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Canada-Based Restaurant Chain Converts Entire Cash Reserves to Bitcoin

Ontario-based Middle Eastern restaurant chain Tahinis has announced the conversion of its entire fiat cash reserves into bitcoin.

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A Canada-based restaurant chain has converted its entire fiat cash reserves into bitcoin. 

According to a series of tweets by Tahinis Restaurants, a chain of Middle Eastern eateries first started in Ontario, the company has decided to convert the entirety of its cash reserves into bitcoin. The chain, which bills itself as the “best middle eastern restaurant in the world,” operates four corporate locations, with three new franchises planned to open in Ontario. 

Tahini’s owner Omar Hamam says he was forced to let a significant number of employees go in March following the onset of the coronavirus pandemic. However, the company was able to keep all of its restaurants cash flow positive. 

Hamam says government assistance programs in Canada have made it difficult to bring back employees, who are making more money “staying at home and not working.” The situation led him to question the value of cash in the current economic system. 

Hamam says he became interested in bitcoin after hearing Warren Buffett famously refer to the asset as “rat poison.” The Tahinis owner called bitcoin a “true free savings technology” for wealth storage while referring the global financial system as a “game of musical chairs.”

He concluded by saying his restaurant had converted all cash reserves to bitcoin, which he called a “much better alternative to saving cash.”

Featured Image Credit: Photo via Pixabay.com

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HKEX Plans to Launch a New Settlement Acceleration Platform

The new smart contract-based solution will improve the efficiency and transparency of stock connect.

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The Hong Kong Exchanges and Clearing Limited (HKEX) introduced a new settlement acceleration platform for its Stock Connect programme to make the post-trade processes efficient for global investors accessing the Mainland China market.

Dubbed ‘HKEX Synapse’, the new platform will be based on DAML smart contracts. The exchange plans to make the post-trade workflows of Stock Connect more efficient and streamlined. The increased capacity and better connectivity will manage the growing volume.

HKEX has partnered with The Depository Trust & Clearing Corporation (DTCC) to link HKEX Synapse to DTCC’s Institutional Trade Processing (ITP) services. The smart contract-based solution will facilitate institutional investors to handle their post-trade operations in a better way at Northbound Stock Connect across different time zones.

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Commenting on the latest announcement, Charles Li, Chief Executive of HKEX, said: “Synapse is our latest Stock Connect innovation and will be of major benefit to global investors when they trade through Northbound Stock Connect. Embracing new technology to further develop our markets is a cornerstone of our strategy and we are delighted to work together with DTCC and Digital Asset on this exciting new enhancement to our landmark mutual access programme with Mainland China.”

Northbound Stock Connect

According to HKEX, the interest of institutional investors in Northbound Stock Connect has grown significantly after the inclusion of China’s A-shares in major global indices. The average daily turnover in the first three quarters of 2020 at Stock Connect increased more than 100% to RMB 90 billion, compared to the same period in 2019. “By deploying DAML smart contracts, HKEX Synapse will be able to simultaneously create settlement instructions and provide status updates to all parties along the settlement chain, facilitating concurrent processing and greatly improving transparency for market participants. HKEX Synapse is an optional platform and is expected to begin testing in 2021 with a group of pilot users, ahead of production deployment targeted for Q1 2022,” the official press release states.

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Japan’s SBI Holdings is launching a Bitcoin lending service

SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin. The service will be available on the digital currency trading platform, SBI VC Trade. SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be […]

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  • SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin.
  • The service will be available on the digital currency trading platform, SBI VC Trade.

SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be rolled out later to include other popularly-traded digital currencies, including Ether (ETH) and Ripple (XRP). The Japanese financial services giant mentioned in the announcement that the crypto lending service will also feature optimal trading opportunities. 

SBI Holdings debuts Bitcoin lending service

According to the announcement today, lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with Bitcoin, the customers can lend out their Bitcoin to the crypto company, which would attract interest for them after the stated lending duration expires. The works are similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as maximum lending quantity.

For a lending period of 84 days, customers will earn 1.0 percent (tax included) annually of the deposited coins annually. As noted earlier, SBI Holdings intends to expand the services to include Ether and Ripple, as well as the types of lending periods, per the announcement. The development is coming after recent reports that a crypto lending platform, Cred, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.

Reliability is a factor

“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page reads. “All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability, so you can use it with confidence.” 

The company further revealed its intentions to introduce more market-suited trading opportunities.

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Max Keiser: Institutions Will Purchase Bitcoin Directly From Miners And Box Out The Public As Price Reaches $1M

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Amid the COVID-19 crisis, economies worldwide have shuddered and governments have been forced to introduce drastic measures to resuscitate the ailing economy. As a result of this uncertainty, bitcoin has become an attractive investment for institutions. The spark that started with MicroStrategy’s jumbo bitcoin purchase morphed to an institutional frenzy around the flagship cryptocurrency.

The increased appetite for bitcoin from institutions comes from its budding image as a digital store of value. As the demand grows, the supply for BTC shrinks. Max Keiser, vocal bitcoin champion and founder of crypto-focused venture capitalist firm Heisenberg Capital, thinks this serious supply pressure will drive the price of bitcoin to $1 million.

Speaking with Express, Keiser noted that bitcoin’s supply is fixed at 900 BTC per day and will be slashed in half again to 450 BTC in 2024. And this is why he’s of the opinion that institutional players will devise ways of purchasing bitcoin directly from the miners, subsequently shutting out the public. This will be accompanied by the incredible price growth to $1,000,000.

Keiser goes on to predict that Generation Zs who purchased bitcoin while it was trading below $100 will be “the new global elite”. “The world order is about to flip”, he added.

The daily demand for bitcoin from leading crypto exchanges currently exceeds the supply minted by miners on a daily basis. To put things into perspective, the daily demand on these trading platforms totals 2,600 BTC, while miners can only produce 900 BTC per day. Keiser described this supply-demand disparity as “amazing”.

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Bitcoin has especially attracted the attention of multi-billion-dollar corporations and billionaires this year. Besides MicroStrategy, Square and Stone Ridge also allocated significant portions of their idle cash reserves to bitcoin, while PayPal recently launched a crypto service that allows users to buy, hold, and sell bitcoin and other cryptocurrencies. Interestingly, according to Pantera Capital’s Dan Morehead, PayPal and Square’s Cash App are buying more than 100% of newly-minted bitcoins.

And there are also renowned investors putting their money into bitcoin including Paul Tudor Jones and Stan Druckenmiller. Celebrities like Game of Thrones actress Maisie Williams have also come out as BTC HODLers.

As more institutions and billionaires come to the bitcoin space, the supply scarcity will intensify. The only way supply and demand counterbalance are at a higher price.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/max-keiser-institutions-will-purchase-bitcoin-directly-from-miners-and-box-out-the-public-as-price-reaches-1m/

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