Adopting Digital Currencies Will Dismiss Cash, Says Bank of Japan

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Adopting Digital Currencies Will Dismiss Cash, Says Bank of Japan
Recently an official from the Bank of Japan ruled out the option of using bank-issued digital currencies. By doing so, that may cause the country to abandon physical cash.
Adopting Digital Currencies Will Dismiss Cash, Says Bank of Japan

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Goldman Sachs Might Launch Its Own Cryptocurrency

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Goldman Sachs Might Launch Its Own Cryptocurrency
In recent French news, Goldman Sachs CEO, David Solomon, revealed that the company is looking into developing its own cryptocurrency, like JPMorgan Chase. Also, the company is researching asset tokenization and stablecoins as such.
Goldman Sachs Might Launch Its Own Cryptocurrency

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Goldman Sachs CEO Praises Libra, and Says, Assume ‘All Institutions Looking at Blockchain’

David M. Solomon, Chairman, and CEO of Goldman Sachs said in an interview recently that they are going to offer digitized securities on the blockchain. In a meeting with the Board of Directors of the multinational bank, Soloman told the media,
Mergers and acquisitions advice remains our key business, but we are a bank, not just an investment bank. But the world is changing, and to grow, we must attract customer deposits. The principle of a digital platform is probably the best way to attract these deposits.
While declined on making any comments on Facebook’s cryptocurrency plans with Libra or any other partnerships at the moment. However, he praised Libra’s design and suggested that “this is the direction in which the payment system will go.” He also said,
We do extensive research on the concept of “tokenization”, the potential of which we believe, and which designates the creation through the blockchain of a stable digital currency based on a basket of real currencies that can move money across borders and without friction.
Goldman Sachs is one of the largest banks in the US with a stock price of $ 204.17. The competition posed by the cryptocurrency markets in payments with the increasing institutional adoption has stirred banks and Governments all over the world.
JP Morgan Chase and Co, a fierce competitor of the banking giant, had announced its stablecoin – JPM coin launch in February 2019. Recently, JP Morgan also confirmed a similar design of trading securities on its platform. Solomon commented on the blockchain projects initiated by JPMorgan and would they follow the same suit, he said,
Absolutely! Many people are looking in this direction. But it is too early to say which platform will prevail. He also said, “Assume that all major financial institutions around the world are looking at the potential of “tokenization”, “stable wedge” and frictionless payments.”
Jamie Dimon, the CEO of JP Morgan & Chase has also advocated the use of permission ledger in the Financial Services (FS) industry.
Do you think that stablecoins and tokenization of the world economy is the future? Please share your view with us. 
The post Goldman Sachs CEO Praises Libra, and Says, Assume ‘All Institutions Looking at Blockchain’ appeared first on Coingape.
Source: CoinGape

Goldman Sachs to Create a Bitcoin-like Crypto Asset; Competes with Libra

Goldman Sachs Group is interested in exploring the possibilities of launching a crypto asset like bitcoin, according to the bank’s chief executive officer David Solomon.
The prominent investment banker told France’s Les Echos newspaper that Goldman is conducting thorough research on tokenization, the method of digitizing currencies or assets to enable their smooth transfer over a permissioned ledger same as bitcoin. Solomon said he found the process “interesting,” adding that the global payment and remittance market would eventually integrate it.
“Tokenization is the direction in which the payment system will go,” he said.
Brewing Competition in the Crypto Space
Goldman’s potential foray into the digital currency industry comes four months after a rival banking giant announced a similar plan. JP Morgan Chase & Co. in February said it developed a private stablecoin dubbed as JPM Coin to facilitate cross-border payments. The US bank confirmed this week that it would begin testing the stablecoin with its clients at home and abroad “around the end of this year.”
The concept of tokenization, meanwhile, is already expanding out of the banking industry. In June, Facebook, too, unveiled its ambitious cross-border remittance and payment project called Calibra after taking cues from Bitcoin. The social media behemoth further introduced a stablecoin named Libra, which, according to its technical paper, would be pegged to a pool of “low-volatility assets, including bank deposits and government securities” in multiple currencies.

Mr. Solomon declined to comment on whether or not Goldman has discussions with Facebook. He said it was too early to tell which platform — whether Facebook or JP Morgan — would prevail in the long run, assuming that “all major financial institutions around the world are looking at the potential of “tokenization, stablecoin, and frictionless payments.”
Nevertheless, Mr. Solomon believed that technology giants would not pose any significant threat to the banking sector as a whole. He said companies like Facebook and Apple already had “other concerns for the moment,” which would discourage them from submitting to the rigorous regulatory constraints.
“Of course, these companies have a lot of customers and will certainly try to monetize them. It seems to me, however, that they will try to seal partnerships with banks rather than become banks themselves. We are Apple’s partners in credit cards.”
Bitcoin
Although bank tokens and bitcoin fall under the same umbrella of blockchain technology, their mission is very different in the broader market.
Financial institutions want to develop their tokens into a global means of payment, which bitcoin cannot be due to its high price volatility. At the same time, the leading decentralized currency offer masses a way to store and manage money away from the prying eyes of government and regulators. As of now, a majority of users consider bitcoin as an investment against inflation assets like fiat currencies. A bank token cannot offer that.
Bitcoin Price is More than 200 Percent in 2019 | Image Credits: TradingView.com
Jeremy Allaire, the chief executive of Circle, told CNBC on Monday that each digital token/cryptocurrency would serve a purpose in a broader financial market.
“The bitcoin thesis is very much that we are going to see continued growth in non-sovereign money, and non-sovereign money is going to become more important, not less important,” said Allaire. “And more people around the world are going to see the value of a censorship-resistant, highly secure digital asset such as bitcoin.”
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“I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest

Bitcoin [BTC] witnessed robust growth during the past day as it broke above $8700 resistance. The total market dominance of Bitcoin also increased by about a percent as altcoins adjusted to the growth in Bitcoin [BTC]. The total market capitalization of Bitcoin has added about $10 billion in the past two days.
Also Read: Bitcoin [BTC] Logs $8450, Gold Tests 6-Year High at $1350 As Economic Turmoil Increases
Institutional Interest with Increasing Belief in Bitcoin
Edith Yeung, a partner at Proof of Capital, Venture Capitalist and China internet expert, recently took an interview in which she reiterated talked about Bitcoin and the Global Financial instability. She closely related to the analogy of Bitcoin being digital gold looking at its growth in the current economic conditions.
“In Latin America and South America, the FIAT currency is 15 Euro low. There is political instability… Buy Bitcoin just in case if there is anything happening to that country.”
Moreover, she also expressed optimism in the rising interest of Bitcoin in institutional spaces, which is uncorrelated to the turmoil, but due to the increasing interest in the area. She firmly asserted that she believes in Bitcoin.
According to her, Bitcoin is a force that is affecting the markets at large. Facebook is making the most recent development via GlobalCoin/Libra. However, she also noted the products being released by institutions like Fidelity with its custody and trading platform, JP Morgan with JPM Coin, and Goldman Sachs’ investment in BitGo.
Reportedly, a consortium of 14 banks in the US, Europe, and Japan have invested $63.2 million for the development of USC (Utility Settlement Coin). These banks include Barclays and Credit Suisse. She said,
“You know what may be Bitcoin is a thing finally, that we should think about not just on the payment use cases but also think about if different banks and individuals are going to store bitcoin on their own. Maybe bank should also do something about this.”
Also Read: Bitcoin [BTC] Price Prediction: Bulls Awake as BTC/USD zooms above $8,400
Where do you think Bitcoin [BTC] is headed in by the end of this summer? Please share your views with us. 
The post “I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest appeared first on Coingape.
Source: CoinGape

Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved

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Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved
The much-anticipated trailer for Call of Duty: Modern Warfare has been finally revealed to the game fans worldwide. It’s a fresh look at the controversial conflict shown in the previous game of the franchise.
Activision Releases Trailer for the New Call of Duty with Sensitive Political Themes Weaved

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Musk: Tesla Will Grow to $500 Billion Due to Its Self-Driving Tech

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Musk: Tesla Will Grow to $500 Billion Due to Its Self-Driving Tech
Elon Musk laid out the automaker’s plan when it comes to self-driving, but now the CEO attaches a valuation prediction to it as the company attempts to raise over $2 billion.
Musk: Tesla Will Grow to $500 Billion Due to Its Self-Driving Tech

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VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning

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VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning
The latest Reuters report suggests that big organizations are investing heavily in startups developing protocols and services for the crypto and blockchain sector.
VC Firms are Pouring Huge Money in Crypto Starups, Coinbase Unveils 2018 Earning

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Is Goldman Sachs Really Building Crypto Trading Desk? CEO Response

No, Wall Street’s biggest firm is not setting up a trading desk. Earlier, reports revealed that Goldman Sachs were building their crypto trading desk but on Wednesday CEO David ‘DJ” Solomon denies the claim and states that the reports were incorrect.
Rewinding History
When Bitcoin was mounting in Dec 2017, Bloomberg media had published an article stating that ‘Goldman is setting up a cryptocurrency trading desk’, however, Bloomberg mentioned that the reports were confirmed by ‘people with knowledge of the strategy’ and claims that business may begin by the end of June 2018.
However, later, in mid-2018, BusinesInsider media published a new report stating that the firm had pulled off its plan to launch a trading desk. The media also highlights ‘the plan is downgraded due to regulatory uncertainty towards Bitcoin and crypto industry’. Before these reports fueled on the web, Goldman’s former CEO Llyod Blankfein had shared mixed statements around ‘Cryptocurrency and Goldman’. He tweeted as;

Nevertheless, on April 10, 2019, Goldman Sachs’s present CEO ‘David ‘DJ” Solomon’ addressed a U.S. House of Representatives panel and put an end to this propaganda. He adds that the company had no such plans yet and says that the original Bloomberg article contains ‘inaccurate information’. In Solomon’s words;
“First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops.
Solomon addressed the community and said,
“We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.”
On top of all, concerning the regulatory uncertainty, Solomon adds that;
“We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lot of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.”
Also Read: Binance CEO Issues Warning to Delist Bitcoin SV, Joins the #WeAreAllHodlonaut Movement On Twitter
Headquartered in New York City, Golmand Sach Group Inc., is an American Multinational Investment bank and financial service company, falling in competition with J.P. Morgan Chase & Co., which has recently announced the launch of its own cryptocurrency – JPM Coin.
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Source: CoinGape

Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts

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Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts
Goldman Sachs analyst is sure, Netflix (NFLX) stock is all set to soar 80% in a year from now. Here’s a look into how Netflix will lead the video-streaming industry which is likely to see stiff competition in the next few years.
Netflix (NFLX) Stock Price Could Almost Double in a Year, Says Goldman Sachs Analysts

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Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?

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Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?
IBM announced that two major US banks may soon offer their own cryptos on the IBM World Wire amidst growing concerns that Ripple’s dominance in this global remittance space may be under threat.
Two ‘Major US Banks’ May Soon Issue Own Cryptos on IBM World Wire, Is Ripple Under Threat?

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Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product

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Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product
Alluva launches its blockchain based, cryptoasset prediction product that incentivizes users to increase transparency in the ecosystem.
Alluva Set to Increase Transparency in the Crypto Ecosystem via Its New Blockchain-Based Product

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Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

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Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Grayscale revealed that Bitcoin products were invested in most, with 66 percent of inflows received from institutional investors.

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

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Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

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Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Mike Novogratz has announced once more that he is confident bitcoin will become a store of value in future even overtaking gold for that purpose to become the ultimate digital gold.

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

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Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

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Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field saying that he doesn’t understand why large macro funds don’t have a 1% position in Bitcoin (BTC).

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

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