Cryptocurrencies versus cash
Digital currencies such as Bitcoin, Litecoin, and others become more popular every year. A couple of years ago, most of the people had minimal knowledge regarding the cryptocurrencies. However, nowadays, information about crypto money is available in every corner of the world.
Bitcoin is the most famous and at the same time, the most prominent digital currency in terms of market capitalization. Analysts from Goldman Sachs’ technical analysis team prepared the slides about this cryptocurrency. They explained in these slides why it is an excellent time to buy Bitcoin.
The primary reason was that the price of Bitcoin was lower than several days ago. Analysts also mentioned that the short-term target for Bitcoin would be to reach $13,971.
Yesterday the price per Bitcoin was $11,336.
Cryptocurrencies and the global economy
Several countries showed interest in cryptocurrencies. There are multiple reasons why they want to use crypto money instead of cash payments. For example, Australian politicians proposed to make it illegal to use cash when the price is over 10,000 Australian dollars.
Based on this draft bill, any transaction that would exceed this amount of money should instead use an electronic payment system. Australian authorities said that from starting from 2020, the government would limit the cash payments.
Thanks to such decisions, the risk of money laundering as well as other illegal activities, would decrease in the future. It is essential to mention that more and more people use cryptocurrencies instead of cash payments. Australia is not alone as other countries also have similar plans regarding the crypto money.
For example, in November 2018 central bank of Sweden announced that it would test-launch the Swedish cryptocurrency called e-krona.
The number of people who are willing to invest in digital currencies continues to increase every year. New initiatives in Australia and other countries makes 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. Subscribe now and receive FREE updates on the market today!