World’s Most Valuable Banknote is Enough to buy 1 Bitcoin

The world’s most valuable banknote belongs to Brunei, one of the most centralized countries in the world and has one of the richest men alive printed on it
06 June 2018   1301

At press time Brunei’s B$10,000 count is equal roughly to $7,584. According to Bitcoin price Index, it is trading at about $7,700 after surging from about $7,611 in the last 24-hour period. There is a portrait of Sultan Hassanal Bolkiah on the bill, and it was issued in 2006. Sultan Hassanal Bolkiah, one of the last absolute monarchs, is known as one of the richest men in the world, as reports suggest he is worth over $20 billion, thanks to the country’s vast oil and gas fields, which account for nearly all of its economy.

Brunei has less than half a million residents, and recently adopted strict Islamic sharia law, which drew criticism from different international rights groups. Last year in December the country’s central bank warned the citizens against cryptocurrencies. 

The Brunei dollar’s value corresponds to the Singaporean dollar. Singapore also had its own S$10,000, but, as reported earlier, discontinued it. High-denomination notes are being retired throughout the world, as these reportedly make it easier to conduct terrorism financing, money laundering, tax evasion and other illicit activities.

As reported in an article by International Monetary Fund (IMF), a briefcase with $100 bills would be 70% full, when a briefcase with Brunei’s largest note would only be 1,5% full. The article puts forward the supposition that being easy to transport makes these notes perfect for criminals. A resembling argument was also used in the past against the cryptocurrencies.

Bakkt to Start BTC Deliverable Futures Testing

As expected, the full fledged launch of the platform is expected before the end of 3rd quarter
22 July 2019   148

Today, on July 22, the start of testing of Bitcoin deliverable futures, previously announced by Bakkt, is expected, and the full launch of the platform should take place before the end of the third quarter. Even though Bakkt operator Intercontinental Exchange (ICE) postponed the launch date several times, investor interest seems to remain at a high level.

This opinion was expressed, in particular, by Sam Doctor, a strategist at Fundstrat Global Advisors, a New York-based company, at the Bakkt Digital Asset Summit last week.

According to him, one can say that a critical mass of institutional investors that are ready to enter the market on the day of the launch of Bakkt, has already accumulated since the product that Bakkt is going to offer will become the first regulated instrument of its kind in the United States.

Earlier COO Bakkt Adam White expressed the conviction that the launch of Bitcoin delivery futures would set new standards for the cryptocurrency market as a whole. Noting that the start of the platform testing will take place only two days after the 50th anniversary of the landing of the first man on the moon will be celebrated, he said that “it will not be a small step.”

Returning to the event last week, a large number of investors and representatives of regulatory agencies took part in it. So, Sam Doctor notes the speech of Blocktower investment director Ari Paul, who said that cryptocurrency would be widely spread among retail consumers when it becomes as comfortable and safe to use them as PayPal, for example.

Ari Paul is also convinced that large financial institutions should not ignore digital assets, given the low level of their correlation with traditional markets and the ability to skyrocket in value.

The main advantages of cryptocurrency Ari Paul called their protection from inflation and seizure by third parties, while he also suggested that over the next ten years, some states may close their borders and not let people physically to prevent the outflow of capital through cryptocurrencies.

Recall that at Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the mechanism for securing these contracts, according to representatives of the platform, will meet the standards of the traditional derivatives market.

Also, the company will allocate $ 35 million to cover the transactions that will pass through its clearinghouse. It is also known that Bakkt was negotiating with the New York State Department of Financial Services for the status of a trusted company and the opportunity to work as a qualified custodian of digital assets.