now using its platform to build direct positions in the cryptocurrency market. Crypto fund managers are now getting more backing from institutional investors that …
Continue reading Coinbase Sees More Institutional Investors Buying Bitcoin in H1

Cet article Coinbase Sees More Institutional Investors Buying Bitcoin in H1 est apparu en premier sur BASHLUX.

]]>

Coinbase says more institutional investors are now using its platform to build direct positions in the cryptocurrency market.

Crypto fund managers are now getting more backing from institutional investors that see the crypto market as an alternative investment strategy.

In a report, the exchange says it observed a “noticeable uptick in institutional business’s growth” in the first half of the year.

According to Coinbase, the “greater visibility of reputable investors warming up to digital assets” is also helping to fuel growing “confidence among this community.”

In May, a hedge fund, Tudor Investment Corporation, disclosed it had taken positions in bitcoin. At the time of this announcement, there were reports quoting the hedge fund’s CEO, Paul Tudor Jones, arguing that bitcoin is a better hedge against inflation.

Jones predicted that the record central banks’ monetary expansion of 2020 will be a “potential catalyst for an increased interest in bitcoin.”

On Monday, July 27, the price of bitcoin passed $10,000 for the first time in several weeks before breaching the $11,000 mark. At the time of writing, the price of bitcoin is oscillating between $10,500 and $11,000.

The recent bitcoin price movement coincided with reports suggesting an imminent release of a second stimulus check for Americans.

In the meantime, Coinbase acknowledges that its “investors are still in the early days of untangling the relationship between macroeconomic policy and crypto.”

Nevertheless, Coinbase says it is seeing a “growing base of our institutional clients organizing around the thesis that BTC provides exposure to an alternative monetary policy system with supply mechanics that are diametrically opposed to those of central banks in 2020.”

Coinbase’s institutional investors demand deeper capabilities to help them allocate and trade. In response to client demand, the exchange says it is building market-leading brokerage services.

The recent acquisition of Tagomi fits the leading exchange’s plan to bolster “our offerings for advanced traders and the most sophisticated crypto investors.”

Coinbase adds it will continue to invest in leading data analytics businesses through Coinbase Ventures.

By Terence Zimwara

Cet article Coinbase Sees More Institutional Investors Buying Bitcoin in H1 est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/03/29/feed/ 0
Goldman Sachs Warns US Dollar Risks Losing World Reserve Currency Status, Gold and Bitcoin Soar https://coin.bashlux.net/blog/11/23/ https://coin.bashlux.net/blog/11/23/#respond Fri, 31 Jul 2020 13:23:11 +0000 https://coin.bashlux.net/?p=1567 Goldman Sachs has warned that the U.S. dollar may lose its status as the world’s reserve currency. The investment bank is bullish on gold as fears over governments debasing their …
Continue reading Goldman Sachs Warns US Dollar Risks Losing World Reserve Currency Status, Gold and Bitcoin Soar

Cet article Goldman Sachs Warns US Dollar Risks Losing World Reserve Currency Status, Gold and Bitcoin Soar est apparu en premier sur BASHLUX.

]]>

Goldman Sachs has warned that the U.S. dollar may lose its status as the world’s reserve currency. The investment bank is bullish on gold as fears over governments debasing their fiat currencies grow and real interest rates are pushed to all-time lows.

Goldman Sachs’ Dollar and Gold Predictions

American investment bank and financial services company Goldman Sachs warned on Tuesday that the U.S. dollar is at risk of losing its status as the world’s reserve currency. Goldman Sachs’ strategists wrote:

Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.

The strategists explained that the U.S. dollar faces several risks. Citing that the debt level in the U.S. has now exceeded 80% of the country’s gross domestic product, they anticipate that the government and central bank may allow inflation to accelerate.

“The resulting expanded balance sheets and vast money creation spurs debasement fears,” they described, adding that this creates “a greater likelihood that at some time in the future, after economic activity has normalized, there will be incentives for central banks and governments to allow inflation to drift higher to reduce the accumulated debt burden.”

Other factors such as increased political uncertainty and growing concerns of another coronavirus infection spike also impact the dollar.

Meanwhile, the price of gold hit an all-time high on Monday, climbing to $1,931 an ounce, prompting a widespread expectation that $2,000 an ounce could soon be reached. Gold’s record-breaking rally even had Goldman Sachs revise its forecast to $2,300 an ounce in the next 12 months after the firm previously discarded its own forecast of $2,000. Gold is up around 7% over the past month while the ICE U.S. Dollar Index DXY dropped 3.7%.

The Goldman strategists explained:

Gold is the currency of last resort, particularly in an environment like the current one where governments are debasing their fiat currencies and pushing real interest rates to all-time lows.

Bitcoin has also been named a safe haven asset for the current environment. Galaxy Digital CEO Mike Novogratz, for example, believes that with central banks mass printing money, it is “an amazing environment for both being long gold and long bitcoin.”

Even JPMorgan’s analysts wrote in a February report that cryptocurrencies should be in a portfolio “because they can uniquely hedge a yet-unseen environment entailing simultaneous loss of confidence in the domestic currency and its payments system.” Like Goldman Sachs, JPMorgan has also questioned the U.S. dollar’s status as a reserve currency, the company outlined in a report published in October last year.

Bitcoin is currently trading at about $10,978, after crossing the $11K mark the previous day. The cryptocurrency is up approximately 17% since last week and 54% since the beginning of the year.

Do you think the USD will lose its status as the world’s reserve currency? Let us know in the comments section.

By Kevin Helms

Cet article Goldman Sachs Warns US Dollar Risks Losing World Reserve Currency Status, Gold and Bitcoin Soar est apparu en premier sur BASHLUX.

]]>
https://coin.bashlux.net/blog/11/23/feed/ 0