Elon Musk tweeted yesterday that Tesla will keep every bitcoin it receives from paying customers (instead of converting that BTC to fiat).
The majority of affluent, industrialized Western governments are unlikely to ever include bitcoin in their budgets. The final complication is that governments still retain foreign asset reserves.
Although bitcoin is a relatively inexpensive way to transfer vast quantities of money, James Angel, a Georgetown University McDonough School of Business global financial markets specialist, claims governments have caught on to the “technological revolution” and will soon launch their own stablecoin-like central bank digital currencies (CBDCs like the Digital Dollar Project).
Another expert believes that this is mostly a vanity project. It’s a potential option where you’ll have a strong blockchain that someone can find a use for,” Angel explained. When lenders avoid lending because it becomes too costly to accept dollars or pound sterling, gold becomes a backstop.
Nations like North Korea and Venezuela view cryptocurrency as a way to evade sanctions, much like the way bitcoin has become a dominant medium of transaction on the dark web (after credit cards, of course). Rogue states likely already hold some bitcoin somewhat similarly how Tesla, Square or MicroStrategy does, but not in the same way.
Paper money is a relatively new innovation in the history of money, a departure from centuries of commerce conducted in the yellow metal.
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NYDIG, a leading provider of technology and investment solutions for Bitcoin, today announced that, effective immediately, the total expense ratio for its models that provide passive access to Bitcoin will be reduced to 0.30% of net asset value per year.
The new pricing is effective for both current and future private and public funds controlled by NYDIG, and it is the firm’s third fee cut in the last year.
Furthermore, as the benefits of bitcoin as sound money become more widely recognized, it is believed that it will only be a matter of time before the market cap of bitcoin surpasses that of gold, so it is fittingly symbolic that NYDIG has now made the total cost of bitcoin access 25% lower than the total cost of gold access.
While some funds can pass these costs through and hide the true cost of ownership behind lower “headline” management fees, NYDIG remains the market leader in providing the most straightforward, convenient, and safe bitcoin access at the lowest total cost.
This lower cost would be available to all fund platform partners, including Morgan Stanley’s wealth management platform, according to the company.
NYDIG’s current pricing structure is 50-75 percent less expensive than equivalent passive bitcoin access products on the market, and, more importantly, 0.30 percent reflects the fund’s true total cost ratio, which includes a Big-4 audit as well as legal, storage, and accounting fees.
Financial advisers, registered investment advisors (RIAs), and broker-dealer platforms all fall under this category. Insurers, banks, companies, and institutions use NYDIG’s Bitcoin investment and technology solutions.
Sources: The Node, Yahoo Finance, PR Newswire
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
