Weekend Review: Crypto Enthusiasts Cheer the New JPM Coin
February 18, 2019 9:41 am
Over the weekend, investors continued to focus on the cryptocurrency world. On Friday, it was reported that JP Morgan was preparing to launch a cryptocurrency that will help it in foreign transfers. Each coin of JPM Coin will be valued at one dollar, which makes it a stablecoin. This was a big news for cryptocurrency enthusiasts because of the size of JP Morgan. The company has more than $2.6 trillion in assets, more than $109 billion in annual revenue, and more than $300 billion in market capitalization. It is also one of the largest banks in the world and on a daily basis, it transacts more than $6 trillion. The JPM Coin may help the bank reduce the wait time of funds transfer from a few days to minutes. Today, the large foreign transfers are usually done using Swift, the organization founded by banks from around the world. For this reason, ordinary people may not even interact with the coin. After the report of the coin, the price of Bitcoin and other cryptocurrencies jumped sharply.
Over the weekend, heads of governments met in Munich for the Munich Security Conference. The United States was represented by Mike Pence and other leaders. A number of democrats, like Joe Biden were also in attendance. In the meeting, Pence talked about the vision of Donald Trump on America First. He also talked about the need to counter Iran. The US administration announced that it would leave the Iran nuclear deal in 2018. Since then, the European Union has continued to support the deal. Iran also continues to export crude oil since the US gave many exceptions.
In the United States, the political divide continued this weekend after Donald Trump declared emergency on Friday. His decision came after he signed the government spending package passed by Democrats and Republicans. The bill gave him less than $2 billion to fund the wall. To cover the rest of the costs, the president declared a state of emergency that will allow him to get funds from the military to fund the wall. This decision has been condemned by both democrats and republicans. Democrats have vowed to challenge it in court. Republicans on the other hand are worried that a democrat president will use the strategy to fund issues they find being unpopular.
Investors continued to worry about US debt. Last week, the national debt reached more than $22 trillion. This is a bigger number than the entire GDP, which currently stands at more than $19 billion. The debt almost doubled under the Obama administration. It has continued to go up under Trump, who has increased spending while stifling income through the tax cuts. There are divergent views on the US debt. While some economists see it as a red flag, others see it as being sustainable. They point to Japan, which has a debt-to-GDP ratio of more than 200%.
Over the weekend, investors
continued to focus on the cryptocurrency world. On Friday, it was reported that
JP Morgan was preparing to launch a cryptocurrency that will help it in foreign
transfers. Each coin of JPM Coin will be valued at one dollar, which makes it a
stablecoin. This was a big news for cryptocurrency enthusiasts because of the
size of JP Morgan. The company has more than $2.6 trillion in assets, more than
$109 billion in annual revenue, and more than $300 billion in market
capitalization. It is also one of the largest banks in the world and on a daily
basis, it transacts more than $6 trillion. The JPM Coin may help the bank
reduce the wait time of funds transfer from a few days to minutes. Today, the
large foreign transfers are usually done using Swift, the organization founded
by banks from around the world. For this reason, ordinary people may not even
interact with the coin. After the report of the coin, the price of Bitcoin and
other cryptocurrencies jumped sharply.
Over the weekend, heads of
governments met in Munich for the Munich Security Conference. The United States
was represented by Mike Pence and other leaders. A number of democrats, like
Joe Biden were also in attendance. In the meeting, Pence talked about the
vision of Donald Trump on America First. He also talked about the need to
counter Iran. The US administration announced that it would leave the Iran
nuclear deal in 2018. Since then, the European Union has continued to support
the deal. Iran also continues to export crude oil since the US gave many
exceptions.
In the United States, the political
divide continued this weekend after Donald Trump declared emergency on Friday.
His decision came after he signed the government spending package passed by
Democrats and Republicans. The bill gave him less than $2 billion to fund the
wall. To cover the rest of the costs, the president declared a state of
emergency that will allow him to get funds from the military to fund the wall.
This decision has been condemned by both democrats and republicans. Democrats
have vowed to challenge it in court. Republicans on the other hand are worried
that a democrat president will use the strategy to fund issues they find being
unpopular.
Investors continued to worry
about US debt. Last week, the national debt reached more than $22 trillion.
This is a bigger number than the entire GDP, which currently stands at more
than $19 billion. The debt almost doubled under the Obama administration. It
has continued to go up under Trump, who has increased spending while stifling
income through the tax cuts. There are divergent views on the US debt. While
some economists see it as a red flag, others see it as being sustainable. They
point to Japan, which has a debt-to-GDP ratio of more than 200%.
The post Weekend Review: Crypto Enthusiasts Cheer the New JPM Coin appeared first on Forex.Info.
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