On November 22, according to South Korea's "Asia Daily", the All-Korea Economic Federation (hereinafter referred to as "All Economic Association") recently commissioned mono Research to conduct a questionnaire survey on financial management for 700 young people in their 20s and 30s.
According to the survey, 36.1% of respondents said that real estate investment is a necessary means to increase the scale of assets, followed by stock speculation (32.4%), virtual currency (13.1%), savings (8.0%), etc. In addition, in the survey results, 40.5% of the respondents said that they had experience in investing in virtual currencies.
Among them, the group with an investment amount of less than 5 million won (about 26,900 yuan) accounted for the largest proportion, accounting for 62.5%, the proportion of investment of more than 100 million won was 2.8%, and 49.3% said that it is difficult to accumulate property by relying on wages alone, so they chose to try to invest in virtual currency.
November 22 news, according to a new study, financial institutions are lagging behind in providing customers with B2B cross-border payment options for cryptocurrencies, the report titled "Cryptocurrencies, Blockchain and Cross-Border Payments", which analyzes about 250 financial institutions and 250 multinational companies.
The study found that only 10 percent of financial institutions surveyed offer cryptocurrency payment tools to their B2B consumers. Conversely, 58 percent of multinational companies in the survey use at least one cryptocurrency, and another 19 percent want to do the same. The report found that the propensity to use cryptocurrencies increases as the size of the company increases.
On November 22, Cathie Wood, CEO of ARK Invest, said that large institutional entities are rapidly entering the Bitcoin space.
In an interview with Barron's, she said that financial institutions are paying attention to bitcoin in part because of its lack of relevance to other assets: "We can see who is entering, and it looks like powerful institutional holders are entering [Bitcoin].
Why do they want to enter? Because the return correlation between cryptocurrencies (especially Bitcoin) and other assets (stocks, bonds, currencies, commodities) is very low.
Research tells us that if there is a low return correlation between assets, an asset with a low correlation, you will improve returns and reduce risk over time. While bullish on bitcoin, Wood said she was surprised by the trend toward bitcoin inclusion on their balance sheets by companies like Tesla.
On November 22, Rama Sridhar, vice president of Mastercard Asia Pacific, said in an interview with Tech Wire Asia that the future currency will revolve around cryptocurrencies and CBDCs.
Sridhar said: "In order to improve digital transformation, financial and digital inclusion, and eliminate cash, CBDCs will be the way forward. However, much remains to be established and completed. Central banks must ensure that the existing payment ecosystem coexists harmoniously with CBDCs. MasterCard has begun offering cryptocurrency-linked debit, credit and digital wallets to its customers, as well as cryptocurrency-based loyalty reward programs.
Sridhar said that Mastercard's philosophy of facing cryptocurrencies is very simple and simply offers an option. We are not encouraging people to start using cryptocurrencies. We just want customers, merchants, and businesses to transfer digital value the way they want, whether traditional or encrypted. This is everyone's money, and everyone should have a choice.
After Bitcoin reached a record high of $68,990 on November 10, the price of Bitcoin pulled back, and on November 19, it fell below the level of $56,000 and as low as $55,666, meaning that in less than two weeks, Bitcoin has fallen by nearly 20% from its historical high. However, the analysis refers to the lack of fear, which means that considering the upward trend in recent months, it is still relatively small.
As of 7:43 a.m. on Monday, Bitcoin was last reported at $59,147, down 1.1 percent in 24 hours.
The mainland has stepped up its efforts to crack down on cryptocurrencies, and the National Development and Reform Commission said that it will carry out comprehensive rectification with the focus on industrial-style centralized "mining", state-owned units involved in "mining" and Bitcoin "mining". In addition, the new US tax filing regulations are seen as unfriendly to cryptocurrency investors, which also worsens market sentiment. However, the analysis said that after the bitcoin price soared by 40% in October, a sharp correction is normal.
In fact, it is not uncommon for Bitcoin to experience price fluctuations of 20% or more. At the beginning of April, after hitting a new high of nearly $65,000, Bitcoin fell sharply by more than 50% at the end of June. After hitting $53,000 in early September, it pulled back about 25 percent in a matter of weeks.
The first bitcoin bonds, the Volcano Bonds, are estimated at $1 billion and could be issued in 2 months. Will Latin America singapore become the world's first digital currency city?
On November 20, local time, El Salvadoran President Nayib Bukele announced in the seaside town of Mizata that El Salvador intends to issue the world's first sovereign bitcoin bond, initially expected to issue about $1 billion, and build a bitcoin city, which will be exempt from almost all taxes other than consumption tax, such as income tax, property tax and capital gains tax.
Buukler said the only tax revenue for Bit City would be a 10 percent value-added tax to fund the city's construction and services.
Bit City will be located in la Union city in the eastern region of El Salvador, and it is estimated that the infrastructure will cost about 300,000 bitcoins for public investment, and the chain shows that at the 20-day price, it is about $17.7 billion. The infrastructure includes airports, living facilities, commercial facilities, etc., mainly to attract enterprises to settle in. Investors will also be granted permanent residency and quickly obtain citizenship.
Bukler said la Union was chosen because the city is located near the Conchagua volcano, which will provide energy for mining.
"Invest here and make all the money you want," the president of El Salvador, dressed in a white shirt and baseball cap, waved a big hand at the plan of this epoch-making digital currency tax haven.
"If you want Bitcoin to spread around the world, we should build some Alexandria." He said in his statement.
$1 billion of volcano bonds were issued 2 months later
Bukler said the first bonds will be issued in 2022. It's the end of November, and the fastest word is likely to be available in 30 days. For the radical president, it's not impossible.
In a previous article, the popular Salvadoran president in his 40s was mentioned. Since the first Bitcoin Act came into effect in September, Buukler has been making announcements on Twitter that the country's total bitcoin holdings currently total 1,120. The price of bitcoin has been rising since Buqueler's purchase, and the Salvadoran government announced in early October that it would use the equivalent of $4 million in profits to build a pet hospital. For details, please refer to the previous report of the chain: the Bitcoin Bill takes effect today, is El Salvador getting fragrant or hot potatoes?
On the one hand, the crypto world influencer, on the other hand, the president of a country, Bukler chose to be high-profile and radical because of the extreme admiration for Bitcoin, and in May this year, he was forced to remove the Supreme Court judges and prosecutors.
Will Bit City become Latin America Singapore?
The new Bitcoin bond program, known as "Volcano Bonds," will be hosted by Blockstream, which El Salvador plans to issue through the Liquid Network. At the meeting, Blockstream Chief Strategy Officer Samson Mow said the first 10-year bond was worth $1 billion, backed by Bitcoin, and had a coupon rate of 6.5%.
In order to make this plan smooth, the chain understands that the Salvadoran government is currently working on a securities law, and the license of the first operating exchange is likely to be the first to be granted to Bitfinex.
Mow said half of the funds from the so-called "volcano bonds" will be converted into bitcoin, and the other half will be used for infrastructure and bitcoin mining powered by geothermal energy. After a five-year lock-up period, the government will begin selling its bitcoins and paying additional dividends to investors.
Mow said at the meeting that the plans would make El Salvador a "world financial center" and "Singapore in Latin America." He argues that the "game theory" of bonds gives the first issuer Salvador an advantage, saying: "If Bitcoin reaches $1 million at the five-year mark, I think it will, they will sell Bitcoin in two quarters and get back $500 million." "Countries are afraid to miss out," he said.
In terms of multi-dimensional development, the central bank's digital currency plan is also in full swing around the world, and El Salvador also wants to build a national CBDC framework with the help of Bitcoin, a mature digital currency.
EDITOR: Monday
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