Goldman Sach’s global head of commodities research Jeff Currie says that Bitcoin is a commodity
Jeff Currie thinks that Bitcoin is similar to Gold
Bitcoin price is driving everyone crazy, one of the mysteries around in the world has been who created bitcoin and who actually Is the founder of Bitcoin but another mystery which everyone wants to understand is that what bitcoin actually is, a currency, a commodity or something else?
For long there has been a debate that Bitcoin is a digital currency not issued by Government, so it is not centralized, but another theory suggest that Bitcoin is a commodity like gold and many analysts term Bitcoin as digital gold.
Jeff Currie is Global head of commodities research at Goldman Sach which is one of the biggest Investment Banks in the world, Jeff Currie mentioned in a recent interview at Bloomberg that Bitcoin is actually “a commodity” its like digital gold, he further mentioned that “I don’t know where is so much negativity and hostility against Bitcoin”
Lack of Liquidity driving the volatility
According to Jeff, lack of Liquidity in the Bitcoin market is driving the high volatility of crypto currency, he said “Its still $170 billion market which is nothing as compared to gold with $8.3 trillion gold above ground making it world’s biggest commodity.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share