Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-11-24
Good Morning Dinar Recaps,
BRICS NEWS: EXPERT SAYS NATIONS WILL EVENTUALLY DITCH US RESERVES FOR BITCOIN
With the ongoing tension between the BRICS alliance and the United States, one expert has theorized that most nations will eventually end up ditching US dollar reserves for Bitcoin. Indeed, economist Jeremy Siegel recently noted that the leading crypto has emerged as a threat to the greenback’s global standing.
Senior economist at WisdomTree, Siegel, discussed the curiosity of Trump’s continued embrace of Bitcoin. Specifically, he noted that the asset class is far more dangerous to the US dollar’s dominance than gold or any BRICS currency, according to a Benzinga report.
Expert Says Bitcoin, Not BRICS, Is Greatest Threat to US Dollar
Since 2022, when Russia invaded Ukraine, the BRICS bloc has been on a mission. Specifically, the collective has sought ways to ditch the US dollar in international trade.
Moreover, it has moved to lessen the global reliance on the Western currency. These decisions appeared made out of necessity. With the West sanctioning Russia, forcing it to rely on allies in the global south.
Yet, those de-dollarization plans have been confronted by President-elect Donald Trump. Moreover, with 100% tariffs planned under the returning president, things have certainly gotten interesting. For one economist, the incoming commander-in-chief’s position appears inconsistent, to say the least.
Indeed, amid the BRICS scuffle, finance expert Jeremy Siegel has said nations will likely eventually ditch the US dollar reserves for Bitcoin. What makes that interesting is that Trump has recently paraded BTC’s all-time increase above the $100,000 mark.
“I found it curious that Trump threatened 100% tariffs for the BRICS nation wanting to implement a new reserve currency, while also championing the rise of Bitcoin’s price surpassing $100,000 and attributing it to his pro-crypto world view,” Siegel said.
“Bitcoin is viewed by many as an alternative global currency similar to what the BRICS are looking to achieve,” he added. “Bitcoin is far more of a threat to replace the dollar in world reserves than anything created by the emerging market economies.”
The asset’s recent surge supports Siegel’s position. Bitcoin has been skyrocketing in value and is projected to reach $200,000 next year. Trump’s pro-BTC position could fuel global accumulation. Therefore, driving even more countries away from the dollar.
@ Newshounds News™
Source: Watcher Guru
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HONG KONG LOOKS TO SPEED UP CRYPTO REGULATION AMID RISING SECTOR DEMANDS
Hong Kong is exploring ways to expedite updates to its crypto regulations in response to the fast-growing global sector.
The fast growth of the crypto sector is pushing Hong Kong to reconsider its regulations, with talks focused on speeding up changes to meet growing industry needs. A proposal raised in the Legislative Council on Dec. 11 highlights the pressure on the government to keep up with the global rise in crypto investments.
In a written response, Acting Secretary for Financial Services and the Treasury, Joseph Chan, admitted that while the virtual assets sector offers financial innovation opportunities, it also presents new “complexities to the financial system.”
He emphasized Hong Kong’s commitment to keep up with international standards, noting that the city “has key influence in the regulation and development of VA.”
However, Chan didn’t go into detail on how or when Hong Kong plans to adjust its crypto regulations to stay competitive.
Moreover, some lawmakers have even raised concerns about the need for a more comprehensive approach. There is speculation that Hong Kong could establish a dedicated department or commissioner to oversee crypto policies, following international trends.
One way or the other, the question of whether cryptocurrencies like Bitcoin should be included in Hong Kong’s fiscal reserves still seems to be open. In the meantime, Chan pointed out that crypto-assets are not currently a target asset for Hong Kong’s Exchange Fund.
“It cannot be ruled out that there may be investments involving crypto-assets during the investment operations of the external managers at different points of time, but the relevant proportion is minimal,” Chan said.
@ Newshounds News™
Source: Crypto News
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BINANCE AND CIRCLE ANNOUNCE STRATEGIC PARTNERSHIP TO ADVANCE GLOBAL CRYPTO ADOPTION
Key partnership between Binance and Circle seeks to accelerate the adoption of USDC and digital assets worldwide.
Binance and Circle Join Forces for Global Crypto Adoption
A new strategic partnership between Binance and Circle Internet Group was launched at the Abu Dhabi Finance Week. The cooperation will increase the use of USD Coin (USDC) and promote the growth of the global digital assets and financial services ecosystem.
This partnership combines a reliable and compliant digital currency with the biggest platform for using digital assets globally, thanks to USDC’s expansion and widespread use.
Through the collaboration, Binance will expand the availability of USDC throughout their whole range of goods and services, guaranteeing that over 240 million Binance users worldwide can easily access and utilize USDC for applications related to trading, saving, and payments. Binance will also use USDC as a key dollar stablecoin for their corporate treasury.
Richard Teng, CEO of Binance shared his thoughts about the partnership.
“Through our strategic partnership, our users will have more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance.
We will also work closely with Circle to drive innovation and utility for stablecoins globally. Working together as a team, we believe we can materially push forward the possibilities for the internet financial system.”
Jeremy Allaire, Chairman and CEO of Circle echoed Teng’s thoughts on the partnership.
“With Binance rapidly becoming the world’s leading financial super app, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform. I’m thrilled to be working with the Binance leadership team as they continue to build the largest digital asset company in the world.”
This partnership aims to consolidate the role of USDC in digital payments, promising broader adoption and innovation in the crypto space.
@ Newshounds News™
Source: Bitcoin News
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CRYPTO SUCCESS SECRETS NOBODY SHARES | Youtube
Crypto Ledger, Nathan, and Seeds of Wisdom Team, Salty Toes and R Jax, discuss Crypto, Gold, and the direction of the future financial system.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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