China News by Thebittimes.Com

The de-dollarization initiative kick-started by leading developing countries is threatening the reserve currency status of the US dollar. Emerging economies are looking to use their local currencies for cross-border transactions to strengthen their respective GDP. The move also allows local currencies to compete in the forex markets and not be chained under the US dollar. Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage The quest to topple the US dollar from the global reserve currency status is paying off as developing countries forge trade deals that equip them to settle payments in local currencies through the de-dollarization initiative. Several countries including India, China, the United Arab Emirates, and Brazil, among others, have paid local currencies for trade settlements. Also Read: Intel (INTC) Stock Climbs Amid Talks of Layoffs De-Dollarization: No Alternative Currency To the US Dollar Source: Freepik.com Ashishkumar Chauhan, the Managing D...

Bitcoin is becoming like digital gold. This major shift comes from Federal Reserve Chair Jerome Powell, who says the leading cryptocurrency competes with gold, not regular money. Bitcoin’s price is now close to $100,000, changing how the financial world sees digital assets. This view from the top U.S. banking official marks a big change in how we think about cryptocurrency in global finance. Also Read: Shiba Inu: How High Will SHIB Go When Bitcoin Hits $115,000 Bitcoin’s Potential as Digital Gold: Impact on Investment, Security & Regulation “People use Bitcoin as a speculative asset. It’s like gold, it’s just like gold—only it’s virtual, it’s digital,” Powell said at the summit. Bitcoin has grown from a new technology into something many see as valuable, like gold. More investment firms now include Bitcoin in their portfolios, treating it similarly to how they treat gold investments. Market Volatility and Investment Security Bitcoin’...

In yet another move that assures the company’s commitment to Bitcoin, MicroStrategy has bought another $1.11 billion worth of BTC. Indeed, the Michael Saylor-led software intelligence firm has continued to embrace the accumulation of the leading cryptocurrency. For years, Saylor has been an outspoken advocate of the asset class. That is clearly seen in how the company has made BTC accumulation one of its core tenants. Now, the firm holds a remarkable 244,800 BTC that was bought for more than $9.4 billion, according to a post on X (formerly Twitter). JUST IN: MicroStrategy buys another 18,300 #Bitcoin ($1.11 billion). — Watcher.Guru (@WatcherGuru) September 13, 2024 Also Read: Bitcoin: Michael Saylor Says BTC Will Eventually Reach $13M Michael Saylor’s MicroStrategy Buys Another 18,300 BTC 2024 has proven to be a vital year for the cryptocurrency market. Bitcoin has been a key story throughout the finance sector. It received the first crypto-based ETF in the United Stat...