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Bitcoin News Roundup for June 16, 2020

Bitcoin News Roundup for June 16, 2020



Blockchain Will Lead Digital Globalization Says Wanxiang Rep

Blockchain Will Lead Digital Globalization Says Wanxiang Rep

Dr. Xiao Feng, the Vice Chairman of investment company China Wanxiang Holdings, attended the 7th Global Investment and M&A Summit in Shanghai, according to local news on June 5.

Dr. Xiao’s keynote on digital economic reform revealed speculation that globalization will migrate from the physical to the digital world. He believes blockchain and other disruptive technologies will be the tools by which we realize this digital globalization. He explained that:

“Blockchain is a digital trust mechanism. Because of its characteristics of irrevocability, delectability and immutability, when we move these data to blockchain, these data can not be tampered with.”

Xiao believes that before the pandemic, globalization benefited many people, including China, Wall Street, and multinational companies. However, it also left behind victims such as the middle class and industrial workers in many developed nations. He explained that:

“Because the middle class and workers cannot be globalized, in economics it is called ‘non tradable goods’.”

However, he believes that post COVID-19, borderless digital globalization will benefit both developing countries and developed countries. He elucidated:

“With the help of digital technology, the labor force can be traded from now on, and employees do not need to move from the United States to China, although the industry moves to China. Then there is education. Internet English teaching has turned non tradable things into tradable things…”

According to Dr. Xiao, digital globalization will impact many companies’ organizational management systems, with more companies moving their operations online. The original ways in which companies measure their performance will become less important, and a new goal-setting framework may replace them as the most important managerial structure. He says such a framework will be called “Objectives and Key Results”, or OKR. Xiao says:

“Because we need to do one thing together in different time and space. We need to be transparent and align our goals, so we need OKR tools.”

He also claims that another impact of digitalization will see businesses undergoing complete overhauls in the way they conduct their practices. He says that the industrial revolution has reached the degree of diminishing marginal utility. In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as its available supply increases. Economic actors devote each successive unit of a good or service towards less and less valued ends.

As Cointelegraph reported previously, venture capital investor Tim Draper also believes digital financial innovations like Bitcoin, smart contracts, and artificial intelligence will lead a more globalized world.


Blockchain Will Lead Digital Globalization Says Wanxiang Rep

Exclusive: Borrowing Dollars Against Bitcoin And Crypto Is About To Get A Lot Easier

Bitcoin and cryptocurrency heists are on the rise, with researchers finding more than $1.4 billion worth of digital assets have been stolen so far this year.

Fear of theft has held back institutional adoption of bitcoin and cryptocurrencies, with access to capital based on crypto collateral hampered by security risks and operational challenges.

Now, San Francisco-based crypto custodian Anchorage has teamed up with crypto-friendly lender Silvergate to offer bitcoin and crypto-backed loans without the digital assets having to leave Anchorage’s care.

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Bitcoin and cryptocurrency investors have previously had to choose between security and access to … [+] loans but some crypto companies are beginning to offer ways around the problem.

“Whenever digital assets leave custody, security is a concern,” said Jesse Proudman, chief executive of Strix Leviathan, crypto hedge fund.

Anchorage Financing, aimed at institutional bitcoin and crypto investors such as hedge funds and market makers, will allow borrowers to draw on lines of credit without putting their digital collateral at risk.

What cryptocurrency will become the main one in a year?

“Institutional investors are getting a whole integrated package,” said Anchorage chief executive Nathan McCauley, who sees this kind of service as vital to the ongoing maturation of the crypto space.

“With this system, new participants come into the industry because they can take long positions in crypto and at the same time offer up collateral for loans.”

McCauley pointed to macro investor Paul Tudor Jones’ recent interest in bitcoin as a sign further institutional adoption of crypto is on the way and said he expects the bitcoin price to continue to climb through 2020.

The bitcoin price is up around 30% so far this year, having recovered all of its March coronavirus crash losses.

However, bitcoin’s recent rally has come to a halt at just under $10,000 per bitcoin despite repeated attempts to breach the psychological barrier.

“In order for bitcoin to continue to mature as an asset class and increase demand from institutional investors, we need more platforms like Anchorage Financing to provide leverage for these investors,” said Silvergate CEO Alan Lane.

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The bitcoin price exploded in 2017, partly due to expectations institutional investors were gearing … [+] up to enter the space.

“Institutional investors are looking for greater capital efficiency and the ability to use bitcoin as collateral to increase the size of their position in the asset.”

Earlier this year, San Diego-based Silvergate Bank, which boasts $2.3 billion in total assets, began allowing its customers to apply for loans collateralized by bitcoin held at digital currency exchanges that are also Silvergate customers.

Silvergate added 46 bitcoin and crypto customers during the first quarter of 2020 but could soon see competition in the space accelerate, with Wall Street giants such as JPMorgan beginning to take on crypto clients.

“As the big banks begin to figure it out and enter the digital currency ecosystem, it provides a huge validation of the asset class as a whole which in turn should drive more allocations to the asset class from main street asset managers, pensions and endowments,” Lane said.

Meanwhile, Anchorage is expecting to grow its client base beyond custodial investors, with bitcoin and crypto miners and exchanges beginning to take an interest in its services, according to McCauley—though he warns crypto finance still has a long way to go.

“I don’t think anyone in crypto has earnt the right to call themselves a prime broker just yet,” McCauley added. “But we will get there eventually.”


Author: Billy Bambrough

Bitcoin More Trusted than Big Banks, New Bitcoin IRA Savings

Bitcoin More Trusted than Big Banks, New Bitcoin IRA Savings

Опубликовано: 16 июн. 2020 г.

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Bitcoin News Roundup for June 16, 2020

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