An East European bank Belarusbank, the largest bank in Belarus, has opened crypto services to its clients in the country, offering consumers, options in purchasing and selling cryptos.
In a report credited to PrimePress, such services were made availably by a partnership with Whitebird in offering its bank customers in the Eastern European country and Russia the option to buy and Sell Cryptos, and hope to add such services to more countries to this list as well as expand the list of offered digital assets.
- Belarusbank began offering crypto services on Friday, allowing its clients, buy and sell cryptos via using Visa cards. Furthermore, it has plans to add a total of four fiats for crypto purchases: US dollar, Belarusian ruble, Russian ruble, and euro.
- Belarusbank is a state-owned bank with a 99.95 percent government share in it. The bank was reorganized in 1995 by merging with Sberbank of Belarus.
What you should know: Recall Nairametrics a few weeks ago, revealed how well-known U.S proprietary trading firms and venture capital companies are now in the buzz of buying cryptos amid the bullish trend playing out at the world’s fast-changing financial market.
Data retrieved from Messari researcher, Mason Nystrom, showed a top U.S proprietary trading firm, Jump Trading – with expertise in algorithmic and high-frequency trades and 700 employees globally, accumulating six DeFi cryptos quietly.
What this means: The many global economic challenges prevailing around the globe which include the exponential rise of COVID-19, inflation, and the alarming plunge in value for most fiat currencies have made paper money an unreliable store of value
Thus, pushing these elite firms to store their value in a deflationary currency like crypto, which can help them to hedge against inflation and further used to preserve wealth.
Bitcoin makes big bang, trading at $19,000
Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD, moving up 2.82% in the last 24 hours.
The flagship crypto, Bitcoin, just hit a three year high, by breaking above $19,000
What you should know: At the time of writing this report, Bitcoin traded at $19,046.17 USD with a daily trading volume of $51,548,246,565 USD. BTC is up 2.82% in the last 24 hours.
It currently ranks at 1, with a market cap of $353,357,808,164 USD. It has a circulating supply of 18,552,700 BTC coins and a max. supply of 21,000,000 BTC coins.
Bitcoin is less than 4% away from the previous all time
— glassnode (@glassnode) November 24, 2020
Why Bitcoin still looks like a bargain
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high.
As stakeholders, players, and crypto wannabes ponder if increasing their stakes on Bitcoin, the world’s most popular crypto seems ideal now, despite the fact that it’s trading near a record high, Nairametrics decided to weigh in on some key fundamentals showing Bitcoin looks like a bargain.
With prices exceeding $18,000 for the first time since 2017, BTC looks poised to break its previous all-time high. More investors are holding bitcoin for wealth preservation.
A recent report from Glassnode, revealed plummeting Bitcoin exchange balances support the narrative that investors intend to hold their flagship crypto more than ever before, taking into consideration that with the prevailing demand in play, and limited supply of Bitcoin, the price would most definitely go north.
With prices exceeding $18,000 for the first time since 2017, $BTC looks poised to break its previous all-time high.
Meanwhile, plummeting #Bitcoin exchange balances support the narrative that investors intend to hodl.
— glassnode (@glassnode) November 23, 2020
Bitcoin liquidity continues its downward trajectory, buttressing that the macro bitcoin is becoming scarce for open sale.
It is also important to note that Bitcoin has a circulating supply of 19 million coins and a max supply of 21 million coins, meaning there are about 2million left to be mined.
Taking into account that about 4 million Bitcoins have been lost forever as a result of BTCs owners dying, and their next of kin not having access to such cryptos, it is fair to say there are only about 15million BTC presently in circulation to cater for over 7 billion people fighting to have a stake in Bitcoins, meaning that as BTC becomes scarce and more popular, it becomes a matter of time that the crypto asset valuation will hit the roof.
It’s vital to consider the bias saying that as global financial regulators begin to implement their regulatory framework on cryptos, it could become a matter of months for global banks and multinationals to increase their buying pressures on BTC. Thereby, pushing the price beyond the reach of an average investor.
28 million merchants to be granted crypto usage on PayPal
PayPal CEO, Mr. Schulman recently hinted the company will allow the usage of crypto funding for 28 million merchants.
PayPal CEO, Mr. Schulman, recently hinted that the company would allow the usage of crypto funding for the 28 million merchants on its payments platform.
In a report credited to CNBC, the CEO of the payment juggernaut company elaborated further by saying, “Early next year, we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies.”
The Chief Executive also disclosed that it was just a matter of time for digital currency to replace the old traditional forms of fiat currencies (paper money).
“As paper money slowly dissipates and disappears from how people are using transactions; Central banks, especially on the retail side, will need to replace paper money with forms of digital fiat currency.”
"As paper money slowly dissipates and disappears from how people are using transactions, central banks especially on the retail side will need to replace paper money with forms of digital fiat currency," says @PayPal CEO Dan Schulman. pic.twitter.com/pLuvc2RxPY
— Squawk Box (@SquawkCNBC) November 23, 2020
What this means
About a month ago, Nairametrics reported on PayPal Holdings Inc’s announcement that it would provide its users the opportunity to buy, hold, and sell cryptos directly from their PayPal accounts by early 2021.
It also hinted at a strategy to significantly boost its crypto’s utility capability, by making it readily available as a funding source for purchases with its 28 million clients globally.
In a press statement seen by Nairametrics, Dan Schulman, President and CEO, PayPal, gave key insights on why the global payment company was going crypto:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access, efficiency, speed, resilience of the payment system, and the ability for governments to disburse funds to citizens quickly.”