Home   >     Original    >     Main body
    Previous Post: Next:

    Bitcoin Could Completely Replace $5 Trillion FX Market As Base Layer Currency, Says Max Keiser

    Abstract:Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.

      Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.

      In an episode of the Keiser Report, the Wall Street veteran takes note of Citibanks recent report that argues Bitcoin has an advantage in global payments due to its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.

      Keiser highlights that Bitcoins advantages as a medium of exchange in global payments are already making banks, including Citibank, obsolete.

      “It‘s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency and it doesn‘t require any bank. It doesn’t require a central bank.”

      While the Citibank report sees Bitcoin as having evolved from a form of payment to a store of value, Keiser believes it is the other way around.

      “And they got it a little bit reversed. They‘re saying it started off as a means of payment and people are looking at it as a store of value, but in fact, it started off as a store of value, and now it’s morphing into a means of payment. That‘s the whole history of money. So Citibank should know at least the history of money and how money comes into existence but nevertheless, a good effort and I applaud them for at least recognizing that they’re about to go out of business.”

      As BTC is starting to be viewed as a more neutral and better settlements layer, the Bitcoin firebrand sees the worlds leading cryptocurrency as something that could supplant trillions of dollars worth of foreign exchange activity.

      “Right there‘s what, $5 trillion a day in the forex market, foreign exchange, and that could be completely replaced with Bitcoin as the base layer. We’ve seen that demonstrated now buy sending currency from country to country, starting off in one currency, arriving at the destination in that local currency instantaneously, virtually at no cost.”

    Read more

    Bitcoin Bull Mike Novogratz Warns of 'Existential Crisis' if the US Fails to Create Digital Dollar

    Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.

    News 1618217643000

    How to Use AI to Generate Free Bitcoins

    When you get on the Bitcoin train you know you are in for a wild ride, with the price dipping and soaring so fast it’s hard to keep up. One thing is certain however, the overall value of Bitcoin is rising year-on-year at an incredible rate. Since the start of the pandemic the price has skyrocketed from just 7,200 USD in January last year, to its current price of near to 60,000 USD, although with some heart-stopping drops and recoveries in price along the way. BTC is clearly a great investment, but there is undoubtedly a high level of risk and uncertainty, so it is critical to mitigate your exposure and the best way to do this is with an automated platform.

    News 1618207992000

    All that mined is not green: Bitcoin’s carbon footprint hard to estimate

    The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible.

    News 1618198734000

    With Banks Turning to Bitcoin, Is It Finally Time to Long the Bankers?

    In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?

    News 1618196175000