“Director of Research Ria Bhutoria wrote that the crypto’s current market capitalization ‘is a drop in the bucket compared with markets bitcoin could disrupt.’
Bhutoria argued that while institutional inflows may damp bitcoin’s uncorrelated performance, the crypto is “fundamentally less exposed” to the “economic headwinds” that other assets will likely face.
In a world where benchmark interest rates globally are near, at, or below zero, the opportunity cost of not allocating to bitcoin is higher.
Consider a portfolio with a target allocation of 5% bitcoin.”
“International financial authorities and 20 of the world’s largest economies are establishing official standards for regulating and issuing sovereign digital currencies.
The Group of Twenty (G20) said in a report Tuesday it is working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDC) in banking systems.
According to the report, by the end of 2022 the G20 members, the IMF, the World Bank and the BIS will have completed regulatory stablecoin frameworks and research and selection of CBDC designs, technologies and experiments. The IMF and the World Bank will have the technical capabilities to facilitate CBDC transactions involving the countries by the end of 2025, the report said.”
“The Financial Stability Board (FSB) recommended on Tuesday that governments closely regulate “global stablecoin” projects to keep those privately issued currency competitors from disrupting the world economy.
The G7 economic bloc – U.S, Canada, Japan, Germany, France, Italy and Britain – also reiterated Tuesday that it will stonewall any “global stablecoin project” that tries to launch before clearing regulators’ strict (and evolving) scrutiny.“
“The report identified five key application areas of blockchain with potential to generate economic value: product tracking and tracing ($962 billion), financial services and payments ($433 billion), identity security and credentials ($224 billion), contracts and dispute resolution ($73 billion), customer engagement and reward programs ($54 billion). Public administration, education and health care sectors will benefit the most.
A survey conducted as part of the report revealed 61% of CEOs across the world are placing digital transformation of core business operations and processes among their top three priorities.
Serious activity around blockchain is cutting through every industry across the globe right now.”
“The outcome of next month’s U.S. presidential election may not matter much for bitcoin’s price: Economic stimulus in the trillions of dollars is likely no matter who wins, bolstering the largest cryptocurrency’s appeal as a hedge against inflation.
If Trump wins in November, he’s likely to continue supporting stimulus spending or easy monetary policy from the Federal Reserve. He also could push for a new round of tax cuts.
Biden, has already rolled out his own $5.4 trillion agenda that includes increased budget allocations for education, housing, health care, paid leave and fixing crumbling infrastructure. The Biden campaign has pledged to cancel a substantial portion of Americans’ $1.5 trillion in federal student debt.
Such expenses would come on top of what already seems like an unending sea of red ink: The U.S. government’s budget deficit for the 2020 fiscal year tripled to $3.1 trillion. And economists say the Federal Reserve is likely to keep printing money in coming years to help finance the budget gap.
The wiggle room that any party in power is going to have is limited.”
“About 100 Italian banks are officially operating on the country’s banking blockchain network, Spunta, built on R3’s Corda.
The blockchain speeds up the complicated process of interbank reconciliation, where banks have to agree on how much money is owed by one bank to another. Since March 204 million transactions were processed on Spunta’s infrastructure.”
“The Ethereum blockchain also shows more than 650 transactions where investors have been whitelisted or registered. The sale has seen interest from retail, accredited and institutional investors.
Doing an IPO on-chain gives the public, and INX itself, a novel outlook on the process, which traditionally has been a back-room affair.”
“A report published by major U.S.-based crypto exchange Kraken has identified signs the correlation between Bitcoin (BTC), the greenback, and legacy markets, is continuing to weaken.
The report notes that while the start of the month saw an 8-month low for correlation between BTC and the S&P 500, the correlation would later increase as both markets experienced sideways consolidation.
Bitcoin’s correlation with gold has remained positive since mid-July.”
“Blue Kirby has reminded cryptocurrency investors that fake names can still be a red flag. Blue Kirby is the handle of a now-infamous figure in the decentralized finance (DeFi) community who appears to have absconded with some $1 million worth of ether (ETH).
Without skin in the game, Blue Kirby had little incentive to act in community members’ best interest.
The problem with Blue Kirby wasn’t that he was anonymous, but that he was new. The account came out of nowhere and people threw money at it.
It seems that so many of the issues we see could be solved with simple vesting contracts. If you want to demonstrate your long-term commitment, prove it.”
“IBM Watson Health announced Monday its Digital Health Pass would allow organizations to establish their own criteria for COVID-19 health verification.
These include test results and temperature scans that can be generated for an individual’s pass, and recorded and shared using the IBM Blockchain network.”