Connect with us

Bitcoin

Bitcoin [BTC]: US sanctions could force Kremlin’s hand into adopting Bitcoin for cash reserves

Published

on

Bitcoin [BTC]: US sanctions could force Kremlin's hand into adopting Bitcoin for cash reserves
Source: Unsplash

The new year has been awfully kind to cryptocurrencies and especially Bitcoin, as the prices have escalated above the $4,000 range and stayed there for more than a week. Moreover, Russia plans to replace its cash reserves with investment in Bitcoin in a few weeks.

Vladislav Ginko of the Russian Presidential Academy of National Economy and Public Administration told Micky that the Kremlin will be forced to invest in Bitcoins if the U.S. goes through with its new sanctions.

Ginko said:

“US sanctions may be mitigated only through Bitcoin use… Because of US sanctions Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. Central bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it (in the future).”

He confirmed that the Bitcoin adoption and the investment by the Kremlin could happen within weeks. Ginko continued that this was because Bitcoin is resistant to Office of Foreign Assets Control.

Ginko has been appearing in the Russian media talking about Bitcoin adoption and is said to have ties with the government dating back to more than 20 years.

Many people in the community are speculating that the next bull run for Bitcoin and other cryptocurrencies will be triggered if Russia successfully adopts Bitcoin.

Chris Burniske tweeted:



“A money like #bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top #cryptoassets today are battling for this position.”

Ginko replied to this thread saying:

“Chris, I believe sitting here in Moscow, Russia, that the real factor of Bitcoin apotion will be when Russian government I’m working for will start investing almost $470 billion reserves into Bitcoins. I expect that it’ll be at least $10 billion in the first quarter of this year.”

Furthermore, Ginko stated:

“Huge reserves must be invested in smth right now and the one reasonable option is Bitcoin since it’s resistant to US sanctions of OFAC.”



Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

Akash Anand

Published

on

Bitcoin [BTC] proponent Anthony Pomplaino's Morgan Creek Digital Capital makes new strategic investment to propagate mass crypto adoption
Source:Pixabay

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.

The official release stated,

“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”

Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.



Ikigai Chief Investment Officer Travis Kling said,

“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”

Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,

“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”

 

Continue Reading

Bitcoin

Cryptocurrency client base up by 122% in 2018, suggests Silvergate Bank’s report filed with the SEC

Akash Anand

Published

on

Cryptocurrency client base up by 122% in 2018, suggests Silvergate Bank's report filed with the SEC
Source:Pixabay

The advent of the bear market created a ruckus in the world of cryptocurrencies, with prices crashing, and market caps becoming a shadow of its highs in 2017. According to a recent report released by Silvergate Bank however, the number of clients coming into the field of cryptocurrency surged, despite the coins’ poor performances.

The report stated that in 2018, the number of its clients venturing into the digital assets world stood at 542, while it was just 244 in 2017. Total deposits also increased by 8 percent, from $1.46 billion to $1.58 billion. Despite the positive news however, Silvergate Bank warned users about the risks involved in the space. The bank stated,



“Our business is subject to many substantial risks and uncertainties you should consider before deciding to invest in our common stock … including risks that that the digital currency industry may not gain widespread adoption, that legal and regulatory uncertainty regarding the regulation of digital currencies and digital currency activities may inhibit the growth of the digital currency industry, that our low-cost funding strategy may not be sustainable, that our deposits may be adversely affected by price volatility.”

The report also listed out the factors affecting the development of the digital currency industry, which included factors such as price volatility and the involvement of the Securities and Exchange [SEC]. The report elucidated,

“…government and quasi-government regulation of digital currencies, their use, and intermediaries and other businesses involved in digital currencies, noting in particular that the SEC has taken action against several cryptocurrency operators and has raised questions whether certain digital currency exchanges must be registered with the SEC to continue operating;”

Other factors affecting the propagation of digital assets included the restrictions on or regulation of access, related to cryptocurrency exchanges. The SEC has been quite active with respect to the field of cryptocurrencies, something made evident by the comments from Valerie Szcepanik, the SEC’s advisor for Digital Assets. She said,

“I’ve seen stablecoins that purport to control price through some kind of pricing mechanism, whether it’s tied to the issuance, creation or redemption of another type of digital asset tied to it, or whether it is controlled through supply and demand in some way to keep the price within a certain band.”

Continue Reading

Trending