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At G20 Summit, China Calls For Accepting CBDCs

Chinese President Xi Jinping has urged heads of government to take an “open and accommodating” stance toward Central Bank Digital Currencies (CBDCs), as the global economy attempts to recover from the fallout of the COVID-19 pandemic. Xi spoke to attendees of the 15th G20 Leaders Summit in Saudi Arabia. The comments come as China is … Continued

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Chinese President Xi Jinping has urged heads of government to take an “open and accommodating” stance toward Central Bank Digital Currencies (CBDCs), as the global economy attempts to recover from the fallout of the COVID-19 pandemic.

Xi spoke to attendees of the 15th G20 Leaders Summit in Saudi Arabia. The comments come as China is attempting to position the yuan as a global reserve currency alternative to the US dollar. These efforts are part of a wide-ranging strategy to translate China’s significant economic heft into international influence at a level comparable to the U.S.

Xi Backs CBDCs

Speaking to world leaders attending the G20 Summit in speech that focused on the world’s response to the pandemic, Xi linked enhanced international cooperation and expansion of the digital economy to inclusion and economic growth. This he said, would aid the world’s recovery and to this end, G20 leaders should adopt a friendly posture toward Central Bank Digital Currencies.

In his words:

The G20 also needs to discuss developing the standards and principles for central bank digital currencies with an open and accommodating attitude, and properly handle all types of risks and challenges while pushing collectively for the development of the international monetary system.

Xi Jinping speaking at the 15th G20 Leaders’ Summit in Beijing, 21 November 2020

On Nov 2, BeInCrypto reported that over $300 million worth of the recently-launched Digital Yuan had been spent. While other countries like the Bahamas and Cambodia launched their CBDCs before China, the sheer potential scale of the Chinese CBDC – estimated by Goldman Sachs to reach 1 billion users, $2.7 trillion annual total payment value (TPV) and $228 billion in issuances within 10 years – makes China the de-facto world leader in CBDC implementation.

Internationalising the Digital Yuan

Analysts have pointed out that Xi’s drive to position the Digital Yuan at the head of the global CBDC rollout is down to more than just technological competition.

While China controls an estimated 16.4 percent of global GDP, the RMB is responsible for just 1.9 percent of global payments, compared to the U.S. dollar, which controls 79.5 percent according to SWIFT. The growth of the Digital Yuan is expected to expand the RMB’s share of payments, albeit marginally.

Just as significantly, the Digital Yuan would present China with the opportunity of a global payment system which is independent of the SWIFT network. This would offer Beijing the chance to increase economic ties with countries currently under U.S.-led economic sanctions such as Russia and North Korea, bringing them closer into its economic orbit and thus reforming the global political order.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/at-g20-summit-china-calls-for-accepting-cbdcs/

Blockchain

Bitcoin: Has the bull market faded?

2021 has proven itself to be quite a promising year for Bitcoin, with its price action on the charts enabling it to register new ATHs. However, over the past 7 days, the bullish momentum has faded, wi

The post Bitcoin: Has the bull market faded? appeared first on AMBCrypto.

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2021 has proven itself to be quite a promising year for Bitcoin, with its price action on the charts enabling it to register new ATHs. However, over the past 7 days, the bullish momentum has faded, with Bitcoin retracing all way from around $41k to where it stood at press time ($32,600).

However, does the reversal signal the end of the bull run or the start of a wider scale correction akin to what happened in January 2018? Or, as most traders would have it, is Bitcoin’s price finally stabilizing above its previous ATH and maintaining much of the gains it raked up since December 2020?

Source: Santiment

Interestingly, Bitcoin’s social volume metric can help elaborate on what happened, with the world’s largest cryptocurrency enduring a price correction amounting to close to 10 percent.

Santiment’s data showed that as Bitcoin fell to $31.1k, its social volume – a metric that helps traders determine the market sentiment and where the price will head in the short-term – increased and registered a 6-day high. Given the increased demand for Bitcoin over the past few months, from both retail and institutions, it wasn’t much of a surprise that many saw the dip in price as an interesting buying opportunity.

Source: Santiment

On the other hand, there have been certain caveats to Bitcoin’s positive sentiment. What was noticed according to the data provider was that there was a sudden surge in negative commentary around Bitcoin. While a major share of the market seemed to have its faith in Bitcoin unshaken, Santiment’s data also hinted at the fact that a bigger price correction cannot be overlooked for the king coin. While it is unlikely that a drop to its November 2020 valuation is going to happen, a further dip that takes Bitcoin’s price below $30k cannot be discounted.

However, there are still strong bullish signs that one needs to consider before coming to any substantial conclusions regarding Bitcoin’s fortunes in the coming weeks and months.

Hodlers have traditionally played a key role when it comes to Bitcoin maintaining its price and securing significant returns for its investors. According to Glassnode’s Liquid Supply Change charts for Bitcoin, the crypto’s price continues to be fairly secure, with the same revealing that a large-scale dip on the charts looked quite unlikely.

Source: Glassnode

According to the data provided, Bitcoin is seeing the largest depletion of liquidity in a few years, with a majority of the Bitcoin being moved from exchanges into non-exchange entities that are to be hodled for long periods of time. This is a very important aspect of Bitcoin’s 2021 price action and can back up the argument that Bitcoin’s price is going to hold its ground without losing much to the bears in the coming weeks.

In the past month alone, a whopping 270,000 Bitcoins have moved to entities considered HODLers. With the backing of large accounts that continue to hodl, Bitcoin may see occasional dips and corrections, but the bullish market momentum is likely to remain and help stabilize the coin’s price.

Source: https://ambcrypto.com/bitcoin-has-the-bull-market-faded

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Blockchain

BTC Price Will Replace S&P 500: Michael Saylor

Michael Saylor, Bitcoin bull and MicroStrategy CEO, spoke on CNBC’s Power Lunch about the future of bitcoin. MicroStrategy just bought $10 million worth of the digital currency, and he was asked about the future of bitcoin. After BTC Replaces Gold As a ‘technically superior asset’, Michael Saylor noted, BTC is the ideal institutional safe haven … Continued

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Michael Saylor sees bitcoin, the ideal institutional safe haven asset, replacing stock indices.

Michael Saylor, Bitcoin bull and MicroStrategy CEO, spoke on CNBC’s Power Lunch about the future of bitcoin. MicroStrategy just bought $10 million worth of the digital currency, and he was asked about the future of bitcoin.

After BTC Replaces Gold

As a ‘technically superior asset’, Michael Saylor noted, BTC is the ideal institutional safe haven asset. He sees it as replacing gold.

Besides Saylor, Deutsche Bank, JPMorgan, Blackrock, and others see BTC as affecting the gold price or replacing gold as an asset. However, Saylor took his prognosis a step further and said that BTC could replace stock indices such as the S&P 500 or the Dow. Cash-rich corporations are “saying that cash is a liability; they have to find an asset that’s going to appreciate faster than the rate of monetary expansion.”

After that occurs, bitcoin will find itself even further integrated into the business world. It will become the monetary index that replaces stock and bond indices such as the S&P 500 and the Dow. “People that want a safe haven store of value…for the next 10 to 30 years are going to be attracted to a digital asset that has no inflation in it.”

People that want a safe haven store of value…for the next 10 to 30 years are going to be attracted to a digital asset that has no inflation in it.

70,784 BTC, +/-

Saylor’s CNBC interview came as MicroStrategy announced that it had bought another 10,000. This takes the company’s total bitcoin holdings in its reserves to about 70,784 BTC. MicroStrategy bought this latest round of 314 bitcoin at an average of $31,808 per coin. 

An IT company with a twist

MicroStrategy is still a business intelligence and professional services company. However, Saylor and his team use bitcoin as a store of value for an increasing portion of the corporation’s treasury. As CNBC notes, this results in the company’s stock price tracking bitcoin’s. “It’s almost become a stock market proxy for crypto,” said host Morgan L Brennan.

When Brennan asked Saylor about this, he noted that because companies want to convert the liability of cash into an asset, they will do one of two things. Many will do what MicroStrategy has done. They will directly purchase bitcoin. Others will go the route of Square and Paypal, and will build bitcoin into their product offerings.

Moreover, Saylor noted that the company’s employees are “pretty delighted” with the company’s moves, as they are “pioneers” in terms of utilizing this technology.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/__trashed-4/

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Futuristicx Hybrid Conclave: Driving Customer Experience through Technologies

The Middle East currently is the biggest digital hub with a massive technological transformation taking place. In the past one decade the Middle Eastern market has completely migrated its infrastructure to a digital platform. The current pandemic has enabled a forced acceleration in technological development to better serve the customer and meet their ever-changing expectations. … Continued

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The Middle East currently is the biggest digital hub with a massive technological transformation taking place. In the past one decade the Middle Eastern market has completely migrated its infrastructure to a digital platform.

The current pandemic has enabled a forced acceleration in technological development to better serve the customer and meet their ever-changing expectations. In today’s time, consumer loyalty has shifted from product and price to customer experience.

It has become imperative for the organization to re-align its strategies to retain the customers. Companies are re-modeling their legacy systems to provide a better customer journey and build tailor made solutions available with a single click for their consumers.

Considering all these parameters in the region, Exibex is proudly announcing the launch of Futuristicx Hybrid Conclave 2021 scheduled on 16th March 2021 on a hybrid platform. Themed on driving customer experience through disruptive technologies, this event will be hosted on-site for a live audience (Conrad Hotel, Dubai) and on a virtual platform simultaneously.

This summit will be focusing on technologies like RPA, Analytics, AI, Blockchain, Robotics, Cloud, and Automations that are being adopted to drive customer excellence in the cross-industry domain.

The aim of the summit is to help the industries learn and share their experiences when it comes to enlightening the path to the right customer journey approach.

Join us at this HYBRID SUMMIT either on site from the comfort of your home/office to indulge yourselves in thought provoking presentations and interactive panel discussions by the industry wizards. Keeping in the consideration of the present market situations, we are bringing one of its kind experiences to reconnect the industry while following necessary norms of your safety.

Futuristicx Hybrid Conclave is a platform created to bring all the stakeholders under one roof yet again and embrace the new normal. This is a stage to better prepare ourselves for the unpredictable future and safeguard our organization from the unknown challenges on our way.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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The opinion of BeInCrypto staff in a single voice.

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Source: https://beincrypto.com/futuristicx-hybrid-conclave-driving-customer-experience-through-technologies/

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Buying the Bitcoin Dip: MicroStrategy Scoops $10M Worth of BTC Following $7K Daily Crash

Michael Saylor’s MicroStrategy continues to scoop up BTC whenever they seem to get the chance. The company has just bought another $10 million following the most recent price crash.

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Michael Saylor’s Bitcoin bet appears to be far from over as his company MicroStrategy has acquired even more BTC despite the crypto price experiencing a significant retrace over the last couple of days.

  • MicroStrategy has added more Bitcoin to its balance sheet according to an announcement issued on Friday (Jan. 22, 2021).
  • The business intelligence firm has acquired 314 BTC for $10 million increasing its Bitcoin holdings to over 70,784 “coins.”
  • MicroStrategy’s announcement also revealed that it bought its BTC lump at a price of about $31,808 per coin.
  • The company began buying BTC back in August 2020, after making a bitcoin purchase worth $250 million. Since its initial purchase, the company has since been on a bitcoin buying spree, even raising more than $650 million in debt for another BTC purchase.
  • At the time, MicroStrategy CEO Michael Saylor described Bitcoin as a viable hedge against monetary debasement.
  • Since its first Bitcoin purchase announcement, the company’s stock price has risen more than 320%.Indeed, MicroStrategy’s pivot to Bitcoin seemed to trigger a herd of institutional adopters who added the largest crypto by market capitalization to their balance sheets.
  • Other publicly-listed firms including asset managers and insurance companies have also bought Bitcoin. Companies like Ruffer Investment bought about $750 million worth of BTC.
  • As of the time of writing, Bitcoin appears to be recovering from a 30% slump that its price below $30,000 for the first time since Jan. 4.
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Source: https://cryptopotato.com/buying-the-bitcoin-dip-microstrategy-scoops-10m-worth-of-btc-following-7k-daily-crash/

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