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Best Investments of 2015 The Winners Are: Bitcoin And Cash

Source: bitcoin

Best Investments of 2015 The Winners Are: Bitcoin And Cash

Investing this year hasn’t seen the best outcome for investors this year. In fact, 70% of people investing this year had lost money according to Openfolio. The app is an open interface that peers can use to compare portfolio performance. The two best investments of 2015 were cold hard cash and the cryptocurrency Bitcoin.


Also Read: Coinbase Tests Bitcoin XT, Gets Removed From

CNN Money reports that making money through investing this year was pretty tough unless you did what’s usually looked down upon Hold a lot of cash or they took a lot of risk. That means if you held tight to your physical cash this year and invested in Bitcoin you’d be in a pretty sweet position. Bitcoin has gained over 40% of its value in the last three months of the year alone and rests at $430 a Bitcoin when it was $230 at the end of the summer. Cash as well is usually advised not to be held as a safeguard or investment has beat out most U.S. stocks, commodities, and bonds.

Bitcoin has remained stable throughout the entire year as well with a single spike and robust uptrend during the 12-month projection. If you base your position from the beginning of 2014 till today, the digital currency was a sound investment. MarketWatch writer Jack Tatar, who invested in the Bitcoin Investment Trust, says the digital currency has made his “retirement portfolio look good again”. The writer explains the currency had some rough times the year before and he had lost out in 2014 but not this year. He explains:

“That’s right, the value of my retirement investment in bitcoins since I last wrote about it has doubled.”  

The last three months of the year has given more optimism to Bitcoin as the price hurdled through many new high points. And we all heard how great the blockchain was and how every investor wanted a piece of the technology they didn’t understand. JP Morgan’s Jamie Dimon said Bitcoin wasn’t a good investment but the blockchain just might be. However according to mainstream media’s Bloomberg, Forbes, CNBC, and a long trail of others Bitcoin was in fact a sound investment this year.    

The digital currency has reached some milestones this last month of December as well reaching 100 million transactions globally. The currency grows harder to attain as miners have unearthed 15 million Bitcoins from the depths of computational algorithms. But behind the price ticker and the code things haven’t been all sunshine this year. The block size debate has ruffled quite a few feathers and has people wondering what the turnout will be. Some believe that an implementation called Segregated Witness will help the issue while others do not. This particular issue has some investors worried it may not be resolved.

2015 ended with a record-high in venture capital raising $485 million into startups and infrastructure this year. Three times the total in 2013 and better than 2014’s $315 million worth of VC injections. That was the theory of the previous years downfall that lots of capital was being poured into infrastructure over the currency’s price. This year the virtual money got a boost of both record VC funding and the price had reached new highs. The best investments this year was Bitcoin and cold hard cash.

Which investments did you participate in this year? Let us know in the comments below. 

Images courtesy of Redmemes, Shutterstock, and Pixbay 


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Best Investments of 2015 The Winners Are: Bitcoin And Cash

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Hacking Team Kept A Close Eye On The Bitcoin Ecosystem Evolution

Source: bitcoin

Hacking Team Kept A Close Eye On The Bitcoin Ecosystem Evolution

Hacking Team has made a lot of media headlines over the past year. Not only because this collaborative is known for its hacking exploits all over the world, but also because of their contacts with governments around the world. Ever since Hacking Team became the subject of a hacking attempt themselves, a lot of people have been wondering what day-to-day operations for this group looked like. Apparently they were keeping a very close eye on the evolution of the Bitcoin ecosystem.

Also read: Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

Hacking Team Detests Idea of Ethereum And Sidechains

WikiLeaks has unveiled over one million emails from the Hacking Team surveillance malware collective. As part of this release, Internet users from all over the world can gain valuable insights as to how the team communicated behind the scenes, and what types of topics were discussed. Among the internal emails are a few references to Bitcoin and the digital currency ecosystem.

The first of two emails that caught our attention touches upon the subject of Sidechains, Ethereum, and ZeroCash. Apparently, Hacking Team got this information from a TechCrunch article discussing cryptocurrency and the evolution of the blockchain ecosystem.

As one would come to expect, Hacking Team CEO David Vincenzetti had his own thoughts on this matter:

“MY VIEW: Just a bunch of fascinating u-topias (the original the Greek etymology is U-TOPOS, that is, IN NO PLACE) .

THE PROBLEM: The present cryptocurrencies provide an unacceptable transactional anonymity level and therefore they are the currencies of choice of criminals. You compute, you create something which is called money, such money is accepted by somebody and you get something, nearly anything in return. Peer to peer translations, no clearing houses, no overall Government supervision. It won’t work.”

It is important to keep in mind this original email conversation is dated on December 14, 2014, At that time, the discussion of sidechains was heating up, and the launch of Ethereum was something a lot of digital currency community members were anxiously waiting for. Fast forward to today and Ethereum is seeing a fair share of success. Sidechains, on the other hand, have still not come to fruition in the Bitcoin ecosystem.

A Different Attitude Towards Bitcoin 2.0

The second Hacking Team email talks about a different article written by the Financial Times, discussion the Bitcoin 2.0 ecosystem.  Strangely enough, CEO David Vincenzetti has no snarky remarks about this article, and he even seems to agree with most of the points raised. Quite a different attitude compared to the TechCrunch post.

It has to be said, however, that the Bitcoin 2.0 article talked more about the technological possibilities and less about the “hype” surrounding the projects in development. During the time of publication of this Financial Times article, discussions had already started on how to upgrade the blockchain infrastructure to handle a wider range of transactions.

Furthermore, other topics were discussed, such as digital ownership of physical assets, distributed digital marketplaces, and alternative blockchains. Previous topics, such as Ethereum and sidechains, are touched upon again in this specific article, but from a different and more professional angle. Perhaps the different writing style pleased the Hacking Team CEO more than the Techcrunch writeup.

What are your thoughts on Hacking Team keeping a close eye on the evolution of Bitcoin and the ecosystem? Do you agree with the views of David Vincenzetti? Let us know in the comments below!

Source: Wikileaks

Images courtesy of Wikileaks, Hacking Team, Shutterstock

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Hacking Team Kept A Close Eye On The Bitcoin Ecosystem Evolution

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John McAfee Doesn’t Think Bitcoin Is The Digital Currency Of The Future

Source: bitcoin


Presidential candidate John McAfee, who has had a controversial past, made comments regarding Bitcoin, and some of its possible shortcomings, in a recent interview with an irreverent libertarian podcast called Revolution Report Live.

Also read: Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

In the interview, McAfee posited Bitcoin as a corollary with other emerging technologies of the past. Many of the first companies which are borne into a new genre of invention are not necessarily the survivors (although it is important to note that there are exceptions, such as, at least for now, Skype).

McAfee asked that people interested in Bitcoin remain skeptical of the new technology. Digital currency is the new intention, he states, and there could be much turnover in dominant altcoins.

“Here’s the problem with Bitcoin; it’s just like any emerging technology. The technology here isn’t Bitcoin, it’s digital currency. And with any emerging technology, the first few attempts are gonna have some problems.

He cites lost bitcoins as a problem, suggesting that bitcoin is too complicated for people to figure out and use responsibly. This makes sense considering the main insurance-backed banking system. He acknowledges, further, that Bitcoin will increase in price as blockchain mining will be incentivized by increasing value amounts.

Now, you cannot deny that hundreds of millions of dollars have disappeared for various reasons with Bitcoin users. It is number one, too complex for the average individual. The blockchain mining of coins is becoming increasingly expensive…

McAfee, finally, concludes that he does not believe Bitcoin will be the end-all currency when it comes to digital currency. 

We can talk forever about the intricate technical problems or lack of such. But from my personal opinion, I do not think the electronic currency will be Bitcoin. I’m close friends with Ron Pierce, he’s one of  the biggest enthusiasts of Bitcoin. Honestly, in private conversations with Ron, we get the same thing. There will be an electronic currency, that I promise you. And if it’s Bitcoin, great. I just don’t think it will be.”

Bitcoin’s volatility, both within the price of the currency and the “community”, is a deterrent for many people.

Bitcoin will likely exist into the future and will have a role within human culture, however, there is likely to be no mainstream adoption of the Bitcoin’s blockchain. Fintech plays a role in the future of finance, and that industry, while certainly an umbrella for Bitcoin, walks the line between the past and the future in a way that will not include raw Bitcoin, though it no doubt will include the adoption of Bitcoin inspired technologies.

The “Bitcoiner” will still exist, running full nodes and transacting with desktop Bitcoin wallets, but Bitcoin’s most interesting feature to the masses – its efficiency – will be adopted in other ways while direct use of Bitcoin is largely left to enterprising digital natives.

What do you think about John McAfee’s opinion on Bitcoin? Let us know in the comments below!

Images courtesy of Brian Fink via Wired UK, McAfee. 

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John McAfee Doesn’t Think Bitcoin Is The Digital Currency Of The Future

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Monetas Unifies eDinar and Blockchain Technology in Tunisia

Source: bitcoin

Monetas Unifies eDinar and Blockchain Technology in Tunisia

It doesn’t happen often a country of this world is actively looking at replacing their own currency. Or to be more precise, Tunisia is replacing its self-created eDinar digital currency with a blockchain-based version. In doing so, Tunisia becomes the world’s first country to issue national currency using advanced blockchain technology.  

Also read: Coinbase Tests Bitcoin XT, Gets Removed From

Issuing National Currency on The Blockchain

Tunisia is one those countries where financial services are not widely available to just anyone. With over three million residents cut off from the financial system altogether, something had to change sooner or later.The introduction of the eDinar digital currency, which was issued by the Tunisian government, 600,000 people had access to some form of financial services in recent months.

The time has come to take things to a new level, and the Tunisian government is working together with Monetas to combine blockchain technology and a national digital currency. As a result, the eDinar can be used to make mobile money transfers, manage identification documents, paying bills, and much more.

Similar to how Bitcoin operates, transactions costs for the eDinar will be negligible, regardless of how big the transferred amount is. In fact, Tunisia is trying something completely different, by letting merchants pay the transaction fees for most eDinar transfers. With the maximum fee capped at 1 dinar, this new ecosystem will be quite beneficial to both consumers and merchants alike.

However, there is a major difference between decentralized digital currency like Bitcoin and the eDinar in Tunisia. La Poste Tunisienne, who created the app to use the eDinar, will be in full control of the circulation and issuance of the eDinar digital currency, preventing it to be used for illegal transactions.

Moez Chakchouk, CEO of La Poste Tunisienne, stated:

“La Poste is a very important and trusted institution and is at the heart of financial inclusion efforts in Tunisia. At La Poste, we are on a transformation journey to modernize our services with innovative technologies and power the digital economy. Digital, Mobile, and Internet, are all key components in this transformation. Monetas and Digitus help us to bring these ingredients to the table.”

The Role of Monetas in the eDinar Scene

Monetas acts as a blockchain platform that not only allows convenient transactions but also offers technology used for issuing and verifying user identities. It is worth noting the Monetas platform supports both national and digital currencies. Providing both legal and financial transactions as a service will be of great interest to other countries around the world in the years to come.

According to the information provided in an interview at Techmoran, Monetas CEO Johann Gevers mentioned how the company is currently in talks with other African partners. If these plans come to fruition, Monetas technology will be providing coverage to 12 additional markets in 2016, and offer financial services to over 300 million people.

What are your thoughts on the future of the eDinar? Is this the right approach to bring digital currency to mainstream consumers? Let us know in the comments below!

Source: The Blockchain

Images courtesy of Shutterstock, Monetas, La Poste Tunisienne

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Monetas Unifies eDinar and Blockchain Technology in Tunisia

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Crowdsourcing Safety and Resources

Source: crowdfunding/images/resized//article_52186_615x0_proportion.png?1451528118

Kricket aims to provide refugees with a more accurate and detailed source of information about where to find safety and resources. The system works as a map-based network drawn from crowdsourced data. The platform allows NGOs, volunteers and other refugees to contribute information about different resources and travel routes in real time. The information is then displayed on an interactive map, which is tagged with various user-friendly icons.

SOURCE LINK to the full article:

Tags: crowdsourcing, interactive-map, kricket, refugee, travel-routes


Crowdsourcing Safety and Resources

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Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

Source: bitcoin

Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

As much as most people would like to think otherwise, the Bitcoin block size debate is far from over. Various new proposals have been suggested in the past, and another interesting concept was posted on Reddit earlier today. According to this user, a small block size increase should be done first, followed by the integration of Segregated Witness. Addressing the key issue as soon as possible should be the top priority for all Bitcoin developers.

Also read: Moe Levin on TNABC Miami 2016, Patrick Byrne Speaking This Year

Two Separate Block Size Solutions Combined Into One

Based on the findings of the Reddit in question, Segregated Witness should not be the first and foremost solution to settling the Bitcoin block size debate. The reason for this is simple: Segregated Witness would split block data into two streams, which will both be stored on the user’s hard disk. As a result, Bitcoin Nodes will still be dealing with an increased block size, making this less of a favorable solution for some users.

Even though the user strongly feels Segregated Witness has its merits, Bitcoin developers have been showing a level of hypocrisy when talking about this solution. When everything’s said and done, bandwidth and disk space requirements will still increase for all parties involved, albeit in slightly smaller sizes compared to other previous proposals. By addressing this solution as a “soft fork”, Bitcoin developers hope to sway the mind of community members into making this the preferred solution.

In addition, it looks like Segregated Witness is more about fixing the transaction malleability system than having to do with the Bitcoin block size debate. While it is important to address transaction malleability sooner rather than later, a solution has to be found to solve the block size debate at the same time, without resorting to the semantic game.

There is no reason a small block size increase can’t be done – it takes a minor alteration to the existing code – and implement Segregated Witness afterward. Keeping in mind how a small block size increase has nearly identical disk footprint requirements compared to segwit, and can be implemented in a much shorter time frame, this approach seems to have a certain merit.

Segregated Witness Needs To Be Tested And Vetted

Even though Segregated Witness is a valid solution, testing and vetting the code base will take weeks, if not months, to complete. Increasing the Bitcoin block size itself is a more pressing matter, as this issue has been kicked around for far too long already. Increasing the block size soonish, and implementing segwit after the vetting process seems to be a smart approach.

Based on the Reddit feedback so far, a lot of Bitcoin community members see the benefits of this two-pronged approach. After all, decisions like these rely on reaching consensus among the bitcoin community. Whether or not the Bitcoin developers will keep this proposal in mind, remains to be seen, though.

What are your thoughts on this block size proposal? Are you in favor of doing things in two different phases? Let us know in the comments below!

Source: Reddit

Images courtesy of Shutterstock, Peak Usability

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Solving The Bitcoin Block Size Debate With A Two-Pronged Proposal

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Moe Levin on TNABC Miami 2016, Patrick Byrne Speaking This Year

Source: bitcoin

North American Bitcoin Conference
Moe Levin, the organizer of The North American Bitcoin Conference, has set up an excellent lineup of speakers and presenters for the 2016 show. This year, people like Patrick Byrne, Tone Vays, Bobby Lee, Jerry Brito and others will highlight a packed conference. 
The 2016 conference will take place between January 21 and 22. The North American Bitcoin Conference is one of the largest events in the Bitcoin community, drawing in many attendees who come to see renowned figures in the Bitcoin space. In the past, Bitcoin giants such as Jeffrey Tucker, Tony Gallippi and Vitalik Buterin have spoken at the Miami conference. In fact, in 2014, Buterin made history by announcing his Ethereum project at a TNABC event.
Bitcoinist was able to interview Moe Levin about this year’s conference, and what we can expect from this monumental Bitcoin event.

The North American Bitcoin Conference has come full circle and will be back in Miami on Jan 21-22. What are some of the things you are looking forward to at this year’s event?
This is the highlight of the year for us and many people in the ecosystem. The Miami conference gives us time to reflect on the past year, and set the agenda and direction for the next year. I’m looking forward to having Patrick Byrne speaking at the conference. It will be his first time with us, and I’m looking forward to hearing his views on using the blockchain to increase transparency. A lot of what I’m looking forward to is seeing old friends and new friends reconnect and share their experiences over the last year, and work together to make a better tomorrow.
What are some of the changes you have seen over the last year that have impacted Bitcoin and the conferences?
There remains some difficulty achieving consensus among developers and companies about the direction bitcoin should take. There is no easy way to solve this, but the people at Scaling Bitcoin are making a great effort to get the right people in the room to discuss these tough topics.
From a conference perspective, 2015 was slower than 2014, certainly. In 2014, it seemed like there was a conference every other week, and that might have had to do with the great press and high price of bitcoin. As 2015 came around, it looked a bit bleak at times, and I think that translated into people spending more time working on product rather than travelling and collaborating and exploring new and alternative ideas.
I hope 2016 will include a stable rise of bitcoin, more collaboration, and lots of sun in bitcoin.

Patrick Byrne and Bobby Lee Head a Diverse Lineup of Speakers

Who are some of the key speakers you are excited about this year?
As mentioned above, Patrick Byrne is a great speaker and pioneer in so many different industries. Bobby Lee will be speaking and offers unique and important views about the ecosystem in China and developments in the region. We’ve got a great mining panel set up with Marco Streng from Genesis Miners, who continues to innovate and expand their operations. J Maurice, from Private Internet Access is one of the smartest CTOs in the space, and I’m really looking forward to hearing his talk about security and how to protect your privacy online. That’s a speech everyone should listen to.
How do you feel about the convergence of the blockchain and FinTech over the last year?
I think it’s a natural convergence that is still maturing. We won’t know if this convergence is working for at least another while, so best is to remain open and collaborative and support projects that lead to fulfilling some of the original promises of bitcoin. I’m most hopeful of some remittance startups using bitcoin as the backend to really make it big in 2016.
Do you have any announcements you are excited about this year?
There will be at least three huge product launches in Miami that I wish I could share with you.
What are some things we have not touched on yet that you would like to discuss? and remain the best places for bitcoin and crypto news online and keep up the great work!

Thank you Moe for the interview. TNABC Miami is shaking up to be an interesting one this year like the last. Moe teasing big announcements at the show should bring some life to the usual staid conference fair. Bitcoinist will be bringing you interviews with some of the participants as we close in on the show as well as coverage of it as it happens.
What presenters are you looking forward to at TNABC this year and what would you ask them? Let us know in the comments below!

Images courtesy of TNABC Miami

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Moe Levin on TNABC Miami 2016, Patrick Byrne Speaking This Year

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Bitcoin Predictions For 2016: The Year of the Monkey

Source: bitcoin

Bitcoin 2016

Bitcoin finally had a successful comeback towards the end of 2015, declared by many as the “Year of the Blockchain.” With all the hype surrounding Bitcoin and the blockchain during 2015, there has been much speculation towards next year’s approach to cryptocurrency. As 2014 was filled with scandal, Altcoins, and ending up being the worst global currency of that year. 

Also read: Pirate Bay Co-Founder Attacks Music Industry With New Gadget

The New Year is approaching, and many are wondering what to expect from the fun and volatile world of Bitcoin. 2015 has proven well for the digital currency, showing remarkably better performance than in 2014. Bloomberg reported the virtual money was the world’s worst-performing currency in 2014, losing more than 57 percent of its value against the dollar.” But now the finance publication says in 2015 that “Bitcoin has won,” and Apple did not.” The currency’s value has gained close to 40% they report and seem to believe it may be due to “a technological escape route from government’s snooping into our financial affairs.” 

Bloomberg is not the only one reporting Bitcoin’s fantastic year. SG Kinsman reveals via a blog on Medium that “Bitcoin has been the world’s strongest currency in 2015,” outperforming the Israeli Shekel, U.S. Dollar, Swiss Franc, and the Japanese Yen. Kinsman explains that the digital currency may have been a strong asset class this year as well saying, “there’s an argument to be made that Bitcoin is the top performing asset in 2015.”

Banks have also shown strong affection towards the technology behind Bitcoin this year. Just before the beginning of 2016, forty two very large scale finance institutions are betting on the blockchain. Determined to harness the energy of the digital money without the currency privatized distributed ledgers have been all the rage over the course of 2015. Just as Altcoins took the limelight the year before, permissioned blockchain concepts seemed to pop up shortly after. Many Bitcoin enthusiasts have deemed these centralized blockchains as a failure, and the new “cryptographic ledger only” fascination doesn’t give a clairvoyant view of Bitcoin’s future. Many believe that looking at the blockchain and ignoring Bitcoin is the wrong attitude to hold towards this new currency. The Satoshi Nakamoto Institute’s Daniel Krawisz says:

“A permissioned blockchain is an oxymoron. The whole reason that the blockchain was invented is to make Bitcoin a decentralized and anonymous system in which everyone can come to the same arbitrary consensus about the history of Bitcoin.”  

Some people have viewed all the energy towards permissioned ledgers as a positive sign for Bitcoin, though. The price has rebounded quite well in the last three months of 2015, and many people have predicted certain prices for the upcoming new year. People have been speculating the digital currencies price for quite some time trying to forecast the value of Bitcoin in 2016. For years now it has been suggested by a bunch of people that the virtual money’s price will gain quadruple digits or more this coming year. Some past predictions have been very high at $7600-$10,000 USD.

However, predictions today are far more conservative. Wedbush Securities has predicted the price to be in the $600 range for its 2016 12-month projections. Co-Founder of the Jersey-Based Global Advisors, Daniel Masters, believes the price will touch 2013 price highs again. Masters thinks the price could make it to $4,400 by 2017 and has a positive feeling about the currency’s value.

CEO of the Bitcoin exchange giant, BTCC, Bobby Lee believes the price will also be exceedingly high over the course of next year. Lee thinks the value could increase after the reward halving, possibly reaching prices as high as $3,500 by next summer. The BTCC exchange operator says, Today the worth of bitcoin is $1 per capita in the world (population),” Lee said, referring to the value of all the bitcoins in circulation, around $6.5 billion. “For such an innovative, decentralized digital asset, I say ‘boy, are we undervaluing it.’ But it takes a while for people to realize that.”  These opinions seem to have faith in the cryptocurrency as some predictions in the past seemed dismal. Some have predicted that by now the price would be less than ten dollars and even 0, but that wasn’t the case this year.

Bitcoin is doing great in value and is not suffering from a swarm of negative media and scandals, which is a pretty big deal. The currency’s early years have had many ups and downs, but the digital toddler remains strong and will be an adult before we know it. The best currency of 2015 was Bitcoin, trumping the United States dollar and is providing portfolios with better prospects for hedging in this turbulent economy.

There are some good reasons to invest in the digital currency, and there are some unfavorable ones as well. However, the virtual money is continuously strengthening its infrastructure and value as the final days of 2015 proceed. 2016 will bring some new excitement to the crypto-world — that’s for sure.   

What do you predict will happen to Bitcoin in 2016? Let us know in the comments below!

Images courtesy of Shutterstock and Pixbay  

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Bitcoin Predictions For 2016: The Year of the Monkey

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Suspension Of Chinese Yuan FX Trading To Set Off Bitcoin Rally

Source: bitcoin

Suspension Of Chinese Yuan FX Trading To Set Off Bitcoin Rally

If there was anyone left on this planet who thought there was nothing going on with the Chinese economy you might want to rethink that statement very soon. Over the past few months, the Chinese Yuan has been losing value, and things have taken a turn for the worse now that China suspended some foreign banks from FX trading. Capital outflows for the Chinese Yuan are getting out of hand, as investors are looking for a different safe haven.

Also read: Ukraine Economy Bailout Presents Bitcoin Opportunity

FX Trading Suspended Until The End Of March 2016

A country’s central bank does not often suspend [some] foreign exchange businesses of other foreign banks for an extended period of time. Every bank in the world is looking to diversify its portfolio at all times, and foreign currency is a big part of that. Now that the foreign exchange of Chinese Yuan is temporarily suspended, the question remains how this diversification process will continue over the next three months.

Taking such a drastic measure can lead to a variety of outcomes. First and foremost, temporarily suspending FX trading might nudge the Chinese Yuan into a more stable exchange rate on the global markets. Up until this point, the currency has been in a freefall for months, and various countries seem to be liquidating some of their Offshore Yuan assets.

Secondly, the suspension of FX trading will slow down the capital outflows of the Offshore Yuan, meaning more currency will be tied up in other banks’ reserves. This is a bit of a risky predicament for the affected banks and other financial institutions, as they have to hope the Chinese Yuan stabilizes in the next few months. If this would not be the case, they will be losing a fair chunk of wealth.

It is important to keep in mind this move could have a completely adverse effect on the Chinese Yuan value as well. “Open” capital controls are not something any country wants to publicly advertise, as it could lead to another massive devaluation of the national currency. FX traders will be keeping a close eye on the situation in China, as the result could go both ways.

Bitcoin Poised To Strike Again

The last time China unveiled their “open” capital controls, the Bitcoin price soared to very high prices. Now that FX trading is temporarily suspended for the next three months, there could be another major impact on the Bitcoin price as traders and investors will be looking to circumvent capital controls.

This is one of the reasons why Bitcoin is an interesting investment vehicle, other than for speculating on the future price point. Despite warnings by the People’s Bank of China, investors flock to Bitcoin because it’s the most convenient way to transfer value across assets, portfolios, and even the world. A major spike in Bitcoin interest will lead to another buying surge, which will only drive up the price.

What are your thoughts on the temporary suspension of Offshore Yuan FX trading? Will there be an impact on the Bitcoin price? Let us know in the comments below!

Source; Zerohedge

Images courtesy of Shutterstock, The Epoch Times

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Suspension Of Chinese Yuan FX Trading To Set Off Bitcoin Rally