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Is Bitcoin A Safe Haven? Ask China And Argentina

Nevermind the double-digit price swings. Despite the day-to-day roller coaster ride of crypto markets, spiking demand in China and Argentina point to a pivot point for the largest digital currency – from risky bet to safe store of value. Demand in China and Argentina Soars as the Yuan and Peso Plummet According to Hong Kong-based Babel Finance, Chinese demand for bitcoin has surged 50 percent in the past ten days. Analysts point to the decision by the People’s Bank to let the Yuan fall below $0.14 last week.  The currency in the world’s second-largest economy has now depreciated to levels not seen since the global financial crisis. Meanwhile, data from Localbitcoins.com show bitcoin selling at a 10 percent premium to global prices in Argentina. The price in Hong Kong, where mainland Chinese demand plays a strong role in price formation, was four percent higher than the rest of the world during the week. Rayne Steinberg of investment management firm Arca argued that: “Bitcoin is becoming the asset of last resort in areas of extreme currency devaluation and political uncertainty. In the last week alone, Bitcoin is up approximately 50% against the Argentine peso and trading at a significant premium on local exchanges. And they are not alone, joining the ranks of Venezuela, Hong Kong and Turkey who have also experienced similar shocks.”- Rayne Steinberg, CEO of L.A.-based Arca Investments Bitcoin as A Hedge Against Turmoil On the surface, claiming that bitcoin can hedge against uncertainty seems to run contrary to the inherent risks of cryptocurrencies. Traditional safe-haven assets never record daily price swings of the magnitude to which cryptocurrency traders are accustomed. But a recent Grayscale Investments report supports the idea that digital currencies outside the reach of government control are increasingly becoming a risk-off investment. They note that since President Trump announced a rise in tariffs on Chinese imports in May, bitcoin’s cumulative return through August 7 was 104.8%. Well-known crypto advocate Anthony Pompliano echoed that sentiment. The CEO of Morgan Creek Digital Assets recently told CNBC on August 6 that it makes sense for people to invest in an asset that “cannot be manipulated by a single country or politician.” “[W]e’re now entering a position where it’s actually irresponsible for institutions to not have exposure to this asset,” he added.       Pompliano pointed to historical spikes in demand for bitcoin in Venezuela, Iran, and Argentina, when political or economic upheaval drove investors to digital assets. While conceding that “they’re small countries,” the Morgan Creek head noted the same patterns appeared to be arising in China. As a crypto investment fund, Morgan Creek clearly has a dog in the race. But they also have a direct interest in establishing themselves as trustworthy managers of other peoples’ money. Measuring correlations and identifying bullish flags is more than just cheerleading; as Pompliano said, “it’s just math.” It is also politics, economics, and sentiment that can separate a safe-haven from a risky gamble. If the IMF is correct when it says “the latest [trade] escalation could significantly… jeopardize the projected recovery in global growth in 2019,” going long bitcoin could well prove to be the lesser risk. Intraday volatility is a feature of crypto because virtual assets are new and thinly traded, not because they are inherently volatile. While those price swings are unlikely to disappear anytime soon, it  also makes a lot of sense to be on the same side of Chinese capital flows. When the renminbi is buying bitcoin, it could well be a good bet to make.   The post Is Bitcoin A Safe Haven? Ask China And Argentina appeared first on Crypto Briefing.
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Economic and Political Uncertainty Boost Bitcoin Price in Argentina and Hong Kong

According to news published by Bloomberg on August 13, 2019, bitcoin continues to be traded at a premium due to economic uncertainty and political instability in Argentina and Hong Kong, confirming its value in turmoil environments.    Fear is Soaring but Bitcoin is Working  The global economy is experiencing a period of strong instability. AboutRead MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money

Whenever bitcoin experiences a sharp drop or volatility, mainstream media analysts jump to declare that cryptocurrency isn’t stable enough to be considered money. The double-digit crash of the Argentine peso in one day, simply due to an election in the country, can be said to prove the same about fiat. Also Read: Big Banks Enabled Jeffrey Epstein’s Sex Trafficking Crimes Vote Sends Peso Into Free Fall On Monday Argentina’s peso currency dropped over 30% in value to a record low of 65 pesos per 1 U.S. dollar. The country’s central bank intervened in the foreign exchange market, using its reserves to prop up the peso, but it still ended the day around 15% down. At the same time, the Argentine equity markets were doing even worse, with the country’s benchmark S&P Merval Index losing almost half its value in dollar terms. This was the worst daily performance by any stock market in the world for the past three decades and only the second worst in the last 70 years. In case you missed the news, don’t worry, no foreign power has declared war on Argentina, nor has Buenos Aires been hit by a giant meteor. Instead, the event that triggered such a major financial crisis, with people seeing so much of their life’s savings vanishing into thin air overnight, was just a routine election. On Sunday there was a primary vote that signaled that the current politician in charge of the government might be replaced by another one in a few months, which was enough to send the markets tumbling in historic proportions. Eva Peron’s portrait on the Argentine 100 peso bill Looking at the details of the elections that spooked the markets and led to the collapse of the Argentine peso shows that there is room for some concern. The current president of the country, Mauricio Macri, is at least perceived to have tried to fix some of the structural problems of the local economy, even if his detractors can say that he has failed in doing so. His opposition, on the other hand, the Peronist Alberto Fernández and former president Cristina Fernández de Kirchner, are considered to be left wing populists who could set the country back with disastrous policies that will wreck Argentina’s economy once more. Regardless of whether these perceptions are true, the fact is that enough investors hold the news that the opposition might assume control of the government from Macri to be a serious threat to stability. Here We Go Again It is important to note that Argentina is not some small and inconsequential banana republic. In fact, it is the second largest economy in South America and even a member in the G20 group of major economies. It also inhabits a vast land rich in natural resources. Unfortunately, Argentina is also a common example in economic textbooks on how government mismanagement can destroy economies as it was once one of the richest countries in the world in terms of GDP per capita, at the start of the previous century, but has greatly deteriorated in relative terms over the subsequent decades. The country has often fallen into financial crises and the people of Argentina have suffered from several severe recessions in recent memory. One of the persistent ills of the economy is very high inflation and the government even had to resort to redenomination, cutting zeros off the fiat currency, four times between 1970 to 1992 alone. This has remained true also in recent years, as in August 2013 one US dollar was exchanged for less than six Argentine pesos and today is worth about 10 times as much. In 2001 the government of Argentina defaulted on its bonds, which cut the country off from the international financial market for years and caused a lasting economic crisis whose impact the people will not soon forget. Now the country might be at the start of another such calamity, with Argentinians again seeing their peso savings crashing to new lows. Who Can You Trust? Argentina of course isn’t the only country that is suffering from high inflation of its fiat currency. Two very notable examples of countries suffering from hyperinflation are Zimbabwe and Venezuela. In 2009, the Zimbabwe dollar set a world record for inflation, estimated to be in the billions of percent, with even the highest notes of 100 trillion dollars not worth enough to buy a single loaf of bread. In 2018 the Venezuelan government removed five zeros off its fiat, making the new “sovereign bolivar” worth 100,000 times the older bolivar which became basically useless as money. However, it shouldn’t be understood that these are the only countries to suffer from inflation. In fact, all fiat currencies suffer from inflation; it is merely a matter of degrees between the extreme cases and the average. If you think that what happened with the peso can never happen with the U.S. dollar, this demands wholly trusting the American government to never mismanage its economic affairs to this extent. It means that you need to trust American politicians to always look beyond their own short-term incentives to weaken the currency to pump artificial growth ahead of elections or to print new money to buy votes. And it means that you need to trust that the Federal Reserve will always be willing and able to protect the USD from all external threats. Right now, with an international currency war going on, none of these seem to be set in stone. The need to trust governments not to debase their fiat has always been a concern. It is why some people try to hamper government control of money by asking to return to a system like the gold standard where there is a natural limitation on the currency. However, in such a system you still need to trust the central bank to hold as much gold as it claims. Even in ancient times, those controlling the mints often diluted the percentage of precious metals in their coins, thus causing inflation. Cryptocurrency tries to overcome these problems by removing the need to trust any centralized entity, instead promising to base the value of your money on cold, hard math. Do you think that the situation in Argentina proves governments shouldn’t control money? Share your thoughts in the comments section below. Images courtesy of Shutterstock. Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. The post Argentina’s Peso Collapse Shows Governments Shouldn’t Control Money appeared first on Bitcoin News.
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Argentina Is Showing Great Appreciation (and Need) for BTC

Bitcoin may be down for the count today, but it’s still garnering plenty of attention and respect. Regions such as Argentina and Hong Kong, for example, are willing to pay premiums on the top cryptocurrency despite its latest drops, suggesting just how strong and popular it is in developing nations.  Argentina Is Becoming a Major Bitcoin Haven While Argentina isn’t quite in the same state as its “continental neighbor to the north” Venezuela, election uncertainty in the nation has caused its national currency, the peso, to drop by more than 30 percent over the past few days. On exchanges such as LocalBitcoins.com, bitcoin was trading for as high as $12,000 in the country of Argentina. This is about ten percent higher than where it stands on most other trading platforms. In Hong Kong, where people are protesting the notions of communism and seeking independence from the mainland Chinese government, bitcoin was trading for a roughly four percent premium. Despite the breadth and width of the protests (they’ve been going on since June), many are now in fear that government forces will consider extreme forms of retaliation. Rayne Steinberg, the chief executive officer of crypto hedge fund Arca in Los Angeles, explains: Bitcoin is becoming the asset of last resort in areas of extreme currency devaluation and political uncertainty. In the last week alone, bitcoin is up by approximately 50 percent against the Argentine peso and trading at a significant premium on local exchanges, and they are not alone, joining the ranks of Venezuela, Hong Kong and Turkey who have also experienced similar shocks. Venezuela’s national currency, the bolivar, has fallen even further than the peso. Inflation and economic disaster are so prominent within the socialist country that many market shelves are bare, and citizens have resorted to attacking zoo animals to put meat on their tables. While the country sought to implement a new payout system for workers utilizing the country’s official cryptocurrency (the Petro), the idea initially failed to catch on, and Venezuela’s economic infrastructure remains in disarray.  Is Bitcoin Truly the Answer? Bitcoin and other cryptocurrencies (like Dash) have proven to be very popular and useful in countries such as these. The problem is that these assets remain volatile, as we’ve witnessed in just the last 24 hours alone. Bitcoin, for example, has fallen by more than $400 in just the last day, and that price was a fall of roughly $800 from the previous week. There are concerns that Venezuela, Argentina and other areas resorting to bitcoin may just be trading one seriously volatile asset in for another, which isn’t likely to do much in terms of national stabilization. Alex Kruger, a crypto trader, has mentioned that if Argentinians really seek to protect themselves, their best bet is to purchase American dollars. The post Argentina Is Showing Great Appreciation (and Need) for BTC appeared first on Live Bitcoin News.
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Could Cryptocurrency Solve Argentina’s Economic Woes?

The Argentine Peso depreciated almost 25 percent against the USD overnight, showcasing the incremental damage being done to an already ailing economy. Economists across the globe have differing views as to how Argentina can tackle this crisis. According to analyst Alex Kruger, Argentine residents flock to the USD in an attempt to store value andRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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DIGEST

All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

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Bitcoin Struggles As BAT And ETC Lead The Charge

The cryptocurrency market has somewhat stabilized, presenting a predominantly green landscape as Bitcoin struggles to stay above the psychological $10,000 marker.   Cryptocurrency Market Situation. Source: Coin360   Sentiment for Bitcoin has seen a moderate improvement towards a strongly neutral outlook.   Bitcoin Sentiment Chart by theTIE.io   Despite this overall lukewarm performance, proponents of Bitcoin’s store of value potential have reason to rejoice today. According to a report by Digital Asset Data, BTC is increasingly gaining correlation with the broader asset markets – positively with gold, and negatively with the stock market. With a recession looming on the global economy, Bitcoin could fulfill the role of a “safe haven asset,” to which investors flock during uncertain economic times. Altcoins see recovery with ETC and BAT leading The rest of the cryptocurrency market is seeing strong corrections from yesterday’s fall, with two strong outliers making significant gains. Basic Attention Token is strongly reacting to its new listing on Kraken, a popular exchange part of Weiss Ratings’ Real 10 index of platforms reporting true volume. BAT has gained more than 15% on yesterday’s price, while curiously its partner-in-listing WAVES has registered a much more modest 4%. The stark difference can be explained by the contribution of other fundamental drivers, with BAT recently launching the much-anticipated online tipping feature in its browser.   BAT Recent Price Trend. Source: CoinMarketCap   The other outlier is none other than Ethereum Classic, which after an against-the-grain rally on Tuesday has continued today with a 14.6% gain. The total 7-day performance is a solid +21%, by far the highest in the top-50. As before, it’s difficult to give a meaningful explanation of the rally. The upcoming ETC Atlantis hard fork is scheduled in about 22 days, too far ahead to justify any price action, though the final confirmation was released on Monday. The run is likely to be due to a combination of factors, including possible whales entering ETC positions. The rest of the altcoin market is seeing moderate recoveries, with IOTA, TRON and Cardano gaining 8%, 6.32% and 6.42% respectively as the rest average on 3-4%.   The post Bitcoin Struggles As BAT And ETC Lead The Charge appeared first on Crypto Briefing.
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Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health

Coinspeaker Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network HealthA famous crypto startup firm recognized as Casa that offers primary management service, and Bitcoin node machine has launched a node monitor as well as accompanying reward program to develop Bitcoin network health.The firm revealed the latest innovation in an official website article on Aug. 21. Per the announcement, the node monitor known as Node Heartbeats depends on creating a brief relationship between the server of Casa plus, an internet synced and Tor-activated node owned by a user. The rewards program enables Casa node subscribers to earn 10,000 SatsBack weekly in exchange for operating 5 Node Heartbeat checks weekly, on separate days.SetBack can reportedly be converted for Bitcoin (BTC) just once per day on Keymaster app for Casa, as long as a consumer has garnered a minimum of 50,000 SatBack points. According to the report, Casa is firmly convinced that it`s hectic for consumers to keep up with the trend on their node`s uptime as well as security. By offering an inducement program to leapfrog node health, the firm reportedly expects to enhance the overall health of the Bitcoin network.How the Node Heartbeat OperatesTo verify that node is online, the company makes a concise link from their server to the users Casa Node. For this to be manageable, the user`s node must be synced, online, and with Tor activated. But with Tor, that indicates the node Heartbeat secures user`s privacy.Speaking of privacy, the Node Heartbeat only utilises the connection code of the consumer-the same code that is already existing in explorers and that which the consumer release to others who are willing to launch a channel with them. Sats App automatically submits the code for the users when they send a Heatbeat to saves them from the agony of looking it up.Guess Who Is The Latest Casa Investor?Charlie Lee, Litecoin (LTC) founder revealed just three days ago that he has heavily invested in Casa. He went ahead to praise Casa for spearheading BTC acceptance, indicating:“I have the same feeling about Casa today as I had about Coinbase when I joined in 2013 as the 3rd hire. Casa is making Bitcoin easy to use, and that is extremely important for this space. Looking forward to great things!”New Node Monitor by Lightning LabsAs initially reported by Cointelegraph that the designer of the high-speed transaction protocol Lightning Network, Lightning Labs recently unveiled an alpha version of a node monitor. The invented device, called Indmon, allegedly enables nodes operators to supervise node functions in real-time. Network cases this year reportedly influenced the developers to design a tool for preemptively detecting network and node issues.Casa Unveiled Node Monitor Service to Leapfrog Bitcoin Network Health
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Gemini Exchange Launches In Australia in Effort to Expand its ‘Crypto Needs Rules’ Brand

One of the most prominent exchanges, Gemini which is owned by Winklevoss Twins is now available for Australian crypto users. “Cryptocurrency is the future of money, and we're committed to building a bridge to that future in Australia.” – @tylerwinklevoss We are thrilled to announce that starting today, we are operational in Australia 🇦🇺 Read […]
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Tether to Launch RMB Stablecoin "CNHT"? CryptoNews

Tether is rumored to launch RMB Stablecoin. Such a move could land crypto in serious trouble in China as the RMB is tightly controlled and regulated. Binance Venus is also on its tails. Ukranian miners accidentally leak sensitive Nuclear Powerplant data. #Cryptocurrency #crypto #Tether RMB Stable Coin https://boxmining.com/tether-to-issue-rmb-cnht-stable-coin-rumor/ https://www.asiacryptotoday.com/tether-to-make-a-chinese-rmb-pegged-token-called-cnht https://cointelegraph.com/news/ukraine-crypto-miners-arrested-for-compromising-nuclear-plant-security https://www.coindesk.com/bitcoin-miners-halt-operations-as-rainstorm-triggers-fatal-mudslide-in-china 👍🏻Subscribe to Boxmining for Cryptocurrency Insight and News: https://www.youtube.com/c/boxmining 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Enjin Wallet: http://boxmining.co/enjin 👍🏻Unstoppable Domain: http://boxmining.co/unstoppable 📲Binance Exchange : http://boxmining.co/binance #Bitcoin #Ethereum #Cryptocurrency ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups (Discuss Crypto with us!) Telegram Discussion Group: https://t.me/Boxdatamining Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social (Add me on Social Media!) Instagram: https://www.instagram.com/boxmining/ Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining Steemit: https://steemit.com/@boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
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Kraken To List Basic Attention Token (BAT) and Waves

Kraken has announced they will be listing BAT and WAVES, with pairs denominated in USD, EUR, BTC, and ETH. Trading commences at 13:30 UTC on August 22, 2019, and deposits will take 30 and 10 confirmations before being credited to users Kraken balances for BAT and WAVES, respectively, August 21, 2019. Kraken Expands Altcoin OfferingsRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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