The BitMEX CEO Arthur Hayes, who has always been a topic in the latest cryptocurrency news, is now with a new statement where he points out to traditional traders. As Hayes summed up, traders may lose lunch breaks and weekends as digital finance is going to change everything – including workplaces.
In it, he noted that cryptocurrencies trade 24 hours a day and 7 days a week. He also summed up that this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.”
The BitMEX CEO Arthur Hayes also made his remarks at the Milken Institute Asia Summit held in Singapore. He added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones” and fully backed up this statement by saying:
“Some of the practices in our market are going to be mimicked in traditional trading […] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”
It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break – will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes.
On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve.
The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.
The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
Russia Sees No Benefit In Launching National Crypto Assets
“Not only for technological reasons but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”Nabiullina previously stated that although there is an incentive to go crypto, the society will not be open to give up cash for digital alternatives. However, there are some signs of cash going obsolete such as in China but there are also signs of heavy reliance on physical cash in places of the world where privacy is valued or where there isn’t a good internet connection. While Russia’s central bank does not see the benefits by launching a CBDC, there is one potential benefit that might please the financial incumbents. The New York professor and economist Nouriel Roubini last year stated the central bank digital currencies:
“CBDCs [are] likely [going to] replace all private digital payment systems. By allowing any individual to make transactions through the central bank. CBDCs would upend this arrangement, alleviating the need for cash, traditional bank accounts, and even digital payment services.”As per the latest crypto news, some crypto banks are acknowledging his point and the Finance Minister of Germany and France already believe that the European Union should launch their own cryptocurrency as a response to Facebook’s Libra.
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