Cryptocurrency News by Bitcoin Romania, November 2021

Wed | 03.11.2021

FX & Currency

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.

 MASTERCARD TO ENABLE MERCHANTS ON ITS NETWORK TO OFFER CRYPTO PRODUCTS AND SERVICES

Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.”

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GOLDMAN SACHS PREDICTS ETHEREUM COULD HIT $8,000 THIS YEAR

Goldman Sachs has reportedly explained in a research note circulated by the bank’s managing director of Global Markets, Bernhard Rzymelka, that the price of ether (ETH) could hit $8,000 by year-end. The note details that cryptocurrencies have traded in line with inflation breakevens since 2019, according to Zerohedge.

Referencing a chart showing the Bloomberg Galaxy Crypto Index (red) on a log axis and the USD 2-year forward 2-year inflation swap (blue), Goldman’s analysts noted that “the local backdrop looks supportive for ethereum.”

Goldman Sachs Predicts Ethereum Could Hit $8,000 This Year

The analysts added: “It has tracked inflation markets particularly closely, likely reflecting the pro-cyclical nature as ‘network based’ asset. And the lastest spike in inflation breakevens suggests upside risk if the leading relationship of recent episodes was to hold (grey circles).” They further pointed out: This lines up well with the ethereum chart.

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FINDER SURVEY: NIGERIA'S 24.2% ADOPTION RATING IS THE HIGHEST RATE OF CRYPTO OWNERSHIP GLOBALLY

In addition to finding the West African nation as the country with the highest proportion of citizens that hold cryptocurrencies globally, the survey also discovered that “of the 1 in 4 online adults in Nigeria who own some form of cryptocurrency, bitcoin is the most popular coin in Nigeria at 66.5% of crypto owners.” Alternatively, this means more than half of the 24.2% of Nigerian respondents that own cryptocurrencies are in fact bitcoin holders.

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

On the other hand, the survey findings suggest ethereum (ETH) is the second most popular coin with Nigerian cryptocurrency holders, at 23.8%. Despite this seemingly high rate of interest in ETH, the ratio of Nigerians holding this cryptocurrency relative to other countries is still lower, the survey data suggests.

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

In fact, according to the survey, the 23.8% ETH ownership ratio is only enough to see Nigeria being ranked the 15th country out of a total of 22 countries.

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BANKS TRIED TO KILL CRYPTO AND FAILED. NOW THEY’RE EMBRACING IT (SLOWLY).

In 2014, as regulators in New York were exploring ways to control Bitcoin, executives at Wall Street’s biggest banks fretted that regulating cryptocurrencies would also legitimize them — and that could threaten the finance industry. So they tried to sow doubt.

At the World Economic Forum in Davos that year, Jamie Dimon, the chief executive of JPMorgan Chase, the nation’s largest bank, called Bitcoin a “terrible” store of value that was also being used for illicit purposes. At a meeting to discuss violations of Iran sanctions, H. Rodgin Cohen, the finance industry’s pre-eminent lawyer, warned the state’s regulators that the federal government was “very worried” about Bitcoin and its use.

Those efforts failed. New York’s Department of Financial Services began issuing licenses for Bitcoin businesses in 2015. There are now more than 75 million users of Bitcoin, up from around three million seven years ago, and the number of digital currencies has exploded. Globally, 220 million people use cryptocurrencies, according to a July report by Crypto.com.

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HOW TO BUY BITCOIN

Investing in Bitcoin (BTCUSD) can seem complicated, but it is much easier when you break it down into steps.

KEY TAKEAWAYS

  • The value of Bitcoin is derived from its adoption as a store of value and payment system, as well as its finite supply and decreasing inflation.
  • Although it is nearly impossible for Bitcoin itself to be hacked, it is possible for your wallet or exchange account to be compromised. This is why practicing proper storage and security measures is imperative.
  • Investing or trading Bitcoin only requires an account at a service or an exchange, although further safe storage practices are recommended.
  • You can also purchase Bitcoin through mainstream services like PayPal and Robinhood.
  • One way to own Bitcoin indirectly is by investing in companies that have bitcoin on their balance sheets.

 

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This article is provided by our Cryptocurrency Partner, Bitcoin Romania

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