Bitcoin Exceed $11,000; China’s Currency Insurgency
THREE MAJOR CORPORATES BUYING CRYPTO IS A TREND
The story which $10 billion Stone Ridge Asset Manager purchased $100 million worth of bitcoin to create it the firm’s”primary treasury reserve advantage.” This announcement follows recent news from MicroStrategy ($425 million) and Square ($50 million) converting portions of their financial reserves to the original cryptocurrency.
What’s more, Stone Ridge will save the bitcoin using a subsidiary, New York Digital Investment Group (NYDIG), that recently announced a $50 million expansion equity fundraise led by Fintech Collective, together with Bessemer Ventures and Ribbit Capital participating, bringing its total financing to $100 million.
Perhaps on the rear of major corporates diving into bitcoin, it’s broken out of months of sideways trading to regain an upward trajectory. Other fundamental factors driving this growth include anxieties about doubt stemming from the approaching election and worries that a Covid-19 resurgence across Europe and other key geographic areas will impede the economic recovery.
Some technical analysts believe that because bitcoin passed a resistance barrier of $11,200, it might help push the Bitcoin cost towards the August highs of around $12,400 in the medium term.
HAPPY FIFTH BIRTHDAY ENTERPRISE BLOCKCHAIN!
Development of business blockchain can occasionally seem slow, but this is only because a great deal of time and energy was spent on a one-time foundational infrastructure build-out. Prices incurred after, but from which we will benefit many-times over later on. For example, that the recently-developed Spunta Banca DLT platform, driven by ABI, the Italian Banking Association and assembled on Corda, replaces the reconciliation procedure for interbank trades in Italy and has more than a hundred banks in production. It’s very exciting to see what will happen in the next five decades.
Also read: An Accelerated Future For Tax Leaders
While tensions are certainly growing between both nations, China and the U.S. are not engaged in a Cold War for financial supremacy. In truth, China’s attempts resemble an insurgency, where it uses unconventional tactics and weapons whose effectiveness may not be fully appreciated by the incumbent power. In cases like this, China’s excellence in fintech and its coming sovereign digital currency are only such weapons.
It’s important to use a proper frame to assess China’s actions and successes so that investors may predict the future utility of the dollar and other traditional safe-haven assets in their portfolios.
U.S. DEPT OF JUSTICE AND IRS TURN THEIR FOCUS TO CRYPTO
The Department of Justice recently published a report that functioned as a”Cryptocurrency Enforcement Framework” as part of their Attorney General’s Cyber Digital Task Force. The detailed report contains several key takeaways that shed considerable light on its thinking and supplies indicators concerning how it will deploy its resources to prevent crypto crime.
For instance, it is apparent that if the DOJ appreciates the benefits of crypto and dispersed ledger technologies, as of right now it sees the innovations as more of a threat than an opportunity or benefit. Furthermore, a special focus is focused on privacy-preserving technology or cryptocurrencies like Monero and mixing solutions.