Category: Economics

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience. In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser […]

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Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won’t Replace the Dollar

Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won’t Replace the Dollar

An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade said that the national crypto aims to “facilitate” transactions across the country. Crypto Could Be Backed by Gold During an interview with Primicias, Andrade, representing the Union Ecuatoriana party, believes its cryptocurrency idea is a […]

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Steve Forbes Says Bitcoin’s Fixed Supply Limits Its Ability to ‘Meet the Needs of a Growing Economy’

Steve Forbes Says Bitcoin’s Fixed Supply Limits Its Ability to ‘Meet the Needs of a Growing Economy’

American publisher Steve Forbes has attacked bitcoin’s fixed supply saying this feature actually curbs the ability of the crypto to “meet the needs of a growing economy.” He also argues that bitcoin cannot replace the dollar because it is presently too volatile to function as money. Forbes insists that money only works best if it […]

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IMF Tells Governments: Spend as Much as You Can and Then Spend More

IMF Tells Governments: Spend as Much as You Can and Then Spend More

The head of the International Monetary Fund (IMF) has called on countries worldwide to spend as much as they can and then spend more. She admitted that this is a “very unusual” policy for the IMF but it is needed to revive economies. Many people are interpreting her statement as very bullish for bitcoin. IMF […]

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Argentine Billionaire Marcos Galperin Says Bitcoin a ‘Better Store of Value Than Gold’ as Officials Plan to Print More Pesos

Argentine Billionaire Marcos Galperin Says Bitcoin a ‘Better Store of Value Than Gold’ as Officials Plan to Print More Pesos

Argentine billionaire and CEO of the e-commerce platform Mercado Libre, Marcos Galperin says bitcoin is a better store of value than gold. However, the billionaire thinks the crypto will not replace fiat currency due to what he terms the high “energy cost required to process its transfers.” Bitcoin Mining Energy Consumption Misconception Galperin, who has […]

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The US Dollar’s Share of Global Reserve Currencies Drops as Japanese Yen’s Share Increases

The US Dollar’s Share of Global Reserve Currencies Drops as Japanese Yen’s Share Increases

The U.S. dollar’s dominant position as the reserve currency of choice may be in peril, as its share of global currencies held in reserves continues to decline. International Monetary Fund (IMF) data shows, the dollar’s share of reserves dropped from 66% in Q3 of 2014 to just above 60% in Q3 of 2020. This means […]

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Economics Professor Tyler Cowen Says Cryptos Useful as Hedges or Forms of Payments – ‘Not Both’

Economics Professor Tyler Cowen Says Cryptos Useful as Hedges or Forms of Payments – ‘Not Both’

Tyler Cowen, an economist and professor at George Mason University, has suggested that the key use cases of cryptocurrencies are mutually exclusive. He argues that cryptos can either be important inflation hedging tools or useful forms of payment but not both. The Regulation Threat The professor adds that despite the popular assertions by some that […]

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Data Shows 78% of the Circulating Bitcoin Supply Is Illiquid, Only 4.2M BTC in Constant Circulation

Data Shows 78% of the Circulating Bitcoin Supply Is Illiquid, Only 4.2M BTC in Constant Circulation

Onchain statistics show 78% of the circulating bitcoin supply is illiquid and barely accessible according to Glassnode research. Data indicates that the analysts have classified 14.5 million bitcoin as illiquid and only 4.2 million bitcoin in constant circulation. One of the most treasured parts of the Bitcoin (BTC) protocol is the fact that the system […]

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Spanish Municipality Creates Its Own Cryptocurrency to Boost Economy Hurt by Coronavirus Crisis

Spanish Municipality Creates Its Own Cryptocurrency to Boost Economy Hurt by Coronavirus Crisis

A municipality in the province of Sevilla, Spain, has launched its own cryptocurrency, which aims to encourage residents and merchants to arrange transactions with it in the midst of the coronavirus-driven economic impact. Spain’s Sevilla Municipality Launches ‘Elio’ Cryptocurrency to Boost Local Economy According to Europa Press, the City Council of Lebrija created “Elio,” a […]

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Digital Currencies Could Outshine SWIFT System, Says Central Bank of Russia’s Deputy Governor

Digital Currencies Could Outshine SWIFT System, Says Central Bank of Russia’s Deputy Governor

The first deputy governor of the Central Bank of Russia (CBR) has been vocal in a recent online meeting, reported by Russia Today (RT), about the topic of digital currencies challenging the SWIFT international payments system and make it redundant. Digital Currencies Could Challenge SWIFT System, Even Replace It According to Olga Skorobogatova, the development […]

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