Jun 22, · An anecdote in Bolton’s book reveals that President Trump has a distaste for bitcoin dating back to at least May , when the President chastised Treasury Secretary Steven . May 10, · A potential worsening of the US-China trade war and subsequent cold war would have many unforeseen consequences. Yet, packed within the effects are both some downside risks for cryptocurrencies. Jun 02, · China’s digital cash is designed to be an electronic version of a banknote, or a coin: it just lives in a digital wallet on a smartphone, rather than a physical wallet. Its value would be backed.
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Speaking to Express. China could use its bitcoin assets and mining capacity to break the hegemony of the US dollar, Mr Keiser also claimed. He said: "If China holds onto their bitcoin and they continue building their mining capacity, it may be game over for the US dollar as the world reserve currency.
The China based bitcoin mining industry has increased its capacity, thanks to cheap renewable electricity. However, the bitcoin mining pools in China have input from foreign participants, so it i still difficult to assess the true capacity and the percentage is constantly changing.
Max Keiser predicts the UK's reluctance to take an interest in bitcoin coupled with the combination the coronavirus pandemic and the risk of a no deal Brexit could lead Britain to seek another International Monetary Fund bailout in the future. Last week there were reports the US Secretary of the Treasury Steven Mnuchin was planning to rush out new regulation regarding self-hosted cryptocurrency wallets.
The Chinese mining industry controls between percent of the global output. The US is the second-largest bitcoin mining nation globally, contributing 7 percent. However, this is a fraction of China's capacity. Bitcoin's recovering "put-call skew" could show investors hedging against potential price pullback.
The latest on the economy and traditional finance. Dollar up on COVID case rise, gains curbed by Fed easing expectations Reuters The dollar strengthened on Thursday as broad optimism about COVID vaccines ran into worries about rising infection numbers and risks to the fragile global economic recovery. Dollar Loses to Euro as Payment Currency for First Time in Years Bloomberg The euro was the most-used currency for global payments last month, the first time it has outpaced the dollar since February Sign up to receive First Mover in your inbox, every weekday.
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