Citi's Chief Economist: Bitcoin a Complete Failure; Davos Elites Talk Bitcoin & Blockchain
The World Economic Forum discussion on financial services at Davos in Switzerland this week centered around popular financial technology, including Bitcoin and the blockchain. While some of the Davos elite believed such intense focus on the emerging technology is premature, others believe the sector is swiftly growing and should be a consideration in the wake of the financial crisis which engulfed Davos discussions in prior years. Despite increased emphasis on rising payment technologies, the general feel for the global economy remained neutral to optimistic. “If you look at the amount of....
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As global elites converge on Davos for another grandiose international summit at taxpayer expense, one topic seems to be preying on their minds: disruptive technology. This article by Bloomberg's Matthew Campbell, reporting from Davos, compares the emerging technological threats to various megacorps with the Internet's historic challenge to record labels, travel agents and dead-tree media. We all know how that ended - and it seems even the 1% are scheduling some time away from the buffet tables and ski-slopes to fret over the situation. The $170 million InterContinental Hotel in Davos,....
Gold is a commodity like bitcoin and other cryptocurrencies, Citi's chief economist argues in a research note published yesterday, ahead of a Swiss vote that could cause the global gold price to spike. Switzerland will hold a popular referendum on Sunday called 'Save Our Swiss Gold'. If passed, it would mandate the Swiss National Bank to hold a fifth of its assets in gold and to repatriate its holdings from England and Canada. The bank would also be banned from selling its gold in future. Gold prices have dropped as markets await the referendum. If the referendum is passed, gold prices....
Citi first hinted at its blockchain ambitions 10 days ago when it revealed it had developed its own cryptocurrency following years of research in the space. The so-called 'Citicoin' project from the world's eighth largest bank is the latest sign that financial institutions are starting to take blockchain technology seriously. Expect to hear much more about Citi's plans for digital currencies and blockchain tech this September when key executives from the bank speak at Consensus 2015. "Blockchain technology not only has an opportunity to transform financial services but also extend far....
In a talk given at the Portadown Chamber of Commerce in Northern Ireland on September 18, Andrew G Haldane, Chief Economist at the Bank of England (BoE), has hinted at the possibility that the U. K. government might issue a digital currency. Though the disclaimer "The views are not necessarily those of the Bank of England or the Monetary Policy Committee" ensures plausible deniability, Haldane's talk seems to indicate that the BoE is at least seriously considering the possibility. Haldane is chief economist at the BoE and executive director of monetary analysis and statistics. Listed by....
The World Economic Forum in Davos has been paying growing attention to new financial technologies, including Bitcoin and Blockchain for several years already. The WEF annual conference this year was mostly dedicated to the Fourth Industrial Revolution and FinTech. The World’s financial and banking giants again shared their attitude to digital currencies and Blockchain technology. Some of them did note that new distributed ledger solutions will change the financial industry soon, while others condemned Bitcoin to failure. After the first day of the conference an interview with Garry Lyons,....