CEO of Standard Chartered Predicts Inevitable Adoption of Bitcoin and Other Digital Currencies

CEO of Standard Chartered Predicts Inevitable Adoption of Bitcoin and Other Digital Currencies

The Chief Executive Officer of Standard Chartered, Bill Winters, has affirmed his belief that widespread adoption of Bitcoin (BTC) and other digital assets (existing and yet to be made) are an “absolute inevitability.”

According to a recent news report, the CEO asserted that there’s a “whole new world opening.” He added that the creation and launch of new digital currencies will be championed by both the private sector and government-backed organizations.

In this year’s edition of the FinTech Festival in Singapore (which held virtually), Winters alluded to the fact that the banking giant was going to announce further undertakings along the lines of digital currency creation soon. He also noted that rollout is occurring due to the cryptocurrency sector’s rapid development.

Winters went on to say that one interesting development would be having digital currencies that are dissimilar from other currencies but are designed to cover either a superset or a subset. He also noted that digital assets could be created for certain projects, such as trading in the voluntary carbon market.

The CEO’s assertions come amid several positive events for digital currencies, igniting additional interest and adoption in the asset class. It was recently reported that the Chinese online retailer JD.com announced that its users would be able to make purchases on the platform using the digital yuan.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 7

Bitcoin remains stuck in a directionless fit through the trading session on Monday. The benchmark cryptocurrency continues to trade in a consolidation range between $19,500 and $18,500. However, it appears that there’s powerful support at the $18,870 area, which could serve as a bounce for the benchmark cryptocurrency to the upper-$19,000 area once again.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,870, $18,500, and $18,400.

Total market capital: $566 billion

Bitcoin market capital: $354 billion

Bitcoin dominance: 62.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.