Connect with us
SSN
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Cryptocurrency

Another Bank CEO reveals his thoughts on Bitcoin

Published

on

Goldman Sachs CEO Lloyd Blankfein has revealed his thoughts on bitcoin saying he was undecided about the cryptocurrency​. Blankfein made the statement in a tweet yesterday, in which he also compared the move into cryptocurrencies to the transition from gold to bank issued notes.

Goldman Sachs had recently hinted at plans to set up operations focused on digital currencies.

His position aligns with Morgan Stanley CEO who sees cryptocurrencies as more than a fad. Jamie Dimon, JP Morgan CEO had last month called the cryptocurrency a fraud.  Billionaire hedge fund manager Ray Dalio was of the opinion cryptocurrencies were being hindered by a lack of real world applications.

Why banks are interested in cryptocurrencies

Bitcoin and other cryptocurrencies represent both a threat and​ investment opportunity. As more people adopt digital currencies, banks which were hitherto the middle party, would have fewer transactions, leading to lower income. Wealthy clients on the other hand have put pressure on the banks to create funds and other vehicles through which they can invest in them. Banks have also invested in blockchain which is the technology on which cryptocurrencies run in order to lower their transaction costs.

Reactions by countries towards digital  currencies have been varied. White China has essentially banned its citizens from participating, Russian universities have allowed courses on cryptocurrencies and blockchain technology to be taught in its universities. African countries have also taken a cautious approach. Nigeria’s Central Bank of Nigeria (CBN) as set up a committee to study cryptocurrencies and advice the government accordingly. Several exchanges are currently running in the country.

Goldman​ Sachs is an American multinational finance company that engages in investment banking, investment management, securities trading and other financial services. The bank is the 5th largest bank in the United States by asset size with over $800 billion in assets.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

List of unpopular Cryptos likely to outperform

Tyler Swope has tipped some pretty unknown crypto assets of likely doing very well, amid the recent price correction.

Published

on

4 cryptos gain over 400% in a month, far outperforming Bitcoin

Despite the recent consolidation in crypto assets, a top crypto strategist trader, Tyler Swope has tipped some pretty unknown crypto assets of likely doing very well, amid the recent price correction that seems to be pausing the bullish momentum.

The crypto trader told his 201, 000 followers on Youtube that he was recommending decentralized finance (DeFi) platform Bao Finance (BAO).

He went on by giving his bias it on the fact that the unknown crypto asset was making progress while settling down from its initial hype stage;

READ: Crypto: Alpha Finance gains 400% in 10 days, supported by a big bank

“The xDai pools are deployed, a few minor bugs, but as we can see from the Baoman’s mouth: ‘Block rewards were pushed back one more day but the farms are working and stable. User deposits can start now.’ Yes, the crops are ready to be farmed on xDai. They are moving exactly as planned,” Swope said.

The top influencer further hinted that the crypto-asset could be used as collateral for spot trading on the FTX crypto exchange.

The other crypto asset on the experts’ list includes Deus Finance (DEUS), which is created in allowing users to trade conventional investments asset like equities and commodities directly on Ethereum.

“Deus is officially launching its decentralized trading platform in the next 48 hours. You will be able to trade hundreds of stocks, forex, and selected cryptos on xDai without time restriction,” he stated.

READ: Chainlink defying law of gravity, now more valuable than Litecoin

The crypto asset on Swope’s radar is DeFi platform Non-Fungible Yearn (NFY). He recommended the crypto asset taking to account it is expanding the opportunities in the non-fungible tokens (NFTs) subsector by “taking NFTs and applying it to DeFi.”

“They are the first DeFi protocol to utilize NFTs to make yield farming more secure and flexible by protecting the wallet and allowing the first transferable stake. What this does is create an ecosystem where instead of wallet addresses that represent the right to stake, an NFT will represent the right to the staked funds and the yield they generate. You will be able to trade your staked tokens and future yield via an NFT,” he added.

Continue Reading

Cryptocurrency

Football-based Crypto, is world best performing Crypto in 7 days

Chiliz traded at $0.105397 with a daily trading volume of about $589 million.

Published

on

A pretty unknown crypto asset, based on arguably the most popular sport has outperformed all major Crypto assets tracked by Nairametrics Week to Week.

At press time, the sport-based Crypto traded at $0.105397 with a daily trading volume of about $589 million. Chiliz is up 97% for the week.

Chiliz is currently ranked the 91st most valuable crypto asset, a market value of $573,581,586 It has a circulating supply of 5,442,094,892 CHZ coins and a maximum supply of 8,888,888,888 CHZ coins

The fast-rising crypto can be traded on the following crypto exchange trading that includes OKEx, HBTC, Binance, Huobi Global, and Xtheta Global.

READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble

Chiliz, powering Socios.com, aims to give sports and esports fans the ability to crowd-manage their favorite teams, games, leagues, and events.

Football clubs are now using blockchain, to facilitate better experiences for their fans.

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

READ: Big whale makes biggest Bitcoin transfer worth $5.6 billion for just $18

Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage the wider audience via collaboration with the industry’s global brands.

Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

Binance
Continue Reading



Advertisement





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.