Bank of England Governor Says Cryptocurrency Transactions Shouldn't Be Anonymous

Bank of England Governor Mark Carney said cryptocurrency transactions are often used for illegal actions  
01 February 2018   1105

According to the Bank of England Governor Mark Carney cryptocurrency is usually used for illegal actions. In his opinion, the use of different cryptocurrencies is mostly illegal, for example, it is often used in money laundering schemes. He believes that it is very important to introduce more transparency into cryptocurrency transactions.

Mark Carney pointed out that he spoke about the concern of international regulators about the use of cryptocurrencies. He expects this topic to be on the agenda at upcoming G20 meetings.

As Bank of England Governor states there are a lot of opportunities for cryptocurrency, for example, it can be integrated into the formal financial system. That is why it is very important to face some decisions about what we should expect from cryptocurrencies in future.

Although Carney did not mention Bank of England’s plans, The Bank of England has been researching cryptocurrencies in order to create its own digital currency. The new currency would be linked to the value of sterling and would allow people to keep their money in the central bank itself, cutting out the need for a retail bank.

In order to increase the country’s GDP, the central bank would have to issue enough digital currency units to equal 30 percent of the current GDP against government bonds. This will allow increasing GDP by about 3%.

Bitcoin May Pass Gold Market Cap, - Novogratz

Mike Novogratz continues to be Bitcoin and cryptocurrency optimist 
25 March 2019   86

The founder of Galaxy Digital, Mike Novogratz, expressed the opinion that over the next 20 years, Bitcoin’s capitalization would “easily” surpass the gold market, currently estimated at $ 7.5 trillion. It is reported by The Daily HODL.

In a conversation with the founder of Morgan Creek Digital, Anthony Pompiano, Novogratz stressed that the inflow of institutional money to the cryptocurrency market is only a matter of time, and major players like Goldman Sachs and the Intercontinental Exchange (ICE) are already mastering a new industry.

I know Goldman for instance is gearing up around securities tokens. They’re not doing anything yet, but they’re getting really ready and looking at all the questions on – where would you store them? Do you have to build your own custody, or can you use someone else’s custody? How to get them to work.

Mike Novogratz

Founder, Galaxy Digital

According to him, the growth potential of Bitcoin is strong and therefore it is advisable for investors to include the first cryptocurrency in their portfolios:

I think the macro case for [Bitcoin] is pretty strong. And so, if you can put a couple percent of your portfolio in, there’s a decent chance it catches wind. Fidelity is just getting set up. Bakkt continues to get delayed a little bit, but it’s not going to be delayed forever. They’re going to be in the game. And there’s lots of other players coming.

Mike Novogratz

Founder, Galaxy Digital

According to him, the volume of the gold market is $ 7.5-8 trillion and in order to outperform this market, the first cryptocurrency needs to grow in price at least 100 times.

Gold’s got an $8 trillion market cap, or a $7.5 trillion market cap. And so, we’re 100x off on that. We’re not going to get there in Bitcoin in the next year or two. But over a 20-year period, could that happen? Easily. Easily. And that’s giving zero optionality to all the other stuff. And so I think it seems like a pretty smart portfolio bet.

Mike Novogratz

Founder, Galaxy Digital

The founder of Galaxy Digital also touched on the topic of bitcoin futures.

The reality is, the CME kicked their butts. And these guys have limited resources on what they’re going to spend their focus, and they decided to spend it elsewhere. Finding leverage in Bitcoin is going to get easier as the architecture in the space gets better. You’re already seeing the lending market around Bitcoin went from 10% to like 3%. So once you can borrow you can short. And so now it’s not so hard to short Bitcoin. It used to be almost impossible to short Bitcoin in 2016… It wasn’t great, but it’s not critical. 

Mike Novogratz

Founder, Galaxy Digital

In February Mike expressed the opinion that, thanks to institutional money, Bitcoin will reach $ 8,000.