Friday, 2nd November 2018: Read more to know how cryptocurrencies could save us from a global recession, Morgan Stanley considers Bitcoin an institutional asset and TUSD's successor - the USDS.
Saving the economy: The case for Crypto
In a surprising turn of events, ex-bitcoin skeptic and US Senator Ron Paul seems suddenly in favor of virtual currencies.
Recently, on his personal blog “Liberty Report” Paul suggested that the manipulation of interest rates by Central Bankers will lead to the next Great Recession. Paul suggests that this manipulation causes the common man to misread market conditions and misplace/use their money.
To this end, Paul predicts that the next Great Recession will come soon, and will be the end of fiat currencies. The only way to offset this - abolish the capital gains tax on crypto-assets to raise adoption of cryptocurrencies and (hopefully) dodge the oncoming crisis.
In a recent report dated October 31, global banking giant Morgan Stanley made several announcements as part of their "Bitcoin Decrypted: A Brief Teach-In and Implications," paper bringing great news for cryptocurrency enthusiasts.
Morgan Stanley stated that Bitcoin was widely revered as a usable digital cash in institutional investment circles and that these investors now have “full confidence” in the Bitcoin.
The report also claims that cryptocurrencies, especially the pioneering Bitcoins have been institutional class assets for over a year now. Another revelation that showed itself in this paper was that stablecoins have a very bright future - for obvious reasons.
The future of the USD?
In the midst of the TUSD (Tether) melt-down, a new USD backed Stablecoin, the StableUSD has announced itself in the crypto-sphere.
The failures of the TUSD gave Stably (the StableUSD’s parent company) their niche. Last month, the TUSD lost its market parity with the USD, and along with it, the faith of its customers. The USDS (StableUSD) will ensure zero loss of value by integrating their escrow accounts onto the Ethereum blockchain and running them on smart contracts.
Another feature of the USDS is the escrow account that contains the fiat currency will be available to view live 24/7 to holders of the USDS.
Bitcoin wins everywhere!
On the small island nation of New Zealand, cryptocurrency savings and trading platform, Vimba have just acquired a $330,000 grant from the Government.
Vimba plans to use its grant to promote technological innovation that will make it possible to transfer little amounts of bitcoins to hundreds of thousands of customers in one fell swoop.
Vimba also plans to expand into the UK market soon. Another success for cryptocurrencies!