eToro is About to Launch Stablecoin Versions of Major Currencies!

If you like what you read, feel free to share it:

eToro is a Cyprus-based social trading and multi-asset brokerage company. Recently they announced plans of implementing eight stablecoin versions of other major currencies. Currencies such as the Euro, Yen, and Swiss francs within their platform. They believe that users are in need of this feature.

eToro Launching a Crypto Exchange

eToroX is the new crypto-to-crypto service/exchange that eToro is about to launch, and implementing eight stablecoins is just an introduction of an ambitious plan to offer tokenized versions of other assets. These assets might also include precious metals and fine art.

If you need to refresh your memory on what is a stablecoin – read our explanatory article!

The major problem with stablecoins is that many skeptics believe that usually, companies haven’t got the reserve of fiat to fully back the stablecoins on a one-to-one basis. However, eToro claims that their company is backing the stablecoins with futures contracts.

Concerns of the Public Demand

Arieh Levi, a senior analyst at CB Insights believes that the users will stick to their platforms which they already use:

“It’s a pretty saturated market in terms of crypto trading. I’m not sure there will be too much demand as the existing players will likely stick to the platforms they already use.”

Yoni Assia, the CEO of eToro. Image source: flickr.com

However, eToro CEO Yoni Assia stresses that he believes that there will be demand for these type of assets. He says that many traders would want to “bet on the price movement of Bitcoin against currencies like the Canadian and Australian dollar.”

The main concern is that eToro will have to compete with such industry giants as Binance and Coinbase Pro.

Pushing Into the U.S. Market

The launch of eToroX exchange is a part of getting into the U.S. market. Recently eToro began offering a few of the most popular cryptocurrencies like Bitcoin, Ethereum, Ripple and etc.. This was done specifically for the U.S. market. Now, eToro claims that around four or five percent of new registrations come exactly from the U.S. They are pleased with these numbers and believe that they are doing the right thing.

While many think that the bear market is over for quite some time, for the average millennial trader, it might not seem that way. However, along with the bull market, new traders will be coming in and the need for a wider range of platforms will be in demand. From that point on, we believe that it’s only a matter of marketing for eToro.

Source:

http://fortune.com/2019/04/16/etoro-exchange/

Photo by flickr.com

Russia thinking about replacing USD with Bitcoin

If you like what you read, feel free to share it:

Referring to recent news by Micky, it seems like Russia is seriously considering investing in Bitcoin. This could happen as early as next month, told Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration. 

Bypass U.S. Sanctions

One of the main reasons why Russia considers such a move, would be because of new sanctions by the U.S., or EU. Vladislav Ginko believes that these next sanctions could possibly trigger Russia moving their cash reserves into Bitcoin.

“Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it,” says Vladislav continuing “because of US sanctions Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins.”

Russia expects new sanctions by the U.S. Government in February this year.

A possible huge price reaction for Bitcoin

If Russia is seriously considering to diversify their Dollar reserves, this could potentially mean a huge price increase for Bitcoin. Ginko is talking about several billion dollars. And that is massive for Bitcoin, as its current daily volume, according to coinmarketcap.com, is about $5 billion. Ginko believes that soon a lot of other countries will do the same, and that “Russia has a brilliant chance to invest into heavily oversold Bitcoin.”

Russian president Vladimir Putin stated on November 2018, that Russia is seeking for alternative reserve currencies. Also, Russia is working closely with China, to develop a new transaction system which would be independent of the U.S. Dollar.

Russia neither positive nor negative about cryptocurrencies

Vladimir Putin along with Russia has never quite condemned cryptocurrencies. The Russian president is one of the few world leaders who hasn’t publicly condemned Bitcoin or crypto in general. Of course, he has stated that investors must be careful operating with these currencies as there are “serious risks” surrounding crypto. Moreover, there were claims of Russia having its own cryptocurrency last year. Putin backed these claims saying “Central Bank of the Russian Federation considers cryptocurrency neither a means of payment, nor a store of value”. Also, he mentioned that this would not be possible by definition. 

Source:

https://micky.com.au/russias-billions-could-trigger-bitcoin-bull-run-next-month/

Bittrex allows USD to crypto trading

If you like what you read, feel free to share it:

Recently Bittrex, one of the worlds largest crypto exchanges, announced that now they allow retail clients to trade with US Dollars on their platform. The exchange was able to close a deal with Signature Bank some weeks ago, that allows the platform to offer trading with US dollars. In order to fully implement the US pair, the exchange will be inviting small groups of retail customers to participate in the USD markets. Individuals in four different states will now be able to trade US pairs at Bittrex. At the moment, only traders from Washington State, California, New York and Montana are able to participate. But Bittrex explains that later more states will be added. 

“We’re going to continue implementing these phases until all qualified customers are included, and we’re making good progress. For example, at launch, we started with only corporate customers, and only two weeks later, we’re beginning to methodically add batches of retail customers,” says in their blog post. 
Binance is also trying to offer fiat pairs. In order to do that, it has opened bank accounts in Malta to offer EUR pairs and it is working in the island of Jersey to open a GBP bank account.

Source:

https://goo.gl/YMmd2n
https://goo.gl/SEgmJe

The author of “Rich Dad, Poor Dad” predicts the future of money

If you like what you read, feel free to share it:

“Rich Dad, Poor Dad” is a best-selling finance book, sold more than 32 million copies, written by Robert Kiyosaki. 

Mr. Kiyosaki is warning us of an economic crash like “the world has never seen before”. He is about to do an Australian tour sometime this month, but for now he is not that certain when the crash is going to take place, but the “foreshocks are sounding right now”.

The dotcom bubble happened in 2000s, next came the subprime real estate crash in 2008, and “the next crash is going to be the biggest of them all”, says Mr. Kiyosaki.

He says that the U.S. Constant printing of money, called the quantitative easing, is inflating a large bubble, but when it comes to Bitcoin, he says that “it is a wonderful idea”.

“I talk about three types of money today. One is God’s money, which is Gold and Silver, they will be here after the cockroaches go extinct. It will always be here. Then there’s government money which is fiat currency the dollar, the Yen, the Euro. And then there’s people’s money, which is cyber currency. I think the dollar is toast because Gold and Silver and cyber currency are going to take it out. The US dollar is a scam”, he said, “I think we’re watching the end of the dollar. That’s what I’m saying”.

“I’ve always been a gold bug. My latest book coming out is called “Fake”. There’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money,” he said.

That is a pretty vivid image painted there by the best-selling author. The question that remains unanswered is about other fiat currencies. One is the death of the U.S. Dollar which is being printed all the time, but what will happen to the Japanese Yen or Russian Ruble, for example, after the USD crash? But one thing is for certain, which Robert Kiyosaki already mentioned – Bitcoin and cryptocurrencies in general are the “people’s money”.

Source:

https://goo.gl/8CZeTe