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Cryptocurrency

U.S Central Bank leader says no rush into crypto dollar

Jerome Powell recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.

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The world’s most powerful monetary policy chief, Jerome Powell, recently spoke on why the U.S central bank had no reason to rush into central bank digital currencies.

In a YouTube webinar organised by Yahoo Finance and conducted by highly revered economist, Markus Brunnermeier, the U.S Fed Reserve Chairman stated that the US central bank desires to get it right and hence doesn’t feel an urge or need to be the first.

READ: Central banks digital currencies pose a threat against the U.S dollar

“Since we are the world’s reserve currency, we actually think we need to get this right, and we don’t feel an urge or need to be first,” he said. “We effectively already have a first-mover advantage, because we’re the reserve currency.”

Powell also revealed that stablecoins were of high-level priority.

READ: Crypto usage absolutely certain – Standard Chartered

“We’ve been very focused… on potential regulatory answers for global stablecoins, in particular,” said Powell in response to a question about CBDCs, or central bank digital currencies.

“So that’s been a high-level focus, and that will continue to be a high-level focus because they could become systemically important overnight and we don’t begin to have, you know, our arms around the potential risks and how to manage those risks, and the public will expect we do and has every right to expect that… It’s a very high priority.”

READ: Gold prices up on U.S Central Bank’s will to keep interest rates low

Recall many months ago, the world’s largest economy considered the use of digital dollars, following slow COVID-19 stimulus payments to its citizens. The U.S Congress recently heard testimonies on the usage of digital dollars to facilitate the U.S’ legacy financial infrastructure.

Just yesterday, America’s Congressional Fintech Task Force examined Federation Accounts and the use of digital dollars in expanding financial reach in the United States.

READ: Naira gains at NAFEX window as CBN squashes early devaluation thoughts

What you need to know about Digital Dollar: The U.S government considered a framework in creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.

  • The digital dollars would be stored in a distributed database via the internet, on an electronic computer database, within a stored-value card or virtual files.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Chinese photo-editing app, Meitu buys $40 million worth of Bitcoin & Ethereum

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming

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The Share value of a Chinese photo-editing app, popularly known as Meitu Inc surged as much as 14.4% this morning after the Chinese company known for its beauty-focused app said it had bought $40 million worth of Ethereum and Bitcoin.

The Chinese technology firm, late-night yesterday revealed in its most recent filing that it bought $22.1 million worth of Ether and $17.9 million worth of Bitcoin on March 5 in a report credited to Reuters.

Meitu is the latest global firm holding Crypto as a form of its treasury operations. About a month ago, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which sent the world’s most popular crypto’s price up 20%.

READ: Why Ethereum transaction fees are often expensive

So fast Ethereum has printed gains of about 530% while the flagship Crypto’s yearly returns stand at about 430%.

Meitu said it was buying the popular Cryptos for investment and partly as preparation to enter the blockchain community and that it would support such purchase from its existing cash reserves.

Meitu is evaluating the possibility of integrating blockchain technologies into its businesses based abroad, which could include projects on the Ethereum blockchain network.

Recall some days back, a leading global bank, Citi had suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

READ: Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

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Billionaire Watch

Dogecoin could eventually hit $1

Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,

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Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball team claiming the franchise was now “the largest Dogecoin merchant globally .”

Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”

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

Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.

Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.

According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

READ: Why Bitcoin could be worth $1,000,000

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

  • Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
  • The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
  • This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.

Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.

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