Pivot Point US$43k
In what can be said to be an uneventful week for crypto, both bitcoin and ethereum has been acting rather ‘maturely’. Both only moving in a tight range of 5% in either direction. BTC and ETH went as low as US$41k and US$2.8k respectively with both currently trading at US$43.5k and US$3k. Nothing much to see here. Despite its tight range, an analyst at Deutsche Bank’s research division said she could imagine Bitcoin potentially playing the role of digital gold in the 21st century. However, she warned investors about the volatility of crypto asset as crypto purchases are made for investment and speculative purposes. Volatility is the heartbeat of trading. And in a vote of confidence, a recent survey has revealed that a new crop of institutional investors that are ready to go all out on cryptocurrencies. The survey noted that all of them has no prior exposure to crypto and revealed that as many as 62% of the respondents confirmed they will be making their first investment in the cryptocurrency ecosystem within the coming year. Hallelujah to that!
Elon Musk has spoken again about crypto, and this time it is something to ponder. He has called cryptocurrencies as indestructible and said the U.S. government should not regulate the booming industry. He said that cryptocurrencies can only be slowed down with regulations. No one can flip the off switch on crypto. In other adoption news, the Reserve Bank of New Zealand (RBNZ) has released two papers that outline of the pros and cons of circulating a central bank digital currency (CBDC). They are seeking public input before crafting a more specific blueprint. They are not the first, neither would they be the last. Better late than never.
2.2m Salvadorans use a bitcoin wallet! Only 1.8m use bank accounts. Invest wisely, avoid leverage and stay safe.
Deutsche Bank analyst: Bitcoin will be ‘ultra-volatile’, but it’s here to stay
Marion Laboure, analyst at Deutsche Bank’s research division, said she could imagine Bitcoin playing the role of digital gold in the future: for centuries and largely unchecked by the government.
In an update to Deutsche Bank’s website on ‘What’s next’ for Germany’s largest banking institution, Laboure said she could ‘potentially see Bitcoin become the digital gold of the 21st century’ , but warned investors about the volatility of the crypto asset. According to the analyst, most Bitcoin (BTC) purchases are made for investment and speculative purposes rather than holding coins as a medium of exchange.
Survey shows 62% of Institutional Investors are set to Dive into Crypto
After sitting on the sidelines for more than a decade, a recent survey has revealed a new crop of institutional investors ready to go all out on cryptocurrencies. The research, according to Nickel Digital Asset Management (Nickel), a European investment manager dedicated to the digital assets market, draws participation from institutional investors and wealth managers from the US, UK, France, Germany, and the UAE. Each of those surveyed has no prior exposure to crypto.
Elon Musk: "It Is Not Possible To Destroy Crypto"
On Tuesday during the Code Conference in California, Tesla CEO Elon Musk, famed for rattling crypto markets worldwide, called cryptocurrencies indestructible and said the U.S. government should not regulate the booming industry.
He expressed optimism that governments would not be able to stop the steady march of crypto: “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” Musk said.
New Zealand Central Bank Seeks Public Feedback on CBDC
The Reserve Bank of New Zealand (RBNZ) released two issues papers on Thursday (Sept. 30) that outline the central bank’s thoughts about the pros and cons of circulating a central bank digital currency (CBDC), and is seeking public input before crafting a more specific blueprint.
Rather than go into specifics regarding a framework, the RBNZ’s papers offers a narrative that highlights the costs, benefits, risks and opportunities that could be afforded by the issuance of a CBDC. It’s considered a “starting point for a conversation” on the possible function of a CBDC for the country.
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