As Bitcoin (BTC) blasted through the $14,000 level, its market capitalization surpassed the monetary base of the Russian ruble. This measure includes both physical currency and bank reserves, both of which are typically held by a country’s central banks. The above chart may seem complicated at first glance, but it simply compares gold, silver, Bitcoin and the remaining global monetary bases. We can see that the U.S. has $4.9 trillion physical notes, coins, and bank deposits parked at the Federal Reserve. By dividing this number by the current 18.5 million outstanding BTC, we reach the $263,000 stated above. In order …

Amid the ongoing rally in cryptocurrency markets, Bitcoin (BTC) has secured another milestone by hitting a new all-time high against Russia’s national currency, the ruble. According to data from major crypto tracking website CoinGecko, Bitcoin has broken another historic high against the ruble, crossing its previous ATH of around 1,157,000 rubles. According to the CoinGecko, Bitcoin was worth over 1,160,000 as of 16:00 UTC . Bitcoin’s new ATH comes amid a major rally in the crypto market, with Bitcoin crossing $14,700 for the first time since early January 2018 earlier today. The rally continues to gain momentum as Bitcoin is …

DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings. According to information seen by Cointelegraph, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. A description of the offering and its components appeared briefly on DBS' website before being removed minutes later. DBS’ upcoming crypto service — the DBS Digital Exchange — will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC). Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong …

LibertyX, a major retail network of Bitcoin (BTC) ATMs in the United States, is expanding Bitcoin sales options at thousands of its ATMs. According to an Oct. 26 announcement, LibertyX has enabled a Bitcoin cashout feature at 5,000 regular ATMs across the United States. As such, consumers can now sell Bitcoin for cash at any of the participating ATMs. LibertyX CEO and co-founder Chris Yim said that previously, the firm’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash for selling their Bitcoin. Yim noted that Bitcoin has reached new yearly highs. “With …

The co-founder and CEO of major cryptocurrency company Abra is clearly bullish on Bitcoin (BTC). In an Oct. 23 tweet, Bill Barhydt, CEO of peer-to-peer payments platform Abra, claimed that he has significantly increased his Bitcoin holdings a few weeks ago. According to the CEO, Bitcoin now accounts for 50% of his total investment portfolio. Barhydt talked about his holdings on an episode of Money Talks. In an Oct. 23 YouTube live stream, Barhydt reiterated his bullish stance on Bitcoin, claiming that “Bitcoin is the single best investment opportunity in the world right now.” The executive said that Bitcoin’s scarcity …

Compiled by entrepreneur and market commentator Alistair Milne, exchange rate figures show that at this week’s highs, Bitcoin was worth more in seven currencies than ever before. Countries where #Bitcoin has hit a new ATH in their local currency: Brazil - pop. 209million Turkey - pop. 82m Argentina - pop. 44.5m Sudan - pop. 41m Angola - pop. 30m Venezuala - pop. 29m Zambia - pop. 17m Soon: Russia Colombia ... then all other fiat currencies — Alistair Milne (@alistairmilne) October 22, 2020 Milne: other currencies will follow Bitcoin’s weekly gains stood at over 15% overnight on Wednesday, as BTC/USD …

Financial authorities in New Zealand are in no hurry to issue a central bank digital currency, or CBDC, according to a central bank executive. Christian Hawkesby, assistant governor at the Reserve Bank of New Zealand, claimed that the country has “no imminent plans” to issue a CBDC. In a speech on Monday, Hawkesby said that the bank remains open-minded about further progress in money and payment technologies and has actively engaged in CBDC research. He said: “To issue currency that meets the needs of the public, we must take a new and holistic approach. We acknowledge there is much work …

“Fiat lux”, said God, having created heaven and earth, which was filled with darkness. And then, there was light. At least, that’s what the Holy Bible tells us. Translated to English, this Latin phrase means “let light be made.” For Christians, who much of the global population, these words mark the beginning of time and everything else. Eventually, there came a time when audacious, power-hungry, control-freak governments took the word “fiat” (literally meaning “it shall be” or “let it be done”) and used it to disguise one of the biggest shams ever — fiat currencies. Eons later, in 2009 A.D., …

Using the analogy of a Hi/Lo poker game — a variety of poker which crowns the highest and lowest hands as victors — broadcaster Max Keiser explained citizens will ultimately lose when it comes to holding government-issued currencies. "Unless you're a country, that can make money by debasing your currency, by getting kickbacks from Wall Street who packages all those currencies in the form of negative rate interest-rate bonds, then you only have one choice," Keiser said during an Oct. 15 episode of his show, the Keiser Report, adding: "You can only try to win the hand with the high …

The Central Bank of The Bahamas, or CBOB, is planning to make its central bank digital currency project interoperable on an international level. Bobby Chen, the CBOB’s assistant manager of electronic solutions, claimed that The Bahamas’ digital currency — dubbed the “Sand Dollar” — should eventually be interoperable with other global currencies, local news agency the Nassau Guardian reported on Oct. 15. Chen said, “At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies.” Cleopatra Davis, head of banking at the …

Russian financial authorities have confirmed the government’s purported plans to issue the central bank digital currency, or CBDC. On Oct. 13, the Bank of Russia released a consultation paper on the development of the digital Russian ruble. In the statement, the central bank said that the digital ruble can become an “additional form of money alongside cash and non-cash.” The establishment of Russia’s CBDC project will require the creation of additional payment infrastructure, the bank said. The bank also said that the digital ruble will have “all the necessary properties to perform the functions of money.” The project’s timing will …

Bad news — the increase in the Bitcoin (BTC) price over the past decade may have been overstated because of the accompanying fiat inflation. Since Bitcoin is typically denominated in fiat — United States dollars usually — it is not immune to its depreciation. In the decade that followed the economic crisis, the U.S. enjoyed some of the lowest inflation in history, which hovered around 2% annually. However, over the decade, this added up to almost 20%. Thus, if we use the 2010 dollar as our base and apply its subsequent depreciation to the price of Bitcoin, then the current …