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Offbeat Bank of Singapore: Bitcoin and Co. could partially replace gold

05:20  22 february  2021
05:20  22 february  2021 Source:   finanzen.net

Cost of a single Bitcoin exceeds $50,000 for first time

  Cost of a single Bitcoin exceeds $50,000 for first time SILVER SPRING, Md. (AP) — The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. After rising above $50,600, it fell back to $48,674 at 2:15 p.m. ET. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion.Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment.

Bank of Singapore , a private banking arm of OCBC Bank , has said cryptocurrencies have the potential to partially replace gold as a store of value. In this article we talked about Cathie Wood’s recent comments about money supply, inflation, interest rates, bitcoin and present Wood’s top 10 small-cap stock picks.

The bank ’s chief economist, Mansoor Mohi-uddin, told The National News that emerging digital assets have to survive a number of remaining tests to prove their longevity and reliability as a means to store wealth. “First, investors need trustworthy institutions to be able to hold digital currencies securely. He doubts cryptocurrencies have any real shot at replacing fiat currency, but believes Bitcoin ’s scarcity serves as a powerful contrast in the current era of rapid money printing and monetary stimulus. “Governments are very wary of any technology that could potentially displace national currencies.

It has long been clear to crypto fans that cyber currencies are a good alternative to gold. The Bank of Singapore has now also subscribed to this opinion, with some reservations.

Andrew Burton/Getty Images © Provided by Finances.net Andrew Burton / Getty Images

• Bank of Singapore sees potential for cryptocurrencies

• Use as a safe haven and for diversification

• Obstacles must be removed

Traditionally, Gold is considered a "safe haven" in times of crisis , but for staunch crypto fans, cyber currencies are a good alternative to the yellow precious metal. The international central banks, which are generally very skeptical of cryptocurrencies, have contributed to this. Because in order to dampen the economic effects of the Corona crisis, the monetary authorities around the world have loosened their monetary policy enormously, which brings corresponding risks for inflation and national debt. For investors whose trust in the state financial system has been shaken as a result, gold, but also decentralized, state-independent and non-inflationary means of payment such as Bitcoin and Co. are becoming more attractive.

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If the issues can be addressed, bitcoin could have a place in investors’ portfolios as a potential safe-haven asset and means to diversify assets, he said. Cryptocurrencies offer the benefit that they are easy to move and store when compared with precious metals, though they are also prone to theft via hacking, per the note. Both tickers boast a Strong Buy consensus rating and could climb over 200% higher in the year ahead. CNS Pharmaceuticals (CNSP) We will start with CNS Pharmaceuticals, a biotechnology company with a focus on the treatment of glioblastomas, a class of aggressive tumors

If the issues can be addressed, bitcoin could have a place in investors' portfolios as a potential safe-haven asset and means to diversify assets, he said. Cryptocurrencies offer the benefit that they are easy to move and store when compared with precious metals, though they are also prone to theft via hacking, per the note. Mohi-uddin doesn't see cryptos replacing fiat currencies, however, as he considers them an inefficient unit of exchange. “Governments are very wary of any technology that could potentially displace national currencies. This would reduce the ability of policymakers to print

In addition to the fear of a loss of value due to inflation, investors are also concerned about the meager interest rates worldwide. That is why investors are now looking for alternative investment options and, in addition to gold, are also showing increasing interest in crypto assets. - Trade Bitcoin with Plus 500 - that's how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider . You should carefully consider whether you can afford the high risk of losing your money. - The fact that the Bitcoin price recently cracked the $ 50,000 mark is evidence of this growing interest.

Bank of Singapore sees great potential

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Also at the Bank of Singapore, a division of Oversea Chinese Banking (OCBC) , it is believed that crypto currencies do that Have the potential to partially replace gold as a store of value. Before this can happen, however, various requirements must first be met, writes "The National", citing a report by the bank.

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According to Bank of Singapore , Bitcoin and other digital cryptocurrencies could replace traditional safe haven assets such as gold . The bank ’s chief economist, Mansoor Mohi-uddin, revealed in a research that investors are progressively looking towards Bitcoin due to its finite supply to bolster their portfolios A huge rise in the interest of institutional investors towards bitcoin has been shown in 2020 and retail investors are also attracted by the ease of buying and storing cryptocurrencies compared to precious metals. Such sentiment can be found in a recent study complied by SimpleMoneyLife, where

That being said, Bank of Singapore 's comparison between Bitcoin and gold is in line with the shift in mentality exhibited by a growing number of investors recently. Bridgewater Associates co -founder Ray Dalio wrote on Reddit in December that Bitcoin has established itself as a " gold -like asset alternative" over the last ten years: "So it could serve as a diversifier to gold and other such store hold of wealth assets. The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth), including stocks, in one's portfolio and to diversify among them.

"First, investors need trustworthy institutions to keep digital money safe. Second, liquidity has to improve significantly so that volatility is reduced to an acceptable level," said Mansoor Mohi-uddin, the bank's chief economist.

With this, the chief economist of the Bank of Singapore is addressing essential aspects that crypto-skeptics have long referred to. On the one hand, Bitcoin and Co. are still considered "hacking currency" by many investors. The fact that they are often used for criminal business in the dark web does not contribute to their good reputation, nor does the numerous hacker attacks on Bitcoin platforms.

Therefore, the expert demands that government authorities have to curb such criminal activities in order to improve the reputation of cryptocurrencies. This, as well as regulatory acceptance, would give them better legitimacy, which should certainly increase the interests of the global financial markets in Bitcoin and Co.

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The Bank of Singapore is a unit of Singapore 's second-largest bank OCBC. Mohi-uddin writes that cryptocurrencies are most likely to become more widely accepted as stores of value. Yet in the report, Mohi-uddin couches this contention by stating that bitcoin and other cryptocurrencies are unlikely to take on a major role as a medium of exchange, noting: " Bitcoin ’s staggering rally is on a par with the great investment booms of the last few decades including gold in the 1970s, Japanese equities in the 1980s, internet stocks in the 1990s, oil prices in the 2000s and technology companies in the 2010s.

independent. co .uk. My Gran just said Gordon Brown gave all of England's gold away just before the election to raise money to bribe everyone,and my grandad said when the Tories won he sent a email to Cameron saying there's no money left with evil laughing face mojo.

In addition, cryptocurrencies have been very volatile in the past. This did not exactly encourage confidence that this was a safe form of investment. The situation could improve through an increasing commitment of long-term oriented, institutional investors, so that the courses would be moved more by fundamentals than by speculation, said the expert of the Bank of Singapore.

If these current problems can be solved, then crypto currencies could gain a place in the portfolios as a potential "safe haven" and as an opportunity for diversification, Mohi-uddin is convinced.

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Fiat currencies not endangered

Mansoor Mohi-uddin believes that crypto currencies will replace state fiat money not, because she considers them to be inefficient for use as a means of payment.

"Governments are extremely suspicious of all technologies that could possibly replace national currencies. After all, this would reduce their ability to print money in times of economic crisis. Finanzen.net

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