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Instead, the basic driver of today’s Bitcoin price is speculation on a scale I don’t think anyone could have predicted in 2014. It was Tesla’s purchase of $1.5 billion worth of Bitcoin on February 8 – not its use by a few thousand Venezuelans – that triggered the final push across the $50,000 barrier.
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Instead, the basic driver of today’s Bitcoin price is speculation on a scale I don’t think anyone could have predicted in 2014. It was Tesla’s purchase of $1.5 billion worth of Bitcoin on February 8 – not its use by a few thousand Venezuelans – that triggered the final push across the $50,000 barrier.
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Meanwhile, the highly publicized flurry of institutional interest in bitcoin may be smaller than it appears. Since September, only about $11 billion of professional money has entered the bitcoin market, Mr. Panigirtzoglou estimates. That isn’t enough to drive a $800 billion change in total value and instead suggests that the attention given to institutional investors has drawn in more retail interest, he said.
Therefore, what is driving bitcoin’s price isn’t some fundamental value proposition, but instead simple retail-driven momentum trading, Mr. Panigirtzoglou said.
From Bitcoin’s Value Is All in the Eye of the ‘Bithodler’ – WSJ:
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Because portfolio managers and corporate treasurers need to take that volatility into account, he said he doesn’t expect much more institutional money to be invested in bitcoin unless its price tumbles.
From Bitcoin’s Value Is All in the Eye of the ‘Bithodler’ – WSJ:
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Because portfolio managers and corporate treasurers need to take that volatility into account, he said he doesn’t expect much more institutional money to be invested in bitcoin unless its price tumbles.
From Bitcoin’s Value Is All in the Eye of the ‘Bithodler’ – WSJ:
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A great example of embedded finance is in Google Maps, where there is a new feature which lets consumers pay for parking and transit fares directly from within the application. It already works with parking meters in more than 400 cities across the US.
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That’s why last July, the Treasury launched a “Fintech Strategic Review”, led by Ron Kalifa, the former boss of Worldpay, a payment firm. Its report is due to be released next week.
From Silicon wallet – Britain’s fintech crown is under assault | Britain | The Economist:
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Building these structured products on DeFi offer a unique opportunity. Instead of having institutions construct these complicated payout structures, can smart contracts act as your broker? The contracts can source liquidity from various on-chain derivatives protocols, compose them together to achieve some specific risk objective, while staying 100% transparent at all times.
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The bank also sees a digital currency as a potential tool to bolster the international role of the euro, which makes up just 20% of central-bank reserves globally, versus the dollar’s 60%. It could let foreigners settle cross-border transactions directly in central-bank money, which would be faster, cheaper and safer than directing them through a web of “correspondent” banks. That could make the digital euro attractive to businesses and investors.
Its main draw may be to offer a level of privacy that neither America nor China can promise, says Dave Birch, a fintech expert. The former uses its financial system to enforce sanctions; the latter seeks control. But getting the design right will be tricky: the European Union still wants to be able to track cash that is being laundered or hidden to dodge taxes. One fix could be to let users open e-wallets only once they have been vetted by banks, but for the use of the digital currency itself to be unmonitored.
From Token effort – Bitcoin crosses $50,000 | Finance & economics | The Economist:
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I am advisor to the Digital Monetary Institute (DMI) created by OMFIF as the place to discuss, examine and explore central bank perspectives around digital money. In this capacity, I was delighted to be invited to a February event to listen to Christian Catalini, chief economist at the Diem Association and co-creator of the Diem currency, talking about its status. As OMFIF report, he described it as a tightly regulated organisation, incorporating some of the best features of new digital currencies.
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