Economic decline of cryptocurrency in China.
Indeed on Tuesday, June 22, China fell below the $30,000 bitcoin mark for the first time, China to order major cryptocurrency miners to cease their activity at the end of June, many businesses close their doors and move to continue their activity elsewhere, according to China cryptocurrency activities pollute and jeopardize non-digital financial trade. Tesla could decide to switch to cryptocurrency for the carbon footprint.
Elon Musk, Tesla’s chief executive, has suggested that Tesla could position itself on bitcoin in order to reduce its carbon footprint. Indeed at the B-Word conference on July 21, 2021 claimed that Tesla would probably reposition itself on Bitcoin, this change could allow a boost to bitcoin and re-increase its value which has sharply decreased since the health crisis.
After a warning from the Japanese authorities, the cryptocurrency exchange is under the sights of the British regulator, it actually has more right to sell these options or futures contract in the country cites the FCA.
The blockchain application is far from being limited to the financial field, cryptocurrencies is not limited to a single sector of activity. This goes from gambling to international money transfers, its uses are diverse and always more and more complex.
The cryptocurrency industry is also growing faster and faster, giving wonderful economic growth opportunities to these owners. Bitcoin has already allowed many people and businesses to grow and evolve, relying primarily on the only source of income exchange. Greater freedom for entrepreneurs.
Cryptocurrency and blockchain technology also allows entrepreneurs around the world to receive international quotes and receive them from any location, this new technology allows for new financial development. In addition, many crypto services facilitate financial transactions, especially with international partners and investors.
The aim is to help and grow small and medium-sized enterprises around the world in order to obtain better financial assistance and more flexible relationship stability between different international companies. With these new fully digitized wallets, an entrepreneur may be able to quickly and efficiently convert these cryptocurrencies into fiat currencies and thanks to this reinvest these profits in their business.
The question is is it for the best?
Well yes, bitcoin and all these other digital currency partners will probably bring international economic growth, one of a rise in financial investment around the world. Thousands or even millions of people will have the opportunity to use, invest, convert, and manage their economy through the cryptocurrency system from any location in the world. Central banks issue their own digital currencies.
In the history of many currencies has marked history as the “pound” or the “dollar”, but this time it is different the scale of the cryptocurrency and the international ease of use favors the use of these digital currencies. In addition, some central banks support these currencies and are thinking about using them in a concrete way.
The appearance and growth of private cryptocurrencies, in a digital universe where the choice of one’s own digital currency would become a global norm, this encourages central banks and states to enter the game so as not to be trapped financially. The MNBC (Digital Currencies of Central Banks) and the CBDC (Central Bank Digital Currency) are currencies that could see the light of day in future years, these digital and private currencies to global banks could see the light of day and be used on a daily basis in the near future.
The reductions in cash exchanges and the growth of exchanges in digital currencies privatized by the many users pushes and encourages many institutions such as the Bank of France to launch their own digital currencies. The Bank of France had announced in December 2019 the creation of a digitalized and non-materialized currency that will be tested by the framework of financial institutions of France.
An indirect effect of cryptocurrency is the development of a true international cryptocurrency industry. The main players that will be mentioned are DeFi (the emergence of Decentralized Finance) with ChainLink, Dai, Aeve or wrapped Bitcoin.
Moreover, there are also positive effects for cryptocurrency and their exchange platform, the fact that cryptocurrency is developing and democratizing at the level of financial transactions should nevertheless be democratized to saving or similar. The main players in this movement are CoinBase, Binance, or its platforms in economic development such as SwissBorg.
In the same way as hardware currencies, are attached to the banking industry, cryptocurrencies are attached to the crypto industry. It will therefore be appropriate to attach to companies with great potential to participate in the massification of cryptocurrencies. Apart from the fact that cryptocurrency could become a global industry, virtual currencies have an advantage of being used anywhere in the world to be able to convert, use and resell them with extraordinary simplicity, especially a very large part of the countries of the world allow the use of different cryptocurrencies.
