Wall Street asks if bitcoin can ever replace the dollar brisbanetimes.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from brisbanetimes.com.au Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Treasury yields edged higher Monday as investors prepared for a key Federal Reserve meeting later in the week. Stocks were mixed in thin trading. Ten-year Treasury yields inched up to around 1.46% after hitting three-month lows on Thursday and notching their biggest weekly slide since December last week. Stocks saw modest gains in Japan and a drop in South Korea. Trading volumes were light with a number of holidays in the region including in Australia, China and Hong Kong. U.S. futures were little changed after stocks staged a late rally Friday, closing at another record after a choppy day of trading. The dollar was steady against Group-of-10 peers during early Asia trading in the wake of a Group-of-Seven leadership meeting that emphasized unity. With Treasury yields trending downward, investors are anticipating the Fed will reaffirm that its ultra-loose policy remains appropriate, and that it’s too soon to start even contemplating tapering bond purchases. Still, offici
Jun 14, 2021
El Salvador’s bold move to accept Bitcoin as legal tender has Wall Street once again wondering whether a cryptocurrency could really ever replace the old-school dollar.
It’s a question that had appeared, at least to some, to already be nearly answered, after a handful of trailblazing companies including Tesla Inc., MicroStrategy Inc. and Square Inc. incorporated bitcoins into their balance sheets without igniting a broader corporate revolution. Now, the focus is turning to governments.
El Salvador, which started using the U.S dollar as its currency more than 20 years ago, last week became the first country in the world to pass legislation allowing use of bitcoins in any transaction. President Nayib Bukele says the point is to counter the fact that relatively few citizens have bank accounts and to cut the cost of sending remittances, such as money workers ship back to their families in El Salvador from other countries.