On May 16, the Central Bank of Cuba will begin issuing licenses for the use of cryptocurrencies in economic activities. The authorities are going to allow the cryptocurrency because of the consequences of the coronacrisis and US sanctions, which have been destroying the country's economy for 60 years.Cuba is a "passing prize"The first settlements on the island were founded by Spanish colonists in the early 16th century and ruled for almost three centuries. Then the metropolis brought African slaves and began to use the land for sugar cane and tobacco – the "oil" of that time.Cuba received relative freedom only at the end of the 19th century after an uprising of local residents and a long war for independence. Spain lost its influence in the Caribbean region, and the United States took its place. Nominally, the United States developed the economy and industry of Cuba, investing hundreds of millions, and then billions of dollars. In fact, they used it as a semi-colony: troops could enter at any moment, local authorities and production controlled it.Before World War I, about 90% of Cuba's exports were tobacco and sugar. Most of the agricultural territories were given over to them. Products for domestic consumption had to be imported – there were not enough of their own. At the same time, companies from the United States received privileges and imported goods to Cuba without duties.The country's economy suffered severely during the First and Second World Wars: first, the flow of goods from Europe stopped, then pro-American officials banned exports from the Soviet Union. As a result of the crisis, the poor could not get vital things, and the elite lived in comfort and luxury.In 1940, President Fulgencio Batista came to power – later he would be called a puppet of the United States. Under Batista, the capital of Cuba, Havana, became the "Latin American Las Vegas." The business was controlled by American monopolies and mafia clans. Businessmen from the United States owned 90% of the mining industry, 80% of utilities and fuel companies and half of sugar production. Batista received millions in bribes, and America turned a blind eye to numerous crimes: from the organization of brothels to drug and human trafficking.13 years later, a group of revolutionaries led by Fidel Castro rebelled against Batista. Impoverished and intimidated by the authorities, people joined the fight against tyranny. Castro promised to distribute land to peasants, ensure independence from the United States and improve the financial situation of Cubans. The resistance has been active for almost six years. A guerrilla war has begun in Cuba. By 1959, Castro's forces were able to capture the capital, and Batista lost control of the state and fled to the Dominican Republic. At the same time, the former dictator took most of the gold and foreign exchange reserves of the Central Bank of Cuba."Friendship against the USA"The Castro government reformed the economy and nationalized most of the companies owned by Batista supporters. 60% of agricultural land was transferred to peasants, the rest went to the state. The authorities began to control the turnover of currencies and trade. Residents of the United States were forced to pay 100% tax on luxury goods and 25% on minerals.In response, the U.S. government stopped importing oil to Cuba and reduced the sugar trade. An economic war has begun between the countries. Castro continued to nationalize American companies, and the United States imposed an embargo: they stopped trading with the Island of Freedom, and any country that provided assistance to Cuba fell under sanctions.The USSR took advantage of the situation. The Soviets gave the Castro government $100 million in loans at 2.5% per annum. Specialists in geological exploration, builders and the military were brought to Cuba. The USSR provided the new ally with equipment, weapons and agricultural products, and in return received sugar, coffee, minerals and representation in the Caribbean. During the period of active trade with the Union, Cuba's economy grew. In the 80s, the country began to build solar and wind power plants, recycle recyclables. Over 20 years of cooperation, Cuba has turned into an industrial and agrarian power. But its economy continued to depend on its "curse" – cane sugar.At the same time, the United States declared Cuba a "sponsor of terrorism" and tightened the embargo again. However, by this time the diplomats were able to establish trade with Latin American countries. Uruguay, Argentina and Venezuela became new partners."Island of freedom" without UnionCuba's economy began to collapse after 1991. Despite diplomatic ties with Latin American and Caribbean countries, the country was dependent on the Soviet Union and still suffered from US sanctions. When the USSR collapsed, the Castro government had to switch to economy mode: there was nowhere to bring equipment and cheap oil in exchange for local goods. The sugar industry became the basis of the economy again, but tourism began to develop in Cuba in parallel.The United States has adopted additional sanctions. Now foreign companies trading with the "disgraced" country were threatened with restrictions. In Cuba, there was a shortage of food and medicines, interruptions in the supply of fuel and spare parts for equipment. GDP began to decrease. During the three years of the crisis, it has decreased by a third. To compensate for the losses, Cuba was looking for foreign partners and investments. Three free economic zones were organized on the island and part of the trade bans were lifted. The government began to create a socialist economy with elements of market relations. State-owned enterprises have introduced self-financing.The first effect of the reforms in Cuba was felt in 2001. Up to this point, the country's economy was shrinking by an average of 3-7% per year, and after that it began to grow. The country has reduced the state monopoly on foreign trade and began to recognize cooperative, private and mixed forms of ownership. After 2010, the government allowed local entrepreneurs to work and introduced a progressive taxation system. Cuba began to actively trade with countries that were less dependent on America. In particular, Venezuelan President Hugo Chavez supplied up to 53,000 barrels of oil to the island daily, in response Cuba sent teachers, doctors and engineers to the new partner. By 2013, about 100,000 Cubans were working in Venezuela. One of the important sectors for the economy has become "medical internationalism". Local doctors started working all over the world.Hurricanes, COVID and new sanctionsCuba still continues to suffer because of the US blockade. The damage has already exceeded $104 billion. And taking into account the depreciation of the US currency — up to $ 1 trillion. After America imposed sanctions against Venezuela, Cuba's main partner began to have serious problems. They were reflected, among other things, on the Cubans. If earlier it was profitable to work in an oil-rich country, then after the Venezuelan crisis, this market almost closed. In addition, interruptions in oil supplies began.The country's economy was also affected by Hurricanes Dennis and Wilma in 2005, Gustav and Ike in 2008, Sandy in 2012. Each of them disabled infrastructure facilities, destroyed buildings and destroyed crops. The military had to deal with the consequences of natural disasters.Another serious blow was the coronavirus pandemic. Many medical professionals were working abroad when COVID was discovered in Cuba. And local doctors lacked medical equipment: there were many elderly people living in the country who were at risk. Officially, the country has coped with the crisis: it was able to introduce an effective system of protection against coronavirus, developed its own vaccines and started immunization. More than 5 million Cubans have been vaccinated against COVID-19. At the same time, the Cuban economy was in a precarious position: the flow of tourists dried up, and investment declined.Dinner for two for a month's salaryNow the "Island of Freedom" has a single currency – the Cuban peso (CUP). $1 = 23.98 CUP or 70-100 CUP at the "street rate". The authorities ask tourists to exchange American currency for euros in advance – banks do not accept and do not exchange USD.The average salary in Cuba for the last 4 years is about $33-45. At the same time:a kilogram of vegetables, a large loaf of bread or a bottle of water cost $0.5;a dozen eggs – $0.7;a liter of gasoline – $1;payment for communal services – $5-10;unlimited internet – more than $100 per month;dinner for two in a restaurant for tourists – up to $25;economy class car rental - $20;1 sq.m. of housing – from $1,500 to $5,000, in tourist areas – higher.Tourists and journalists who have visited Cuba note that it has become unprofitable to work in local industries. Most people live at the expense of relatives who have gone to work in other countries. It is enough to send $50-100 per month to provide for the family.Cubans themselves believe that the authorities have begun to resemble the "puppet government" of Batista. On the islands, "two parallel Cubes" coexist again: elites and Latin American businessmen live in luxury, and ordinary people are forced to live in shacks or sit on the necks of those who left the "Island of ...
Upcoming events for the week of January 21-25, 2025This week, the economic calendar is relatively calm, and key events are scheduled for Friday, when data on the US PMI and sales in the secondary housing market will be published. These reports may give an idea of the state of the United States economy, but they are unlikely to disperse the volatility of currency pairs. At the same time, the Bank of Japan is expected to raise the interest rate from 0.25% to 0.50%, which is likely to cause significant fluctuations in the exchange rate of the yen and the Nikkei index.The main focus of the market will be on Donald Trump's first actions as president. Although the expected tightening of immigration policy is likely to have a limited impact on the market, any tariff announcements could significantly affect investor sentiment. If his comments hint at a trade war, it could raise concerns about global trade and negatively affect market stability. Traders will closely monitor his statements to determine the possible direction of the market movement.Trading Ideas this week• USD/JPY: it is recommended to consider selling opportunities, especially if the price breaks through the key support level at 155.00, which may pave the way for further decline. Special attention should be paid to the Bank of Japan's decisions, as any rate changes may increase volatility.• Bitcoin: the uptrend is gaining momentum, and bullish sentiment is returning after Trump's inauguration. A possible test of the $110,000 level and above is expected as traders seek new highs. Purchases near key support levels can offer profitable entry points for those who are set for further growth.• Crude Oil: the recent truce between Israel and Gaza, as well as Trump's rise to power, are reducing tensions in the Middle East. The weakening of geopolitical risks, combined with expectations of higher production in the United States, may contribute to lower oil prices. Traders should consider selling when prices rise, focusing on lower levels in the short term.• S&P 500: the index may continue to rise this week, fueled by the beginning of the Trump presidency and his "America First" policy. It is recommended to consider buying on pullbacks, as optimism around Trump's policy may continue to support the ...
EUR/USD: EU GDP is expected to increase in the second quarterDuring the Asian session, the EUR/USD pair shows multidirectional movements, remaining near the 1.0990 level. Trading takes place in conditions of low activity, as investors refrain from opening new positions before the release of important macroeconomic statistics.Analysts predict that in the second quarter, EU gross domestic product (GDP) growth will remain at 0.3%, which should lead to an increase in the annual rate from 0.4% to 0.6%. In Spain, the consumer price index for July fell from 3.4% to 2.8%, which corresponds to the general trend towards slowing inflation in the region and supports the current position of the European Central Bank (ECB) on monetary policy. Earlier, the market's attention was focused on data on business sentiment in the eurozone and Germany from the Center for European Economic Research (ZEW). These data turned out to be weaker than expected: the index for the eurozone fell from 43.7 to 17.9 points, and for Germany — from 41.8 to 19.2 points, which is significantly lower than forecasts.Meanwhile, the US dollar is showing a correction, being at the level of 102.40 in the USDX index. The July producer price index showed an increase of only 0.1%, which is below market expectations, and led to a decrease in the annual rate from 2.7% to 2.2%. The base indicator remained unchanged for the month, but decreased from 3.0% to 2.4% in annual terms, indicating a decrease in the industry's ability to maintain price levels.Resistance levels: 1.1010, 1.1110.Support levels: 1.0970, 1.0880.GBP/USD: annual inflation in Britain fell to 3.3% in JulyThe GBP/USD pair is showing instability, fluctuating around the level of 1.2830. Traders' attention is focused on the latest inflation statistics from the UK for July.The annual core consumer price index fell from 3.5% to 3.3%, despite expectations of 3.4%, while the broader index increased from 2.0% to 2.2%, with a forecast of 2.3%. The monthly value of the indicator fell by 0.2% after the previous 0.1% increase. Meanwhile, the UK labour market is also showing signs of slowing down: annual earnings growth is slowing and the number of vacancies has been declining for 25 months in a row. This reduces the likelihood that the Bank of England will continue to aggressively raise interest rates. Catherine Mann, a member of the Monetary Policy Committee of the Bank of England, expressed concerns about a possible return of inflation to high levels, despite the fact that in June inflation was kept in the target range of 2.0-3.0%. Recall that Mann was one of those who voted to keep the rate at 5.25%, not supporting the majority's decision to reduce it to 5.00% for the first time since the beginning of the COVID-19 pandemic.On the same day, investors also expect inflation data from the United States. The core consumer price index excluding food and energy is projected to decrease from 3.3% to 3.2% in annual terms and rise from 0.1% to 0.2% on a monthly basis. The broader index is expected to fall from 3.0% to 2.9%, but with an increase of 0.2% after the previous decrease of 0.1%. It is important to note that the core producer price index in the United States fell from 3.0% to 2.4% in July, exceeding analysts' expectations.Resistance levels: 1.2860, 1.2900, 1.2948, 1.3000.Support levels: 1.2817, 1.2776, 1.2730, 1.2700.Gold market analysisGold is showing a slight decline, moving away from the recent local highs reached on August 2. Currently, the instrument is testing the 2460.00 level, trying to break it down while market participants are waiting for new factors that can affect the price movement.In addition, gold quotes are supported against the background of increasing geopolitical tensions. There have been reports in the media about a possible Iranian military operation against Israel, which could begin as early as this week. Official Tehran has threatened retaliatory measures for the death of the leader of the political wing of Hamas, Ismail Haniyeh. The alleged attack could negate all cease-fire efforts in the Gaza Strip and significantly expand the scale of the conflict in the Middle East.There is also an uptrend in the market. According to the latest report of the U.S. Commodity Futures Trading Commission (CFTC), last week the number of net speculative positions in gold decreased from 246.6 thousand to 238.7 thousand. Recently, market participants have been actively closing positions in anticipation of a possible correction: the balance of the bulls amounted to 203.726 thousand positions against 18.252 thousand for the bears. Last week, buyers closed 7,882 thousand contracts, while sellers reduced their positions by 4,447 thousand, indicating continuing concerns about further growth.Resistance levels: 2470.00, 2483.64, 2497.67, 2510.00.Support levels: 2450.00, 2431.44, 2415.00, 2400.00.Crude Oil market analysisDuring the Asian session, Brent Crude Oil prices are recovering from yesterday's decline, which did not allow quotes to gain a foothold at new highs reached on July 23. The instrument is currently testing the 80.70 level.Today at 16:30 (GMT+2), the report of the Energy Information Administration of the U.S. Department of Energy (EIA) on the dynamics of oil reserves for the week ended August 9 is expected to be published. Analysts' forecasts indicate a possible decrease in inventories by 2 million barrels, after a decrease of 3.728 million barrels last week. In addition, market participants are analyzing the updated forecasts of the International Energy Agency (IEA). IEA experts have revised their expectations for an increase in global hydrocarbon production in 2024, lowering them by 40 thousand. barrels per day to a total of 102.93 million barrels per day. In 2025, production is expected to increase to 104.88 million barrels per day, while demand in 2024 is projected at 970 thousand barrels per day, which will lead to a total consumption of 103.06 million barrels per day. Among the factors constraining demand growth, the slow recovery of the Chinese economy and the possible weakening of industrial production in the EU countries are mentioned. It is also noted that in the second quarter, fuel demand outside the OECD countries was the lowest since 2020.Resistance levels: 81.00, 82.00, 82.40, 83.14.Support levels: 80.00, 79.00, 77.86, ...
AUD/USD: Australian Dollar declines after May recordsThe AUD/USD currency pair is experiencing a drop, rolling back after yesterday's surge, when new local highs were reached since May 20, despite strengthening based on positive May data on the Australian labor market.The employment rate in Australia increased by 39.7 thousand, continuing to grow after adding 37.4 thousand in April, which significantly exceeds analysts' expectations, which assumed an increase of 30.0 thousand Full-time employment increased by 41.7 thousand, despite the previous decrease of 7.6 thousand, while part-time employment decreased by 2.1 thousand, after an increase of 45.0 thousand in the previous month. The unemployment rate dropped from 4.1% to 4.0%. These impressive figures confirm the Reserve Bank of Australia's (RBA) ability to ease monetary policy further.Meanwhile, the US dollar is stabilizing after the average trading session: The US Federal Reserve, following its last meeting, left the key rate at 5.50%, but left the door open for a rate cut in 2024. New economic forecasts from the Fed show a potential one and a half rate cuts of 25 basis points by the end of this year, although market expectations hint at two such cuts. The latest US inflation data show a reduction in risks, which led to increased confidence among analysts in the possibility of the first rate cut in September. Core inflation, excluding the cost of food and energy resources, showed a slowdown to 3.4% per annum and to 0.2% on a monthly basis.Resistance levels: 0.6667, 0.6679, 0.6700, 0.6725.Support levels: 0.6646, 0.6622, 0.6600, 0.6578.NZD/USD: Federal Reserve System confirmed the rate of 5.5% per annumDuring the Asian trading session, the NZD/USD currency pair is observing a moderate decline, reaching the level of 0.6166, after having recorded highs since January 15 a day earlier. This happened against the background of data on consumer inflation in the United States and the results of the recent Federal Reserve monetary policy meeting.At the last Fed meeting, the rate was kept at 5.5%. However, investors were particularly interested in the revised forecasts for the rate movement, which now show a decrease to 5.13% by the end of 2024, while previous estimates suggested a decrease to 4.60%. By the end of next year, it is expected to decrease to 4.13%, which is higher than the previously expected 3.90%. Current interest rate futures predict an even deeper decline of 46 basis points before the end of the year. At the same time, the May consumer price index showed a decrease from 3.4% to 3.3% in annual terms and from 0.3% to 0% on a monthly basis, while the base index decreased from 3.6% to 3.4%, which is lower than forecasts of 3.5%.Weak national macroeconomic statistics also have a negative impact on the New Zealand dollar: the volume of retail sales carried out using electronic cards fell by 1.6% year-on-year in May after a decrease of 3.8% earlier, and decreased from -0.4% to -1.1% on a monthly basis.Resistance levels: 0.6175, 0.6200, 0.6221, 0.6250.Support levels: 0.6152, 0.6130, 0.6100, 0.6082.Cryptocurrency market overviewThe quotes of the SOL/USD pair continue to weaken, aiming for a support level around 145.00, which has developed since last summer.The opinions of cryptocurrency market analysts differ: some experts suggest that the SEC's positive decision on applications for the creation of spot Ethereum ETFs may contribute to the launch of a similar fund based on Solana, which will support the growth of the value of SOL/USD. At the same time, other experts point to judicial decisions regarding the Coinbase and Kraken exchanges, where the SOL token was classified as a security, which may become an obstacle to its trading, although cases against Solana Labs have not been initiated.During this period, the company is strengthening control over the activities of validators: 30 operators were excluded from the delegation program for violations, having lost the opportunity to receive rewards for participating in the verification of transactions in the blockchain. According to CoinDesk, some bots were used for manipulation on decentralized financial platforms. In March, in the wake of the surge in popularity of meme tokens on Solana, Jito Labs temporarily disabled the mempool to prevent "sandwich attacks", but then activity increased again in private pools. Tim Garcia, who oversees the work with validators at Solana, confirmed that the company will continue to combat abuse by identifying and terminating cooperation with operators involved in unfair practices.Resistance levels: 159.60, 183.40.Support levels: 145.20, 121.00.Oil market overviewBrent Crude Oil prices are experiencing moderate growth, holding near the $82.00 per barrel mark.This increase is supported by forecasts from the International Energy Agency (IEA), according to which global oil demand will reach 103.2 million barrels per day in 2024, which is 1 million barrels more than in 2023. In the following years, the agency expects further growth in demand: up to 104.2 million barrels in 2025 and up to 105.0 million barrels per day in 2026. In parallel, the IEA predicts an increase in capital investments in the development of extractive capacities: after $ 538.0 billion was invested in this area in 2023, it is expected that in 2024 these investments will increase by at least 7%. This is especially true for non-OPEC+ countries, such as the United States.Resistance levels: 82.90, 85.10.Support levels: 81.10, ...
AUD/USD: pair has approached the support zone of 0.6489–0.6447During the Asian trading session, the AUD/USD currency pair is approaching the important support zone of 0.6489–0.6447 against the background of American statistics.Last week was marked by the publication of inflation data in the United States, which contributed to the strengthening of the US dollar in the market. The US consumer price index in March showed a monthly increase of 0.4%, which exceeded analysts' expectations of 0.3%, and the annual index was 3.5%, also higher than the predicted 3.4%. The producer price index increased by 2.1% year-on-year, from the previous 1.6%, although analysts expected an increase to 2.2%, while the monthly index decreased from 0.6% to 0.2%, ahead of forecasts of 0.3%. The core inflation rate rose from 2.1% to 2.4%, while the forecast was 2.3%. These data have increased doubts about the Federal Reserve's willingness to cut the rate by 25 basis points in June.The Australian economy also showed weak results: the number of construction permits issued fell by 1.9% monthly, which is in line with forecasts, while the previous figure was revised from -1.0% to -2.5%.Resistance levels: 0.6629, 0.6657, 0.6859.Support levels: 0.6489, 0.6447, 0.6353, 0.6285.Gold market analysisThe price of gold has stabilized around the level of 2350.00. Last week, gold reached a historic high, rising to the level of 2430.00, however, the bulls failed to hold this position, and many traders decided to realize the accumulated profits.The rise in gold prices continues to be supported by geopolitical instability and forecasts for rate cuts by the world's largest central banks. The European Central Bank is expected to lower interest rates as early as June, while the US Federal Reserve is likely to ease monetary policy later, with the first rate cut of 25 basis points expected in September.The latest macroeconomic data from the United States, published on April 12, increased pressure on the US dollar. The University of Michigan consumer confidence index fell from 79.4 to 77.9 points in April, which was lower than analysts' expectations of 79.0 points. The March import price index increased by 0.4%, accelerating by 0.1% compared to February, and on an annual basis the indicator also increased by 0.4% after a noticeable decrease of 0.8% a month earlier. Today, traders will closely monitor the March retail sales statistics in the United States, growth is expected to slow to 0.3% from February figures. The April index of business activity in the manufacturing sector from the Federal Reserve Bank of New York will also be published, an improvement from -20.9 to -9.0 points is projected.Resistance levels: 2375.00, 2400.00, 2431.44, 2450.00.Support levels: 2353.79, 2336.50, 2320.00, 2300.00.Cryptocurrency market analysisThe price dynamics of bitcoin tried to rise, breaking the 72000.00 level, but by the end of the week it fell sharply, losing about 14.5% of its value due to increased geopolitical tensions in the Middle East.Over the weekend, Iran conducted missile strikes against Israel, which led to investor fears about the possible outbreak of a large-scale military conflict, which, in turn, contributed to the reorientation of investments in defensive assets such as gold and the US dollar. This downward trend affected not only Bitcoin, but also the wide cryptocurrency market, where in a few days there were liquidations of open positions totaling about $2.5 billion. In addition, the pressure on digital assets was influenced by monetary policy, as the chances of continued high interest rates by the US Federal Reserve increased amid renewed inflationary pressures.These events lowered the price of Bitcoin to a six-week low of 60400.00, after which its partial recovery began. Traders are returning to the market, hoping that there will be no further escalation of the Iranian-Israeli conflict, according to representatives of American diplomacy. In this context, a possible resumption of growth of the main cryptocurrency assets, supported by the expectation of an upcoming halving in the Bitcoin network, seems quite likely in the foreseeable future.Resistance levels: 68750.00, 71875.00, 75000.00.Support levels: 62500.00, 59375.00, 56250.00.Crude Oil market analysisAfter rising to 92.42 on Friday, Brent crude oil quotes are experiencing a correction to 89.85 amid reports that the Iranian attack on Sunday caused minimal damage to Israel's infrastructure.Last week, after aggressive statements by Iranian leaders, the price of oil exceeded 92.00, as market participants feared the expansion of the armed conflict beyond the region. On Sunday, more than 300 rockets and drones were fired at Israel, most of which were successfully shot down by the Iron Dome air defense system. Mohammad Bagheri, the head of the General Staff of the Iranian Armed Forces, said that the "True Promise" mission has been completed and no further attacks are planned. According to him, Iran adheres to the principles of the UN Charter and is not interested in escalating the conflict. Against this background, the quotes of Brent Crude Oil moved to a decrease.The geopolitical situation in the Middle East remains difficult, which may lead to high volatility in the oil market in the coming months. Given that Iran is a significant oil producer in OPEC with production of more than 3 million barrels per day, the risks of supply interruption associated with sanctions and potential retaliatory actions by Israel contribute to the fact that the current price decline is rather corrective.Resistance levels: 91.95, 93.79, 96.22.Support levels: 89.10, 87.60, ...
The governor of the Bank of England, Andrew Bailey, said that bitcoin is impractical as a means of payment. While cryptocurrencies are not being calculated massively. But today, large companies not only use blockchain, but also accept crypto as payment:Coca-Cola. In 2020, the corporation's Asia-Pacific division announced that it would allow customers in Australia and New Zealand to buy drinks with bitcoin and other coins. Payment is available through devices that accept digital payments.PayPal is the first payment system to add cryptocurrency for transactions. The company acts as an intermediary: the service will exchange cryptocurrency for ordinary dollars at the internal exchange rate, which already includes the cost of conversion.Visa and Mastercard, following PayPal, thought about the possibility of conducting transactions with cryptocurrencies. The systems focus on stablecoins, which have collateral in the form of real assets.Shopify is a platform for creating online stores. Thanks to the developers, the owners of these stores can accept cryptocurrency.Emirates. The airline from the UAE intends to accept bitcoins as payment. Moreover, Emirates will add its own NFT tokens to the site. This is not the first airline operating with cryptocurrencies. Latvian airBaltic has been selling tickets for the crypt for several years.Balenciaga, Gucci, Tag Heuer are also starting to accept cryptocurrency. Moreover, the new payment method will be available not only online, but also in regular stores using QR codes. And the first major retailer that started accepting the crypt was Overstock.Brazilian developer Gafisa announced that now an apartment can be bought for bitcoins. So the company wants to attract investors from other countries, and the cryptocurrency helps to transfer funds quickly and ...
Speaking at the Bitcoin 2022 conference in Miami, the president of the autonomous region of Madeira, Miguel Albuquerque, made several ambitious statements about the prospects of Bitcoin on the islands."I believe in the future and I believe in Bitcoin," Albuquerque said.He recalled that de facto, Bitcoin is already a legal means of payment on the island, since individuals in Madeira are not subject to capital gains tax when buying and selling bitcoins.The regional corporate tax rate on business on the islands is only 5% — one of the lowest in Europe, which is extremely beneficial for cryptocurrency startups.The President also met with MicroStrategy CEO Michael Taylor. He recommended that he "focus on Bitcoin. Everything else is garbage."Madeira is part of Portugal, which attracts crypto enthusiasts with its zero interest rates on cryptocurrency ...
Sports betting is already one of the most significant parts of online gambling, with many countries legalizing it. Nowadays, many sports betting sites provide players with different events to bet on, such as betting on March Madness, the Super Bowl, the UCL final, etc. Undoubtedly, online sportsbooks have made it easy to start placing bets on sports, but with the introduction of cryptocurrency and bitcoin, betting on sports online has become even better. So, here are six benefits you will enjoy when you participate in sports betting using Bitcoin.Improved SecurityWhen you bet using Bitcoin, you can rest assured that your money is secure and every transaction is safe. Since you do not have to use your bank details or card, you do not have to fear that your financial details will get into the wrong hands. Also, since Bitcoin is built on the blockchain, every transaction is saved, and you can always keep track of your payment. In addition, the blockchain is built with complex algorithms and high-end security techniques making it hard for hackers to get into the system. Betting AnonymouslyAnother benefit of using bitcoin is that you can do so anonymously. The blockchain network lets you send and receive money without sharing your personal information. So, if you want, you can find a fully decentralized sports betting site to join, connect your crypto wallet, and you are good to go. You do not need to provide a name, address, or other information. Once the sports betting site receives your money, you can start betting with your bankroll. Higher Deposit & Withdrawal Limits With bitcoin, you will enjoy a bigger limit. In most cases, sports betting sites have a maximum amount limit that you can deposit or withdraw. But the limit is almost non-existent with bitcoin. You can deposit as high as 5BTC at some crypto-enable sports betting sites. That way, if you are a high roller, you might want to try playing with bitcoin so that you can bet with larger amounts and, if you are lucky enough, withdraw massive amounts without hassle. Little to No Transaction FeesSome sports betting sites require you to pay transaction fees whenever you want to deposit or withdraw. However, most crypto-enabled sports betting sites do not require any transaction fee. You can deposit and withdraw as much as you like without having to pay a dime. That way, you can process large sums in a short time, and you would not lose much to transaction fees and the like. Instant TransactionAnother top benefit of using bitcoin to bet on sports is that the transactions are done instantly. Once you complete the process and enter the correct information, the money will arrive at the intended destination in no time. Unlike fiat transaction that still needs to go through central processing, bitcoin transactions are not subjected to any reviews, and once the money is sent, it is irreversible. Compared to traditional payment options, when you withdraw with bitcoin, you can expect to get your funds within 24 hours. For deposits, within minutes, your account will be fully funded. Bigger BonusesSports betting sites with crypto options offer players more extensive and better bonuses. These bonus offers have changed the way we view the online gambling scene, as the limits are almost non-existent compared to the traditional bonuses we used to get. Moreover, players can now claim the bonuses with a higher deposit limit. So, if it is a match deposit offer, the bonus cash on offer would be more massive than the standard ones. For instance, you can get a 100% match deposit bonus of up to 5BTC, making it over $100,000 in bonus funds. Final NoteBetting with bitcoin is the future of online sports betting, and as crypto is continuously making waves globally, we expect to see more adaptation. As a result, you should start your journey to trying sports betting with bitcoin. If you are lucky enough, you can win big, increasing your bitcoin holdings and, in addition, reducing the risk that comes with the technology. Note that bitcoin is very volatile. If you are not fully aware of how it works, ensure that you learn about the technology before using it to ...