Hong Kong Protesters Withdraw Their Money From The Banks!!!
To kick off the news this week, I am going to share with you four excellent news segments. First up, some fascinating report from the weekend – it looks like Bakkt has confirmed a launch date after getting the green light to go ahead from regulators. Second up, it seems like the Cardano Foundation has just inked a partnership deal with Konfidio ventures. In addition to this, institutional investors are said to be increasing their investment in digital currencies, which can be up to billions of dollars a month. And finally, according to Crypto Slate, looks like protesters in Hong Kong are now withdrawing mass amounts of cash from ATMs and banks, and converting it to US dollars as a form of non-violent protest. Cryptoslate believes that Bitcoin is an ideal instrument that could actually assist people living under financially controlling regimes, and Hong Kong may be our first opportunity to see so. Now, if you find these pieces of news exciting and want to know all about them, please make sure you stay with me until the very end.
The Market Today
Now, lets just quickly see how the crypto market is performing before we get to the news. It looks like we have a market mainly in greens. It’s great to see all the prominent coins increasing in value. Bitcoin is at the top market, earning 1.25% over the weekend. Ethereum and XRP are also growing by a whopping 4.63% and 6.57% respectively.
Bakkt will launch its product in September after receiving green lights from regulators
According to a recent report on The BlockCrypto, after months of delay, the physically-delivered bitcoin futures from Bakkt will launch on September 23 this year. This is definitely great news to hear considering there were a number of setbacks last year. It looks like Bakkt began testing their Bitcoin futures contracts in July, but until now they were unable to launch because of the lack of a Trust License from the New York Department of Financial Services (NYDFS). It’s only until now that the NYDFS has granted Bakkt the license, allowing the company to compliantly build their own custody solution for the futures contracts, called Bakkt Warehouse. Bakkt has also sought regulatory approval from the US Commodity Futures Trading Commission (CFTC) as well. Commenting on the news, Bakkt CEO Kelly Loeffler said:
“Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun. With approval by the New York State Department of Financial Services to create Bakkt Trust Company, a qualified custodian, the Bakkt Warehouse will custody bitcoin for physically delivered futures”.
Cardano Foundation inked a partnership with Konfidio ventures
According to an article on BTC manager, the Cardano Foundation, a blockchain and cryptocurrency organization, will be cooperating with Konfidio, a Berlin blockchain venture studio, to uphold the integration of distributed ledger technology (DLT) into governmental bodies, large corporations, and startups. Now, this partnership has come from a bid to create and promote Cardano (ADA) adoption in Germany. Stated in their announcement, the firms’ aim of the cooperation is to facilitate the real-world application of the Cardano network in a more significant number of sectors, ranging from financial services, logistics, and supply chain, to banking, pharmaceuticals. Also, with this project, they hope to indirectly create jobs for over 60% of Germans, multinational companies, and more.
Institutional investors are increasingly interested in digital currencies
And here we come to the third piece of news. Brian Armstrong, the founder of the digital currency exchange Coinbase, revealed that institutional investors are increasing in crypto, sending Coinbase up to billions of dollars per month. According to the founder, institutional crypto whales are investing $200-$400 million in Coinbase. Back in May this year, Armstrong said that institutions accounted for nearly 60% of all trading volumes on Coinbase Pro, another exchange under the Coinbase firm. They also launched Coinbase Custody in 2018 to support businesses’ that want to accept cryptos, as well as the brokerage service for “retail” customers. In regard to the news, Brian said:
“The institutional space for crypto is going through a period of incredible growth. Many still don’t realize it. Coinbase Custody now has close to 200 institutional customers, onboarding hundreds of millions of dollars in crypto a week. Having a regulated, trusted, custodian in cryptocurrency has been a huge unlock for the industry.”
HongKong turns to Bitcoin to save their money
And for the last information, we would like to share a piece of news on Crypto Slate, which reports that Hong Kong protestors, in the act of non-violence, is now withdrawing mass amounts of cash from ATMs and banks to fight against an extradition bill. Cryptoslate believes that, by peacefully opting-out of local monetary systems, Hong Kong has given Bitcoin the opportunity to shine. For those who are unaware, there are strict financial limitations in this nation. Chinese citizens can only acquire and move at most $50,000 out of the country per year. These kinds of transactions are carefully tracked and recorded by the government. So this is where digital currencies come in. With the use of Bitcoin, citizens can escape financially controlling regimes by buying BTC instead of suffering the predicted currency devaluation or inflation. With its blockchain technology, Bitcoin can be great storage of money and help the holder transfer vast amounts of wealth regardless of the borders.
So what are your thoughts regarding all the news?
Are you excited for Bakkt’s Bitcoin Futures to finally launch this year in September?
Will the cooperation of Cardano and Konfidio boost the adoption of distributed ledger technology?
Are institutional investors jumping on board the digital currency wagon?
And do you think Hong Kong investors should look to Bitcoin?
Please share with us what you are thinking by commenting right below. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you later.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a precarious investment, never invest more money than you can afford to lose.