US Witnesses The De-dollarization of The Global Economy (#GotBitcoin)
Russia Demotes Dollar’s Role at Home, Taking a Swipe at U.S.. US Witnesses The De-dollarization of The Global Economy (#GotBitcoin)
Russia is trying to wean itself off the greenback as its economy buckles under U.S. sanctions and the country prepares for stricter penalties expected later this month.
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Russia’s central bank has ramped up its gold reserves this year and sold U.S. Treasurys. Now plans are under way to execute more trade deals in rubles and other currencies, and tax incentives are being considered for exporters that shun the dollar.
The so-called de-dollarization process, backed by President Vladimir Putin and Russia’s central bank, should help soften the blow if new Western sanctions target the financial system.
For the Kremlin, the effort is a not-so-subtle retaliation against Washington’s injunctions, and is part of its broader efforts to inoculate the economy by spurring local production and investment as well as strengthening ties to China. Mr. Putin last month called the U.S. sanctions policies a “colossal strategic mistake” undermining confidence in the dollar as a universal currency, the official Russian news agency, TASS, reported. “They are sawing the branch on which they sit.”
Officials say Moscow isn’t planning to ban the use of dollars or dollar-denominated debt. But even diversifying away from the greenback is a tall order, analysts say.
The dollar is involved in nine out of every 10 transactions in the daily $5 trillion foreign-exchange market and the majority of global debt is in dollars. Wild swings in the ruble in recent years have undermined confidence in the currency, while the Russian economy is heavily reliant on dollar-priced commodities such as oil, gas and steel.
Still, Russia is joining a growing number of countries pushing back against the hegemony of the American currency.
This March, China launched a yuan-denominated oil-futures contract that has rapidly gained popularity among oil traders. European Union officials have sought to bolster the role of the euro and openly discussed setting up a new payment system independent of the U.S. Iran, which faces even broader U.S. sanctions than Russia’s, has also moved to limit the role of the dollar, as have Venezuela and Pakistan.
“It’s not clear how much of this [de-dollarization] trend is poker games, but the unpredictability of current U.S. foreign policy means that more countries need to question things that have never been questioned before,” said Thomas Flury, head of foreign-exchange strategies at UBS Global Wealth Management.
In Russia, the de-dollarization push has been driven by fears that future U.S. sanctions could cut off local banks and exporters from the U.S. financial system. A spate of Western sanctions since 2014, following Russia’s annexation of Crimea from Ukraine, has already hit the economy, reduced investment and crippled aluminum giant United Co. Rusal PLC.
Russia will “stop using the U.S. dollar and will use our national currency [and] other currencies, including the European currency,” Russia’s Finance Minister Anton Siluanov said on state television in August. “So, as a matter of fact, these restrictions will backfire at the Americans.”
Additional U.S. sanctions could be imposed as soon as this month as punishment for Moscow’s alleged nerve-agent attack in March against a former Russian spy in the U.K. Congress is also considering further penalties on Russia’s financial system and its banks.
Moscow is expected to publish its de-dollarization plan by the end of the year. Officials say the plan, originally conceived by the head of the sanctioned state bank VTB, Andrei Kostin, will include tax credits and other incentives for firms using the ruble such as expedited value-added tax returns.
Already, the dollar’s role in the Russian economy has been shrinking. The share of foreign-currency deposits held by individuals and firms in Russian banks has fallen to 26% this September, from a 2016 peak of 37%, according to Wall Street Journal calculations based on central-bank data. And the share of dollar-priced export revenues fell to 68% in the second quarter of this year, from over 80% in 2013, central-bank data shows.
Russia’s fast-growing trade with China is a case in point. The share of trade priced in rubles and yuan has nearly quadrupled in four years to around 19% of their bilateral trade and will continue to expand, according to Dmitry Dolgin, Moscow-based economist at ING Bank.
Russian officials have also proposed using national currencies for trading oil with countries such as Iran and Turkey, though little has come of these efforts so far.
Some Russian companies are also dipping into the de-dollarization fray.
Alrosa Group, the world’s largest diamond producer, has recently piloted ruble deals with Indian and Chinese customers. To avoid exchange-rate volatility, it executed those transactions within a few hours, the company said.
“We are considering opportunities to expand this pilot to other countries or currencies,” said Alrosa spokeswoman, Evgeniya Kozenko.
Still, ditching the dollar is easier said than done.
Though Russia’s non-dollar trade is poised to grow, businesses will be reluctant to incur greater costs than competitors who are using the dollar, according to Jason Bush, senior analyst at Eurasia consultancy.
Analysts also say that the push to de-dollarize is partly political rhetoric aimed at responding to the deepening chill in relations with the West. The structure of Russia’s economy, where dollar-priced oil and gas sales bring in around 40% of budget revenues, will limit such initiatives.
“De-dollarization is a hot topic and the banks will help to facilitate this,” said Richard Segal, emerging-market analyst at Manulife Asset Management. “But because the economy is so commodity-based, I doubt there will be a major long-term push.”
Updated: 10-28-2020
Digital Yuan Will Combat US ‘Dollarization’ Says Former PBoC Governor
“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan.
China’s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official.
Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), told attendees at a Eurasia Forum conference on Oct. 27 that the central bank’s focus in creating a digital currency differed considerably from that of the countries in the Group of Seven — Canada, France, Germany, Italy, Japan, the U.K., and the U.S.
According to Xiaochuan, the G7 was mainly concerned with “the challenges raised by Libra, Bitcoin, and similar digital encrypted currencies,” while China’s central bank was focusing on using its digital currency for retail payments domestically and preventing the U.S. dollar from becoming a more common medium of exchange in the country.
“In China, we’ve [been working] very hard to push the DCEP — that’s the digital currency — and the electronic payment,” said Xiaochuan. ”However, the focus and the major point of our concept and the content are different from the G7 principle.”
“We [need] to prevent dollarization. This is one of the major designing points of the Chinese DCEP.”
Countries representing the world’s largest economies have openly expressed their concerns regarding the launch of Facebook’s Libra project, calling it a threat to the global financial system. In a draft of a statement released on Oct. 12, the G7 members said they would initially oppose any global stablecoin project without appropriate regulatory oversight.
Officials at Canada’s central bank have reportedly been preparing their own CBDC if Libra were to get blocked by regulators. Today, Bank of Canada Governor Tiff Macklem stated that central banks needed a “globally coordinated” strategy in developing a digital currency to prevent misuses by criminals.
China’s central bank recently launched a pilot program to test its digital yuan by giving away $1.5 million to 47,500 people in the city of Shenzhen. Though the CBDC has not been officially released by The People’s Bank of China, it recently drafted a law providing regulatory framework and legitimacy to the digital currency. The law is open for public consultation until Nov. 23.
Updated: 10-14-2023
China Floats Idea Of ‘Asian Yuan’ To Reduce Reliance On US Dollar
The proposed distributed ledger technology-backed “Asian yuan” token would supposedly help reduce Asia’s dependence on the U.S. dollar for international business.
Researchers from a Chinese state-run think tank have floated the idea of an Asia-wide digital currency with the aim of reducing its reliance on a United States dollar-based economy.
The views of researchers Liu Dongmin, Song Shuang and Zhou Xuezhi from a unit of the Chinese Academy of Social Sciences (CASS) were published in an issue of the World Affairs journal posted online in late September, who said the establishment of an Asian yuan token would lower Asia’s reliance on the USD.
Much like similar existing and trialed central bank digital currencies (CBDCs), the researchers said distributed ledger technology (DLT) would form the backing of the Asian token, which would be pegged to a bundle of 13 currencies.
The currencies would include those of all 10 of the member nations in the Association of Southeast Asian Nations (ASEAN) along with China’s yuan, Japan’s yen and South Korea’s won, according to the researchers.
“More than 20 years of deepened economic integration in East Asia has laid a good foundation for regional currency cooperation. The conditions for setting up the Asian yuan have gradually formed,” the researchers wrote in the journal seen by the South China Morning Post.
The journal is affiliated with China’s Foreign Affairs department, with the researchers hailing from the “Institute of World Economics and Politics” one of many research units under CASS, a think tank with various ties to the country’s ruling party.
The U.S dollar and, more recently, cryptocurrencies have become a popular method for those in South East Asia to conduct business, send remittances and hedge against the inflation of their respective local currencies.
The research came a few weeks before a milestone in China’s CBDC pilot, the Bank of China on Oct. 10 said its e-CNY had transacted around $14 billion in value, or 100 billion yuan, with around 5.6 million merchant stores already supporting the digital yuan.
The country’s central bank is also partaking in Project Inthanon-LionRock, a DLT-backed cross-border payment CBDC trial also involving the Thai, Hong Kong and United Arab Emirates central banks.
In September the trial saw the “successful” transaction of over $22 million worth of value in a month on its “Multiple CBDC Bridge” platform overseen by the Bank for International Settlements (BIS).
Updated: 4-13-2023
Lula Backs BRICS Currency To Replace Dollar In Foreign Trade
* He Spoke After Visiting Headquarters Of BRICS Bank In Shanghai
* Brazil’s President Has A Bilateral With Xi Jinping On Friday
Brazil’s Luiz Inacio Lula da Silva called on BRICS nations to come up with an alternative to replace the dollar in foreign trade, supporting China’s crusade against US global dominance just as he prepares to meet with President Xi Jinping in Beijing.
Lula’s remarks were made on Thursday during a visit to the Shanghai-based New Development Bank, an institution created by BRICS countries, which, along with Brazil and China, include Russia, India and South Africa. Former Brazil President Dilma Rousseff is the bank’s new chief executive.
“Why can’t an institution like the BRICS bank have a currency to finance trade relations between Brazil and China, between Brazil and all the other BRICS countries?” he said. “Who decided that the dollar was the (trade) currency after the end of gold parity?”
Beijing has ramped up efforts to boost the use of its own currency in foreign trade. Last month, Brazil and China took steps to make it easier to settle their foreign trade operations in yuan or reais, with the stated goal of reducing costs by eliminating a third currency from the transactions.
Brazil’s Finance Minister Fernando Haddad, who’s accompanying Lula in his trip to China, said local currencies are already used in bilateral trade through instruments such as credit receipts.
The goal, he added, is to expand mechanisms that allow trade operations to be settled without the intermediation of a third currency.
“The advantage is to avoid the straitjacket imposed by necessarily having trade operations settled in a currency of a country not involved in the transaction,” he told reporters in Shanghai.
What De-Dollarization? The Dollar Rules The World
Dollar hegemony is beneficial for the US, its government and most of its citizens — and is likely to last for the foreseeable future.
By one estimate, the dollar is a part of 88% of all international transactions. Some people fear this dominance cannot last, while others question whether it should: Doesn’t a stronger dollar hurt US exports, and thus US workers?
The good news, for Americans at least, is that dollar hegemony is beneficial for the US, its government and most of its citizens. Furthermore, it is likely to last for the foreseeable future.
The issue has become more topical lately. Because of sanctions, Russia is cut off from many dollar-based networks. Other nations, such as Brazil, India and Saudi Arabia, have made at least cosmetic moves toward “de-dollarization,” hoping to rely less on the dollar for their international exchanges.
Think of “a sound and focal dollar” as a good or service that the US produces, just as China manufactures phones or Japan makes cars.
When Americans trade dollars for foreign goods and services, that measures as a US trade deficit, but it can also be seen as America exporting dollars and “dollar services.”
The US brands and markets its dollar, just as Zara or the Gap brands and markets clothing.
So the much-vaunted US trade deficit can be reconceptualized as a form of barter: One service (dollar stability) is being exchanged for another good or service (e.g., whatever America buys from China). In essence, branding and selling dollars so effectively — also known as “buying things” — enables US consumers to have a higher standard of living.
How much do #dollar doomsayers love drama? @Kyla Scanlon #yuan #currency #markets #fintok
♬ original sound – Bloomberg Opinion
To be clear, sometimes selling a particular good or service can be a negative, or at least a mixed blessing. Venezuela’s economy is very dependent on oil revenue, for example, and with unstable oil prices, its revenues are unreliable. Demand for US dollars is not unstable in the same manner.
In fact, with conflict in Ukraine and increasing Chinese ambitions, the dollar seems to have a secure future as a safe haven currency — maybe too secure, from a broader point of view.
If there is any danger here, it is that the forthcoming debate in Washington over the debt ceiling somehow results in a US default. Even if that were to happen, however, it would not be an argument against dollar hegemony, nor evidence that dollar hegemony must end. It would just be more proof of the stupidity of America’s politics.
To the extent the US dollar is strong, that does make it harder for America to export other goods and services. But there is nothing special or undesirable about this reality.
If South Korea were to export more Samsung phones, for instance, that would boost South Korean wages and the won, and in turn make it harder for Korea to export alternatives such as K-pop.
In any given country, different economic activities have to compete for resources, funding and attention. That’s simply an illustration of the basic economic fact of scarcity.
If US dollars are so much in demand, it is testament to America’s history as a beacon of relative stability — which may be a stronger draw than, say, the quality of US tractors or movies.
How far is the talk of de-dollarization going to proceed? Probably not very. The US has the world’s deepest and most liquid financial markets, and they remain relatively open, in spite of some restrictions on Chinese investment in industries sensitive for national security.
There are strong reasons to have a dominant currency in international markets, just as there are strong reasons for having a dominant currency in domestic transactions within the US. Liquidity for a currency begets further liquidity, whether at home or globally.
With the dollar estimated at 88% of all international transactions, the euro at 31% is only a modest competitor (since a transaction may involve two currencies, the total may exceed 100%).
The euro, unlike the dollar, will never be tied to a single national government, and the European Union does not come close to the military might of the US.
The yuan is estimated at only 7% of that total of international transactions, and China seems unwilling to open up its capital markets, as that could lead to rapid capital outflows and possibly a financial crisis. But without open capital markets, the yuan is not a strong contender for a global reserve currency.
Economics can sometimes be complicated or hard to explain. When it comes the US dollar, it is neither. The dollar will retain its focal role, which is good for the US, and the reasons are simple and intuitive.
Updated: 4-27-2023
Why The Desire To Move Away From The Dollar Is Getting Real
Is de-dollarization different this time?
There’s been a lot of discussion about the possibility of “de-dollarization,” or the idea that the world could move away from using the dollar as the de facto global reserve currency. Some of this desire makes sense.
Not only has the Federal Reserve been hiking rates at the fastest pace in decades, which puts economic pressure on other countries through links to the dollar and US trade, but sanctions imposed on Russia have also made some nations more wary of relying on US financial assets and infrastructure.
And in BRICS countries (Brazil, Russia, India, China and South Africa), there seems to be growing appetite to usurp the dollar’s hegemony.
Of course, we’ve seen this kind of talk before, yet there has been little change to the dollar’s special role. So is it different this time?
On this episode, we speak with Paul McNamara, an investment director at GAM and a veteran of emerging markets, about what’s driving this renewed clamor for de-dollarization.
Circle CEO Warns Of Active And Accelerating De-Dollarization
The United States must capitalize on the “high demand” for digitally native U.S. dollars, particularly from those in emerging economies with weak local banking systems, the Circle CEO says.
The United States must implement stablecoin legislation and digitize the U.S. dollar to mitigate the “very active de-dollarization taking place” around the world right now, says Jeremy Allaire, the CE of stablecoin issuer Circle.
Allaire’s comments at the Consensus 2023 conference on April 26 were made in light of the recent U.S. banking crisis.
The CEO of Circle — the stablecoin issuer behind USD Coin — called on Congress and the Federal Reserve to take action, saying that otherwise, alternative currencies and payment systems would continue to eat into the dollar’s dominance:
“We have a very active de-dollarization taking place. You’re having very significant reactions to the U.S. risks in the U.S. banking system, risks with the U.S. government itself, a geopolitical imposition on many parts of the world [and] the desire for alternative payment systems all around the world.”
“This is happening and it’s accelerating,” he added.
For the USD to remain “competitive” and “safe” in the internet era, Allaire said the U.S. needs to lay out stablecoin legislation imminently, and the Federal Reserve needs to implement the digital dollar into its “core systems” to capitalize on the high demand around the world:
“The demand for digital dollars like USDC is highly global. We see that demand all around the world — we see it in emerging markets, we see it in markets where people want to hold a digital dollar versus their local banking system […] as an efficient medium of exchange for various types of international transactions.”
If the U.S. government doesn’t get its act together, this will be a “giant missed opportunity” for the country, Allaire stressed.
The call for action comes as the Chinese yuan overtook the dollar for cross-border transactions in China for the first time in March, according to Reuters.
Circle has taken some responsibility into its own hands of late, having launched USDC on Cross-Chain Transfer Protocol.
Allaire said the new solution is the “most important new piece of blockchain infrastructure” since the firm began minting and issuing USDC in 2017.
Updated: 5-3-2023
China Takes The Yuan Global In Bid To Repel A Weaponized Dollar
A string of new deals promote the Chinese currency as geopolitical risk spills into international finance.
China is putting the yuan front and center in its fight back against the US’s unique influence over global money.
President Xi Jinping’s government has been busy striking deals over the past year to expand the ways in which the currency is used, with new agreements linked to the renminbi stretching from Russia and Saudi Arabia to Brazil and even France.
While the US remains the world’s clear financial hegemon, these moves are helping China to carve out a bigger place for itself in the international financial system.
They come at a time when geopolitical strains are growing and global commerce is becoming an ever-more-active battleground.
Antagonism has flared between the two economic titans over issues ranging from trade and Taiwan to TikTok and technological know-how. Hard-hitting sanctions on Russia have revealed a new willingness by the US to weaponize the dollar.
Together, that’s done more to promote China’s yuan over the past year than Xi’s government achieved in the preceding decade.
The ramp-up is also a response to China’s shifting position within the global economy as it emerges from the era of Covid-lockdowns with growth running more slowly than it once did and the global push for freer trade in retreat.
That’s spurred leaders in Beijing to up the ante in building the country — and in particular its currency — into an alternative pole for international finance, trade and lending.
The nation is working to demonstrate “that there’s a world outside of the US and the Western world,” said Adrian Zuercher, head of global asset allocation and co-head of global investment management for the Asia-Pacific region at UBS Global Wealth Management’s office in Hong Kong.
“You’re sending a very strong signal to the US by basically saying we don’t need you and we don’t need your US dollar.”
That message is resonating in some parts of the world. Unease with the dominance of the US and the greenback is pushing some countries and companies to diversify away from America and Europe.
The use of the renminbi in contracts for everything from oil to nickel is gathering speed, with the currency’s share of global trade finance tripling since the end of 2019.
That’s still a tiny portion of global transactions, and the currency remains tightly controlled by Chinese authorities. But sanctions that ensnared Moscow following its invasion of Ukraine have added to that pace. The yuan’s usage in Russian export payments surged 32-fold last year alone.
Going Global
Xi, who is embarking on his second decade in charge of the People’s Republic, has taken steps to promote the country’s reputation abroad, even as he focuses on implementing reforms and bolstering growth at home.
His first foreign excursions after lifting lockdowns were to key energy suppliers Saudi Arabia and Russia.
Trips to Beijing by Brazilian President Luiz Inacio Lula da Silva and France’s Emmanuel Macron were accompanied by a host of new commercial agreements. And China was central to brokering an Iran-Saudi detente.
With the US, though, flashpoints have multiplied — from feuds over spy balloons to semiconductor technology.
The ostracism of Russia in the wake of Vladimir Putin’s war in Ukraine has provided China with an important opening to demonstrate just how the yuan can be used.
It also stoked concern among some nations about being beholden to the dollar and the euro, the two biggest currencies.
Locked out of the central international payments system known as SWIFT, Russia embraced the yuan for trade, private savings and foreign-exchange transactions.
China has developed its own international-payments platform — CIPS — that’s entirely separate from SWIFT, which has been embraced not only by institutions in Russia, but also by banks that operate in places like Brazil.
“China’s willingness to maintain growth while paving new paths lends itself for other nations to have greater confidence to use the yuan,’’ said Victor Gao, a professor at Soochow University and vice president of think tank Center for China and Globalization.
“If the US wants to rock the boat, then China will need to make necessary amendments to meet the challenges.’’
Neither the People’s Bank of China nor the country’s State Administration of Foreign Exchange immediately responded to faxes seeking comment.
Russian Experiment
The seeds of Russia’s move toward the yuan were planted back in 2014, when the annexation of Crimea prompted the US and its allies to threaten Moscow’s access to the mainstream financial system.
But it was the full-blown invasion of Ukraine last year that fast-tracked China’s acceptance.
Yuan savings accounted for 11% of Russia’s total deposits as of January, compared with practically none before the war, and the yuan has replaced the dollar and euro as the most traded currency from St. Petersburg to Vladivostok.
Russia and others have also begun to use the yuan in transactions that don’t even involve China. Bangladesh, for example, agreed with Russia last month to settle a $300 million payment related to the building of a nuclear plant near Dhaka in renminbi, according to officials familiar with the matter.
As oil income helps Russia’s public finances to stabilize, the nation may even be looking to buy yuan in an effort to rebuild foreign reserves.
But there are limits to the experiment. The Kremlin has been left with very few choices, and China’s financial offerings still struggle to compete.
Without deep capital markets or open capital accounts, it can be difficult to move money in and out of the country — a complaint longtime investor Mark Mobius voiced earlier this year.
Yuan’s Hurdles
The lack of deep, free markets is a hindrance if China really wanted to take on the dollar or euro as the global currency of choice.
A fully international yuan “can’t happen unless China allows greater freedom of the currency and inward as well as outward investment,” said Jim O’Neill, the former Goldman Sachs Group Inc. chief economist who coined the term BRICs more than two decades ago to describe what were then the four big emerging-market powerhouses with potential to challenge the existing economic order.
Even with the drumbeat of international deals, the currency is not fully convertible. There are restrictions on its use in areas such as cross-border loans and portfolio investments.
Limitations on the variety of renminbi-based investment products — and the simple inertia that stems from sticking with the prevailing reserve currency — are also major impediments to the yuan becoming broadly accepted as an alternative to the dollar.
“There’s still a long way to go for China to build up its global clout,” said Chen Xingdong, head of global markets research in China at BNP Paribas SA.
In the first few decades of this century, China has taken steps to open up stock and bond markets to encourage inbound investment and loosened some of the strictures around its managed currency.
But Xi’s government has resisted broader measures that would encourage international yuan usage — such as allowing capital to flow freely — to avoid the possibility of sudden outflows that stand to potentially destabilize the economy and threaten the Communist Party’s grip on power.
“There’s so much money queuing up from China to go outside, and there’s probably a limit on how much outside money is queuing to go back in,” said UBS’s Zuercher. “Controlling capital flows is still extremely important.”
The renminbi is only the fifth-most popular currency for cross-border payments. Excluding payments between countries that share the euro, China’s currency accounted for 1.7% of cross-border payments at the end of March, compared to around 50% for the dollar and 22% for Europe’s common currency, according to data from SWIFT.
That, of course, doesn’t include transactions made via China’s CIPS alternative, but that system as a whole is still dwarfed by the mainstream SWIFT platform.
Diversification Demand
Still, for those in China itself, the usage of the yuan in international transactions has just recently surpassed the dollar, according to research from Bloomberg Intelligence and based on State Administration of Foreign Exchange data.
The local currency’s share of cross-border payments and receipts hit a record high of 48% at the end of March, compared with almost zero back in 2010, while the dollar’s share dropped to 47%.
Even with the the dollar’s dominance relatively entrenched for years to come, some observers speculate that the greenback is headed for a longer-term decline. The events giving life to yuan usage right now may ultimately be a key contributor.
Repercussions from Russia’s war have made other nations anxious about the risk of US-led sanctions, said Esther Law, a senior money manager at Amundi SA.
She expects the yuan to continue rising in popularity amid the fear of US-led sanctions and as a “practical” part of China’s growing role as a lender.
The perk of diversification also applies to China. There’s safety in having standing arrangements with a plethora of trading partners in case simmering tensions with the US turn to a boil.
“Geopolitical tensions just make it that much more important for China to promote the international use of its own currency,” said Stephen Jen, co-founder of Eurizon SLJ Capital. “There is a war of attrition now between the US and China, in investment and finance.”
Updated: 5-14-2023
As Debt-Limit Default Risk Nears Investors Turn To Bitcoin As Safe-Haven
Bitcoin is a more popular safe haven then the US dollar, the yen or the Swiss franc, survey of investors shows.
The risk of a US debt default is greater than it’s ever been, threatening to tip global markets into a brand-new world of pain. For investors, there are few places to hide other than the oldest hedge in the book: gold.
The precious metal is by far the top pick for those seeking protection in case Washington’s game of chicken over the debt ceiling ends in a crash, according to Bloomberg’s latest Markets Live Pulse survey.
More than half of finance professionals said gold is what they would buy if the US government fails to honor its obligations.
Even more striking is the shortage of alternative hedges. The second most popular asset to buy in event of a default, according to the global survey of 637 respondents, was US Treasuries. There’s something of an irony to that given that’s the very thing America would probably be defaulting on.
But it’s worth bearing in mind that even pessimistic analysts see bill holders getting paid— just late — and that in the case of the most fraught debt crisis in previous years, Treasuries rallied even as the US had its top credit rating removed by Standard & Poor’s.
Traditional haven currencies like the Japanese yen and the Swiss franc had some fans, but each were less popular than the US dollar or, perhaps more strikingly Bitcoin, regarded by some investors as a kind of digital gold.
Political and financial bigshots have been lining up to deliver warnings about what might happen if the debt-ceiling impasse isn’t resolved. “The whole world is in trouble,’’ said President Joe Biden. “Potentially catastrophic,’’ said JPMorgan Chase & Co. boss Jamie Dimon. “Very serious repercussions’’ was strong language by the International Monetary Fund’s guarded standards.
A sovereign default by the world’s biggest economy should probably be unthinkable. But it’s definitely thinkable right now.
About 60% of MLIV Pulse respondents said the risks are bigger this time around than in 2011, the worst debt-limit crisis of the past. The cost of insuring against non-payment through one-year credit default swaps has surged well past levels seen in previous episodes, although they still suggest that the actual chance of a default is relatively slim.
“The risk is higher than before, given the polarization of the electorate and the Congress,” said Jason Bloom, head of fixed income, alternatives, and ETF strategies at Invesco. “The way both sides are so dug in, means there is the risk they don’t get their act together in time.”
The gold hedge doesn’t come cheap, as the metal has enjoyed a very good run so far this year. Buoyed first by the growing demand from Chinese luxury buyers, then by a crisis in the banking sector and the threat of US default, it’s currently loitering just shy of its all-time high of $2,075.47 an ounce.
A comfortable majority of investors in the MLIV survey think 10-year Treasuries will rally if the debt ceiling fight goes down to the wire but the US doesn’t default. However, professionals are split over what might happen if the US government actually tumbles over the precipice.
About 60% of retail investors expect Treasury 10-year debt to weaken in the case of a default. The yield on the benchmark US note ended last week at 3.46%, around 63 basis points below its high for the year.
In the meantime, the debt ceiling impasse has driven up the yield on some very short-dated securities that are seen as most at risk of a delayed payment, fueling distortions in the bills curve.
The most elevated rates are those around early June, close to the point that Treasury Secretary Janet Yellen has warned the US might run out of borrowing headroom.
If the department can make it past mid-June, then it’s likely to get a bit of breathing room from expected tax payments and other measures, before facing fresh challenges from late July, where market pricing also indicates a degree of strain and concern.
In the 2011 standoff — which led to a credit rating downgrade by S&P but not an actual default — a surge in Treasury buying took the 10-year yield to a then-record low, while gold rallied and trillions were wiped off global equity values.
Investment professionals are less pessimistic on the outlook for the S&P 500 Index this time than retail traders.
“If we do see a short period of default, the market reaction would put pressure on Congress to raise the debt ceiling,” said Priya Misra, head of rates strategy at TD Securities.
Some investors believe that the debt ceiling drama has already caused some harm to the dollar, and 41% say its standing as the primary global reserve currency is at risk if the US defaults.
The risk of a pivot away from the greenback is something that investors are giving serious consideration. An earlier MLIV Pulse survey showed that a majority of respondents see the dollar making up less than half of global reserves within a decade.
MLIV Pulse is a weekly survey of Bloomberg News readers on the terminal and online, conducted by Bloomberg’s Markets Live team, which also runs a 24/7 MLIV Blog on the terminal.
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As Bitcoin Approaches $13,000 It Breaks Correlation With Equities
Crypto M&A Surges Past 2019 Total As Rest of World Eclipses U.S. (#GotBitcoin?)
How HBCUs Are Prepping Black Students For Blockchain Careers
Why Every US Congressman Just Got Sent Some ‘American’ Bitcoin
CME Sounding Out Crypto Traders To Gauge Market Demand For Ether Futures, Options
Caitlin Long On Bitcoin, Blockchain And Rehypothecation (#GotBitcoin?)
Bitcoin Drops To $10,446.83 As CFTC Charges BitMex With Illegally Operating Derivatives Exchange
BitcoinACKs Lets You Track Bitcoin Development And Pay Coders For Their Work
One Of Hal Finney’s Lost Contributions To Bitcoin Core To Be ‘Resurrected’ (#GotBitcoin?)
Cross-chain Money Markets, Latest Attempt To Bring Liquidity To DeFi
Memes Mean Mad Money. Those Silly Defi Memes, They’re Really Important (#GotBitcoin?)
Bennie Overton’s Story About Our Corrupt U.S. Judicial, Global Financial Monetary System And Bitcoin
Stop Fucking Around With Public Token Airdrops In The United States (#GotBitcoin?)
Mad Money’s Jim Cramer Will Invest 1% Of Net Worth In Bitcoin Says, “Gold Is Dangerous”
State-by-state Licensing For Crypto And Payments Firms In The Us Just Got Much Easier (#GotBitcoin?)
Bitcoin (BTC) Ranks As World 6Th Largest Currency
Pomp Claims He Convinced Jim Cramer To Buy Bitcoin
Traditional Investors View Bitcoin As If It Were A Technology Stock
Mastercard Releases Platform Enabling Central Banks To Test Digital Currencies (#GotBitcoin?)
Being Black On Wall Street. Top Black Executives Speak Out About Racism (#GotBitcoin?)
Tesla And Bitcoin Are The Most Popular Assets On TradingView (#GotBitcoin?)
From COVID Generation To Crypto Generation (#GotBitcoin?)
Right-Winger Tucker Carlson Causes Grayscale Investments To Pull Bitcoin Ads
Bitcoin Has Lost Its Way: Here’s How To Return To Crypto’s Subversive Roots
Cross Chain Is Here: NEO, ONT, Cosmos And NEAR Launch Interoperability Protocols (#GotBitcoin?)
Crypto Trading Products Enter The Mainstream With A Number Of Inherent Advantages (#GotBitcoin?)
Crypto Goes Mainstream With TV, Newspaper Ads (#GotBitcoin?)
A Guarded Generation: How Millennials View Money And Investing (#GotBitcoin?)
Blockchain-Backed Social Media Brings More Choice For Users
California Moves Forward With Digital Asset Bill (#GotBitcoin?)
Walmart Adds Crypto Cashback Through Shopping Loyalty Platform StormX (#GotBitcoin?)
Congressman Tom Emmer To Lead First-Ever Crypto Town Hall (#GotBitcoin?)
Why It’s Time To Pay Attention To Mexico’s Booming Crypto Market (#GotBitcoin?)
The Assets That Matter Most In Crypto (#GotBitcoin?)
Ultimate Resource On Non-Fungible Tokens
Bitcoin Community Highlights Double-Standard Applied Deutsche Bank Epstein Scandal
Blockchain Makes Strides In Diversity. However, Traditional Tech Industry Not-S0-Much (#GotBitcoin?)
An Israeli Blockchain Startup Claims It’s Invented An ‘Undo’ Button For BTC Transactions
After Years of Resistance, BitPay Adopts SegWit For Cheaper Bitcoin Transactions
US Appeals Court Allows Warrantless Search of Blockchain, Exchange Data
Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’
This Researcher Says Bitcoin’s Elliptic Curve Could Have A Secret Backdoor
China Discovers 4% Of Its Reserves Or 83 Tons Of It’s Gold Bars Are Fake (#GotBitcoin?)
Former Legg Mason Star Bill Miller And Bloomberg Are Optimistic About Bitcoin’s Future
Yield Chasers Are Yield Farming In Crypto-Currencies (#GotBitcoin?)
Australia Post Office Now Lets Customers Buy Bitcoin At Over 3,500 Outlets
Anomaly On Bitcoin Sidechain Results In Brief Security Lapse
SEC And DOJ Charges Lobbying Kingpin Jack Abramoff And Associate For Money Laundering
Veteran Commodities Trader Chris Hehmeyer Goes All In On Crypto (#GotBitcoin?)
Activists Document Police Misconduct Using Decentralized Protocol (#GotBitcoin?)
Supposedly, PayPal, Venmo To Roll Out Crypto Buying And Selling (#GotBitcoin?)
Industry Leaders Launch PayID, The Universal ID For Payments (#GotBitcoin?)
Crypto Quant Fund Debuts With $23M In Assets, $2.3B In Trades (#GotBitcoin?)
The Queens Politician Who Wants To Give New Yorkers Their Own Crypto
Why Does The SEC Want To Run Bitcoin And Ethereum Nodes?
US Drug Agency Failed To Properly Supervise Agent Who Stole $700,000 In Bitcoin In 2015
Layer 2 Will Make Bitcoin As Easy To Use As The Dollar, Says Kraken CEO
Bootstrapping Mobile Mesh Networks With Bitcoin Lightning
Nevermind Coinbase — Big Brother Is Already Watching Your Coins (#GotBitcoin?)
BitPay’s Prepaid Mastercard Launches In US to Make Crypto Accessible (#GotBitcoin?)
Germany’s Deutsche Borse Exchange To List New Bitcoin Exchange-Traded Product
‘Bitcoin Billionaires’ Movie To Tell Winklevoss Bros’ Crypto Story
US Pentagon Created A War Game To Fight The Establishment With BTC (#GotBitcoin?)
JPMorgan Provides Banking Services To Crypto Exchanges Coinbase And Gemini (#GotBitcoin?)
Bitcoin Advocates Cry Foul As US Fed Buying ETFs For The First Time
Final Block Mined Before Halving Contained Reminder of BTC’s Origins (#GotBitcoin?)
Meet Brian Klein, Crypto’s Own ‘High-Stakes’ Trial Attorney (#GotBitcoin?)
3 Reasons For The Bitcoin Price ‘Halving Dump’ From $10K To $8.1K
Bitcoin Outlives And Outlasts Naysayers And First Website That Declared It Dead Back In 2010
Hedge Fund Pioneer Turns Bullish On Bitcoin Amid ‘Unprecedented’ Monetary Inflation
Antonopoulos: Chainalysis Is Helping World’s Worst Dictators & Regimes (#GotBitcoin?)
Survey Shows Many BTC Holders Use Hardware Wallet, Have Backup Keys (#GotBitcoin?)
Iran Ditches The Rial Amid Hyperinflation As Localbitcoins Seem To Trade Near $35K
Buffett ‘Killed His Reputation’ by Being Stupid About BTC, Says Max Keiser (#GotBitcoin?)
Blockfolio Quietly Patches Years-Old Security Hole That Exposed Source Code (#GotBitcoin?)
Bitcoin Won As Store of Value In Coronavirus Crisis — Hedge Fund CEO
Decentralized VPN Gaining Steam At 100,000 Users Worldwide (#GotBitcoin?)
Crypto Exchange Offers Credit Lines so Institutions Can Trade Now, Pay Later (#GotBitcoin?)
Zoom Develops A Cryptocurrency Paywall To Reward Creators Video Conferencing Sessions (#GotBitcoin?)
Bitcoin Startup Purse.io And Major Bitcoin Cash Partner To Shut Down After 6-Year Run
Open Interest In CME Bitcoin Futures Rises 70% As Institutions Return To Market
Square’s Users Can Route Stimulus Payments To BTC-Friendly Cash App
$1.1 Billion BTC Transaction For Only $0.68 Demonstrates Bitcoin’s Advantage Over Banks
Bitcoin Could Become Like ‘Prison Cigarettes’ Amid Deepening Financial Crisis
Bitcoin Holds Value As US Debt Reaches An Unfathomable $24 Trillion
How To Get Money (Crypto-currency) To People In An Emergency, Fast
Bitcoin Miner Manufacturers Mark Down Prices Ahead of Halving
Privacy-Oriented Browsers Gain Traction (#GotBitcoin?)
‘Breakthrough’ As Lightning Uses Web’s Forgotten Payment Code (#GotBitcoin?)
Bitcoin Starts Quarter With Price Down Just 10% YTD vs U.S. Stock’s Worst Quarter Since 2008
Bitcoin Enthusiasts, Liberal Lawmakers Cheer A Fed-Backed Digital Dollar
Crypto-Friendly Bank Revolut Launches In The US (#GotBitcoin?)
The CFTC Just Defined What ‘Actual Delivery’ of Crypto Should Look Like (#GotBitcoin?)
Crypto CEO Compares US Dollar To Onecoin Scam As Fed Keeps Printing (#GotBitcoin?)
Stuck In Quarantine? Become A Blockchain Expert With These Online Courses (#GotBitcoin?)
Bitcoin, Not Governments Will Save the World After Crisis, Tim Draper Says
Crypto Analyst Accused of Photoshopping Trade Screenshots (#GotBitcoin?)
QE4 Begins: Fed Cuts Rates, Buys $700B In Bonds; Bitcoin Rallies 7.7%
Mike Novogratz And Andreas Antonopoulos On The Bitcoin Crash
Amid Market Downturn, Number of People Owning 1 BTC Hits New Record (#GotBitcoin?)
Fatburger And Others Feed $30 Million Into Ethereum For New Bond Offering (#GotBitcoin?)
Pornhub Will Integrate PumaPay Recurring Subscription Crypto Payments (#GotBitcoin?)
Intel SGX Vulnerability Discovered, Cryptocurrency Keys Threatened
Bitcoin’s Plunge Due To Manipulation, Traditional Markets Falling or PlusToken Dumping?
Countries That First Outlawed Crypto But Then Embraced It (#GotBitcoin?)
Bitcoin Maintains Gains As Global Equities Slide, US Yield Hits Record Lows
HTC’s New 5G Router Can Host A Full Bitcoin Node
India Supreme Court Lifts RBI Ban On Banks Servicing Crypto Firms (#GotBitcoin?)
Analyst Claims 98% of Mining Rigs Fail to Verify Transactions (#GotBitcoin?)
Blockchain Storage Offers Security, Data Transparency And immutability. Get Over it!
Black Americans & Crypto (#GotBitcoin?)
Coinbase Wallet Now Allows To Send Crypto Through Usernames (#GotBitcoin)
New ‘Simpsons’ Episode Features Jim Parsons Giving A Crypto Explainer For The Masses (#GotBitcoin?)
Crypto-currency Founder Met With Warren Buffett For Charity Lunch (#GotBitcoin?)
Bitcoin’s Potential To Benefit The African And African-American Community
Coinbase Becomes Direct Visa Card Issuer With Principal Membership
Bitcoin Achieves Major Milestone With Half A Billion Transactions Confirmed
Jill Carlson, Meltem Demirors Back $3.3M Round For Non-Custodial Settlement Protocol Arwen
Crypto Companies Adopt Features Similar To Banks (Only Better) To Drive Growth (#GotBitcoin?)
Top Graphics Cards That Will Turn A Crypto Mining Profit (#GotBitcoin?)
Bitcoin Usage Among Merchants Is Up, According To Data From Coinbase And BitPay
Top 10 Books Recommended by Crypto (#Bitcoin) Thought Leaders
Twitter Adds Bitcoin Emoji, Jack Dorsey Suggests Unicode Does The Same
Bitcoiners Are Now Into Fasting. Read This Article To Find Out Why
You Can Now Donate Bitcoin Or Fiat To Show Your Support For All Of Our Valuable Content
2019’s Top 10 Institutional Actors In Crypto (#GotBitcoin?)
What Does Twitter’s New Decentralized Initiative Mean? (#GotBitcoin?)
Crypto-Friendly Silvergate Bank Goes Public On New York Stock Exchange (#GotBitcoin?)
Bitcoin’s Best Q1 Since 2013 To ‘Escalate’ If $9.5K Is Broken
Billionaire Investor Tim Draper: If You’re a Millennial, Buy Bitcoin
What Are Lightning Wallets Doing To Help Onboard New Users? (#GotBitcoin?)
If You Missed Out On Investing In Amazon, Bitcoin Might Be A Second Chance For You (#GotBitcoin?)
2020 And Beyond: Bitcoin’s Potential Protocol (Privacy And Scalability) Upgrades (#GotBitcoin?)
US Deficit Will Be At Least 6 Times Bitcoin Market Cap — Every Year (#GotBitcoin?)
Central Banks Warm To Issuing Digital Currencies (#GotBitcoin?)
Meet The Crypto Angel Investor Running For Congress In Nevada (#GotBitcoin?)
Introducing BTCPay Vault – Use Any Hardware Wallet With BTCPay And Its Full Node (#GotBitcoin?)
How Not To Lose Your Coins In 2020: Alternative Recovery Methods (#GotBitcoin?)
H.R.5635 – Virtual Currency Tax Fairness Act of 2020 ($200.00 Limit) 116th Congress (2019-2020)
Adam Back On Satoshi Emails, Privacy Concerns And Bitcoin’s Early Days
The Prospect of Using Bitcoin To Build A New International Monetary System Is Getting Real
How To Raise Funds For Australia Wildfire Relief Efforts (Using Bitcoin And/Or Fiat )
Former Regulator Known As ‘Crypto Dad’ To Launch Digital-Dollar Think Tank (#GotBitcoin?)
Currency ‘Cold War’ Takes Center Stage At Pre-Davos Crypto Confab (#GotBitcoin?)
A Blockchain-Secured Home Security Camera Won Innovation Awards At CES 2020 Las Vegas
Bitcoin’s Had A Sensational 11 Years (#GotBitcoin?)
Sergey Nazarov And The Creation Of A Decentralized Network Of Oracles
Google Suspends MetaMask From Its Play App Store, Citing “Deceptive Services”
Christmas Shopping: Where To Buy With Crypto This Festive Season
At 8,990,000% Gains, Bitcoin Dwarfs All Other Investments This Decade
Coinbase CEO Armstrong Wins Patent For Tech Allowing Users To Email Bitcoin
Bitcoin Has Got Society To Think About The Nature Of Money
How DeFi Goes Mainstream In 2020: Focus On Usability (#GotBitcoin?)
Dissidents And Activists Have A Lot To Gain From Bitcoin, If Only They Knew It (#GotBitcoin?)
At A Refugee Camp In Iraq, A 16-Year-Old Syrian Is Teaching Crypto Basics
Bitclub Scheme Busted In The US, Promising High Returns From Mining
Bitcoin Advertised On French National TV
Germany: New Proposed Law Would Legalize Banks Holding Bitcoin
How To Earn And Spend Bitcoin On Black Friday 2019
The Ultimate List of Bitcoin Developments And Accomplishments
Charities Put A Bitcoin Twist On Giving Tuesday
Family Offices Finally Accept The Benefits of Investing In Bitcoin
An Army Of Bitcoin Devs Is Battle-Testing Upgrades To Privacy And Scaling
Bitcoin ‘Carry Trade’ Can Net Annual Gains With Little Risk, Says PlanB
Max Keiser: Bitcoin’s ‘Self-Settlement’ Is A Revolution Against Dollar
Blockchain Can And Will Replace The IRS
China Seizes The Blockchain Opportunity. How Should The US Respond? (#GotBitcoin?)
Jack Dorsey: You Can Buy A Fraction Of Berkshire Stock Or ‘Stack Sats’
Bitcoin Price Skyrockets $500 In Minutes As Bakkt BTC Contracts Hit Highs
Bitcoin’s Irreversibility Challenges International Private Law: Legal Scholar
Bitcoin Has Already Reached 40% Of Average Fiat Currency Lifespan
Yes, Even Bitcoin HODLers Can Lose Money In The Long-Term: Here’s How (#GotBitcoin?)
Unicef To Accept Donations In Bitcoin (#GotBitcoin?)
Former Prosecutor Asked To “Shut Down Bitcoin” And Is Now Face Of Crypto VC Investing (#GotBitcoin?)
Switzerland’s ‘Crypto Valley’ Is Bringing Blockchain To Zurich
Next Bitcoin Halving May Not Lead To Bull Market, Says Bitmain CEO
Bitcoin Developer Amir Taaki, “We Can Crash National Economies” (#GotBitcoin?)
Veteran Crypto And Stocks Trader Shares 6 Ways To Invest And Get Rich
Is Chainlink Blazing A Trail Independent Of Bitcoin?
Nearly $10 Billion In BTC Is Held In Wallets Of 8 Crypto Exchanges (#GotBitcoin?)
SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum (#GotBitcoin?)
Blockstream’s Samson Mow: Bitcoin’s Block Size Already ‘Too Big’
Attorneys Seek Bank Of Ireland Execs’ Testimony Against OneCoin Scammer (#GotBitcoin?)
OpenLibra Plans To Launch Permissionless Fork Of Facebook’s Stablecoin (#GotBitcoin?)
Tiny $217 Options Trade On Bitcoin Blockchain Could Be Wall Street’s Death Knell (#GotBitcoin?)
Class Action Accuses Tether And Bitfinex Of Market Manipulation (#GotBitcoin?)
Sharia Goldbugs: How ISIS Created A Currency For World Domination (#GotBitcoin?)
Bitcoin Eyes Demand As Hong Kong Protestors Announce Bank Run (#GotBitcoin?)
How To Securely Transfer Crypto To Your Heirs
‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)
Crypto News From The Spanish-Speaking World (#GotBitcoin?)
Financial Services Giant Morningstar To Offer Ratings For Crypto Assets (#GotBitcoin?)
‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)
The Original Sins Of Cryptocurrencies (#GotBitcoin?)
Bitcoin Is The Fraud? JPMorgan Metals Desk Fixed Gold Prices For Years (#GotBitcoin?)
Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)
[PSA] Non-genuine Trezor One Devices Spotted (#GotBitcoin?)
Bitcoin Stronger Than Ever But No One Seems To Care: Google Trends (#GotBitcoin?)
First-Ever SEC-Qualified Token Offering In US Raises $23 Million (#GotBitcoin?)
You Can Now Prove A Whole Blockchain With One Math Problem – Really
Crypto Mining Supply Fails To Meet Market Demand In Q2: TokenInsight
$2 Billion Lost In Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims (#GotBitcoin?)
Fed Chair Says Agency Monitoring Crypto But Not Developing Its Own (#GotBitcoin?)
Wesley Snipes Is Launching A Tokenized $25 Million Movie Fund (#GotBitcoin?)
Mystery 94K BTC Transaction Becomes Richest Non-Exchange Address (#GotBitcoin?)
A Crypto Fix For A Broken International Monetary System (#GotBitcoin?)
Four Out Of Five Top Bitcoin QR Code Generators Are Scams: Report (#GotBitcoin?)
Waves Platform And The Abyss To Jointly Launch Blockchain-Based Games Marketplace (#GotBitcoin?)
Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)
Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
Miss Finland: Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency (#GotBitcoin?)
Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)
Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
Co-Founder Of LinkedIn Presents Crypto Rap Video: Hamilton Vs. Satoshi (#GotBitcoin?)
Crypto Insurance Market To Grow, Lloyd’s Of London And Aon To Lead (#GotBitcoin?)
No ‘AltSeason’ Until Bitcoin Breaks $20K, Says Hedge Fund Manager (#GotBitcoin?)
NSA Working To Develop Quantum-Resistant Cryptocurrency: Report (#GotBitcoin?)
Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)
Vaneck, SolidX To Offer Limited Bitcoin ETF For Institutions Via Exemption (#GotBitcoin?)
Russell Okung: From NFL Superstar To Bitcoin Educator In 2 Years (#GotBitcoin?)
Bitcoin Miners Made $14 Billion To Date Securing The Network (#GotBitcoin?)
Why Does Amazon Want To Hire Blockchain Experts For Its Ads Division?
Argentina’s Economy Is In A Technical Default (#GotBitcoin?)
Blockchain-Based Fractional Ownership Used To Sell High-End Art (#GotBitcoin?)
Portugal Tax Authority: Bitcoin Trading And Payments Are Tax-Free (#GotBitcoin?)
Bitcoin ‘Failed Safe Haven Test’ After 7% Drop, Peter Schiff Gloats (#GotBitcoin?)
Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)
Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)
Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)
Stablecoins Begin To Look Beyond The Dollar (#GotBitcoin?)
Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)
Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)
The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)
CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)
SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)
SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)
You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)
Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)
Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)
Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)
Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)
What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)
IRS To Cryptocurrency Owners: Come Clean, Or Else!
Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)
Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)
Bakkt Announces September 23 Launch Of Futures And Custody
Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)
Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)
A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)
SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)
15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)
US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)
Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)
Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)
Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)
Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)
Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)
Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)
E-Trade To Offer Crypto Trading (#GotBitcoin)
Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)
21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)
You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)
Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)
Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)
Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)
Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)
Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)
Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)
Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)
Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)
Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)
Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)
How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Your Questions And Comments Are Greatly Appreciated.
Monty H. & Carolyn A.
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