The Week in Bitcoin – March 4

This Week in Bitcoin 02.04.2020

The Week in Bitcoin

Central Banks Begin To Intervene, Keeping Global Markets Afloat
As the Coronavirus hit the markets last week, central banks around the world voiced their concerns, and in some cases, already committed to take action. Check out these headlines:
  • Hong Kong, Hit By Coronavirus And Protests, To Hand Out Billions Of Dollars In Cash – Link
  • Coronavirus Tests Limits Of Central Bank Firepower – Link
  • The Fed Can’t Stop Coronavirus From Slamming The Economy, But It Could Ease The Pain – Link
Hong Kong will hand out the USD equivalent of $1,200 to each adult citizen, European governments are planning to dramatically increase fiscal spending, and the Federal Reserve cut rates as of yesterday. Keep in mind, the stock market is only down about 11% from all-time highs and we’re already seeing knee-jerk reactions from every major central bank. What seems to be missing is the connection between monetary policy and the global supply chain crisis. Investors fear no amount of rate cuts or quantitative easing will make up for the slowing global trade outlook.

JP Morgan Releases Crypto Market Report
JP Morgan released a new report titled, “Blockchain, digital currency, and cryptocurrency: Moving into the mainstream?” The 74-page report acknowledges the rise of alternative payment systems and their increasing popularity, citing case studies in China and Japan specifically. The report also looks at the feasibility of stable coins and whether or not the crypto market is maturing. If you don’t have time to read 74 pages today, the conclusion is yes, the crypto markets are maturing. Read More

Sweden Starts Testing Central Bank Digital Currency
Testing of the “E-Krona” is officially underway in Sweden. Riksbank claims the new payments system will be “as easy as sending a text”, and that users will be able to make payments from a mobile app. Here’s an interesting statistic from the article: “Only 1% of Swedish GDP existed in banknotes in 2018, Riksbank data shows, compared with 11% in the euro zone, 8% in the United States and 4% in Britain.” Citizens in Sweden should thus be more adept at digital payments, making the idea an “E-Krona” not so foreign after all. The pilot program will run for an entire year before possible deployment. Read More

Bitcoin Dips Under $9k
Remember, you can visit one of our 3,500+ Bitcoin Kiosk locations across the country and top up your Coinme wallet instantly. You can also chat with one of our personal advisors through Private Client Services, who are happy to help you with any transaction over $5,000.

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-Your Coinme Private Client Team

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