Cryptocurrency Token Development Nears Completion 8:00 am ET February 16, 2021 (Globe Newswire) Print Asia Broadband Inc. (OTC : AABB) is pleased to announce that cryptocurrency wallet and token developer Core State Holdings, Corp. (CSHC) has completed the http://AABBGoldToken.com website for the Company. http://www.AsiaBroadbandInc.com The token website will be the go-to knowledge base for all information concerning the soon-to-be launched AABB Wallet and AABB Gold token (AABBG).
CSHC has confirmed that the iOS and Android AABB Wallet applications are in the final stages of testing, with an API currently being implemented allowing for users to see the real-time exchange rate of gold;
which will be tied to the price of the AABB Gold token set at one-tenth of a gram or approximately $5.80 USD.
Additionally, CSHC has completed development of the algorithm and mechanism for the exchange of the AABB Gold token for other major cryptocurrencies. CSHC will commence the creation of the cryptocurrency exchange shortly after the exchange rate API has been implemented. This cryptocurrency exchange will allow users to quickly exchange their AABB Gold tokens for cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. In the future, CSHC plans to implement a crypto-to-FIAT exchange; allowing for users to exchange the cryptocurrencies for FIAT currencies such as USD, EUR or CAD. http://www.IntegrityMedia.com
Major bitcoin corporate backer MicroStrategy Inc. MSTR-Q -3.73%decrease will borrow $600 million to buy more of the currency, it said on Tuesday, as the cryptocurrency surged past $50,000 in a rally fueled by wider acceptance among investors.
The company, whose Chief Executive Michael Saylor is one of the most vocal proponents of bitcoin, spent last year steadily amassing more of the currency after making its first investment in August as it soared in value.
Bitcoin received its most recent boost when Elon Musk’s Tesla Inc bought $1.5 billion of the currency earlier this month. It has also attracted endorsements from business people and celebrities, who have bet it will become an alternative to central-bank issued currencies.
Shares of MicroStrategy, the world’s largest publicly traded business intelligence company, rose more than 4 per cent on the news, adding to their meteoric 580 per cent surge in the past year. Bitcoin, which was worth around $7,200 at the start of last year, rose more than 5 per cent to briefly break past the $50,000 mark.
The company already owns close to 72,000 bitcoin, a regulatory filing showed on Feb. 2, valuing its bitcoin holdings at about $3.6 billion, according to a Reuters calculation.
Many cryptocurrencies have struggled to win the trust of mainstream investors and the general public due to their speculative nature and potential for money laundering.
However, major firms such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc and payments companies Square and PayPal, have backed certain cryptocurrencies in recent weeks.
MicroStrategy bought nearly 25,000 bitcoin for $250 million in August last year, the company’s foray into the cryptocurrency. Saylor at the time called bitcoin an attractive investment asset, with more long-term appreciation potential than cash.
MicroStrategy said last week that it views its bitcoin coffers as long-term holdings and does not plan to regularly trade in the currency or to hedge or enter into derivative contracts. https://bit.ly/37gpzGwhttps://bwnews.pr/3s4YwpP
The company said it plans to issue $600 million in convertible notes to fund its bitcoin purchase, after issuing $650 million in notes in December as well to buy the currency.
Is bitcoin a threat to U.S. dollar? Emerging markets see an explosion of interest in crypto Anna Golubova Anna Golubova Wednesday February 17, 2021 16:20 Kitco NewsShare this article: Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(Kitco News) New research points to a connection between emerging markets and increased interest in crypto, putting into question comments by some Federal Reserve officials that bitcoin is no threat to the U.S. dollar.
Global stock charting platform TradingView released new data showing that underdeveloped countries are choosing bitcoin as a safe asset.
What might have been gold or U.S. dollar in the past, now it is the crypto world that is offering safety to investors from more unstable regions of the world, TradingView general manager Pierce Crosby told Kitco News.
"What this research had identified for us is that the uptick in interest in emerging markets for cryptocurrencies signifies that there are big questions about the price stability of various fiat currencies, and people are worried about their own financial futures," Crosby said. "What they are doing, as a result, is looking for a natural hedge to those assets that are either unstable or are seeing a lot of potential inflationary headwinds."
This is a really compelling connection that TradingView did not see even six months ago. A lot of it has to do with currency debasement fears that are rising on a global scale.
"When some countries discuss the idea of printing a ton of money, it is basically a detriment to the existing holders of that currency. We see it in the U.S. as well," Crosby said.
But places like Cuba reveal the true extent of it, he noted.
"Cuba is the only country in the world where over half of all inquiries (50.4%) were made about cryptocurrency assets, an increase of 12.2% on last year," TradingView's research said. "Libya (42.2%), Ukraine (41.9%), and Palestinian Territory (38.7%) all feature in the top five, while the Syrian Arab Republic (36.9%) is tenth, suggesting that countries with high levels of instability are proportionally more interested in digital assets than more developed nations."
This indicates that people are worried about their money "being blown away" by either inflationary pressure or general volatility in a given country, Crosby added.
The increase in crypto searches also coincides with what is happening in a particular country at a given time.
"Recently, we saw a lot of activity around Myanmar, which correlates with the fall of a regime. If the military is taking back control of the government, it is a huge threat to the actual currency. People are looking at cryptocurrencies a lot more, and we happen to be the provider of the most robust data," he said.
TradingView is not a brokerage firm. It is a provider of crypto-asset prices across the world. Crosby said the surge in bitcoin this year has contributed to TradingView becoming the 83rd most popular website globally.
"People are finding ways to invest, and we are just the best way for them to track that investment," he noted.
When asked why investors from underdeveloped nations are not as interested in traditional assets like gold or the U.S. dollar, Crosby said that "you can't beat the Internet."
"Broadly speaking, this idea has started to take hold in a lot of countries. Cryptocurrencies may be a better way for folks to hold some of their money over time. This is definitely something that we will see more of," he stated.
This research comes as more Fed officials are starting to talk about bitcoin. In the latest comments, St. Louis Federal Reserve President James Bullard said that bitcoin is not a threat to the U.S. dollar's global currency reserve status.
"I just think for Fed policy, it's going to be a dollar economy as far as the eye can see — a dollar global economy really as far as the eye can see — and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn't really affect that," Bullard told CNBC.
Bullard added that currency competition is nothing new for the U.S. dollar. The euro and the Japanese yen are both solid currencies, but "neither of those is going to replace the dollar," he said. "It'd be very hard to get a private currency that's really more like gold to play that role, so I don't think we're going to see any changes in the future."
This comes at a time when bitcoin hit a new record high of above $50,000 as more institutional and retail investors embrace the cryptocurrency as a way to diversify their portfolios against currency debasement fears in light of the massive money-printing going on across the globe.
The latest move up was supported by companies like Mastercard and BNY Mellon moving into the crypto market.
Last week, Tesla announced that it bought $1.5 billion worth of bitcoin and was planning to accept the cryptocurrency as payment for its products.
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