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Blockchain

Andrew Bailey Is Clearly No Fan of Bitcoin

Andrew Bailey – governor of Britain’s Central Bank (BCF) – is clearly not a bitcoin fan. Andrew Bailey: BTC Has No Connection to Money In a recent webinar hosted by the financial institution, Bailey took the time to explain bitcoin, stable currencies and central bank digital currencies (CBDCs). While he was relatively positive about the

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Andrew Bailey – governor of Britain’s Central Bank (BCF) – is clearly not a bitcoin fan.

Andrew Bailey: BTC Has No Connection to Money

In a recent webinar hosted by the financial institution, Bailey took the time to explain bitcoin, stable currencies and central bank digital currencies (CBDCs). While he was relatively positive about the latter two entities, bitcoin appeared to rub him the wrong way, and he wasn’t very complimentary of the world’s number one digital currency by market cap.

In the webinar, Bailey explained his thoughts on the digital asset:

Let me start with crypto assets such as bitcoin which have appeared in the last ten years. They don’t have any connection to money at all. Their value can fluctuate widely and unsurprisingly. They strike me as fundamentally unsuited to the world of payments where a certainty of value matters.

To a degree, we must understand the minor bit of truth to Bailey’s words. He commented that bitcoin and cryptocurrencies like BTC tend to fluctuate, and on this point, he is certainly correct. After all, bitcoin just ended the previous week at around $12,000, whereas today, it is trading for nearly $2,000 less at roughly $10,200.

Still, however, it’s wrong at this point to say that bitcoin has no connection to money. There are certain retail outlets – such as Overstock.com – that accept it as a form of payment. In addition, the asset has shown various correlations with gold, stocks, and even the U.S. dollar, so to say that it has no connection with money is a bit on the ignorant side.

Despite his resentment and rejection of bitcoin, Bailey expressed a certain level of confidence in stable currencies, claiming that they were likely the future of money. He stated that once all their kinks were worked out, they could potentially do a lot for people and for the financial space. Among their potential benefits would be the lowering of payment costs and increasing payment speeds. He also said he saw them operating alongside CBDCs, which he is certain every bank will issue in the coming future.

This All Sounds Very Familiar

Bailey’s words echo those of billionaire and Berkshire Hathaway CEO Warren Buffett, who despite all his financial success over the years, still doesn’t care for bitcoin. In an interview in 2019, he commented that bitcoin ultimately held no value because it was not an investment that led to anything. It just “sat there.” He also compared the currency to a button on his shirt, and said that that the only way to sell it was by doing so with a person who was willing to pay more for it than what the original buyer had.

However, JPMorgan CEO Jamie Dimon was also critical of bitcoin before later deciding to follow in the currency’s footsteps and release JPM Coin, a digital asset specific to his own bank chain.

Tags: Andrew Bailey, bitcoin, stable currencies, Warren Buffett Source: https://www.livebitcoinnews.com/andrew-bailey-is-no-fan-of-bitcoin/

Blockchain

NASCAR Driver Landon Cassil to be Paid in Bitcoin and Litecoin

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Popular NASCAR driver Landon Cassill will soon become the first auto racing driver to receive his salary in cryptocurrency via a new partnership with crypto brokerage firm Voyager Digital Ltd.

First Auto Racer To Receive Crypto Salary

In an official announcement today, the National Association for Stock Car Auto Racing, LLC (NASCAR), an American auto racing sanctioning and operating company best known for stock car racing, revealed that Cassill will be paid fully in cryptocurrencies, especially Litecoin (LTC) and the Voyager Token (VGX).

The partnership deal will see Cassil drive a purple No. 4 Chevrolet Camaro customized with a full Voyager-branded car wrap in 19 NASCAR Xfinity Series races this season across 16 states. The first race is due to start this Saturday at the Tennessee Lottery 250 at Nashville Superspeedway. 

A Crypto Proponent

Cassil admitted, via a telephone interview, that he had been a long-term crypto user and had only been searching for the right agency to partner with. He noted that many of his fans of late are crypto users, and the crypto industry has been seeing a lot of mainstream attention from retail investors. 

“I’m a crypto user, and I’ve been involved for several years. This is something I’ve wanted to do for a while, but it was about finding the right partner to do it. A lot of my fans are crypto users, and as of late, there’s been a lot of mainstream, retail attention on it. So from a community perspective and an athlete speaking for a space, timing was perfect this summer,” Cassil  said. 


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The NASCAR driver had allegedly met Steve Ehrlich, Voyager’s CEO, at a Litecoin summit two years ago, and they instantly hit it off due to a shared interest in cryptocurrency. 

Speaking on the partnership, Ehrlich said:

“Landon Cassill’s focus and determination on the race track translates across everything he does, which is why we’re honored to partner with him in this season’s Xfinity Series. Landon also shares our vision of widespread crypto adoption, and we’re proud to be the first company to secure a primary NASCAR sponsorship completely with crypto…I think it’s really important that the people you do business with have a crypto understanding.”

Crypto Salaries

Litecoin founder Charlie Lee, who also admitted that Cassil has been a strong supporter of Litecoin and the crypto industry for several years, believes that the “landmark deal shows the growing reach of the Litecoin community into the professional sports world and eventually beyond.”

While Cassil will be the first auto racing driver to receive crypto payments, cryptocurrencies for salaries in the sports industry are not entirely new. In April, CryptoPotato reported that employees and players of the NBA giant, the Sacramento Kings, would be able to receive a significant part of their salary in Bitcoin. 

Featured image courtesy of The Podium FInisi

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Source: https://cryptopotato.com/nascar-driver-landon-cassil-to-be-paid-in-bitcoin-and-litecoin/

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Blockchain

Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland

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After conducting tests for several months, the Swiss branch of the large Spanish bank – Banco Bilbao Vizcaya Argentaria (BBCA) – has announced plans to release two services related to the cryptocurrency industry.

  • According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other digital assets starting from Monday – June 21st.
  • BBVA’s second service will enable its clients to store their digital assets on a regulated platform, and both initiatives will launch simultaneously.
  • Nevertheless, the entity has no plans to offer advice or actively manage any funds related to cryptocurrency investments.
  • Alfonso Gomez, CEO of BBVA Switzerland, explained that these services come after an extended trial period and enhanced customer demand.
  • “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security, and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.” – he added.

  • The services and a bitcoin management system will also be available in the bank’s mobile application. Users will be able to use to review their investments and track their performance.
  • The bank will provide a personalized digital wallet, which will enable customers to convert BTC and other digital assets to euros or other fiat currencies, and vice versa. The process will be automatic, “without delays and without the illiquidity that affects other digital wallets or independent brokers.”
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Source: https://cryptopotato.com/spanish-banking-giant-bbva-to-launch-bitcoin-trading-and-custodial-services-in-switzerland/

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Blockchain

Polkadot, EOS, IOTA Price Analysis: 18 June

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The cumulative market cap of the cryptocurrency sector was $1.57 trillion at press time, having fallen by 2.39 percent since yesterday. The market’s alts were falling too, with the likes of Polkadot, EOS, and IOTA seeing red on the charts. While Polkadot continues to maintain its position in the top 10, EOS was ranked 27th while IOTA was ranked 40th.

Polkadot [DOT]

Source: DOT/BUSD – Trading View

DOT fell from a recent high of $26 to $22.34, its price at press time. Its 24-hour trading volume was down by 31.28 percent at $1 billion. Its price dropped by 6.3 percent in just 24 hours.

The coin has not dipped below the $20-resistance mark since the beginning of this month. However, after climbing to a high of $28.5 on 3 June, the alt’s price went sideways and did not cross the lower high of $26. There may be a further dip in the price, as evidenced by the findings of the Parabolic SAR.

The Stochastic RSI at the lower end, below 20, suggested that the prices may rise, however, following a reversal. Finally, the Chaikin Money Flow was below zero and pointed to high capital outflows and the likelihood of a further drop in price.

EOS

Source: EOS/BUSD – Trading View

Even though EOS had made a decent recovery toward the end of May, it slumped again from a high of $7.7. Its price continued to drop today, dipping by 3.8 percent.

Consolidating between the $4.4 support and $5.4 resistance since 8 June, the coin was changing hands at $5, at the time of writing.

The parallel Bollinger Bands showed no signs of volatility and dominant bearish momentum was displayed by the Awesome Oscillator. The Relative Strength Index indicator was moving upwards, indicating growing buying pressure.

IOTA

Source: IOTA/BUSD – Trading View

After a significant drop from $ 1.2 a few days ago, IOTA was still trading in the red after dropping by 3.6 percent in the last 24 hours. At $31 million, its 24-hour trading volume had dropped by 28.29 percent.

Over the last ten days, its price did not breach the $ 1.2-resistance mark. However, a new support level was established after 13 June. With the indicator below the 20-mark, the Average Directional Index pictured a weak trend which may strengthen in the future, going by its movement.

The MACD and Signal lines were meeting and neither a bearish nor bullish trend was established. The Parabolic SAR’s markers were found above the candlesticks and pointed to an upcoming dip.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/polkadot-eos-iota-price-analysis-18-june

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