How the yuan can replace the US dollar as the reserve currency

Us dollar banknote vs. yuan banknote against the background of a world map

It is clear that digital central bank money (CBDC) is coming. What is less clear, however, is how it will affect the international monetary order. More than ever, the question arises whether the US dollar will still be the global reserve currency at the end of this decade. How the oil company Saudi Aramco will turn its back on the US dollar and how the world’s largest free trade agreement, RCEP, could lead to a new „Asian Bretton Woods“.

There is no doubt that the US dollar is the global reserve currency. Even the world’s number two reserve currency, the euro, is far from being as established as the „greenback“. Not only is commodity trade conducted in US dollars, but non-American companies and states also hold US dollars as their reserve currency in order by Bitcoin Trader to remain able to act on the global stage, even if they are not bound by their national currency. Despite China’s economic rise and the simultaneous weakening of the Western industrial nations, there is no sign of a „Euro-Yuan-Flippening“, let alone a US Dollar replacement.

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Even an economic superiority of China over the USA, which could arise in the next five years, would not per se lead to a change of status. Rather, the rise and fall of a reserve currency should be understood as a process that can extend over several years, even decades – except in extreme situations such as wars and currency collapse. In addition to economic dominance, technological, political, military and cultural dominance are also decisive for the status of a currency.

The year 2020 marks a turning point in the currency hegemony of the US dollar and subsequently the euro. Not only did China carry out practical tests of its digital central bank currency, i.e. a digital yuan, this year, but further milestones have also been set for the replacement of the current reserve currency.

Yuan instead of US dollar: Saudi Aramco tries new ways

Saudi oil company Saudi Aramco – the world’s most valuable listed company – has announced that it is considering a bond issue in yuan rather than US dollars. Until recently, the mere possibility of issuing yuan-based securities in the international oil business was unthinkable. But growing business relations with China and China’s intention to establish a „Petroyuan“ are scratching at the supposedly immovable status of the US dollar. In addition, new technical infrastructures are calling into question the previous Western-dominated settlement standards.

In February this year, for example, the oil company Saudi Aramco invested five million US dollars in the block-chain-based oil trading platform Vakt. The start-up Vakt aims to make the trading process in commodities trading, especially oil, significantly more efficient by means of smart contracts, tokenisation and new block chain infrastructures. For states such as Dubai, the new trading infrastructures could mean independence from existing – mainly US-American – structures. In particular, the changeover to token infrastructures offers the opportunity to question the existing status of the US dollar as the reserve currency. This could reduce the impact of sanctions in the event of political disagreements and power games.

RCEP: The largest free trade agreement in the world

As the example of oil shows, international trade plays a particularly important role in monetary matters. The more nations agree to accept a currency for contracts and trade, the more power this gives to the issuing central bank and thus to the state. The RCEP free trade agreement concluded this month marks a historic turning point in international trade. The world’s largest free trade agreement or zone, where the US and Europe can only watch from the sidelines, has one leader: China.

The largest economy in the RCEP can thus take on the trade role that the US took on after the Second World War. Not only does this make China increasingly independent of the West, but it also allows it to impose its own standards, including the yuan as its reserve currency. Especially since the Asian region is already clearly superior to the West in terms of payment methods. Due to the higher degree of digitisation in payment methods, it is easier to integrate digital central bank money than, for example, in cash-loving Germany.

The exchange Blox has received authorisation to operate in the Netherlands

Thanks to this new company, even small Dutch traders will be able to invest in crypto

The BLOX exchange has received the green light to operate in the Netherlands: it is the first platform to receive authorisation since the country implemented the European Union’s fifth anti-money laundering directive (AMLD5).

On 6 November, the company stated in a blog post:

„BLOX is the first crypto company to be included in the Dutch Central Bank’s register. […] This registration is mandatory in the Netherlands for any company that allows its users to buy, sell, trade and hold crypto-currency.“

The crypto service provider AMDAX BV also found itself in the spotlight in October as the first company of its kind in the region: AMDAX, however, only targets large investors. In a statement on Finextra in October, the company pointed out that „AMDAX supports both companies and private investors with a portfolio – starting with investments of 2.5 Bitcoins – with crypto currency trading, a secure deposit and insured custody“.

As can be seen on the list of authorised crypto companies, the Anycoin Direct exchange was also registered on 6 November.

A blog post on the company specified:

„BLOX allows consumers to invest in their favourite digital currency from just 1 euro. […] Therefore, the Dutch Central Bank’s approval means that the cryptos will remain widely accessible to the general public“.

Unlike the three companies mentioned above, the Deribit crypto derivatives exchange left the Netherlands in January 2020 to avoid the new regulations.

Le prix du Bitcoin est supérieur à 12500 $, les taureaux gagneront-ils?

Le prix du Bitcoin est techniquement haussier d’une approche descendante.

Au moment de la rédaction de cet article, la pièce change de mains à 13078 $, gagnant un décent de 14% contre le billet vert au cours de la dernière semaine de négociation.

Pourtant, il y a des indices de surévaluation compte tenu de la résistance aux rebondissements au cours des deux ou trois derniers jours

Au cours du week-end, les prix sont restés bloqués dans une fourchette commerciale serrée, car les tirages ont temporairement poussé les prix à 13361 $ (données Coinbase), avant de se refroidir aux prix actuels.

Comme la dernière moitié de la semaine dernière, le prix du Bitcoin Code reste en mode gamme. Le sommet d’aujourd’hui est de 13 156 $, une expansion par rapport aux 13 045 $ ouverts. Cependant, comme les ours résistent aux tentatives des acheteurs, il pourrait y avoir une baisse temporaire en dessous de 12 983 $.

Derrière la hausse de la participation et l’expansion des prix se cachent des fondamentaux favorables

Le principal d’entre eux est l’évolution du Bitcoin en tant que réserve numérique de valeur et moyen d’échange comme prévu.

Selon Michael Saylor de MicroStrategy, les investisseurs – dans l’état actuel des choses, peuvent soit long BTC soit court USD car il y a une distorsion. En théorie, explique – t- il , «les flux de trésorerie d’un actif en actions sans risque devraient croître plus rapidement que le taux d’expansion monétaire pour qu’il serve de réserve de valeur».

Son entreprise a investi 475 millions de dollars dans BTC en septembre, une décision qui a poussé d’autres entreprises publiques, dont Square, à couler 50 millions de dollars.

La semaine dernière, Mode Banking, une société cotée à la Bourse de Londres, a déclaré qu’elle investirait 10% de ses réserves de liquidités dans Bitcoin pour protéger ses investisseurs de la dégradation de la monnaie ou de l‘ inflation .

New research: Investors now more interested in Bitcoin than stocks

In one US news segment, Bitcoin was portrayed as a better investment than US stocks.

Moderator Oliver Renick, at the end of his six-minute market round-up, claimed that investors are more interested in owning Immediate Edge than stocks. Cryptocurrencies „have a lot to do“ as they are the only asset that has been bullish on the positive US economic news.

Bitcoin leaves the connection to stocks behind

The White House and Democrats in Congress came closer to reaching an agreement on the scope and details of the next coronavirus relief package. President Donald Trump said that despite opposition from his own Republican party members, he was ready to allow wider aid.

House spokeswoman Nanci Pelosi also said she was hopeful about the possibilities of a new deal.

It’s bullish news for high risk investments. So far, the prospect of a second coronavirus stimulus package has weakened the US dollar, which in turn benefited US stocks and Bitcoin . But on Wednesday, as Renick points out, the Wall Street indices slipped alongside the US dollar index.

„Bitcoin breaks higher while the stock market is unresponsive to the lower dollar and stimulus, it is the most positive thing for [cryptocurrency] since we [TD Ameritrade] started reporting on it three years ago“

Great interest in Bitcoin

Part of the mainstream media also reports that investors are not optimistic but rather uncertain about the next stimulus package. It was part of the reason the US dollar and stocks fell on the same day.

In his comments to Bloomberg, James McCormick, Global Head of Desk Strategy for NatWest Markets, stated that „there is increasing recognition that an agreement on the financial package before the elections is unlikely“. He goes on to note that investors are not focusing on the issue of a coronavirus resurgence – all eyes are on the stimulus package.

Your uncertainty is visible across the entire safe haven market. The gold hedging asset rose 0.91 percent on Wednesday due to the falling dollar sentiment, the best daily close since October 9. The precious metal proved to be an alternative to the market, which was seeking insurance against its exposure to stocks.

The correlation between Bitcoin and gold is getting stronger. Source: XAUUSD on
Bitcoin has been acting more like a safe haven lately in a way.

BTC rose alongside gold as investors valued its growing importance as a store of value among mainstream firms. These include Square, a multinational payments company that bought $ 50 million in BTC last week, and MicroStrategy, a publicly traded software company that replaced $ 425 billion of its cash reserves with BTC.

Investors also turned to Bitcoin after PayPal announced its foray into the cryptocurrency industry on Wednesday. The global payments giant will enable users to spend, buy, store and sell bitcoin.

Many analysts now estimate that the cryptocurrency will soar to at least $ 15,000 by the end of this year. At the time of writing, Bitcoin is trading at $ 12,948.

Las Atlantis: un nuevo casino en línea compatible con Bitcoin

Las Atlantis es un nuevo y ambicioso proyecto desarrollado por Top One Partners , un programa de afiliados que desarrolla y administra marcas. Sus casinos son populares en todo el mundo debido a las políticas compatibles con las criptomonedas, que permiten a los usuarios depositar fondos en BTC .

A principios de este mes, Top One Partners presentó un nuevo casino compatible con BTC

Las Atlantis comprende más de 200 juegos diversos y asombrosos con historias fantásticas. Además de eso, los jugadores tienen la oportunidad de recibir una amplia gama de bonificaciones geniales a cambio de un depósito tan bajo como $ 10. Por lo tanto, todos pueden probar suerte en el casino en línea Las Atlantis.

Con Las Atlantis, los jugadores no tienen motivos para preocuparse por la seguridad de sus datos y fondos, ya que el casino emplea tecnología de encriptación Bitcoin Trader de 256 bits, lo que no deja ninguna posibilidad a los estafadores. Además, el sitio web del casino es 100% compatible con todos los navegadores y es compatible con todos los dispositivos móviles, como tabletas y teléfonos inteligentes. ¡Por lo tanto, uno puede disfrutar jugando con personajes maravillosos y ganando premios alucinantes prácticamente en cualquier lugar! ¡Todo lo que los usuarios de Las Atlantis tienen que hacer es abrir el sitio web del casino en su dispositivo móvil y todo el mundo de Las Atlantis está a su servicio!

Diseño conceptual

En primer lugar, vale la pena mencionar que Las Atlantis fue creado desde cero por el talentoso equipo de Top One Partners, que pasó mucho tiempo planificando y diseñando el sitio web. El casino representa una ciudad „que prospera en lo profundo del Triángulo de las Bermudas, oculta a la vista del público“. Y está tan avanzado en su desarrollo que parece una ciudad del futuro, donde todos los ciudadanos son felices y ricos. Pero los jugadores aventureros tienen la oportunidad de convertirse en ciudadanos de Las Atlantis y vivir felices para siempre. ¡Todo lo que tienen que hacer es encontrar el camino a la ciudad secreta y hacer girar esa rueda!

Casino de Bitcoin

Las Atlantis es una ciudad altamente progresista y, por lo tanto, admite no solo los métodos de pago estándar, como Visa, Mastercard, IGC, Neosurf y POLi, sino también la criptomoneda más popular del mundo. Bitcoin es una excelente alternativa a los métodos de pago tradicionales, ya que tiene muchas ventajas. Los jugadores pueden depositar entre $ 20 y $ 2500 (la mayor cantidad permitida para depositar por transacción en BTC ). Además, los retiros de criptomonedas se procesan en el período de tiempo más corto (1-3 días hábiles), mientras que el mismo procedimiento toma hasta 3-4 días para Visa y Mastercard y 5 días hábiles para transferencia bancaria. También vale la pena mencionar que el casino no cobra tarifas adicionales por realizar la transacción.

Bitcoin Stabile a 10.750 dollari, Wall Street in Green come Presidente Trump ritorna in carica

Il presidente degli Stati Uniti Donald Trump ha lasciato il centro medico che era stato curato per il COVID-19 ed è tornato alla Casa Bianca. Bitcoin ha seguito i guadagni e gli scambi di Wall Street oltre i 10.750 dollari.

Nelle ultime 24 ore, il Bitcoin ha continuato a crescere gradualmente di valore e ora si trova sopra i 10.750 dollari. L’aumento del prezzo segue i guadagni impressionanti registrati a Wall Street durante la sessione di trading di ieri, dopo la notizia che il presidente americano Trump è tornato alla Casa Bianca.

Bitcoin segue il rialzo delle azioni

Come riportato ieri da CryptoPotato, Bitcoin Billionaire ha toccato i 10.750 dollari dopo la notizia che il presidente degli Stati Uniti Donald Trump sarà dimesso dall’ospedale più tardi quel giorno. L’asset è diminuito di valore poco dopo, ma ha ripreso a crescere nelle ultime 24 ore in seguito all’ottimismo di Wall Street.

Il presidente Trump ha infatti lasciato il Walter Reed National Military Medical Center lunedì scorso ed è tornato alla Casa Bianca, dove si è tolto la maschera, nonostante sia ancora portatore del virus COVID-19. Sebbene la CNBC e altri media tradizionali lo abbiano classificato come una „partenza spericolata“, i mercati azionari hanno reagito con guadagni immediati.

Wall Street ha chiuso la sessione di trading di ieri in pieno verde. La media industriale Dow Jones Industrial Average ha chiuso con un aumento dell’1,7%, l’S&P 500 con l’1,8% e il Nasdaq Composite li ha battuti tutti con un aumento del 2,3%.

Sembra che l’aumentata correlazione di Bitcoin con Wall Street abbia influenzato anche la crittovaluta. Dopo un rapido calo a 10.620 dollari (su Binance), BTC si è diretta verso l’alto e ha raggiunto il picco di 10.800 dollari. Anche con il leggero rientro da allora, BTC è ancora al di sopra dei 10.750 dollari.

Calma tra gli Altcoin a cappuccio grande

Gli altarini a cappuccio più grande sono rimasti relativamente stagnanti su una scala di 24 ore. L’etereum è saltato con meno dello 0,5% e commercia vicino ai 355 dollari. Anche Bitcoin Cash (0,5%), Chainlink (0,2%), Coin (0,5%) e Litecoin (0,3%) hanno registrato un leggero aumento di valore rispetto a ieri.

L’ondulazione è l’unica eccezione con guadagni più impressionanti. L’XRP è aumentato di oltre il 3% e si avvicina a 0,26 dollari. Al contrario, Binance Coin e Polkadot sono entrambi in rosso dopo un simile calo dell’1,5%. Il BNB è sceso a 28,5 dollari, mentre il DOT è sceso a 4,1 dollari.

Anche gli altcoin di media cilindrata sono rimasti tranquilli senza i rappresentanti del club dell’aumento dei prezzi a due cifre. Zcash ha aumentato il maggior valore da ieri, con il 7,5%. Monero (6,1%) e Quant (5%) sono i prossimi.

Tuttavia, ci sono alcune diminuzioni a due cifre in grafico. Dopo alcuni giorni di notevoli aumenti di prezzo, il PumaPay è crollato del 90% oggi. Uniswap è il prossimo con un calo del 13%, seguito da Synthetix Network Token (-12%) e HedgeTrade (-10%).

Bitcoin blir slått tilbake etter avvisning av fibre

Bitcoin ble avvist av et viktig Fib-nivå.

Det er støtte mellom $ 10 115 – $ 10 355.

Tekniske indikatorer er usikre

Trust Project er et internasjonalt konsortium av nyhetsorganisasjoner som bygger standarder for åpenhet.

20. september ble Bitcoin Profit -prisen avvist på et kritisk fibnivå og falt kraftig neste dag.

Hvis prisen klarer å holde på over $ 10000, er muligheten for bullish fortsettelse fortsatt.

Bitcoin avvist på Viktig Fib-nivå

Bitcoin-prisen nådde en lokal høyde på $ 11.183 den 19. september. Den høyeste var veldig nær 0.618 Fib-nivået fra den forrige økningen. Prisen ble avvist kort tid etterpå og skapte en bearish oppslukende lysestake 22. september.

Det faktum at prisen ennå ikke har nådd den synkende motstandslinjen trukket fra de to siste lavere høyder, gjør det mulig at bevegelsen fortsatt er en korreksjon som svar på den tidligere reduksjonen.

Tekniske indikatorer er usikre. MACD har muligens begynt å falle, og RSI har falt under 50. Stokastisk oscillator er imidlertid fremdeles på vei til å gjøre et bullish kryss.

En titt på 6-timers diagrammet viser at reduksjonen ble innledet av betydelig bearish avvik i RSI.

Dessuten har MACD mistet all styrke og har allerede blitt negativ

BTC har tilsynelatende funnet støtte og spratt over 0.618 Fib-nivået for hele oppovergangen. 0,618-0,786-nivåene mellom $ 10,116 og $ 10,344 er avgjørende for å fungere som støtte. En reduksjon under denne sonen vil sannsynligvis sende prisen til et lavere-lavt i forhold til 4. september-prisene

Imidlertid er det ingen klare reverseringstegn i tillegg til den økende MACD. Et brudd over den mulige kortsiktige synkende motstandslinjen vil indikere at prisen sannsynligvis vil øke høyere. På den annen side vil en sammenbrudd under støtteområdet trolig ta prisen mot $ 9700.

Et mulig bølgetall antyder at prisen har fullført en impuls og nå korrigeres i en ABC-formasjon (vist i rødt nedenfor).

Formen på ABC er uvanlig, men A: C-bølgene har et forhold på 1: 2,61, noe som gjør det mulig for dette å være den riktige formasjonen. Imidlertid må prisen snart nå en lav for å fullføre C-bølgen.

Diagrammet på 15 minutter viser at det forventes at en annen bølge nedover (blå) vil fullføre den større C-bølgen. Dette vil føre prisen til 0.618-0.786 Fib-støtten som er beskrevet i første avsnitt.

Etterpå forventes BTC å bevege seg oppover.

Det er en annen mulig telling som vi tidligere avviste, men tapene 21. september satte det tilbake i spill. Formen og størrelsen på bølge 4 (i oransje nedenfor) gjør det usannsynlig å være riktig antall, men den er fortsatt gyldig.

I dette tilfellet vil kortsiktig telling (blå) forbli den samme, men den femte bølgen vil strekke seg, og prisen vil gjøre en lavere-lav i forhold til 4. september.

Il y a une forte pression autour de la fourchette de 11000 $

Bitcoin News Today – Bitcoin (BTC) est actuellement en plein essor comme il l’a fait habituellement au cours des derniers week-ends. Le prix de la monnaie numérique est actuellement supérieur à 11000 dollars, ce qui est un obstacle crucial pour la monnaie numérique.

Bien que cela soit positif pour Bitcoin à court terme, de nombreux analystes craignent toujours que la monnaie numérique fasse l’objet d’un retracement soudain

Un analyste a déclaré que la chute de la monnaie numérique en dessous de 10600 $ sur une période hebdomadaire pourrait déclencher un tel retracement. La marque de 10600 $ est très importante pour BTC, car les prix dans cette fourchette ont marqué trois sommets précédents à des rallyes à moyen terme.

Bitcoin System doit éviter les pertes inférieures au support de 10600 $ sur la période hebdomadaire. Une cassure en dessous de ce niveau pourrait ouvrir la voie à de nouvelles pertes vers la barre des 10 000 $, puis vers la barre des 8 000 $ selon un crypto-trader. Le trader a partagé un graphique qui montre que BTC devrait maintenir le support de 10600 $ à l’avenir pour maintenir son biais haussier. Il a dit:

«Peu importe à quel point les délais sont bons (ou mauvais), la zone de 10,6 000 $ est toujours l’un des domaines les plus importants du graphique. Cette semaine se termine en dessous? Je suppose que le top est en jeu et nous échangerons contre 8 000 $. On ferme au dessus? Je vais fermer les shorts et voir ce qui se passe ensuite.

Bitcoin est toujours baissier à court terme

Sur les perspectives à court terme de la monnaie numérique, le même trader est également baissier, faisant référence à une pression technique claire autour de la barre des 11000 dollars. Concernant la récente action des prix, il a déclaré:

«J’ai fermé le reste de mes annonces pour une moyenne. gain de 150 $, je voulais voir une forte ventilation, ne semble pas que je vais l’obtenir et je serai ce soir, donc je ne peux pas surveiller. Il semble qu’il y aura soit de meilleures opportunités plus tard, soit des opportunités plus sûres plus bas. »

D’autres analystes et traders ont également noté qu’il y a une énorme possibilité que le BTC dépasse dans la fourchette de prix actuelle, car il sert de support historique en août. Par exemple, la série de corrections survenues tout au long du mois dernier s’est terminée entre 11 000 et 11 300 dollars. Si la monnaie numérique ne parvient pas à récupérer ce niveau, cela peut confirmer les attentes d’un retracement baissier vers les plus bas de 10000 $.

Au moment de mettre sous presse, le support principal de la monnaie numérique est proche de 10 600 dollars, avec son support immédiat à 10 900 dollars. Bitcoin a tenté de franchir la barre des 11000 $ à plusieurs reprises au cours des dernières semaines, mais cela a échoué.

DCG’s $ 100 millioner plan for at mindske Kinas dominans inden for Bitcoin-produktion

Barry Silbert sigter mod at genvinde bitcoin-produktion til Amerika (7,24%) fra Kina (65,08%). DCG-datterselskab Foundry har allerede arbejdet med Bitcoin Loophole og MicroBT.

Barry Silbert’s Digital Currency Group er gået ind i minedrift i bitcoin med annonceringen af det nye helejede datterselskab, Foundry

„Minedrift og indsats af digital aktiver giver rygraden i blockchain-teknologien, der vil drive denne udvikling,“ bemærkede Silbert, grundlægger og administrerende direktør for DGC. Virksomheden driver sin egen minedrift og leverer finansiering og udstyr til kryptostarter.

Gennem sit fjerde datterselskab, Foundry , der blev „stille“ dannet i 2019, vil Silbert satse $ 100 millioner på minesektoren. Genesis, Grayscale Investments og CoinDesk er de andre tre datterselskaber af Digital Currency Group.

Mike Colyer, en tidligere leder af Core Scientific, og veteran GE, vil lede virksomheden som administrerende direktør.

Med denne seneste satsning er Silbert på udkig efter at bringe noget af bitcoin- produktionen tilbage til USA fra Kina.

Kina tegner sig for mere end 65% af den globale bitcoin-hashhastighed, mens USA kun tegner sig for lidt over 7%, pr. Datakilde fra University of Cambridge

Silbert mener, at dette er en moden mulighed for nordamerikanske kryptofirmaer til at fange en betydelig del af verdens minedrift.

For billig magt, der er rigeligt i Kina i regntiden , lancerer Foundry operationer i Georgien, Kentucky, North Carolina og upstate New York sammen med British Columbia og Quebec i Canada.

Desuden har virksomheden allerede samarbejdet med Shenzhen-baserede bitcoin-minerproducenter MicroBT og Bitmain mod dette mål. Jordan Chen, COO for MicroBT sagde,

”Støberiets forståelse af minesektoren og DCG’s fulde støtte har gjort det til en nøglepartner i vores ekspansion over Nordamerika i det forgangne ​​år. Vi planlægger at fortsætte samarbejdet med Foundry, da vi fokuserer på at øge vores globale markedsandel. ”

Selvom Silbert bemærker: ”Minearealet er fyldt med slagtekroppe af mislykket minearbejde”, er støberiet klar til succes på grund af de berørte lovgivere og politikgrupper i Washington, DC, om Kina, der dominerer bitcoin-produktionen.

Trump’s voormalige Pro-Bitcoin stafchef heeft nu een Hedge Fund…

Former Trump administration chief of staff Mick Mulvaney, known for his positive attitude towards Bitcoin, is launching a hedge fund.

Former White House Chief of Staff under U.S. President Donald Trump Mick Mulvaney runs a hedge fund. Since 2014, Mulvaney has been recognized as a pro-Bitcoin (BTC) official, encouraging the practical regulation of cryptocurrencies.

The new fund called Exegis Capital was announced during a podcast with S&P Global Market Intelligence. Mulvaney would work together with former Sterling Capital Management portfolio manager Andrew Wessel.
At the „Bitcoin Demo Day“ conference in 2014, Mulvaney said he would like to see the government take the time to regulate Bitcoin.

He said the top cryptocurrency has the potential to become a medium for commerce and a means of payment. Mulvaney said at the time:

„My interest in trying to ensure that the government doesn’t act too quickly in a way that limits the potential for Bitcoin. Because I see the potential for Bitcoin as a medium for trading and as a transactional tool, and I would hate for the government to make early decisions that slow Bitcoin’s growth“.

Since then, he has continuously urged the government to regulate the cryptocurrency market efficiently. When Mulvaney was initially appointed Chief of Staff of the White House, sentiment among the leaders of the cryptocurrency industry was generally positive.

It remains to be seen whether Mulvaney’s enthusiastic attitude towards Bitcoin would cause the fund to become involved in the cryptocurrency market.

In recent weeks, the Bitcoin market has seen a peak in institutional inflow. Recently, Fidelity Investments filed an application with the U.S. Securities and Exchange Commission to manage a Bitcoin fund.

As Cointelegraph reported on 26 August, Fidelity Investments President Peter Jubber filed Form D for a Bitcoin export product with a minimum investment of $100,000.

Earlier, Fidelity said in an article titled „Bitcoin Investment Thesis: An Aspirational Store of Value“ that Bitcoin has the attributes of a store of value. It says so in the newspaper:

„Many investors consider Bitcoin to be an aspiring value store because it has the characteristics of a value store, but as such is not yet widely accepted“.

The growing institutional activity in the Bitcoin Code market naturally increases speculation as to whether more hedge funds would enter the cryptocapital space.

Fund is unlikely to end up in cryptocurrencies in the short term

In the short term, Mulvaney will probably not actively consider Bitcoin and cryptocurrencies due to his ties with the administration.

Although Mulvaney is no longer the White House chief of staff, he remains a special envoy. Given the Trump administration’s negative attitude towards Bitcoin, the likelihood that Exegis Capital would seek exposure to cryptocurrencies remains low, at least for the foreseeable future.