There is “too much money to spend,” and this will help Bitcoin (BTC) reach its next phase of huge price increases, analysts believe. In a blog post on Aug. 25, Jeroen Blokland, portfolio manager at asset manager Robeco, noted that U.S. M2 money velocity had hit historic lows. “Too much money to spend” Velocity measures the speed at which money moves around the economy, and 2020 has seen a crash in the metric. “Theoretically, the velocity of money rises when economic activity increases,” Blokland wrote. “While the sudden economic stop obviously resulted in much lower economic activity, the sharp decline …

The People’s Bank of China (PBoC) announced that the test run of its central bank digital currency is currently limited to small retail transactions. According to the Global Times on Aug. 24, the central bank has clarified some details regarding the recent digital yuan — also known as digital currency electronic payment, or DCEP — in order to address rumors regarding the scale and scope of recent pilot projects. Per the report, some Chinese internet users claimed that a person in Shenzhen received a large amount of PBoC’s digital currency after selling local real estate. Wang Peng, an assistant professor …

Bitcoin (BTC) is an essential investment as the world is about to face a “major banking crisis,” popular author Robert Kiyosaki has warned. In a tweet on Aug. 21, the author of Rich Dad Poor Dad told followers that there was no time to “think about” investing in safe havens. “Major banking crisis coming fast” The reason, he said, was that Warren Buffett had chosen to dump bank stocks. “WHY BUFFET is OUT OF BANKS . Banks bankrupt. MAJOR BANKING CRISIS COMING FAST,” he wrote. “Fed & Treasury to take over banking system? Fed and Treasury ‘helicopter fake money’ direct …

Data from a pseudonymous analyst compared the performance of Bitcoin (BTC) against global currencies since the start of 2020. The data shows that BTC has increased by anywhere between 50% to 128% against the world’s major currencies. The performance of Bitcoin against various global currencies. Source: DriftwoodPalace The analyst said: “Update on the bitcoin price in various currencies and on various time frames. Lets start with YTD, the price is up from 57% in the EU to 100% plus in Argentina, Brazil, SA, Russia, Turkey etc (prices are based on the official USD exchange rate and may differ in reality).” …

Chainalysis contends that the new issuance of Tether (USDT) may dampen Bitcoin's (BTC) bull run. In a weekly Market Intel newsletter, company's chief economist Philip Gradwell said: Newly issued Tether arriving at exchanges can be used to buy Bitcoin just as much as existing Tether can be. But making this distinction shows that in the current market, fiat would be driving Bitcoin buying to an even greater extent if there had not been new Tether issuance arriving at exchanges, shown by the difference between the yellow and pink lines. Source: Chainalysis Market Intel newsletter. Gradwell posited that the price change …

The Neutrino protocol, a price-stable multi-asset protocol running on major blockchain platform Waves, is introducing the Neutrino dollar (USDN) on Ethereum. The Neutrino dollar, an algorithmic stablecoin collateralized by the Waves (WAVES) native token, is now available for all Ethereum users as the token has been ported to the Ethereum blockchain, Waves announced on Aug. 18. With the porting, Neutrino USD becomes accessible on Ethereum, enabling Ethereum users to stake rewards by just holding USDN in their Ethereum wallets, Waves CEO and founder Alexander Ivanov told Cointelegraph. The new integration also allows Ethereum developers to use USDN in their decentralized …

Gemini, a major cryptocurrency exchange founded by the Winklevoss brothers, has just added support for three new fiat currencies on its platform. According to an official announcement on Aug. 17, Gemini now allows users to trade in the Hong Kong dollar (HKD), the Australian dollar (AUD), and the Canadian dollar (CAD). The three new fiat currencies come in addition to the United States dollar, allowing Gemini users in Hong Kong, Australia, and Canada to buy and sell crypto with native currencies. However, HKD, AUD, and CAD are currently not offered through Gemini’s crypto trading platform known as the Active Trader …

China’s Commerce Ministry announced today that it will expand the trials of the nation’s central bank digital currency (CBDC) to include Beijing, as well as Tianjin and Hebei provinces. According to an Aug. 14 report by the Wall Street Journal, there is not yet a set time when the expanded pilot program of the Chinese CBDC will begin. Still, the nation’s Ministry of Commerce announced that the policy framework should be complete by the end of 2020. As Cointelegraph reported earlier this week, the expanded pilot will also include the Hong Kong Greater Bay area — consisting of nine cities …

Bitcoin (BTC) is becoming investors’ favored escape from fiat misery and punitive economic policy — and central banks are only helping. In a tweet on Aug. 11, popular commentator Holger Zschaepitz described Bitcoin as the “new darling” for those seeking shelter from hurdles such as negative interest rates. Bitcoin primed to become “fastest horse” The past few months have seen the United States Federal Reserve, in particular, intervene in traditional markets, buying huge swathes of control at a cost of trillions of dollars added to its balance sheet. As the money printing expanded, so did Bitcoin’s value, Zschaepitz noted. “Bitcoin …

Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes. Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoin’s rally up to $12,000. “You can’t take it with you, unless it’s Bitcoin” In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders. According to Keiser, a number of people in Asia are using Bitcoin to move their money out …

The United States’ failure to agree on Coronavirus stimulus shows that the dollar is “funny money” and endorses Bitcoin (BTC), says Cameron Winklevoss. In a tweet on Aug. 6, the Gemini exchange co-founder delivered a damning appraisal of the lack of progress in Washington to deliver more financial aid. A “wake-up call and endorsement of Bitcoin” Talks between Democrats and Republicans were “on the brink of collapse,” CNN reported on Friday, as the two sides’ desired stimulus totals differed by several trillion dollars. For Winklevoss, the idea that politicians could plan for the same goal with wildly varying sums of …

A famous Bitcoin skeptic has called for a gold-backed currency to save Turkey as its national fiat currency collapses. In a tweet on Monday, John Hopkins professor Steve Hanke argued that hard money was now the only way out for Turkey, which has spent billions of dollars propping up the lira. Hanke: Turkey’s lira is “toast” At press time, those efforts were still in vain, as another day of intense selling sent the lira to a record low against various currencies including the euro and Bitcoin (BTC). Weakness in the United States dollar meant that the lira–dollar pair avoided a …