Thursday, July 29

El Salvador bitcoin

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More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050

A local business in El Salvador that accepts bitcoin payments. Alex Pena/Anadolu Agency via Getty Images 54% of fintech experts surveyed expect bitcoin to overtake currencies issued by central banks in global finance by 2050. The move could also take place by 2035, according to 29% of respondents. The majority of the panel see bitcoin as currently undervalued, and the price rising this year to $66,284. See more stories on Insider's business page. Bitcoin, the world's most traded cryptocurrency, will surpass money issued by central banks as the dominant form of finance worldwide in less than 30 years, according to a panel of fintech specialists. 54% of 42 crypto experts surveyed foresee so-called hyperbitcoinization-or the moment that bitcoin overtakes global finance - occurrin...
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El Salvador’s adoption of bitcoin as legal tender poses challenges for the network, JPMorgan says

A demonstrator holds up a sign against the government's bitcoin law during a LGBT community Pride parade on June 26, 2021 in El Salvador. APHOTOGRAFIA/Getty Images El Salvador's decision to adopt bitcoin as legal tender poses some systemic risks for the country and the digital asset's blockchain, according to JPMorgan.Doubt remains about whether the bitcoin blockchan can practically handle a significant fraction of payment activity were it to become widely used, a team of economists including Steven Palacio, Ben Ramsey, and Joshua Younger wrote in a note published Thursday.Bitcoin trading volumes commonly exceed between $40-50 billion a day, most of this activity is internalized by major exchanges, they said, adding that on-chain transactions have averaged around $10 billion dail...
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CoinShares’ investment chief lays out why bitcoin’s’identity crisis’ means it’s harder to regulate and how governments can’t truly ban crypto no matter how hard they crack down

Bitcoin Nurphoto / Getty Images Insider spoke to CoinShares' James Butterfill about the future of regulation. Governments can't truly ban crypto so they are fighting to stay relevant with central bank digital coins, he said. Regulatory action is feeding the volatility in bitcoin and the market needs clarity, Butterfill said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Regulators around the world are tightening the screws on cryptocurrencies, but greater oversight and increased transparency is the only way the market can evolve and progress, according to CoinShares investment strategist James Butterfill.In the wake of a sustained crackdown across various countries on Binance, a crypto exchange and China's severe restrictions on bitcoin mining, CoinSha...
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El Salvador will give $30 in bitcoin to citizens who download the government’s crypto app before the token becomes legal tender in September

El Salvador's President Nayib Bukele addresses the nation about his bitcoin legal tender plan on June 24, 2021. Casa Presidencial official Twitter account. El Salvador is planning to give $30 in bitcoin to citizens who download the government's crypto app, Chivo. The initiative comes as the much-anticipated "Bitcoin Law" takes effect on September 7. President Nayib Bukele in a national address explained how the landscape would look like for 6.5 million Salvadorans. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. El Salvador is planning to give $30 in bitcoin to citizens who download the government's cryptocurrency app, Chivo, CoinDesk reported citing a local news outlet.The initiative comes as the "Bitcoin Law" takes effect on September 7, making the Cen...
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Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Emerging markets are pioneering digital and crypto currency usage, trading and mining. Since El Salvador voted to adopt bitcoin as legal tender, a slew of politicians have said they want to follow suit. Many showed their support through tweets or by adding the symbolic laser eyes to their Twitter pictures. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Cryptocurrencies can often stir up concern among conservative investors and few are as conservative as central banks, and regulators are definitely skeptical. But this does not appear to be the case in emerging markets.Politicians, central bankers and reg...