Bitcoin is on its way to becoming a mainstream payment method. File
Gulf Today Report
Bitcoin traded at $33,365 in Asia on Monday, as investors forecast it as the upcoming mainstream asset.
Since mid-March, bitcoin has surged to about 800%. Its supply is capped at 21 million, making investors see it as a shield against inflation as governments keep injecting stimulus into the economy.
Speaking on the most recent gain of the cryptocurrency, Bank of Singapore analyst Moh Siong Sim said: "some of it is reflecting the fear of a weaker dollar."
"It seems like people are preferring bitcoin as an expression of concern over currency debasement, relative to gold,” he added.
Bitcoin is also on its way to becoming a mainstream payment method with PayPal accepting cryptocurrencies.
SHANGHAI/HONG KONG: China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.
China’s most powerful regulators on Friday intensified the country’s crackdown on cryptocurrency with a blanket ban on all crypto transactions and mining,
World shares dipped on Friday as investors awaited progress towards more US fiscal stimulus, while the dollar was set for a weekly loss and cryptocurrency Bitcoin hit a record high.
The Pearl Initiative, a non-profit organisation focused on promoting a corporate culture of accountability and transparency in the Gulf region,
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More than 40 ministers and 120 leading energy industry executives from across the world, will come together in Abu Dhabi for ADIPEC 2023, where they will demonstrate progress,