Cryptocurrencies and cash payments
The role of crypto money such as Bitcoin, Ethereum continues to increase every year. Several years ago, the number of people who knew about the cryptocurrencies were limited to several thousand. At the moment, information regarding digital currencies is available in multiple languages around the world.
The price of Bitcoin, which is the number one digital currency in terms of market capitalization, and this fact attracts potential investors. Goldman Sachs, which is one of the biggest U.S. banks recommended to buy this digital currency to its clients. According to slides prepared by a technical analysis team, it is a good idea to buy Bitcoin.
The reason is that at the moment the price of Bitcoin makes it easier to invest in this crypto money. In one of the slides analysts from Goldman Sachs mentioned that the short-term target for Bitcoin would be to reach $13,971. However, it is worth mentioning that the investment bank specified that Bitcoin’s should increase to meet the expectations.
Right now price per Bitcoin is $11,336.
Cryptocurrencies versus cash
Several countries are looking into the possibility to create national cryptocurrencies. There are multiple reasons why they want to use crypto money instead of cash payments. For example, the Liberal Party of Australia proposed to make it illegal to use cash when the price is over 10,000 Australian dollars.
According to this draft bill transaction, which will exceed this amount of money should instead use an electronic payment system. Australian Ministry of Finance announced that from starting from January 2020, the government would limit the cash payments.
It is an essential step as this decision will help to reduce the risk of money laundering as well as tax evasion. Also, it will increase the popularity of cryptocurrencies as an alternative to cash payments. Other countries also have plans regarding the crypto money and its role in the local economy.
For instance, Sweden is going to become a cashless economy. In November 2018 central bank of Sweden announced that it would test-launch the Swedish cryptocurrency called e-krona.
The number of investors interested in crypto investing is on the rise. New initiatives in Australia and other countries will make it easier to use cryptocurrencies on a regular basis.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.