Bitcoin a Safe Haven in the face of Italian Banking System Crisis
Italy’s banking system is on the verge of a meltdown with the oldest bank in the world falling short of 3 billion euros. Monte Dei Paschi, Italy’s third largest bank is in eye of the storm, as its shares fell by 12% on Wednesday ahead of a deadline for recapitalisation. Italy’s banking system is on the verge of a meltdown with the oldest bank in the world falling short of 3 billion euros. Other big names, like UniCredit, are in equally bad shape. It was uncovered by Wells Fargo that nearly 15% of all loans held by Italian banks could be at risk of default. Though the Italian parliament has....
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This year’s Brexit vote caused turbulent economic times for European residents, as many sovereign currencies and stocks plunged. During this period, the British exit from the EU caused Bitcoin’s value to spike as many turned to the decentralized currency as an economic safe haven. On December 4, the cryptocurrency’s price may rise again as the Italian....
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The European Banking Authority (EBA) published today the results of the 2014 European Union (EU)-wide stress test of 123 banks. The health check was carried out on 123 European banks by the EBA to determine whether they could withstand another financial crisis. The results: over the three-year horizon of the exercise, 24 banks would fail the stress test - in other words, they could not withstand another financial crisis. 14 of these banks are in the Eurozone. The list of 14 includes four Italian banks, two Greek banks, two Belgian banks and two Slovenian banks. Nine Italian banks have....
There has been a lot of talk about investors looking to Bitcoin as a safe haven for their investment portfolio. Safe haven markets are very small and hard to get into. Bitcoin may not fit that bill as perfectly as some people think it does. Now that the Brexit doom scenario has happened, there is a lot of uncertainty across the markets. Gold is surging,....