Andrew Tate, a British-American social media personality and former professional kickboxer, has announced a plan to invest significantly in bitcoin, expressing frustration with banks and their scams. “I’m about to leave fiat completely,” he stressed. “I’m done with the banks. I’m done with their money. Done with the scams.” Andrew Tate Plans to Shift ‘100M’ […]
Bitcoin News
Russian Duma Financial Market Chairman States Digital Financial Assets Might Replace Fiat for International Payments
Chairman of the Russian State Duma Committee on the Financial Market Anatoly Aksakov stated that digital financial assets, issued by institutions regulated by the central bank, could replace fiat channels for international settlements. Aksakov also acknowledged that while not being controlled for this use case, digital assets were already being used to settle international payments. […]
Bitcoin News
Peter Brandt: Bitcoin Vying to Replace Fiat Currencies as Primary Store of Value
Veteran trader and renowned chartist Peter Brandt says bitcoin is “vying to become the Level 1 ‘store-of-value’ standard replacing fiat currencies and government bonds.” He explained that fiat currencies, like the U.S. dollar, “will still be used to buy groceries and pay for gas.” Moreover, he expects governments to “constantly be issuing new currency replacements.” […]
Bitcoin News
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele
El Salvador has been buying one bitcoin a day since 2022, according to President Nayib Bukele, who confirmed that his country’s “1 bitcoin a day program” will continue until the cryptocurrency “becomes unaffordable with fiat currencies.” The bitcoins acquired from El Salvador’s daily purchases are also deposited into the same wallet address used for the […]
Bitcoin News
Transak Partners With Visa for Rapid Crypto to Fiat Conversion in 145 Nations
On Tuesday, Transak, a company specializing in payment infrastructure, revealed its partnership with the financial services powerhouse Visa. This collaboration aims to empower users in 145 nations with the capability to seamlessly exchange their crypto holdings into local fiat currencies, leveraging the Visa Direct platform.
Enhanced Crypto Liquidity: Transak’s Alliance with Visa Facilitates Swift Global Transfers
Transak, a provider of payment infrastructure for cryptocurrency assets and non-fungible tokens (NFTs), has entered into a partnership with the leading payment company Visa. This collaboration facilitates instant withdrawals of crypto funds to debit cards in 145 countries, as highlighted by Transak’s announcement.
“By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130M merchant locations where Visa is accepted,” the North America head of Visa Direct and Global Ecosystem Readiness, Yanilsa Gonzalez-Ore said.
The press announcement sent to Bitcoin.com News highlights that a key attribute of Visa Direct is its capability for immediate transaction processing. This translates to the possibility of money transfers being completed in nearly 30 minutes or less, marking a notable improvement compared to conventional banking practices, which often require several days.
“Combining this with Transak’s robust infrastructure and support for over 40 cryptocurrencies, the collaboration welcomes a new dawn for those who want to quickly exit the crypto market,” the company emphasized. The partnership follows Visa’s announcement earlier this month that it will include Web3 elements in its customized loyalty program solution.
What do you think about Transak’s and Visa’s partnership? Let us know what you think about this subject in the comments section below.
Robert Kiyosaki: Fiat Money Isn’t Safe, Investors Must Protect Themselves From Central Bankers
Rich Dad Poor Dad author Robert Kiyosaki has cautioned that fiat money is not safe, emphasizing that central banks are buying gold to save themselves. He urged investors to safeguard themselves against central bankers and reiterated his advice to invest in gold, silver, and bitcoin.
Is Fiat Money Safe? Robert Kiyosaki Says ‘Hell No’
The author of Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to protect themselves from central bankers, emphasizing that fiat money is not safe. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
The famous author wrote on X Saturday:
Central banks like Fed are buying gold. Does this mean fiat money is safe? Hell no!
“Central bankers are saving themselves from their own incompetence, that’s why they buy gold. Their job is to protect the banks not you. Get smart. Protect yourself from central bankers: Save gold, silver, bitcoin,” Kiyosaki advised.
Central banks around the world maintained their appetite for gold in the third quarter, with purchases totaling 337 metric tons, according to the World Gold Council. This surge in buying has propelled year-to-date purchases to a record high of 800 metric tons.
Kiyosaki has consistently issued warnings regarding fiat currencies, referring to them as “fake money.” In contrast, he calls gold and silver “God’s money” and considers bitcoin as “people’s money.” In September, he said “crypto is the future,” noting that fiat money is “toast.” He has urged investors to get into gold, silver, and bitcoin as soon as possible.
The renowned author has also repeatedly warned about the demise of the U.S. dollar. He blames the Federal Reserve for causing inflation and collapsing the U.S. economy. In July, he predicted that the end of the USD is near. In April, he said America is dying, warning of the impending death of the U.S. dollar. Moreover, he expects BTC to become priceless when the Fed starts issuing a central bank digital currency (CBDC).
Do you agree with Rich Dad Poor Dad author Robert Kiyosaki that fiat money is not safe? Let us know in the comments section below.
Fiat Losses From Security Incidents on BNB Smart Chain 37% Lower in Q3 of 2023 — Study
The financial losses stemming from security incidents on the BNB Smart Chain in Q3 2023 were 27% lower than in Q3 2022. When compared to security incidents on other chains, rug pulls, price and reserve manipulation events on BSC accounted for “4% of the total fiat losses across all chains in Q3.”
Fiat Losses 37% Lower in Q3
The latest in-depth analysis of security incidents on the BNB Smart Chain (BSC) has shown that the financial losses stemming from such incidents dropped by 27% between the third quarter of 2022 and 2023. According to a report by Avenger DAO and the crypto threat intelligence leader Hashdit, this decline, which has been ongoing, “suggests that the security of BNB Chain has improved over the years.”
When compared with security incidents in the second quarter of 2023, the “fiat losses” incurred in Q3 topped .5 million or 37% lower than the million seen in Q2 of 2023. The report, meanwhile, attributes the significant drop in the dollar value of losses suffered to the corresponding reduction in the number of hacks from 79 in Q2 to 45 in Q3.
Commenting on Avenger DAO and Hashdit’s findings, the BNB Chain Core Development Team said:
“Hashdit and Avenger DAO committees are at the forefront of crypto security and have seen a steady increase in users and integration with major ecosystem players. They are contributing greatly to the Web3 ecosystem and crypto community with these reports, empowering users and developers with essential security knowledge to make informed decisions.”
Rug Pulls Accounted for a Third of Losses
Meanwhile, when compared to security incidents on other chains, rug pulls, price and reserve manipulation events on BSC accounted for “4% of the total fiat losses across all chains in Q3.” In other words, the total fiat losses on BSC saw the chain being ranked fourth when compared to other chains. Ethereum, which accounted for 36% of all losses, is ranked first while Tron (32%) and Fantom (15%) are ranked second and third, respectively.
In the period analyzed, rug pulls, which accounted for 67% of all fiat losses, were one of the most common security threats seen on the BSC chain. Reserve and price manipulation accounted for approximately 12% of the exploits. Other common attack types include lack of validation (3.36%), access control issues (2.52%) and private keys being compromised (1.68%).
What are your thoughts on this story? Let us know what you think in the comments section below.
Binance Resumes Euro Transfers Through New Fiat Partners
Cryptocurrency exchange Binance is restoring fiat services for customers using the common European currency, the euro (EUR). The coin trading giant announced that users are already migrating to the new platforms it partnered with in the wake of losing the services of Paysafe.
Crypto Exchange Binance Offers Users New EUR Options for Deposits and Withdrawals
Binance, the global leader in digital assets exchange, has signed agreements with new fiat partners that will process EUR payments, deposits and withdrawals for traders. These are regulated and authorized providers of fiat services, the crypto company said.
Users have already started being migrated to the new platforms, Binance revealed in a blog post published Thursday, emphasizing the importance of accessible fiat channels for driving cryptocurrency adoption around the world:
Being able to easily convert fiat to crypto, and back to fiat again, is a crucial part of advancing the adoption of digital assets globally … Offering fiat services provides essential ease of use to all participants in the crypto ecosystem.
The fiat services of the new partners include EUR deposits and withdrawals via Open Banking and SEPA/SEPA Instant, buying and selling crypto via SEPA/SEPA Instant, with bank cards and fiat balances as well as EUR spot pairs for all users.
In June, Binance’s former euro partner, Paysafe, announced its intentions to drop support for bank transfers of euros to and from the exchange via the Single Euro Payments Area (SEPA) network. The move came amid heightened regulatory scrutiny on Binance in Europe and elsewhere.
Paysafe suspended its services in late September when advised users of the payment processor to either convert their EUR balances to the stablecoin tether (USDT) or withdraw them to bank accounts while the trading platform was working to integrate new fiat channels.
This year, the world’s largest crypto exchange was targeted by regulators on both sides of the Atlantic with lawsuits and investigations. Binance US, the company’s American subsidiary, suspended U.S. dollar (USD) withdrawals this week after suspending deposits in early June, warning customers its banking partners were preparing to halt USD transfers.
Do you agree with Binance that having reliable fiat on-ramps and off-ramps is key for growing crypto adoption? Tell us in the comments section below.
Bitcoin ETF Approval Anticipated To Trigger Fiat Influx Of $24-50 Billion
In a recent report released by Matrixport, a digital assets financial services platform, the spotlight shifts beyond Bitcoin (BTC) as the eagerly anticipated approval of a Bitcoin spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) could have far-reaching effects.
According to the analysis, not only could the Bitcoin market experience a significant boost, but Tether (USDT) and the broader crypto market could also see positive outcomes.
Potential Impact On Bitcoin
Matrixport’s foresight, outlined in their 2023 outlook report published on December 9, 2022, projected a substantial crypto rally driven by factors such as lower US inflation and favorable macroeconomic conditions.
This projection anticipated strong rebounds for Bitcoin and Ethereum (ETH), along with a notable decrease in volatility.
Surrounding the approval of these pending applications, a standout performer in the market has been Grayscale Investments’ Bitcoin Trust (GBTC), with its share prices surging by an impressive 167% year-to-date, outpacing Bitcoin’s 71% growth.
While GBTC’s net-asset-value (NAV) discount marginally narrowed from -45% to -43% at the beginning of the year, the game-changing moment arrived when BlackRock announced its ETF application on June 15, 2023.
Matrixport’s earlier reports analyzed the US registered investor advisor (RIA) community, comprising approximately 15,000 advisors overseeing around trillion.
Recognizing the potential of this group, the report suggests that even a modest 1% allocation recommendation for Bitcoin would result in approximately billion in inflows.
,000 BTC Price Projection
Drawing a parallel with precious metals ETFs boasting an estimated 0 billion in market capitalization, and assuming that between 10-20% of precious metal ETF investors explore a Bitcoin ETF as a diversification tactic against monetary debasement and inflation hedges, the potential influx into the Bitcoin ETF could reach a significant -24 billion.
The report speculates on the implications for Tether’s market capitalization by looking at the potential impact of BlackRock’s Bitcoin ETF approval.
Acting as a proxy for potential ETF inflows, a billion increase in Tether’s market cap could conservatively push Bitcoin’s price to ,000. With an even larger influx of billion resulting from a 1% allocation by RIAs, Bitcoin could rally to ,000.
Overall, Matrixport’s analysis sheds light on the potential ripple effects of Bitcoin ETF approval, extending beyond Bitcoin’s immediate market and encompassing Tether and the wider cryptocurrency landscape.
As market participants eagerly await regulatory decisions, the industry remains poised for potential growth and transformation.
As of the time of writing, the leading cryptocurrency in the market, Bitcoin (BTC), is trading at ,700, reflecting a 1.8% increase over the past 24 hours.
It is worth noting that BTC has successfully maintained the gains it has made since mid-September. During this period, the cryptocurrency broke its short-term downtrend structure after reaching its peak for the year at ,800 on July 13.
Featured image from Shutterstock, chart from TradingView.com
The Economic Engine of War — Tracing Fiat Currency’s Role in Global Conflicts
When Satoshi Nakamoto created Bitcoin, many viewed it as a solution to the drawbacks of fiat money. Historically, about 800 fiat currencies have come and gone, with many ultimately failing. Intriguingly, the fundamental reasons for establishing the fiat system remain elusive to many. Some argue that it was designed by governments to perpetuate corruption and fund endless global conflicts. In a nutshell, most fiat currencies have either supported military pursuits or protected financial magnates who benefit from such endeavors.
Unraveling the Shadows: The War-Driven Legacy of Fiat Currencies
Notably, U.S. presidential hopeful Robert Kennedy Jr. recently remarked, “fiat currency was invented to fund the cause of war.” A bold claim, but history does lend credence to Kennedy’s assertion. Ages ago, people traded with commodities and precious metals fashioned into coins. This practice shifted during the Yuan Dynasty in China (1271-1368 AD) under Kublai Khan.
Fiat currency, in essence, is government-issued money not anchored to a tangible commodity like gold or silver. Its worth stems from the citizens’ trust and faith. Unlike commodity money, grounded in its material, or representative money, signifying a claim on a commodity, fiat money gains its value through government backing. The Yuan Dynasty’s “Jiaochao” was one of the earliest instances of fiat.
Did Jiaochao finance wars? Absolutely. The nascent fiat system backed significant military campaigns until 1368. Jiaochao notes funded ventures like the Song Dynasty conquest and invasions of Japan, Southeast Asia, and Java. Centralized monetary control gave the Yuan leaders enhanced fiscal power, often channeled towards its military operations. Yet, like other early Chinese paper money, Jiaochao suffered from overproduction, resulting in soaring inflation.
Following the Yuan, the subsequent Ming Dynasty revived metal coins, emphasizing silver. However, they also reintroduced fiat currency. Due to challenges reminiscent of the Yuan era, such as rampant inflation, Ming’s “Da Ming Baochao” paper currency lost favor. These notes primarily financed the Great East Asian War (1592-1598) or the Imjin War. Fast forward to 1656, Stockholms Banco in Sweden, recognized as the world’s first central bank, also used its fiat money, “Stockholms Banco sedlar,” to fund wars.
This Swedish fiat currency powered wars like the Thirty Years’ War, the Second Northern War, and the Scanian War. But this fiat model wasn’t sustainable and eventually faltered, plunging Sweden into its first banking crisis. In the U.S., fiat money backed both the Revolutionary War and the Civil War. While the Continental Currency crumbled, Greenbacks, which backed the Civil War, depreciated markedly.
The U.S. once adhered to the gold standard, but the narrative shifted with the Bretton Woods conference and the 1971 Nixon Shocks. The U.S. dollar, or Federal Reserve Notes (FRNs), saw gold convertibility halted that year. Since then, the U.S. has been embroiled in an unbroken chain of conflicts. Many speculate Nixon’s move aimed to support the Vietnam War after France doubted the U.S.’s gold reserves.
History shows that fiat currencies often intertwine with war and malfeasance. Some contend that fiat played a role in events like the 2007-2008 mortgage crisis, the 2020 Covid-19 pandemic, and numerous financial bailouts. Instead of reducing metal content as the Romans did, modern fiat central planners exert vast control via money printing and interest rate adjustments. Kennedy’s observation rings true for many alternative currency proponents, sparking calls for a division between state and currency, echoing sentiments for separating church and state.
Governments can manipulate fiat currencies to bolster the military-industrial complex in various ways. Central banks can print more money, directly funding defense projects, while also setting low interest rates to stimulate borrowing and military spending. By engaging in deficit spending, governments can issue bonds, effectively borrowing to finance their military ambitions. A strong currency, boosted using foreign exchange reserves, can make defense-related imports more affordable.
Such fiscal levers, while potent, come with risks. As history shows, prolonged reliance on these strategies can lead to inflation, eroding public purchasing power and potentially shaking confidence in the currency. Over time, unchecked manipulation can jeopardize the overall economic health of a fiat currency, leading it to ultimately fail.
What do you think about the ties fiat currencies have with war and corruption? Share your thoughts and opinions about this subject in the comments section below.