Bitcoin Rushes To $9,000 As Central Bankers Reveal BTC Shakes Up Payments Industry
The crypto market looks a bit more revived today with the most important coins trading in the green.
Bitcoin struggles below $9,000
This year, Bitcoin was able to surpass the psychological level of $10k more than once, but various factors have then led to the fall in price for the crypto.
These factors include whale selloffs, natural corrections ahead of BTC’s halving which is scheduled for May, the US SEC’s latest decision to deny a new ETF, and the global fears around the new coronavirus.
Central bankers reveal that BTC is shaking up the payments industry
It’s been just revealed that the Bank for International Settlements BIS which is an institution that acts as a bank for central banks, released its latest quarterly report.
This analyzes a few trends in digital securities and payments as well.
The report reveals that by tokenizing securities, which is the process of converting assets to the digital currency, banks, and financial service providers can increase efficiency.
The report reveals the following information:
“Bech, Hancock, Rice and Wadsworth analyze how tokenization – or the digital rendition of assets – could improve the clearing and settlement of securities. ”
The same report continues and explains that “They conclude that tokenization might reduce costs and complexity but does not eliminate the risks associated with one party failing to settle transactions. The success of token-based settlement systems could depend on how well they interact with traditional account-based systems.”
We recommend that you check out the complete report.
Other than this, despite the massive volatility of the crypto market, there have been various optimistic predictions about the price of BTC.
Some of them are the ones claiming that BTC will reach $100k and even more.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.