Saturday, April 10, 2021
BTC Market News Today
  • Home
  • Beginners
  • Bitcoin
  • Blockchain
  • Cryptos
  • Gold
  • Market
  • Prices
  • Technical
  • Videos
  • Home
  • Beginners
  • Bitcoin
  • Blockchain
  • Cryptos
  • Gold
  • Market
  • Prices
  • Technical
  • Videos
BTC Market News Today
No Result
View All Result

Bitcoin gets major vote of confidence as currency for international trade

Bitcoin gets major vote of confidence as currency for international trade
Share on FacebookShare on Twitter


Photo
Photo (c) George – Getty Images

The possibility that cryptocurrencies could become a part of everyday life has received a major vote of confidence. In a new report — “Bitcoin At the Tipping Point” — Citigroup suggests that the virtual currency could become “the currency of choice for international trade” if all continues to go well for it. The company says that step could be the start of a “massive transformation of cryptocurrency into the mainstream.” 

And if things don’t go well? The Citigroup team says that “speculative implosion” could happen. Analysts explained the potential failure, saying that there are “a host of risks and obstacles that stand in the way of Bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point.”

According to the report, Bitcoin’s enormous upside has been driven by recent aggressive moves by companies like Tesla, which invested $1.5 billion in the currency, and Mastercard, which has decided to accept some cryptocurrencies as payments later this year.

“Gold is dead”

The Citi report explains that Bitcoin has worked its way through several stages so far:  technological oddity, censorship-resistant money, and digital gold. It’s that last part that has many analysts cheering the cryptocurrency on, primarily because there is a current lack of alternative gold-like assets. The company says the need for those will only continue to grow. 

“Because of what is going on in the world, besides there being a growing need for money or storehold of wealth assets that are limited in supply, there is also a growing need for assets that can be privately held. Because there aren’t many of these gold-like storehold of wealth assets that can be held in privacy and because the sizes of their markets are relatively small, there exists the possibility that Bitcoin and its competitors can fill that growing need,” Dalio wrote.

The biggest question with Bitcoin, Dalio says, is what it can realistically be used for and what amount of demand it will have. “Since the supply is known, one has to estimate the demand to estimate its price.” While gold can be mined from the earth, bitcoin can only be mined via computational means. Bitcoin’s source code dictates a limited and finite supply of 21 million bitcoins that will ever be produced. 

Billionaire Mark Cuban’s take on the gold vs. bitcoin debate is that the former is “dead.” In a debate with gold lovers on Twitter, he explained his stance this way: “Gold is hyped as much as Crypto. Do we really need gold jewelry? Gold can make you a ring. (Bitcoin and Ethereum) are technologies that can make you a banker, allow friction free exchange of value and are extensible into an unlimited range of biz and personal applications”

The truth is, Cuban doesn’t see gold as having much of a future and will eventually die as a “store of value” (SOV). “What we are seeing built…



Read more:Bitcoin gets major vote of confidence as currency for international trade

Related articles

The ABCs of Bitcoin | The Motley Fool

The ABCs of Bitcoin | The Motley Fool

April 10, 2021
Gold Prices Have Sunk 14%. How the Fed’s Policies Could Restore the Metal’s Shine.

Gold Prices Have Sunk 14%. How the Fed’s Policies Could Restore the Metal’s Shine.

April 9, 2021
Tags: Bitcoinbitcoin news todayConfidenceCurrencyInternationalMajorTradeVote

Lates BTC News

The ABCs of Bitcoin | The Motley Fool

The ABCs of Bitcoin | The Motley Fool

by BTC Data
April 10, 2021
0

Are you interested in Bitcoin (CRYPTO:BTC) but don't know where to begin? Or do you feel completely lost when...

Gold Prices Have Sunk 14%. How the Fed’s Policies Could Restore the Metal’s Shine.

Gold Prices Have Sunk 14%. How the Fed’s Policies Could Restore the Metal’s Shine.

by BTC Data
April 9, 2021
0

In the obituaries following the passing of economist Robert Mundell this past week, it was noted he won the...

PRECIOUS-Gold slips to over 7-month low as rising yields dent appeal

PRECIOUS-Gold slips from one-month high as dollar, yields stage rebound

by BTC Data
April 9, 2021
0

* Investors eye U.S. PPI data later in the day * Fed's Powell sees inflation unlikely * Palladium faces...

Forget Bitcoin! Gold Could Be Ready to Shine! | The Motley Fool Canada

Forget Bitcoin! Gold Could Be Ready to Shine! | The Motley Fool Canada

by BTC Data
April 8, 2021
0

Bitcoin and cryptocurrencies have been heating up again. Like back in 2017 and 2018, I don’t think it will...

At $60,000, Is Bitcoin Too Expensive? | The Motley Fool

At $60,000, Is Bitcoin Too Expensive? | The Motley Fool

by BTC Data
April 8, 2021
0

Bitcoin (CRYPTO:BTC) has risen dramatically to a price tag of nearly $60,000 as of early April. Is it still...

Load More
Watch these key technical levels as Bitcoin price nears $61,800 all-time high

Watch these key technical levels as Bitcoin price nears $61,800 all-time high

April 10, 2021
What’s the Buzz About Bitcoin Cryptocurrency and Blockchain Technology?

What’s the Buzz About Bitcoin Cryptocurrency and Blockchain Technology?

April 10, 2021
6 Crypto Scams You Need to Know Before Buying Bitcoin

6 Crypto Scams You Need to Know Before Buying Bitcoin

April 10, 2021
Visa and PayPal Give the Green Light to Cryptos. Should You?

Visa and PayPal Give the Green Light to Cryptos. Should You?

April 10, 2021
5 Stocks That Made People Millionaires in 6 Months | The Motley Fool

5 Stocks That Made People Millionaires in 6 Months | The Motley Fool

April 10, 2021
NFT Investments says ‘fiat money is melting and digital is going to win’ ahead of

NFT Investments says ‘fiat money is melting and digital is going to win’ ahead of

April 10, 2021
The ABCs of Bitcoin | The Motley Fool

The ABCs of Bitcoin | The Motley Fool

April 10, 2021
An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties

An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties

April 10, 2021

Bitcoin News

Coinbase’s Lofty Valuation Might Erode as Crypto Markets Mature

Coinbase’s Lofty Valuation Might Erode as Crypto Markets Mature

April 10, 2021
Former Texas Governor Welcomes Bitcoin Leader to Austin

Former Texas Governor Welcomes Bitcoin Leader to Austin

April 9, 2021
Market Wrap: Bitcoin Near $58K, Reverses Two-Day Losses Despite Lower Trading Volume

Market Wrap: Bitcoin Near $58K, Reverses Two-Day Losses Despite Lower Trading Volume

April 8, 2021
6 revelations about Coinbase’s business ahead of its hotly anticipated direct listing

6 revelations about Coinbase’s business ahead of its hotly anticipated direct listing

April 8, 2021

Crypto News

15 Trends That Prove Crypto-Adoption Is Moving In The Right Direction | Hacker Noon

15 Trends That Prove Crypto-Adoption Is Moving In The Right Direction | Hacker Noon

April 10, 2021
Whipsawed Bitcoin Investors Eye Coinbase as Steadier Crypto Bet

Whipsawed Bitcoin Investors Eye Coinbase as Steadier Crypto Bet

April 9, 2021
Cryptos Looking For Mainstream Acceptance – FNArena

Cryptos Looking For Mainstream Acceptance – FNArena

April 9, 2021
Crypto-Conservation

Crypto-Conservation

April 8, 2021

BlockChain

NFT Investments says ‘fiat money is melting and digital is going to win’ ahead of

NFT Investments says ‘fiat money is melting and digital is going to win’ ahead of

April 10, 2021
Coinbase listing eyed as key test of crypto market’s staying power

Coinbase listing eyed as key test of crypto market’s staying power

April 10, 2021
Argo Blockchain posts record mining revenues for third month in a row

Argo Blockchain posts record mining revenues for third month in a row

April 9, 2021
Argo Blockchain report 84% March mining margin as revenues soar ‘outperforming

Argo Blockchain report 84% March mining margin as revenues soar ‘outperforming

April 9, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • DMCA

© 2021 BTCdata.org

No Result
View All Result
  • Home
  • Beginners
  • Bitcoin
  • Blockchain
  • Cryptos
  • Gold
  • Market
  • Prices
  • Technical
  • Videos

© 2021 BTCdata.org

  • bitcoinBitcoin(BTC)$38,966.00
    BITCOIN
    24H : 6.01%
    Volume : $51,977,675,117.00
    Marketcap : $724,880,527,645.00
  • ethereumEthereum(ETH)$1,685.19
    ETHEREUM
    24H : 5.08%
    Volume : $41,104,999,816.00
    Marketcap : $192,389,505,208.00
  • bitcoin-cashBitcoin Cash(BCH)$472.58
    BITCOIN CASH
    24H : 10.83%
    Volume : $4,869,831,307.00
    Marketcap : $8,655,578,438.00
  • tetherTether(USDT)$1.000
    TETHER
    24H : 0.190%
    Volume : $91,830,921,712.00
    Marketcap : $27,886,331,807.00
  • stellarStellar(XLM)$0.347
    STELLAR
    24H : 4.94%
    Volume : $2,300,561,849.00
    Marketcap : $7,708,713,549.00
  • tronTRON(TRX)$0.035
    TRON
    24H : 4.28%
    Volume : $1,891,731,791.00
    Marketcap : $2,470,798,352.00
  • cardanoCardano(ADA)$0.543
    CARDANO
    24H : 14.68%
    Volume : $5,082,387,056.00
    Marketcap : $17,130,617,618.00
  • moneroMonero(XMR)$154.50
    MONERO
    24H : 3.78%
    Volume : $481,481,568.00
    Marketcap : $2,747,813,930.00
  • usd-coinUSD Coin(USDC)$1.000
    USD COIN
    24H : 0.124%
    Volume : $1,901,466,786.00
    Marketcap : $6,329,845,718.00
  • bitcoin-goldBitcoin Gold(BTG)$12.56
    BITCOIN GOLD
    24H : 13.59%
    Volume : $30,047,259.00
    Marketcap : $219,400,487.00

$38,966.00
bitcoin
Bitcoin(BTC)
24H
6.01%
USD EUR GBP