The inflation in Argentina is expected to rise by more than 40% by the end of the year, and it seems like the growing demand for Bitcoin is what is making the latest Bitcoin news in the country. According to new reports, there are many plans for new Bitcoin ATMs spread throughout the country and a lot of cryptocurrency ATM firms expected to implement this initiative and prepare the Argentinians for a digital currency-led revolution.
Right now, there are only two working Bitcoin ATMs in Argentina – and both of them are located in Buenos Aires, the country’s capital. However, as Reuters reported, by the end of the year this figure could rise to 30 mostly because of the staggering rates of inflation.
According to the general operations manager of Athena Bitcoin which is the firm that launched Argentina’s first cryptocurrency ATM (last month), Dante Galeazzi, the loss in value of the Argentinian peso marks the growth of cryptocurrency transactions. As Galeazzi told Reuters:
“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market.”
Right now, the two ATMs that have already been installed by his company only support Bitcoin – but there are plans for their features to expand and include other altcoins such as Ethereum, Litecoin and Bitcoin Cash – in the near future.
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“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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“Between the day of the announcement and the trough of the drawdown, Bitcoin largely outperformed the following major markets and currencies, producing a cumulative return of 53.6 percent versus an average return of -10.1 percent.”Bitcoin was used to hedge against the Chinese liquidity risk, caused by local investors when they sold their assets against a structural currency devaluation. When it comes to Brexit as a topic in the altcoin news, during the first one-day global selloff of the pound sterling (GBP) and euro, the researchers found that "Bitcoin was a top performing asset" which boasted a return of 7.1% on strong volume versus an average of -2.1% for the rest of the group of currencies. On top of this, the researchers find cause to recommend because the details of the transaction plan are still being worked out.
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Brokerage Giant TP ICAP Opens Its Doors To Bitcoin Trading
“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market.”The brokerage giant TP ICAP hopes that the new bitcoin trading option will attract the new clients’ money and will diversify its offering. The company which operates as an intermediary to financial, commodity and energy markets has seen a slight slump in revenue since the 2008 meltdown. Brokerage companies like ICAP mainly make trades for its banking partners but the volumes show that the company was forced to issue a profit warning in 2018. The initiative will be conducted from London by Duncan Trenholme and Simon Forster who have plans to expand in the United States and in Asia. The ICAP services will provide derivatives trading but they won’t turn their eyes from the option to hold digital assets directly in the future. Forster admitted that the number one cryptocurrency poses a threat to traditional assets so the finance executives can’t really afford to stand on the sidelines:
“TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”The traditional finance firms are slowly getting into crypto as well. At the start of the year, Fidelity launched bitcoin custody services for their clients. The multi-million asset management company will also facilitate bitcoin trading in the upcoming months. Also as noted in some of the best cryptocurrency news sites, the Intercontinental Exchange (ICE), which is the parent company of the New York Stock Exchange is preparing to launch Bakkt which is a physically-settled bitcoin futures and custody offering. In the meantime, Nasdaq will launch its own platform for bitcoin derivatives in 2019.
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