The founder of asset management firm Skybridge Capital, Anthony Scaramucci, has predicted that the price of bitcoin will reach $100,000 before the year-end simply due to supply and demand. “You don’t have a lot of supply out there and very heavy demand,” he said. His firm currently has over half a billion dollars in bitcoin.

Skybridge Capital founder and managing partner Anthony Scaramucci talked about his expectations for the price of bitcoin and his firm’s investment in the cryptocurrency during an interview with CNBC last week.

Noting that he sees ferocious demand in bitcoin while its supply is decreasing, Scaramucci expects the price of the cryptocurrency to double by the end of the year. The Skybridge Capital founder remarked:

I do think we see $100,000 in this coin before year-end … It’s just a supply and demand situation. You don’t have a lot of supply out there and very heavy demand.

Bitcoin’s price has been climbing rapidly, hitting multiple all-time highs over the past week. The cryptocurrency has already gained almost 76% since the beginning of the year. Its market capitalization has surpassed $1 trillion. At the time of writing, the price of bitcoin stands at $56,575.

The demand for bitcoin has been fast growing, particularly from institutional investors, which did not exist during the 2017 bitcoin bull run. However, according to blockchain analytics firm Glassnode, 78% of the bitcoin supply is not liquid. The firm says: “Currently 14.5M BTC are classified as illiquid, leaving only 4.2M BTC in constant circulation that are available for buying and selling.”

Scaramucci cautioned individual investors: “The thing is volatile, and again I want to be cautious with individual investors … Be cautious.” As for his own asset management firm, he said:

We like it. We have over a half a billion dollars in bitcoin right now. And obviously, our bitcoin fund started in December. It’s done quite well.

Skybridge launched its bitcoin fund in December last year with $25 million of its own capital. The fund opened to outside investors in January and debuted with $310 million. Scaramucci said his firm “could be at the precursor of an avalanche of institutional investors heading in,” as orders were “building up from a large swath of institutions for the first quarter of 2021.”

Major companies have recently been scooping up bitcoins, including Elon Musk’s Tesla, which bought $1.5 billion worth of BTC in January. Other major companies that have already invested in bitcoin include Jack Dorsey’s Square Inc. and mega insurer Massmutual.

Furthermore, the Nasdaq-listed Microstrategy had accumulated 70,784 bitcoins as of Jan. 27 and has completed a $1.05 billion convertible note offering to buy more BTC. A large number of bitcoins are also acquired by investment funds, including Grayscale Bitcoin Trust and an array of bitcoin exchange-traded products (ETPs) and bitcoin exchange-traded funds (ETFs).

What do you think of Skybridge’s prediction? Let us know in the comments section below.

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TL;DR Breakdown:

The largest cryptocurrency, Bitcoin (BTC), has seen a massive increase this week since the announcement that Tesla, one of the S&P 500 listed companies, bought $1.5 billion worth of the cryptocurrency. On the 11th of February, the cryptocurrency reached another all-time high in price, pushing its market capitalization above that of the three largest US banks – JP Morgan Chase, Bank of America, and Wells Fargo – combined. 

At the time of writing, the leading cryptocurrency was trading at $47,328 on Coinmarketcap, with a 24 hours price change of 6.07 percent and 26.70 percent on a seven-day count. With the current circulating supply of 18,626,425 BTC, the crypto has a market capitalization of over $881 billion, per Coinmarketcap. This is largely greater than the market valuation of JP Morgan, BofA, and Wells Fargo combined. 

Following the market information on Companiesmarketcap, JP Morgan, the largest US bank, has a market valuation of $424.68 billion, followed by the Bank of America with $284.43 billion, and Wells Fargo with $135.59 billion. In total, these companies account for $844.7 billion in capitalization, which is about $36 billion below Bitcoin’s market valuation. 

Note that, earlier today, BTC reached a market valuation of $900 billion, which is the highest record ever. This came as the price reportedly touched a new all-time high of $49,000 on Bitstamp exchange, before the slight drop. However, industry experts like Anthony Pompliano think that Bitcoin’s next stop in capitalization will be $1 trillion. 

The Central Bank of Kenya in a historical decision has decided to switch to use Bitcoin as a Reserve currency in order to resolve growing financial problems in the country as per a report from Daily News Arena.

It's Happening!

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 11, 2021

Patrick Njoroge, Central Bank Governor said that the decision was taken after considering numerous factors including a shortage of foreign currency reserves, increase velocity of money, and shield Kenya from exploitative loans that threaten the sovereignty of Kenya. He explained,

“Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued. This has led to too much pressure on the Kenyan Shilling and this has a negative effect on the economy. We are losing too much simply because someone at IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”

The Central Bank Governor reportedly said that they intend to use Bitcoin to reduce their growing foreign exchange losses and help them reduce their national debt. The decision should not come as a surprise to many as Kenya has emerged as the leader in mobile money and have also used bitcoin and other cryptocurrencies as the bridge currency.

The decision by the Kenyan central bank is in quite a contrast to the Nigerian Central Bank’s recent decision to impose a banking ban on crypto traders and exchanges in the country. The decision by the Kenyan central bank also comes on a day when the US Treasury Secretary claimed that Bitcoin would never find its way into the central banks.

The institutions have already started using Bitcoin as a Treasury Reserve asset by converting a portion of their treasury cash into Bitcoin. Now the governments especially the developing nations financially crippled by trade sanctions and a declining national economy.

The article was reportedly published by a Satire Website

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BYN Mellon, a New York-based banking giant has announced that it would soon start offering various services for Bitcoin (BTC), among other cryptocurrencies. A report unveiled this news on February 11, noting that the bank intends to hold, transfer, and issue crypto on behalf of its asset-management clients. Reportedly the bank hopes to avail these services before the end of the year.

According to the report, the bank is working on developing a platform, which is currently a prototype, that will let cryptocurrencies pass through the same financial network it uses for traditional holdings, such as bonds and equities. Although the work is yet to be completed, the bank has allegedly started welcoming its clients to let it handle their crypto.

Per Regelman, three factors compelled the bank to dip its toes in the crypto sector. These are growing client demand for digital assets, the maturity of advanced solutions, and improving regulatory clarity. Seeing as things lined up, the bank decided to expand its current service offerings to include the burgeoning crypto sector.

Mike Demissie, a BNY Mellon executive that heads the bank’s digital assets unit said there has been an increase in institutional interest in BTC and the crypto market as a whole. He added that there has been an overall shift in sentiment, regarding digital currencies, and that digital assets are the future.

Following this news, BNY Mellon’s shares rose 2% in premarket trading. On the other hand, BTC is up 8.23% over the past 24 hours to trade at £34,429. 

Bitcoin and other cryptocurrencies took another leap towards the financial mainstream Thursday when Wall Street player BNY Mellon announced plans to accept digital currencies.

BNY Mellon, which is known as the oldest US bank, said it will form a new digital assets unit to transfer, safeguard and issue digital assets in response to client demand.

The move comes as bitcoin values continue to climb to new heights after receiving a legitimacy boost when Tesla and Mastercard announced they would accept the digital currency, even as many regulators remain sceptical of the volatile currency.

READ ALSO: Cryptocurrency: Senate summons CBN gov, DG SEC

BNY Mellon, which was founded by the first US Treasury Secretary Alexander Hamilton in 1784, described the move as a response to market demand.

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, chief executive of asset servicing.

“Growing client demand for digital assets, the maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”

Prices of bitcoin climbed further Thursday, rising to $48,364 at 1320 GMT, a new all-time high.

Electric automaker Tesla, which is led by bitcoin enthusiast Elon Musk, on Monday announced a $1.5 billion investment in the digital money and plans to accept the cryptocurrency from customers purchasing vehicles.

READ ALSO: ‘No going back’, organisers list reasons for fresh Lekki tollgate protest

Mastercard followed suit on Wednesday announcing plans to start accepting “select cryptocurrencies” directly on its network for the first time.

Mastercard already has ventures with cryptocurrency outfits for consumers, but those funds are converted back to traditional currencies before entering the credit card network.

“Our change to supporting digital assets directly will allow many more merchants to accept crypto,” Raj Dhamodharan, Mastercard’s executive vice president for digital assets, said in a statement.

Despite the surge in bitcoin, sceptics note the currency remains highly volatile.

During her Senate confirmation hearing, newly-installed Treasury Secretary Janet Yellen said cryptocurrencies are vulnerable to illicit finance.

Uber Technologies Chief Executive Dara Khosrowshahi told CNBC the ride-hailing company has no plans to follow Tesla and purchase bitcoin with corporate cash.

“We’re going to keep our cash safe,” Khosrowshahi said. “We’re not in the speculation business.”

READ ALSO: Explosions rock Rivers PDP Secretariat

But Uber will assess customer interest in using bitcoin.

“If there’s a need there, we’ll do it,” Khosrowshahi said.

General Motors Chief Executive Mary Barra said Wednesday the carmaker has no plans to invest in bitcoin.

“This is something we’ll monitor and we’ll evaluate,” Barra said on a conference call with analysts. “If there’s strong customer demand for it in the future, there’s nothing that precludes us from doing that.”

AFP

The coastal east African country, also the world leader in mobile money technology has lately revealed that it would consider a shift to using bitcoin as a reserve currency for international transactions including loan acquisition and repayment, replacing the volatile Kenyan shillings. This declaration was made by the nation’s central bank governor, Patrick Njoroge.

For so long in Kenya, cryptocurrencies were neither regulated nor backed by the government and are not considered a legal tender. However, recent developments indicate that the nation is close to making crypto legal for securities. Some businesses in Kenya accept bitcoin including the famous Nairobi-based Health Land Spa as a means of payment.

A 2019 report put total bitcoin transactions in Kenya at $1.5m. Unsurprisingly, another research report by Citi bank ranked Kenya among the top countries in terms of per capita bitcoin holding only after Russia, New Zealand, Nigeria and Ukraine. 

According to the Central Bank Governor, Kenya is overwhelmed with national debts, which are normally paid in foreign currencies, hence, costing the nation heaps in terms of exchanges. Lending countries have always held that debt repayments be done in foreign currencies and not the “volatile” Kenyan shillings. With bitcoin or any crypto, this loss will be avoided as the central bank wouldn’t need to exchange funds for another currency.

Although the cryptocurrency concept is highly controversial, with some of the world’s richest figures critiquing it and others backing it, most economists are in support of the sentiment that crypto presents a huge development potential for developing nations such as Kenya with soaring national debt. As of 2019, Kenya’s national debt amounted to over USD 54 billion, more than half of its GDP. The use of cryptocurrencies such as bitcoin would reduce losses incurred in foreign exchanges, offer maximum financial freedom, reduce money printing costs, and boost economic growth.

The African continent has lately witnessed a high wave of cryptocurrency growth and development since the outbreak of COVID-19, as per the report by CoinIdol, a world blockchain news outlet. In countries like Uganda, governments, though not legally backing crypto, have informally embraced its development.

The move by Kenya to introduce the use of bitcoin as a reserve currency would greatly reduce unnecessary losses, financial dependence, and boost economic growth.

The president of the Federal Reserve Bank of St. Louis, James Bullard, has shared his view on the future of bitcoin. He is confident that the cryptocurrency poses no threat to the U.S. dollar. Referencing the unpopularity of various versions of dollars issued before the Civil War by banks, Bullard predicts the same fate will happen to bitcoin.

James Bullard said in an interview with CNBC last week that increasing interest in bitcoin, coupled with all-time high prices, does not pose a threat to the U.S. dollar as the world’s reserve currency. Bullard is an economist who has been the president of the Federal Reserve Bank of St. Louis since 2008.

“I just think for Fed policy, it’s going to be a dollar economy as far as the eye can see — a dollar global economy really as far as the eye can see — and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn’t really affect that,” the St. Louis Fed president explained.

Bullard expressed concerns about widespread financial transactions using different cryptocurrencies that are not issued by governments. “Dollars can be traded electronically already, so I’m not sure that’s really the issue here. The issue is privately issued currency,” he asserted.

He then referenced the time before the Civil War, describing that at the time it was common for banks to issue their own currencies. He likened the situation to financial institutions — such as Bank of America, JPMorgan, and Wells Fargo — all having distinct brands of dollars, elaborating:

They were all trading around and they traded at different discounts to each other, and people did not like it at all. I think the same thing would occur with bitcoin here.

“You don’t want to go to a nonuniform currency where you’re walking into Starbucks and maybe you’ll pay with ethereum, maybe you’ll pay with ripple, maybe you’ll pay with bitcoin, maybe you’ll pay with a dollar. That isn’t how we do this. We have a uniform currency that came in at the Civil War time,” he affirmed.

Regarding whether bitcoin or other cryptocurrencies pose a threat to the U.S. dollar, Bullard stressed that competition is nothing new and has existed for centuries. “It is a currency competition, and investors want a safe haven. They want a stable store of value, and then they want to conduct their investments in that currency,” he described.

The president of the Federal Reserve Bank of St. Louis proceeded to make examples of the euro and the Japanese yen as competing currencies. “Neither of those is going to replace the dollar,” he emphasized, concluding:

It’d be very hard to get a private currency that’s really more like gold to play that role so I don’t think we’re going to see any changes in the future.

Do you think bitcoin poses a threat to the U.S. dollar? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The Bank of New York Mellon, BNY Mellon, has set up a digital asset unit. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies on behalf of its clients. The bank aims to eventually treat cryptocurrencies like any other assets.

The oldest bank in the U.S., BNY Mellon, announced Thursday “the formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies.”

BNY Mellon is a global investments company with a presence in 35 countries. As of Dec. 31, 2020, the bank had $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management, according to its website.

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, the bank’s CEO of Asset Servicing and head of Digital. “Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.”

The team will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon. He commented:

The digital assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets.

//--> //-->

“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, BNY Mellon’s head of Custody. “Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments.”

While the bank’s official announcement does not mention which cryptocurrencies will be supported, the Wall Street Journal reported the bank “will hold, transfer and issue BTC and other cryptocurrencies on behalf of its asset management clients.” The bank further plans to eventually treat digital currencies like any other assets.

Regelman explained that “Digital assets are becoming part of the mainstream,” noting that “Until now, those money managers have had to use separate custodians for their cryptocurrency holdings.”

What do you think about BNY Mellon offering bitcoin services? Let us know in the comments section below.

Article source

Blue Ridge Bank of US state of Virginia will be the first public bank in the United States, where ATMs will have the function of buying Bitcoin.

In the United States, since 2013, there have been ATM machines for buying first cryptocurrency. But in banking sector, it is Blue Ridge Bank that will be the first public bank to provide such a function.

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The decision to launch Buying Bitcoin feature was made due to the high demand for Bitcoin.

Blue Ridge Bank CEO Brian Plum told the local Richmond Times-Dispatch:

“We are trying to anticipate the needs of our customers, both present and future,”

To work with cryptocurrencies, Blue Ridge has entered into an agreement with the national ATM operator BluePoint ATM Solutions and LibertyX, a company that develops software for ATM.

To buy BTC at Blue Ridge Bank ATMs, users need to install the LibertyX mobile app on their smartphone, as well as create a wallet for digital assets.

At the same time, any users, not only Blue Ridge Bank customers, will be able to buy Bitcoin at ATMs. In addition, users will be able to exchange their BTC and receive cash immediately.

Recall that in September last year, the number of ATM’s for buying Bitcoin, around the world exceeded 10,000. At the moment, according to the Coin ATM Radar resource, the number of such devices exceeds 15,000.

Following the outcry over the Central Bank of Nigeria’s latest directive that targets cryptocurrencies, the institution has reaffirmed its stance with another statement. In the latest five-page document, the CBN insists that this directive is intended to protect the country’s financial system from the “risks” that are associated with cryptocurrencies.

Despite the apparent embrace of cryptocurrencies, the CBN statement appears to ignore this evidence. Instead, the statement relies on unsubstantiated claims to justify the CBN’s decision to sideline crypto players from the banking system. For instance, the CBN claims that China has “completely banned and all exchanges (are) closed as well.” In another instance, the CBN attempts to discredit cryptocurrencies by invoking billionaire investor Warren Buffett’s infamous remarks about bitcoin.

Using these and other debunked claims, the press statement then concludes that the CBN “has no comfort in cryptocurrencies at this time.” Consequently, the central bank says it will “continue to do all within its regulatory powers to educate Nigerians to desist from its use.”

In the meantime, as anger at the directive to banks grows, the CBN’s statement explaining this decision is seemingly failing to calm nerves. Some crypto players have suggested they might have to leave their country of birth and seek opportunities elsewhere. However, for some crypto players like Adedayo Adebajo, this CBN decision was inevitable. Adebajo, who is the managing director at Jelurida Africa, a consultancy firm, points to the recent Endsars protests as one factor that contributed to this changed approach by the central bank.

Towards the end of 2020, when the CBN ordered the freezing of bank accounts that were associated with leaders of the Endsars protest movement, organizers began to ask for donations in bitcoin instead. As a result, donations to bankroll the Endsars continued to flow in and this has since inspired other activists as Adebajo explains:

Again recently (cryptocurrencies were) used to raise funds for Sunday Ighoho, an activist acting in the interest of the people. My question is, will the CBN reinstate the cryptocurrency support if the fundraising is carried out in support of the sitting government? Situations like this provide more reasons why decentralization, as offered by the blockchain technology, is highly required in Africa.

Meanwhile, the condemnation of the CBN decision has also come from crypto influencers from outside Nigeria. For instance, after reports of this directive began circulating, prominent bitcoin educator, Andreas Antonopoulos tweeted: “Disappointing policy from Nigeria.”

In the meantime, Alexander Belov, a co-founder at Coinstelegram Media and Fund, tells news.Bitcoin.com that this CBN directive has more to do with the state of that country’s economy. The Nigerian economy, which has been hit hard by the global pandemic, is facing ongoing shortages of foreign exchange.

Foreign exchange shortages, in turn, force many to switch to cryptocurrencies which can be bought via local exchanges. Therefore, by banning banks from accommodating cryptocurrency entities, the CBN is trying to force Nigerians to return to traditional banking channels which it controls. The directive could also be an attempt to mask the real challenges besetting that economy as Belov explains:

It (the directive) just shows the willingness of countries with weak economies to toughly respond to the growth of crypto adoption among the population in order to protect their economies and banking system.

What do you think is going to be the final outcome of this directive? You can share your views in the comments section below.

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The Philippine Central Bank starts using cryptocurrencies as a mean of reducing the use of fiat money and to also improve the delivery of financial services in the country. The country is still learning how to launch its own digital currency but it is getting closer each day so let’s learn more about it in the latest crypto news today.

Bangko Sentral ng Pilipinas or BSP The Philippine central bank starts using crypto as the governor Benjamin Diokno said that digital tokes will expand the reach and will lessen the costs of financial services as well as reduce the use of fiat money. Diokno said that digital tokens will improve the way central banks provide services to citizens.

The Philippines is one of the few countries that is studying how to launch its own digital currency. The BSP said that the studies will take a look at the feasibility of the potential policy implications of the central bank digital currencies. The country even launched the blockchain-powered platform to distribute the government issued bonds as well. CBDCs allow central banks to lower costs and will enable them to implement monetary policies. Central Bank Digital Currencies can also be distributed to citizens digitally.

The Singapore-based blockchain firm BCB Blockchain is making waves in the industry this month. As we reported in the blockchain news earlier, the government of the Philippines and BCB Blockchain have signed a memorandum of agreement (MoA) under which one branch of the Philippines Department of Science and Technology (DOST) will support the development of local smart cities. This joint initiative will facilitate the development of local startups which are focused on the creation of smart city projects as well as applications. In the partnership, the Philippines and BCB Blockchain will work towards research and development, promotional activities, hackathons, collaborative endeavors, smart city projects, and other initiatives. The official statement reads the following:

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Photo by Ryan Song on Unsplash BeefChain is a Wyoming-based traceability solution on a quest to track the origin of cattle and sheep using Cardano. Aside from its strong Wyoming connections, it was Atala TRACE, a traceability solution built on top of Cardano, that made the blockchain a perfect choice for BeefTrace, which aims to promote more sustainable farming practices by making it easy for end customers to track the quality and origin of the products they buy. The global conversation about sustainability has put farming under the spotlight, with many highlighting cattle farming as one of the biggest polluters in the world. Reducing the global consumption of meat is believed to be one of the easiest ways to fight climate change and protect the environment in the short-term. However, as wiping out all farming isn’t and probably won’t be a viable option, many have focused on promoting sustainable practices that reduce the environmental impact farming has. One of those projects is BeefChain, a blockchain traceability solution that enables unique animal identification and ensures the origin of cattle and sheep. Based in Wyoming, the project is currently trialing its technology on around 1,600 calves from six family-owned ranches in the country. While the idea behind BeefChain isn’t all that novel, using blockchain to track and store unique information about individual cattle certainly is. According to the company, blockchain allows customers to easily scan a product and track its origin back to the farm where the cattle were raised. Enabling consumers to track the origin of the meat they consume will help increase the market share of sustainable farmers and give them access to fairer prices, the company explained. However, for this to work, BeefChain’s tracing solution needs to be scalable, easy-to-use, and widely available to end consumers. That’s why the company decided to build its platform on top of Cardano. Aside from Cardano’s strong Wyoming connections, where several labs are currently knee-deep in developing Cardano-based products, it was the traceability solution available on the blockchain that made it attractive to BeefChain—Atala TRACE is a supply-chain traceability solution built on top of Cardano the company plans on leveraging. “Atala TRACE empowers product owners to improve the visibility of their supply chain, bringing transparency to the end customer — rewarding primary producers who are committed to quality,” the company said in a Medium post. When combined with other tracing solutions such as QR-codes and RFID chips, connecting BeefChain to a blockchain solution makes it incredibly difficult for bad actors to forge the credentials of a product. And with over 40 percent of all beef fraud being counterfeiting—passing lower-grade meat as high-value—it’s not a problem that should be looked over. Posted In: Cardano, Wyoming, Adoption, Technology Sign up Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Following fears of potential regulation on cryptos, it has been revealed that a ban on Bitcoin and other cryptos is far from the truth.

One of the leading financial regulators in the world’s largest economy, the United States, recently disclosed that the world’s flagship crypto is here to stay, amid rumours coming from different quarters on the likely ban on Bitcoin.

In a report credited to CNBC, Brian Brooks, the Acting Comptroller of the currency, hinted that more regulations on bitcoin and other cryptos are already in the works but downplayed fears that such regulation was going to change the core fundamentals of the crypto market

READ: Top U.S regulator says more crypto banks coming

In a recent interview with Melissa Lee on “Squawk Box,” he disclosed further on “clarity” measure being put in place for cryptocurrency in the next six-to-eight weeks, but said, “nobody’s going to ban bitcoin.”

“We’re very focused on getting this right, on not killing this. And it’s equally important that we develop the networks behind bitcoin and other cryptos, as it is what will prevent money laundering and financing terrorism,” he added.

READ: Bitcoin is highly volatile, illiquid, supports digital Euro – European Central Bank

Fears about potential regulation got strengthened last month when Coinbase CEO, Brian Armstrong, disclosed via his Twitter handle on hearing rumours that the U.S Treasury Department was working to rush out new crypto regulations before President Donald Trump’s tenor ends.

“We heard rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects and wanted to share those concerns,” Armstrong said.

READ: U.S top regulator speaks on Cryptos and future of banking to U.S Congress

READ: CBN issues banks new guidelines, fines over customers’ complaint 

However, the top U.S regulator dismissed such fears by saying, “I think you’re going to see a lot of good news for crypto before the end of the term,”

What you should know

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading.Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

JP Morgan Chase analyst anticipates that prevailing fundamentals could turn global investors away from gold and increase their inflows to Bitcoin.

The widespread acceptance of the flagship crypto, Bitcoin, as a store for value is having a direct impact on the popular safe-haven asset, gold.

Thus, it is setting the stage for a major change in institutional asset allocation between the two, according to experts at America’s biggest bank JPMorgan Chase.

Highly revered JP Morgan Chase analyst, Nikolaos Panigirtzoglou, anticipated that gold prevailing fundamentals could turn global investors away from it and increase their inflows to Bitcoin in a matter of few years, leading to a large divergence in price between Bitcoin and Gold.

JP Morgan chase acknowledged that although Bitcoin accounts for 0.18% of assets held by the world’s elite that include their family offices, compared with 3.3% for gold ETFs, which gave further insights that only a small reallocation from gold to Bitcoin could change the status quo for the yellow metal.

America’s most valuable bank, JPMorgan Chase, also spoke on why it believes the odds are with Bitcoin to keep rising in value.

And over time, Bitcoin could be held for other reasons such as for making payments, not just for being a store of wealth as gold is, according to JPMorgan Chase

In a press release to clients that was obtained by Bloomberg, the bank said:

“The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

In the short term though, “there’s a good chance that Bitcoin prices have overshot and gold is due for recovery”, the U.S elite bank added.

What you should know

Nairametrics, some weeks ago, revealed America’s biggest bank, JP Morgan Chase, released a statement on the world’s flagship crypto, where it said that Bitcoin has what it takes to challenge gold’s status as the go-to alternative financial asset.

Stablecoin facilitator and digital asset services provider Paxos has recently filed an application for a National banking license.

Stablecoin facilitator and digital asset services provider, Paxos, has recently filed an application for a National banking license.

On approval, Paxos General Trust will be headquartered in the financial hub of the United States (New York), authorized to hold cryptos and execute the functions of a normal trust bank.

READ: List of Cryptos that could earn you big returns in 2021

According to details seen on its web page, being granted such a license from the American authorities will enable it to expand the range of services offered by the fast-growing crypto company and also increase the geopolitical area to which it can offer services:

READ: Gokada founder’s Personal Assistant arrested for his murder

The report also revealed its present regulatory license, in functioning as a digital custodian and asset management company.

READ: Bitcoin on the rise, as traders shift focus to $12,000 price level

The NYDFS ( New York State Department of Financial Services) has demonstrated time and again its commitment to making New York a hub of financial innovation.

READ: CBN debits banks N216.1 billion for CRR compliance

Nairametrics some months back revealed why Paxo’s crypto asset was gaining traction: “Pax Gold as in recent times has seen the sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, which appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.”

READ: Nigerian IT start-ups can generate $30 billion in 10 years – NITDA DG

READ: Crypto usage absolutely certain – Standard Chartered

As Bitcoin’s price trades around the $18,000 price area, an unknown whale moved 21,315 BTC ($400M) in block 660,539.

Large entities are definitely up to something, with the prevailing price seen at the world’s flagship crypto.

As Bitcoin’s price trades around the $18,000 price area, an unknown whale moved 21,315 BTC ($400M) in block 660,539.

What we know: A the time of writing, Bitcoin traded at  $17,996.48 with a daily trading volume of $36,545,495,247 USD. Bitcoin is down 6.22% in the last 24 hours. Bitcoin has a market capitalization of $334 billion.

It’s important that Bitcoin price is dropping amid Bitcoin Percent Supply Last Active 1+ Years just reached a 5-month low of 61.050%. Previous 5-month low of 61.058% was observed earlier today.

Metric Description; The percent of circulating supply that has not moved in at least 1 year.

Bottom-line: Nairametrics believes the increased movements of Bitcoin assets by large entities are partly responsible for the relative volatility seen in the bitcoin market.

A Blockchain is a distributed digital ledger. It records transactions in a series of blocks. It exists in multiple copies, spread over multiple computers, which are called anodes. The ledger is secure because every new block of transactions is linked again to previous blocks in such a way that tampering with it is practically impossible. As it is decentralized, it does not depend on any single entity (Eg:Bank) for safekeeping. The nodes connected to the Blockchain network get updated versions of the ledger as new transactions are carried out. According to Netscribes, the global Blockchain in supply chain market is expected to have a significant compounded annual growth rate of 87.0%, and reach a market size of USD 3,314.6 Mn by 2023. North America is expected to dominate the Blockchain in Supply Chain Market during the forecast period.

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An increasing need for supply chain transparency and increasing demand for enhanced security of supply chain transactions are expected to drive the market during the forecast period. Supply chains across industries and countries will be reimagined, improved, and disrupted by Blockchain technology. Now, there are safer and more efficient ways to connect with business partners and also to track and exchange any type of asset. The ability to use Blockchain technology to create the next generation of digital supply chain networks and platforms will be central to the success of business. Based on type of industry, the market is segmented into private, public and consortiums; based on the application of the industry, the market is categorized into contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control. Moreover based on the protocols of the industry it is divided into bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers and others. The segmentation is also based on the types of industries involved and the market is categorized into banking, financial services and insurance (BFSI), telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others. Each and every segment is examined carefully by factoring in sales, revenue and market size, in order to understand the potential for growth and scope.

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Key growth factors Blockchain transactions have become more flexible and many manual tasks are carried out automatically using smart contracts. Some of the major factors which are driving the market growth are raising cryptocurrency market capital, initial coin offering (ICO) and faster transactions. The technology ensures enhanced transparency for consumers in the supply chain. It allows the consumers to trace and give an assurance of origin in the trade.

Threats and key players

Although the Blockchain in Supply Chain Market is expected to have a positive growth globally, still, there are still a few threats to the market. The market constraints involves threat to personal information and high diagnostic cost as a barrier. Blockchain technology has often been compromised, resulting in the theft of millions of dollars’ worth of cryptocurrencies. The potential risk of hardware or software failure can be another risk in the supply chain. Lack of awareness about the Blockchain and higher cost of investments can restrain market growth during the forecast period.

The Blockchain market ecosystem comprises vendors, such as Abra, AlphaPoin, Bitfury Group Limited, Bloq, BTL Group Ltd, Coinbase, Digital Asset Holding LLC, Ethereum Foundation, Guardtime, Internation Machine Business Corporation, IBM, Blockcypher, Inc., Microsoft, Primechain Technologies Pvt. Ltd, Skuchain, Romit and Provenance Ltd, among others.

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What’s covered in the report? 1. Overview of the global Blockchain in Supply Chain Market 2. Market drivers and challenges in the global Blockchain in Supply Chain Market 3. Market trends in the global Blockchain in Supply Chain Market 4. Historical, current and forecasted market size data for the global Blockchain in Supply Chain Market 5. Historical, current and forecasted market size data for the types of global Blockchain in Supply Chain Market (private, public and consortium) 6. Historical, current and forecasted market size data by application of industry in global Blockchain in Supply Chain Market (contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control) 7. Historical, current and forecasted market size data by protocol of industry in global Blockchain in Supply Chain Market (bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers, and others) 8. Historical, current and forecasted market size data by industries involved in the global Blockchain in Supply Chain Market (Banking, Financial services and Insurance (BFSI),Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce, and others) 9. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) market size data for global Blockchain in Supply Chain Market 10. Analysis of the competitive landscape and profiles of major companies operating in the market 11. Key recent developments in the Blockchain in Supply Chain Market

Why buy? 1. Get a broad understanding of the global Blockchain in Supply Chain Market and its segmentation (by type of industry: private, public and consortium; by industry applications: contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control, by industry protocols: bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers and others, by industries involved: Banking, Financial services and Insurance (BFSI), Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others) 2. Get region-specific drivers and challenges affecting the global Blockchain in Supply Chain Market and its segmentation (by type of industry: private, public and consortium; by industry applications: contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control, by industry protocols: Bitcoin, Ethereum, Ripple Consensus Network, Hyperledger, R3’s Corda, Symbiont, Distributed ledgers and others, by industries involved: Banking, Financial services and Insurance (BFSI),Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others) 3. Devise market-entry strategies by understanding the factors driving the growth of the market 4. Recognize major competitors’ business and market dynamics, and respond accordingly 5. Get stakeholder and technology analysis, relevant companies profiles and also start-ups’ profiles

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With the given market data, Netscribes offers customizations according to specific needs. Write to us at support@researchonglobalmarkets.com

Contact us

Supply Demand Market Research Charles Lee 302-20 Misssisauga Valley, Missisauga, L5A 3S1, Toronto, Canada Ph. +1-276-477-5910 Email info@supplydemandmarketresearch.com

Tesla’s $1.5 billion Bitcoin purchase may have finally pushed cryptocurrencies onto the radar of huge financial institutions, but not necessarily onto their balance sheets.

This was one of the inferences implied by Chi Lo, Senior Strategist at BNP Paribas Asset Management. According to the exec, “crypto prices will eventually crash,” triggered by a shift in monetary policy or regulations.

In a blog published on the BNP Paribas website, Lo addressed the rising popularity of cryptocurrencies as an asset class and critiqued its use as a currency. According to Lo, Bitcoin is not money, nor is it a store of value, but rather a “vehicle for speculators.”

In fact, the analyst believes that the reasoning behind Bitcoin’s popular ‘store of value’ narrative is flawed in the sense that Bitcoin’s fixed supply is a problem for the asset and not necessarily a benefit. He argued,

“Contrary to the conventional wisdom that the finite supply of bitcoins and cryptos is a benefit and protects value, it is in fact a big problem for them being considered as money.”

The maximum number of Bitcoins that can ever be mined is 21 million. In the said blog, Lo claimed that these supply limitations make cryptocurrencies unsuitable as legal tender because a static money supply would deprive central banks of the ability to implement countercyclical policies.

The strategist’s final argument for his case against cryptocurrencies was that countries will take steps to protect their monetary systems and currencies and their ability to tax and manage the economy.

“The more people believe cryptocurrencies are money, the greater the risk of government intervention in this market,” he added, going on to say that the emerging trend of official digital currencies, or CBDCs, is a sign of central banks fighting back.

While crypto-proponents would certainly have a long list of counter-arguments to Lo’s statements, an unsettling reality could be the fact that there may be some truth to the last point he makes about government intervention. In countries like China, private cryptocurrencies are already frowned upon, with the nation also in the process of issuing its own CBDC on a wider scale soon.

On the contrary, banks like BNY Mellon have recently come out in support of cryptocurrencies offering custodial solutions for digital assets. Given its strategist’s thoughts on the matter, it is unlikely that BNP Paribas will do the same in the near future.

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Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.