china | Biz Builder Mike

BTIG Goes Ultra Bullish ON Bitcoin, Targets $50,000 for 2021

December 1, 2020 by bizbuildermike

Strategists at BTIG are convinced that Bitcoin has finally “come off age” and will be making an upward price movement in the future. Now, they are setting a $50,000 price target on the premier cryptocurrency by the end of 2021.

Bitcoin’s journey to the moon

Bitcoin has been reaching new highs towards the end of the year. According to Coin Metrics, the cryptocurrency topped its 2017 highs of $19,000. The price movement of the coin has constantly gone northward. After it reached the $19,000-mark last week, it took a small backward tilt to $17,000 before eventually reaching highs over the weekend.

However, the 2020 bull market is very different from the 2017 market. The 2017 bull market was a result of frenzied trading as the crypto asset grew into a bubble that eventually popped in 2018. However, this time, the price rise is fueled by increased investments in the cryptocurrency from institutional investors. Moreover, governments and major investors, especially in China, are also showing more interest in the digital coin.

Other bullish predictions

BTIG is not the only bullish prediction in the cryptocurrency space. Other analysts are also giving their bullish predictions about the cryptocurrency for 2021. Citibank analyst Tom Fitzpatrick has an even more mind-boggling view. He recently wrote a note in which he detailed how Bitcoin could hit $318,000 by the end of 2021.

Most predictions are taking better crypto adoption as one of the primary reasons behind this goal. The growing number of crypto transactions on Square and PayPal’s interest in digital currencies is showing a real-world use case for Bitcoin which will make it a part of everyday life. Fitzpatrick also suggests that looking at the movement of Bitcoin between 2010 and 2011, it is possible that the same trajectory repeats in 2021 as well. The impact of the coronavirus and the actions taken by the US Federal Reserve will play an important role in this.

BTIG Goes Ultra Bullish ON Bitcoin, Targets $50,000 for 2021

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In a Sign of the Importance of Fintech, Switzerland Finance Minister Ueli Maurer to Address Singapore Fintech Festival

November 28, 2020 by bizbuildermike

Switzerland has emerged as a Fintech friendly jurisdiction and home to many blockchain-focused financial services firms. The country has long been an important banking center and the Swiss government is keen to maintain its status in a world that is going through a digital transformation.

In a sign of the importance of Fintech, Switzerland Finance Minister (Federal Department of Finance) Ueli Maurer will lead the Swiss participation in the forthcoming Singapore Fintech Festival, sponsored by the Monetary Authority of Singapore, that is scheduled to take place next month.

Switzerland Global Enterprise (S-GE) and the Swiss Business Hub ASEAN say that Asia remains an important market for the organization’s clients, internationally oriented Swiss SMEs. S-GE is the official Swiss organization for export and investment promotion supporting Swiss SMEs in their international business and helps innovative foreign companies to settle in Switzerland.

A Swiss delegation will again be present at this year’s Singapore Fintech Festival 2020 with a digital Swiss Pavilion. The goal of S-GE is to enable Swiss and Lichtenstein SMEs to realize their international business potential in new and existing markets. Singapore is, of course, a top Asian Fintech hub.

Maurer will lead the Swiss participation with a keynote speech titled “Fintech, Sustainable Finance and Innovation” followed by a panel discussion on the strengths of the Swiss financial center that includes the participation of: Thomas Gottstein, CEO Credit Suisse Group AG; M Ralph Hamers, CEO UBS AG, and Herbert J. Scheidt, President of the Swiss Bankers Association presenting their views. This session will be telecast “live” from the SIX Convention Point in Zurich on 7 December (5 pm SGT).

Registration for the Swiss satellite event can be completed here and is free to the public.

According to S-GE, seven Swiss Fintech companies will highlight their strengths in financial services technologies including regulation technology (Regtech), blockchain solutions, big data and analytics, algorithm trading and cybersecurity. The event presents an opportunity for Swiss Fintechs and their interested stakeholders in Asia to connect and build business linkages in a seamless manner.

The Swiss Fintech industry is said to be highly interested in Singapore, which is seen as a gateway into Asia. Interest in garnering a greater presence in Singapore arises from the Switzerland’s Fintech cooperation framework and agreements with ASEAN, China, India, Japan, and South Korea.

H.E. Fabrice Filliez, Ambassador of Switzerland to Singapore, says:

“The participation of the Swiss Pavilion at the annual Singapore Fintech Festival is an anchor initiative. In 2020, the participating companies will reflect the robustness of the Swiss finance ecosystem, paving the way for collaborations and partnerships in co-innovation and fresh ventures. With Singapore being Switzerland’s most important trading partner in Asia, Swiss fintech companies view the republic as an important gateway to the wider Asian economic region.”

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Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

November 27, 2020 by bizbuildermike

China’s vision for trade and economic development is part of what caused the government to turn bullish on blockchain and a potential Central Bank Digital Currency (CBDC).

However, the Xi administration now seems poised to apply the same technology to one of its most ambitious projects – the Belt and Road initiative.

Strengthening Trade in the Asia-Pacific

Earlier this week, President Xi Jinping told representatives from several top Asian economies to join it in developing the “digital Silk Road.”

According to a report from the South China Morning Post (SCMP), the president made the speech at the China-ASEAN Expo in Nanning. He highlighted that Beijing takes the ASEAN countries seriously and hopes to partner on a more fruitful economic future.

In a recorded message, Xi assured the Asian leaders that as the only high-performing economy in the 10-country economic bloc, China will continue opening up to them. With everyone looking to build their economies following the coronavirus pandemic, Xi assured help with trade.

“China will unswervingly expand its opening up to the outside world, enhancing its domestic and international economic linkages, and driving the world’s common recovery through its recovery, from which all countries in the world, including Asean, will benefit. Looking to the future, there will be even more room for cooperation between China and Asean,” the president said.

A Set of Ambitious, Controversial Projects

The speech appeared to have mentioned China’s ambitious Belt and Road initiative, which began in 2013. The project is described by many as the 21st century Silk Road, mirroring the old trade routes that traversed much of the developed world.

China’s Belt and Road Initiative reportedly plans to connect trade routes in Africa, Asia, and Europe. The project consists of a “belt” of overland corridors and a “road” of shipping lanes. It includes over 70 countries, all accounting for about half of the world’s population and 25 percent of global GDP.

Estimates from Morgan Stanley show that the initiative could cost over $1 trillion. The Chinese government has reportedly invested over $210 billion into it already, with most of the money being spent in Asia.

Although Xi didn’t highlight what the “digital Silk Road” meant, China has been bullish on technological innovations for trade in the past few years. Part of that has been its fixation on the blockchain, with patents related to the technology exploding. A report highlighted that Chinese companies have applied for 4,435 blockchain patents since the government endorsed the technology.

The government has also made significant progress with its digital yuan, with some believing that the asset could launch in 2022. Like the BRI, the digital yuan has also been the subject of significant controversy. Some think that it will challenge the dollar’s status as the global reserve currency, essentially making China the world’s sole superpower.

Chinese President Encourages ASEAN Countries to Join the ‘Digital Silk Road’

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