A lot of ink has been spilt over Bitcoin’s halving, with crypto luminaries the world over taking sides on how much it will affect the token’s price. Will it push Bitcoin higher or does its anticipatory nature necessitate much has been priced in?
To Zhao Changpeng, chief executive of Binance Holdings, the world’s largest spot crypto exchange by volume, it’s a no-brainer. “The halving should be very positive for the crypto industry,” said Mr Zhao in an interview from Singapore, citing historical precedent.
The halving, a periodic event that reduces the rewards miners receive, took place on Monday, according to Binance. But it might impact Bitcoin’s price in other ways, says Mr Zhao. Miners may also be more willing to hold on to their Bitcoin for longer in lieu of selling at prices below their break-even costs.
“There’s a psychological effect, which also pushes the price up, but fundamentally I believe supply is limited, but demand is increasing exponentially,” he said.
On how the coronavirus has affected the company, Mr Zhao says the company has seen a large increase in activity both in trading volume and, as a result, in income, over the past few months.
Though the coronavirus outbreak has affected large swathes of the global economy, crypto exchanges have been somewhat insulated. Investors can still trade from home, he said. It’s allowed Binance to continue rolling out products and the company has plans to expand its workforce.
In fact, a number of crypto exchanges have announced similar plans recently. Businesses that don’t require a physical presence – though they may account for a smaller fraction of the economy – might be doing better than before, says Mr Zhao. In addition, quantitative easing has spurred more interest in digital assets. “We just have a lot of work and we need to hire people,” he said. “Right now is a good time to hire.”
On how the outbreak has altered his day-to-day life, Mr Zhao said: “For me, there’s actually very minimal change." Among the biggest adjustments has been a reduction in conferences and travel. But Mr Zhao, who called himself an introvert, said he could stay at home for a week “and it’s OK". Binance did, however, have to delay plans for at least one conference thus far.
Stablecoins occupy an interesting middle ground in the crypto universe, with Tether being among the most prominent. But Tether’s lack of transparency could be seen as a potential risk, said Mr Zhao. There are other options, including some of Binance’s stablecoins, though he doesn’t view them as being in competition with one another. “The more stablecoins there are, the better it is for this industry,” he said. “We just want to provide more choices.”
Mr Zhao shares a similar view on China’s recent digital currency efforts. “I don’t view it as a competitor at all – there can only be positive things that happen because it’s an additional choice for people to use,” he said.
Last month, China’s central bank gave the green light for some commercial lenders to run trials of its digital currency, bringing it a step closer to becoming the world’s first major monetary authority to issue its own digital tender.
“As long as there is a currency that offers a very high degree of freedom, that allows people to transact globally, that’s really cheap to use and very safe – we care about those fundamental things,” he said. “If another coin does that, I think it benefits all of our societies and that’s a very positive thing for the industry.”
More from Janine di Giovanni
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
ZAYED SUSTAINABILITY PRIZE
COMPANY%20PROFILE
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Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
SPECS
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About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
