Venezuela is moving a shipment of 29 tonnes of gold, worth approximately 1 billion Euros or 1.2 billion dollars, to the United Arab Emirates for sale. UAE will pay cash Euros for the trade, which has riled US officials currently engaged in dethroning Socialist President Nicolas Maduro. 3 tonnes were already shipped on January 26th, according to a source speaking exclusively to Reuters. Euros for Liquidity After a record financial crisis in the South American country, compounded by decreased oil production, the Venezuelan government plans to use the Euros to ensure liquidity for international trading. Trading has been all the
Writing for Market Watch Tuesday, Aaron Hankin asserts that Bitcoin’s price plunge along with the NASDAQ and other equities benchmarks in Q4 2018 proves Bitcoin is more like a tech stock than digital gold as some Bitcoin proponents have characterized it. Typically when soft assets like stocks and bonds are in free fall, investors’ money flees into hard assets like precious metals for shelter from the market turbulence. That’s exactly what happened with gold in Q4 2018. As Wall Street crashed and burned, the spot price of gold was buoyed by investors looking for relief from the hemorrhaging. If Bitcoin
Bitcoin investors are abandoning crypto in favor of traditional commodities like gold amid the prolonged market slump. That’s the observation of Jan Van Eck, the CEO of investment management firm VanEck Associates. Van Eck says this is a reversal of the trend he saw in 2017, when the then-sizzling bitcoin pulled demand from gold during the crypto bull market. “I do think that bitcoin pulled a little bit of demand away from gold in 2017,” Van Eck told CNBC (video below). “Interestingly, we just polled 4,000 bitcoin investors. And their No. 1 investment for 2019 is actually gold. So gold
By CCN.com: Throughout the 2017 crypto market bull run, bitcoin price predictions kept the crypto hype train fat and happy. Whether it was eccentric ICO promoter John McAfee promising to emasculate himself if bitcoin failed to reach $ 1 million within three years or Fundstrat setting a “conservative” price target at $ 25,000, every crypto influencer had
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Halo 5: Guardians, the fifth installment in the main Master Chief storyline, is available for free for Xbox Live Gold users through the end of the weekend. Xbox Live Gold members can play Halo 5 for free today through Sunday as part of @Xbox Free Play Days. Jump in and join the Master Chief for […]
At the Israel Bitcoin Summit at Tel Aviv University on Jan. 8, veteran cryptographer Nick Szabo explained that the use of censorship-resistant cryptocurrencies will rise in countries sanctioned from trade and economies suffering from failed monetary planning. Szabo also argued that the world’s central banks might turn to cryptocurrency reserves in the future in order to supplement national gold reserves.
The price of gold futures broke the $ 1,300 per ounce threshold for the first time since June 2018. Investors are likely moving positions to the gold markets, pushed away from stocks after recent dips. The crypto market capitalization, or the total amount invested in bitcoin and other cryptocurrencies, is also holding nicely, showing that cryptocurrency
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Venture capitalist Lou Kerner says bitcoin is well on its way to replacing gold as the dominant store of value, noting that its market cap has already surpassed that of silver. “What [bitcoin] has evolved into is a store of value,” Kerner told Bloomberg. “Today, the main store of value is gold. It’s an $ 8 trillion
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Given that the next generation of investors will come of age having been immersed in the digital world from infancy, many crypto advocates believe that bitcoin or another cryptocurrency asset could one day function as “digital gold,” providing people with an easy-to-access hedge against market uncertainty and central banking malfeasance. Gold Sees Resurgence as Crypto,
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According to a new paper published in a peer-reviewed scientific journal, researchers in China have made a groundbreaking discovery that could profoundly impact the face of the precious metals landscape — and provide bitcoin with an opportunity to shine. Scientists Turn Copper into Substance ‘Almost Identical’ to Gold Per SCMP, a team of scientists at
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The stablecoin is still an evolving concept, and there have been multiple approaches to it. Dai has algorithmic methods to keep it tied to the US Dollar, while the multitude of stablecoins – USDT, PAX, GUSD, TUSD, and USDC — all simply offer a 1:1 exchange ratio. The recently-rebranded Ampleforth offers an elastic supply so
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Global crypto payment provider BitPay has announced the OneGold precious metals and digital gold marketplace is now accepting Bitcoin and Bitcoin Cash, according to a press release. OneGold — founded by APMEX, a leading precious metals retailer, and Sprott, an alternative asset manager — is focused on giving investors the ability to combine the “key
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Stephen Innes, the head of trading for the Asia Pacific region at foreign exchange (FX) trading giant Oanda, has said that the plunge in the value of bitcoin and crypto will lead to a surge in the price of gold. In an interview, Innes said: “There’s still a lot of people in this game. If … Continued
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Gabor Gurbacs is confident that the approval of a bitcoin exchange traded fund (ETF) is inevitable. And he’s optimistic that the VanEck SolidX Bitcoin Strategy will be the first to deliver one to the world.
The director of Digital Asset Strategy at VanEck/MVIS, Gurbacs, as of late, has become a leading voice on the space’s ETF pursuit at a time when industry chatter on the topic has never been louder. If you haven’t found him extolling the benefits of a bitcoin ETF on Twitter, you may have come across his interviews on Anthony Pompliano’s podcast and Ran Neu-Ner’s Crypto Trader show for CNBC Africa.
Venezuela, where bitcoin trading is at an all-time high and the socialist government has issued its own cryptocurrency amid record-breaking inflation and other economic woes, has been denied access to its own gold reserves by the Bank of England. The justification used for denying the country’s request to repatriate 14 tons of gold, worth about
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A new paper indicates that the energy required to mine cryptocurrencies is more than what is consumed when excavating for metals of equivalent dollar value. In the paper which was published on November 5 by the Nature journal, researchers at the Cincinnati, Ohio-based Oak Ridge Institute noted that bitcoin consumes more than three times the
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US banking giant JPMorgan Chase Bank’s blockchain, Quorum, will be used to “tokenize” gold bars. Quorum is the enterprise version of the Ethereum blockchain, developed by JPMorgan Chase, will ensure users operate smart contracts while using pre-programmed rules to automate them. The ethereum-based blockchain will afford sustainable miners the opportunity of earning a premium on
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The London Bullion Market Association (LBMA) is to create a set of standards for blockchain-based gold tracking, as well as an oversight committee to approve and monitor technology providers.
Ethical sourcing is becoming critical in such a high-value sector as precious metals. It will become even more important as reserves of metals such as gold diminish and scarcity develops.
Proving the origins of gold could prevent smuggling from developing countries where mining practices can threaten lives and damage the environment. It ensures that everyone involved in the supply chain, including miners, are rewarded and reassures gold buyers and consumers that both people and the environment are being protected.
Though many bitcoin investors believe multi-layer scaling solutions such as the Lightning Network (LN) will eventually make BTC a viable payment instrument for the proverbial coffee purchase, most argue that the flagship cryptocurrency’s primary short-term use case is as “digital gold.” However, an equity analyst at one of the world’s most respected investment research firms
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