{"id":564845,"date":"2021-03-02T14:18:26","date_gmt":"2021-03-02T14:18:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/big-banks-flock-to-crypto-despite-warnings\/"},"modified":"2021-03-02T14:18:26","modified_gmt":"2021-03-02T14:18:26","slug":"big-banks-flock-to-crypto-despite-warnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/big-banks-flock-to-crypto-despite-warnings\/","title":{"rendered":"Big banks flock to crypto despite warnings"},"content":{"rendered":"

<\/a> Major banks and firms are raising their holdings in cryptocurrencies despite market volatility<\/strong>, leaving US authorities concerned about the creation of a crypto bubble, Bloomberg<\/a>reports. With Bitcoin and other cryptos having currently achieved a USD 1.47 tn market cap, prominent financial institutions are looking to both invest in, and enable their platforms to support, crypto exchanges.<\/p>\n

These include heavy hitters like Goldman Sachs, who<\/strong> will restart trading in Bitcoin in mid-March,<\/strong> unnamed insiders told Bloomberg<\/a>, while business intelligence and software company MicroStrategy Inc has purchased an additional USD 15 mn worth of Bitcoin, raising its holdings to USD 4 bn, Bloomberg<\/a> reports. Investment banking group BNY Mellon has also said it will begin facilitating the transfer and issuance of digital currencies, while Mastercard said last month that it will allow users to make payments in crypto \u201cstablecoins\u201d \u2014 those pegged to the USD. Visa has also said that if a digital currency \u201cbecomes a recognized form of exchange\u201d they will add it to the network, while the world\u2019s first Bitcoin ETF<\/a> began trading in Canada last month.<\/p>\n

And central banks are also looking to get in on the trade: <\/strong>The Bahamas issued the world\u2019s first Central Bank Digital Currency (CBDC) late last year<\/a>, while China is working on the second trial<\/a> of its digital yuan in Shenzhen after rolling out an initial test batch of the currency. Sweden is also working on a feasibility study to be complete in 2022 after testing its e-krona last year<\/a>.<\/p>\n

Egypt\u2019s central bank said back in 2018<\/a> that the CBE would be studying issuing a digital currency as part of Egypt\u2019s drive towards a cashless society, though did not specify whether the currency would be reserved for inter-bank transactions or could be used by the public. Read <\/strong>our explainer<\/a><\/strong> on why central banks are turning to digital currencies.<\/strong><\/p>\n

But bitcoin\u2019s volatility has raised warnings: <\/strong>Trading in digital currencies opens up more avenues for market manipulation, New York\u2019s Attorney General Letitia James said yesterday, calling cryptos \u201chigh-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains,\u201d Bloomberg<\/a> reports. The underlying value of cryptos unpegged to a currency or commodity is subjective, warned James, and could prove difficult to cash out, while exposing investors to heightened risks of fraud.<\/p>\n

Major investors are paying attention to these warnings: <\/strong>Hedge fund billionaire Dan Loeb recently shared his two cents on Bitcoin<\/a>, saying he had been doing a \u201cdeep dive\u201d into crypto and was keeping an open mind, but stopping short of issuing a verdict or announcing an investment. But Bill Gates is less open, and has warned against Bitcoin volatility\u2019s effect on smaller investors<\/a>, as well as the environmental impact of energy-intensive bitcoin mining.<\/p>\n

Volatility did accelerate in 2021: <\/strong>Tesla\u2019s USD 1.5 bn investment in Bitcoin last month<\/a> sent the currency to record highs. It then slumped 20% last week<\/a> amid a general slide in stocks \u2014 its largest drop since a covid-19 induced sell-off in March \u2014 but bounced back to levels exceeding its pre-slump highs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Major banks and firms are raising their holdings in cryptocurrencies despite market volatility, leaving US authorities concerned about the creation of a crypto bubble, Bloombergreports. With Bitcoin and other cryptos having currently achieved a USD 1.47 tn market cap, prominent financial institutions are looking to both invest in, and enable their platforms to support, crypto […]<\/p>\n","protected":false},"author":1,"featured_media":564846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9835],"tags":[204,1110,8882,344,518,637,633,260],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-banking","tag-bill-gates","tag-crypto","tag-cryptocurrency","tag-digital-currency","tag-elon-musk","tag-enterprisepm","tag-goldman-sachs","wpautop","entry"],"acf":{"mongo_id":"aadd9dc2-2928-49c7-a596-3d493f48babd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/401.jpg","photo_position":"above","related_issue":[564832],"teaser":"","voice_url":""},"yoast_head":"\nBig banks flock to crypto despite warnings - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/big-banks-flock-to-crypto-despite-warnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big banks flock to crypto despite warnings\" \/>\n<meta property=\"og:description\" content=\"Major banks and firms are raising their holdings in cryptocurrencies despite market volatility, leaving US authorities concerned about the creation of a crypto bubble, Bloombergreports. 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The Agricultural Bank of China, China Construction Bank, Industrial and Commercial\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545143,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/your-guide-to-the-world-of-crypto-slang\/","url_meta":{"origin":564845,"position":2},"title":"Your guide to the world of crypto slang","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Everything you need to know to sound like a certified Crypto Bro: The rise in popularity of crypto assets in recent years has been accompanied by the growth of an entire subculture of crypto enthusiasts and the subsequent creation of so-called \u201cCrypto Slang.\u201d This new language, now used by investors,\u2026","rel":"","context":"In "WHAT\u2019S NEXT"","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555574,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/inflation-weighs-on-stocks-as-goldman-ceo-warns-on-rate-hikes\/","url_meta":{"origin":564845,"position":3},"title":"Inflation weighs on stocks as Goldman CEO warns on rate hikes","author":"enterpriseam admin","date":"18 November 2021","format":false,"excerpt":"US stocks fell again yesterday as investors fretted over how central banks will react to rising inflation. The S&P 500 slipped 0.3% and the Dow closed 0.6% in the red as solid retail earnings failed to offset concerns about rising interest rates in the coming months.This came on the same\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561232,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/what-the-markets-are-doing-on-30-march-2021\/","url_meta":{"origin":564845,"position":4},"title":"What the markets are doing on 30 March 2021","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"The USD 20 bn \u201cfiresale\u201d of Chinese and US tech stocks last week is the doing of hedge fund Archegos Capital Management, which defaulted on margin calls by a number of prime brokerages last week following a tumble in ViacomCBS and several tech stocks to which the fund was highly\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556655,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/imf-says-em-policymakers-should-act-to-mitigate-risk-amid-global-cryptocurrency-boom\/","url_meta":{"origin":564845,"position":5},"title":"IMF says EM policymakers should act to mitigate risk amid global cryptocurrency boom","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"The IMF is urging emerging-market policymakers to get a grip on cryptocurrencies, as miners, exchanges, wallets and stablecoin issuers crowd into the unregulated, Wild-West-style ecosystem that has sprung up around the digital gold rush. The latest chapter of the International Monetary Fund\u2019s (IMF) Global Financial Stability Report (pdf) acknowledges that\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564845"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564845\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564846"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564845"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564845"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}