Don’t Bank On It! Bitcoin Prices Rise, Banks Renationalize
While Bitcoin is worth more today than at any time in its history, with the exception of 11 days, in the banking sector it’s business as usual - money lost, uncertainty and bailouts. The past week has seen the nationalization of two banks by governments, one of which is the oldest bank in the world. Several more have been fined for interest rate fixing, with JPMorgan Chase obliged to pay almost $33 mln to Switzerland. Italy forecasts domino effect. “Italy is doing now what other countries have done many years ago to sustain their banking system,” Jacopo Ceccatelli, CEO of a Milan broker....
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The Bank for International Settlements (BIS) studied the main motives behind Bitcoin adoption by retail investors. Bitcoin (BTC) investors are more likely enticed by the cryptocurrency’s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests. In a “BIS Working Papers” report published on Nov. 14, the central bank body looked into the relationship between Bitcoin prices, crypto trading, and retail adoption. It studied the drivers of crypto adoption by retail investors using crypto....
Nigeria’s central bank has a message for domestic financial firms and institutions: don’t touch virtual currencies. The Central Bank of Nigeria’s Financial Policy and Regulation Department has released a new circular advising banks not to "use, hold and/or transact in any way" with the technology. The document cites bitcoin, onecoin, monero and dogecoin as examples, noting that banks that opt to handle digital currencies “do so at [their] own risk”. Notably, the circular also calls for banks to keep tabs on any customers they may have that operate digital currency exchanges.....
Russia is recovering from a slew of sanctions imposed by the Western nations for annexing Ukraine. In addition to a number of restrictions on import and export of goods from the country, Russia is also plagued by dropping oil prices. Being one of the leading oil suppliers in Europe, the fall in international oil prices has directly impacted the country’s revenues. As expected many Russian banks are in trouble due to decline in deposits and minimum liquidity. Many banks, in order to maintain the minimum liquidity and to offset bad credits have liquidated their assets, putting themselves on....
Earlier in 2016, Facebook IQ, a team of researchers, scientists and analysts funded and supported by Facebook Inc., published a white paper entitled “Millennials + money: The unfiltered journey” to evaluate the beliefs and thoughts of today’s youth on traditional banking and financial systems. The paper found that 92 percent of millennials firmly expressed their distrust of banks. The general population, including millennials, are rapidly developing a sense of awareness towards the manipulation, monopoly and control that banks and financial institutions impose on user funds and money. Cash....
The oil industry has had a chaotic two years. Crude oil prices were down early in the COVID-19 pandemic; nevertheless, the price has now topped $100 per barrel. Moreover, the worldwide benchmark, Brent crude oil, is currently trading above $111 per barrel. There has been a considerable rise in gas prices worldwide because of the rise in oil prices. If prices continue to rise, as many economists predict, it would stifle economic development, induce decreased consumption, and, in some situations, spark political instability. The increasing gasoline costs have already sparked fatal riots in....