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Bitcoin jumps to new high(CNBC): The price of a single bitcoin passed $66,000 this week, great news for our investors who have been with us since the beginning. Investor takeaway: If you're just joining us, avoid buying at the peak; opt for monthly purchases of bitcoin instead.
Crypto Miners Cutting Carbon Emissions (WSJ): As bitcoin mining moves to the U.S., there's a move to use renewable energy to power bitcoin data centers. Investor takeaway: Consider investing in the companies listed in this article.
Associated Press Taps Chainlink (CoinDesk): The 175-year-old news agency is now adding its sports and election data to Chainlink's blockchain database. Investor takeaway: look into LINK. |
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Hi all,
The crypto market is trading a bit lower today, with bitcoin off its all-time high from yesterday. Meanwhile, ether, the second-largest crypto by market value, was trading close to its prior high of roughly $4,379 on CoinDesk, but it has since retreated.
And the exchange-traded fund behind the mania this week — the ProShares Bitcoin Strategy ETF — has also declined, falling more than 5% today, according to Google Finance.
The Dow Jones Industrial Average is trading down, the S&P 500 is up, and banks are reporting record profits...again.
In fact, over the past week, major U.S. banks reported earnings that significantly surpassed expectations. But what is the future of banking? |
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As we become more immersed in digital payments, do we have a better grasp of the banking system? And has the revolution begun?
I'm not sure its a revolution, but there are definitive changes happening in emerging markets, as non-traditional banking reaches the "unbanked."
Vietnam, Argentina, the Philippines, Colombia, Peru, Egypt, Mexico and Indonesia all have banking coverage below 50%. And FinTech is changing the banking landscape. |
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Embrace or be left behind
Mexico is a perfect example of an emerging market embracing FinTech, as nearly one-third of the population remains unbanked.
This week, the country's second largest bank — which is also a unit of Citibank — announced it was building APIs that would provide FinTech firms with real-time access to information including its ATM locations and services.
So instead of competing against FinTech companies, Citibanamex is developing open banking APIs to work with these innovative industry participants.
The story in the Asia-Pacific region is much the same. In that area, nearly 9 out of 10 people actively use digital banking, meaning they leverage it at least once per month, and the majority of them are open to the possibility of purchasing additional banking services via digital channels. |
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No one left behind
To be clear, developed markets are not standing still. This week, U.K. neobank Zopa raised $300 million, which gave it a valuation of $1 billion.
Further, Berlin-based startup N26 raised $900 million, providing the company with a $9 billion valuation.
With no physical location, neobanks are 100% digital, use apps and online platforms to support customers, and are seeing strong growth as the trend toward "nontraditional" banks evolves.
Cboe Global Markets, Inc., formerly the Chicago Board of Options, is entering the digital asset spot and derivatives marketplace through the acquisition of Eris Digital Holdings, LLC.
And Citi — perhaps learning from its Mexico unit — has named a new global head of digital as the bank works to upgrade and consolidate its digital services.
While I don't believe the revolution is tomorrow, the banking industry is on its way toward a more inclusive, digitized future.
Thank you for reading! I appreciate any questions, comments, insight and feedback.
All the best!! |
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Bitcoin Market Journal is a daily newsletter focusing on blockchain and crypto investments. It is written and edited by Evamarie Augustine, Charles Bovaird, Mati Greenspan, John Hargrave, and Alex Lielacher.
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