Bitcoin Update
While ordinary stock market shares are yo yo-ing with uncertainty, technological giants Amazon, Apple, Microsoft and similar, are positively soaring .The covid pandemic is accelerating transition to the digital and technological age.
But the best performing asset of the last decade was Bitcoin, and traditional banks are starting to get interested.
In May, the largest retail bank in America, JPMorgan, which has historically been a staunch opponent of Bitcoin, announced it is already processing crypto transactions on its platform, and plans to create JPM Coin, a digital currency tied to the dollar, which will speed up and reduce costs of global payments.
In June, CoinDesk reported that PayPal and Venmo are considering joining the crypto community by offering direct sales of cryptocurrencies. Earlier in August, we saw Goldman Sachs bring in a new head of digital assets to scale up its crypto operations.
Crypto—once the reserve of gamers, coders, and early tech millionaires—is now a place where more people have access to an alternative system giving greater control over their wealth. Anyone with a smartphone can access crypto without waiting for banks to open or for a debit card to arrive. What's more, because crypto is decentralized, and uses a public ledger to show or hide records, there is a level of transparency and independence that government programs do not provide.
For the most part, crypto currencies have operated in a world of their own. But in 2020—amid the coronavirus pandemic—interest in crypto has boomed. That interest is mainly with investors and speculators and causes high volatility as they try to make money buying the dip and selling the tip of price movement.
Bitcoin won't be generally accepted for daily household shopping until there is price stability. Finding the price of potatoes and other staples has risen dramatically between home and shop will see to that.
Interest in cryptocurrencies is rising because businesses and holders of cash fear that government support payments to individuals and businesses, weaken the U.S. Fiat currency (Fiat - from the Latin 'It shall be'- Fiat money that has no intrinsic value, i.e paper money - but governments decree 'It shall Be' legal tender).
This is confirmed by traditional banking institutions, like JPMorgan Chase,cautiously hedging digital currencies onto their platform.
The value of money is changing. As Americans continue to receive financial assistance and businesses utilize (PPP) Payroll Protection Programs, the value of the dollar is dropping. Earlier this week, the U.S. Dollar Index was at its lowest level since May 2018.
So more people will hedge money from the devalueing dollar into gold and silver,the traditional alternative stores of value. And now cryptocurrencies will give another option.
Bitcoin is established. There is a reason why the most prestigious university endowments, such as those affiliated with Harvard, Stanford, and MIT, all invest in crypto funds.
If you have spare funds that you can afford to lose - (cryptocurrencies are prone to high volatility in their early years) - then invest some in Bitcoin and Digital assets.
The Future is Digital.
I can't post often now. I have to keep legs elevated at the computer and haven't found a comfortable writing position for any length of time. But I've tried not doing anything and that is worse. So I will write but it will take more time.
