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Bitcoin Becomes 16th World’s Largest Currency, What’s Next?

Bitcoin is everywhere in 2021, and there isn’t any area of the world of finance that the cryptocurrency hasn’t begun to cut into. The asset’s booming market cap puts it in front of some of the largest publicly-traded companies in the world. The recent rally has also helped the cryptocurrency become the 16th largest world currency overall, trailing directly behind the Russian ruble. Here’s the rest of the remaining currencies Bitcoin has left to leave […]

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Bitcoin is everywhere in 2021, and there isn’t any area of the world of finance that the cryptocurrency hasn’t begun to cut into. The asset’s booming market cap puts it in front of some of the largest publicly-traded companies in the world.

The recent rally has also helped the cryptocurrency become the 16th largest world currency overall, trailing directly behind the Russian ruble. Here’s the rest of the remaining currencies Bitcoin has left to leave in its dust as it develops into the greatest currency ever to exist.

Unstoppable Bitcoin Rally Rapidly Leapfrogging All Other Market Caps

Bitcoin at this point appears to be completely unstoppable, absorbing capital from all other markets, assets, and more. Throughout 2020, the asset stole a sizable share of the gold market, and a portion of each round of fiat money printing also made its way into the cryptocurrency.

RELATED READING | ALTCOINS SOAR ALONGSIDE BITCOIN, CRYPTO MARKET CAP NEARS $1 TRILLION

Once FOMO kicked into high gear, the asset’s market cap has jumped from $200 billion in 2020 to over $700 billion. The total crypto market cap also hit a milestone of $1 trillion across all assets, including Bitcoin.

The cryptocurrency's market cap has reached over $700 billion | Source: CRYPTOCAP-BTC on TradingView.com

Bitcoin alone is now worth more than most publicly traded companies, and trails right behind Tesla. One BTC can even buy a Tesla outright at this point. But comparing the cryptocurrency against publicly-traded company shares is a stretch.

Instead, the cryptocurrency should be compared to the fiat currencies of the world, representing some of the most powerful nations. Bitcoin is most directly opposed and in competition with these other currencies, and not shares of companies like Tesla or Apple.

In this comparison, Bitcoin’s massive and rapidly growing market cap now makes the cryptocurrency network the 16th largest currency in the world.

How The Cryptocurrency Stacks Up Against Other World Fiat Currencies

According to Fiat Market Cap, a spin on the popular cryptocurrency price aggregator Coin Market Cap, Bitcoin is now in 16th place in terms of overall world currencies.

The top-ranked crypto asset just overtook the Mexican peso in terms of overall value. Directly above it, lies the Russian ruble, the Swiss franc, and the Thai Bhat – which has a currency symbol that looks a lot like Bitcoin’s.

bitcoin fiat currencies

Bitcoin now ranks 16 on the list of top fiat currencies | Source: Fiat Market Cap

Above there is filled with mostly dollars: Australian, Taiwan, Hong Kong, Canadian, and United States. There’s also the euro, pound sterling, the rupee, lira, yen, and yuan.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Currently, the Chinese yuan is the largest currency with the most value spread across the globe, even despite the US dollar acting as the global reserve currency.

What Bitcoin offers the world that these other fiat currencies do not and never will, is freedom from the nation that is attached to each currency. A non-sovereign currency would benefit all, not one signal country. And given Bitcoin’s suddenly sharp trajectory, it could be only a matter of time before it tops this list.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://bitcoinist.com/bitcoin-becomes-16th-worlds-largest-currency-whats-next/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-becomes-16th-worlds-largest-currency-whats-next

Blockchain

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

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Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

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“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

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Blockchain

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

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TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

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Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

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Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

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Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

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