Credit Suisse: Bitcoin 11 Times More Volatile Than GBP/USD
Two reports by Credit Suisse suggest that Bitcoin is three times more volatile than oil and 11 times more than the post-Brexit pound sterling. The Swiss bank’s first article, published earlier this month titled “Is Bitcoin Safe?” seeks to advise on the resilience of the virtual currency as an asset. “Bitcoin does carry some unique risks,” analysts from its global marketing research department state. “The value of the cryptocurrency has been three times as volatile as the price of oil and 11 times more than the post-Brexit exchange rate between the dollar and the British pound.” In line....
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Swiss bank secrecy laws have protected Credit Suisse from having to disclose whether it was banking criminal activity, which is a far cry from the transparency blockchain technology offers. Leaked data shows that until recently, Swiss bank Credit Suisse held accounts valued at more than $100 billion for sanctioned individuals and heads of state reportedly accused of money laundering.The New York Times reported on Feb. 20 that the data leak included more than 18,000 bank accounts. The data goes back to accounts that were open from the 1940s until into the 2010s, but not current....
Hours after it was announced that Credit Suisse is to pay US$2.6 billion in fines for aiding tax evasion, the former director of the United States Mint has spoken out against the bank – and in support of cryptocurrencies. While Credit Suisse’s director, Brady, publicly downplayed the result, saying the fines “[did not have] any material impact on our operational or business capabilities”, Edmund C. Moy tweeted in response: “$2.6B fine 'won't do much damage': Credit Suisse CEO. It's time banks got competition. Time for cryptocurrencies.” Such a reaction from within the government's....
It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world’s largest banks, are suffering from distressed valuations and the banks’ credit default insurance levels are approaching degrees not seen since 2008. Credit Suisse and Deutsche Bank Valuations Have Dive-Bombed — Investors Discuss the Systemic Risk to the Global Economy During the first week of October, the world economy....
In a report by Swiss multinational financial institution Credit Suisse, bitcoin and blockchain are deemed to be ‘relatively safe’. Bitcoin has some unique risks, the report noted. The value of the cryptocurrency has been three times more volatile than the price of oil and 11 times more than the post-Brexit exchange rate between the British pound and the U.S. dollar, according to the bank’s markets research department. Bitcoin transfers are also irreversible, so someone making a mistake entering an account number when making a payment will be out of luck. In addition, if a bitcoin user....
Which country has fewer poor than America and 80% of the Bitcoin transactions? Although it might come as a surprise, the answer is China. Despite a stock market and currency crisis, China has fewer poor than America, according to a Credit Suisse report. Yet, there is one thing of which this report falls a bit short: good data. Much of the data in the report is from government bodies and international bodies. People with firsthand knowledge of each country might take contention therewith. Nonetheless, CCN wondered if Credit Suisse's numbers could explain China's large Bitcoin volume.....