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IMF is Right: Cryptocurrencies are Ushering in a New World Order

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The IMF report is both right and wrong on cryptocurrencies. Bitcoin and crypto are indeed shaking-up the current world order; but doing so for the better, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The analysis from Nigel Green of deVere Group comes as the International Monetary Fund publishes the Global Financial Stability Report, which assessed Bitcoin and other cryptocurrencies disrupting the global monetary system.

The IMF says that “strengthening macroeconomic policies is necessary” to fend off “cryptoization risks.”

Nigel Green says: “The IMF is correct – cryptocurrencies are indeed ushering in a new world order.

“The times ahead are destined to be radically different from what we have all experienced in our lifetimes so far.

“One way in which we will see this each day is with currencies, which are mediums of exchange and store holders of value.

“Increasingly, there will be a mixed system. Some will be currencies from governments, including digital and non-digital, and some will be digital and decentralised, such as Bitcoin.

He continues: “The U.S. dollar has reigned supreme for around 75 years. But there’s no doubt that the world is shifting away from a dollar-dominated system.

“This is because astronomic levels of debt, and the enormous, ongoing amount of money printing to monetise these debts, have caused the considerable drop in the long-term value of the global reserve currency.

“Investors – including individuals and governments – are therefore looking for alternative currencies, such as cryptocurrencies.

“Moving forward, these will increasingly compete with traditional, fiat ones and this will help trigger the decreasing dominance of currently leading international currencies.”

However, the deVere CEO says that the IMF should embrace Bitcoin, which will “inevitably play a critical future role” in the global monetary system.

“Bitcoin can also be a force for social good as it can offer a way out of both financial and political repression,” he notes.

“It’s estimated that more than one billion people live in countries that are suffering from out-of-control inflation, where the money they earn depreciates fast against the goods and services they need to buy.

“But Bitcoin can offer a ‘get-out’ for those whose national currency is plummeting in value in this way.”

Bitcoin can also serve those who face political suppression. There are countless examples around the world where those who are dissenting against ruling authoritarian regimes have their accounts shuttered and/or funds stolen. This means they are then trapped, possibly forever.

“This is where Bitcoin can play a hugely beneficial role as they can receive and send it safely, securely, without censorship.”

The deVere CEO goes on to add: “As a global, decentralised system, it affords anybody, anywhere, regardless of their political beliefs, nationality, ethnicity, religion, gender, or sexuality, the same level playing field. It can’t discriminate.

“This is helping not only the politically repressed but the 1.7 billion global ‘unbanked’ population. That’s almost two billion people worldwide who cannot access financial services because their data is not held on ‘traditional’ sources, largely due to legacy biases.”

Nigel Green concludes: “Bitcoin has the potential to provide enhanced financial and political freedom. It has the power to create a better tomorrow.

“Why the IMF, an organisation whose remit is to ‘achieve sustainable growth and prosperity’ is scared of a future-focused solution, is baffling.

“Clearly, past methods, in poorer countries haven’t been as successful as they should have been. As such, we need to look forward, not back.”

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Bitcoin

Bitcoin Holds Above $67,000 Amid Trump Win Bets

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Bitcoin is holding above $67,000 after yesterday’s correction after breaching the $69,000 level and rising to its highest level since late July.

Yesterday’s correction comes after an upward trend that investors are pushing to continue in light of a set of supporting factors, whether from the massive inflows into cryptoinvestment products or from more bets on Donald Trump winning the White House again.

Cryptocurrency investment products recorded massive inflows last week, reaching $2.2 billion, which represents the highest level since last July, with Bitcoin accounting for most of these flows that went to US spot ETFs, according to CoinShares. Net flows to these funds amounted to more than $294 million yesterday alone, according to SoSo Value.

This comes with two weeks left until the US presidential election. While the Polymarket betting market indicates that Republican candidate Trump is likely to win with a 63% probability, the betting site has sparked controversy over who is behind the significant increase in Trump bets. In contrast to Polymarket’s results, the poll average indicates that Democratic candidate Kamala Harris is ahead by 48.2% compared to 46.4% for Trump, according to FiveThirtyEight.

While this disparity and fluctuation in polls and predictions is likely to keep cryptocurrencies vulnerable to sharp volatility in the coming days, as the identity of the winner of the White House presidency might shape the future of the industry.

However, the futures market is presenting a mixed story and is questioning the sustainability of Bitcoin’s bullish trend. Bitcoin futures open interest regained its record level of more than $40 billion yesterday, according to CoinGlass, despite the price correction. This correction only resulted in a very small liquidation of the long positions of about $28 million yesterday.

Of that $40 billion, $12.5 billion was on the Chicago Mercantile Exchange (CME), which also represents a new record high for Bitcoin futures on the US’s largest futures exchange. This reflects the increasing involvement of institutional investors in driving price action.

What is concerning is the decline in the long/short ratio from 1.04 on Sunday to 0.94 today, which may reflect increasing bearish bets in futures market, which in turn may indicate a possible reversal of the bullish trend and a renewal of yesterday’s losses soon.

Written by Samer Hasn, Senior Market Analyst at XS

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Binance Expands Crypto Access in West and Central Africa With Mobile Money Integration

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Binance, the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships. 

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

  1. Log in to your Binance app and select [Add Funds] from the homepage.
  2. Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
  3. Follow the instructions to complete your crypto purchase.

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Bitcoin Fails to Hold $63,000 Amid Weak Risk Appetite, Growing Selling Pressure

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Bitcoin remains below $63,000 after failing to hold above it over the past two days while Ethereum is also struggling to reclaim $2,440.

The crypto market has been trading sideways since the beginning of this week.

The cautious moves in the crypto market come amid uncertainty over a range of economic and political factors in the US and geopolitics in the Middle East.

Add to that the potential selling pressure that the US government may exert with its permission to sell around 70,000 Bitcoin.

The Supreme Court has allowed the US Marshals Service to proceed with the sale of 69,370 Bitcoins seized from the Silk Road online store, which would be the largest sale of its kind in history. While the nature and pace of this selling is not yet known, it will not necessarily put downward pressure on prices if it is done in over-the-counter (OTC)
transactions, according to Beincrypto.

As for the economic side, in light of the surprise labor market numbers that were much better than expected and Jerome Powell’s hawkish speech, hopes for a rapid continuation of interest rate cuts this year have diminished. While the relatively high rates remain for a longer period and the continued rise in Treasury bond yields will weaken appetite for risky assets in general, including cryptocurrencies.

Whereas, after the hypothesis of a half-percentage point cut at the next November meeting was the most likely, it has now become excluded in the Fed Fund futures market, and the probability of a quarter-percentage point cut has become 87%, according to the CME FedWatch Tool. The remaining 13% is for the possibility of keeping current rates unchanged.

The state of caution may also prevail in the markets in the coming weeks, as we anticipate the presidential elections in the United States, which will begin next month. While the outcome of these elections could cause a structural shift in the crypto industry.

Far away, in the Middle East, markets are still anticipating the nature of the expected escalation in the region, especially regarding the nature of the Israeli response to the unprecedented attack from Iran and the nature of the counter-response. While one of the most prominent scenarios is targeting energy facilities, which would bring inflation back to the forefront, which in turn may require central banks to keep interest rates high.

 

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