Cryptocurrencies garnering attention for many reasons
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Investors are increasingly turning their attention to cryptocurrencies, evident from various surveys and stories reported by Pensions & Investments since the start of the year. To read more, go to pionline.com/crypto21.
Orange County eyeing cryptocurrency:Orange County Employees Retirement System, Santa Ana, Calif., is researching blockchain and cryptocurrency, OCERS CIO Molly A. Murphy said at the $19.8 billion pension fund s March 24 investment committee meeting. It s not an investible idea at this point, Ms. Murphy said. But the topic has stayed in everybody s thoughts, she said, noting that Federal Reserve Chairman Jerome Powell had called it a speculative currency in recent congressional testimony, she said.
Early this month, China introduced its first-ever digital currency. Days after that, State Bank of Pakistan (SBP) Governor Dr Reza Baqir told CNN that Pakistan was also actively studying such a prospect.
According to a Wall Street Journal report, China initially issued 750,000 digital yuan to its citizens through a lottery. They can spend these digital yuan online and initially at designated stores using a special app. It is expected that the use of digital yuan will later on become universal with necessary steps taken gradually by China’s central bank.
About 50 central banks from across the world are currently exploring the possibility of introducing their official digital currencies. Among them are the central banks of the United States, United Kingdom, European Union, United Arab Emirates, Saudi Arabia, Israel, Egypt, Indonesia, Japan, Thailand, Hong Kong and, yes, India, too.
Wall Street Remains At Highs As US Economy Shows No Sign Of Weakness
Wall Street dawns with rises and new all-time highs on the Dow Jones and S&P 500 following Wednesday’s mixed close. The indices were lowered after scoring intraday all-time highs, on a day that was marked by the results of JP Morgan, Goldman Sachs and Wells Fargo, but above all by Coinbase’s successful stock debut. However, Federal Reserve Chairman Jerome Powell…
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A Bank of America note says US government debt is not that high when measured correctly.
If you value the US economy like a company, using a discounted cash flow analysis, the debt to GDP ratio is just 0.7%, the lowest since 2004.
The bank cited research by former White House officials Larry Summers and Jason Furman, of Harvard.
The US national debt is measured at over $28 trillion, and for decades, it has been a source of concern and inhibition for lawmakers. The Republican Party tends to cite the runaway federal debt when it is not in possession of the White House, while Presidents Donald Trump and George W. Bush significantly addred to the debt when they held office.