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Bitcoin as a last resort? Murmurs of crypto as reserve currency abound

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  Reserve currency is money held by central banks or treasuries usually for international transactions. Argentina is not going to be able to purchase a Boeing 737 MAX passenger jet, for example, with its highly inflationary peso; it will have to pay with U.S. dollars, which is why Argentina keeps dollars on hand — i.e., in “reserve.” A second basic function is to support the value of a national currency. If the Brazilian real, for instance, plummets during an economic contraction, Brazil’s central bank could bid it up again by purchasing reals with dollars that it holds in reserve. Could Bitcoin ( BTC ) fulfill these key functions of a reserve currency? “I certainly think so, in the future at least,” Franklin Noll, a monetary historian and the president of Noll Historical Consulting, told Cointelegraph. Bitcoin’s electronic nature makes it well suited for settling payments. “If gold was used in the past to do so, this digital gold should do the job as well, if not bet...
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Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

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  Often touted as a store of value or hedge asset, Bitcoin ( BTC ) has gained significant mainstream adoption over the past several months. Kenneth Rogoff, a public policy and economics professor at Harvard University, doubts the asset’s success, however.  "I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding: “It's conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They're just not going to allow it. The regulation will come in. The government will win. It doesn't matter what the technology is." Bitcoin has weathered its fair share of criticisms throughout its 12-year history. Gold advocate Peter Schiff often comments against the technology , investor Warren Buffett once  referred to the asset as "probably rat poison squared" and financial commentator Dennis Gartman  expressed skep...
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Migrant Workers, Porous Borders Mar Southeast Asia Recovery

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 In Southeast Asia, migrant workers at the bottom rungs of society have borne the brunt of Covid-19. Without real efforts to address their plight, the group could prove to be a key risk to the region’s ability to shake off the pandemic. These workers, numbering some 10 million in Southeast Asia, have become the main vectors of recent resurgences of the coronavirus in countries like Malaysia and Thailand, even as they power the industries that produce goods such as rubber gloves and frozen foods that have soared in demand due to the pandemic. The problem is forcing governments to confront the flaws of the the low-wage labor model that they have for decades relied on, as they come to terms with the fact that an effective long-term public-health solution will have to involve raising the living and working standards of migrant workers. have been linked to migrant workers hailing from countries like Bangladesh, Nepal, ...
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Global green asset manager makes first U.S. investment, expects more interest during Biden presidency

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Key Points European investment firms are targeting renewable energy projects in the U.S. Greencoat Capital, a global renewable energy firm with $8 billion in assets under management, announced its first U.S. transaction, with the firm taking a minority stake in four onshore wind farms in Texas. “I think Biden coming in is a massive boost. It will significantly increase the available investment opportunities over the next five to 10 years,” said Greencoat Capital partner Laurence Fumagalli.   President-elect Joe Biden’s ascension to the presidency will encourage more renewable energy projects in the U.S. International investors are taking note. Greencoat Capital, a global renewables investment manager with $8 billion in assets under management, just announced its first U.S. investment after eight years operating across the U.K. and Europe. The firm is taking a 24% stake in four onshore wind farms located in coastal South Texas that together have a total installed capaci...
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Stocks making the biggest moves midday: Netflix, Alibaba, Ford, Penn National Gaming & more

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  Netflix — Shares of the streaming giant popped 14% after the company’s fourth quarter report beat Wall Street expectations for revenue and subscribers, which topped 200 million. Netflix also said it would consider stock buybacks and it expects to break even on a cash flow basis this year. Netflix earned upgrades from Wells Fargo and UBS , boosting sentiment further. Penn National Gaming — Credit Suisse initiated coverage on the sports-betting company with an outperforming rating , sending shares up 5%. The Wall Street firm said the company has the potential to claim leadership in online betting, and that it sees upside to targeted cost savings and better-than-expected margins. Ford Motor — Shares of the automaker jumped 4.6% after Deutsche Bank added a catalyst call or a short-term buy idea on the stock . The bank said it’s bullish on the company’s upcoming earnings report in early February among other things. The firm kept its long-term hold rating on Ford. DraftKi...
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Stocks making the biggest moves after hours: United, Discover Financial, Alcoa and more

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  United Airlines — Shares of the airline dipped more than 2% in extended trading on Wednesday after missing on the top and bottom lines of its quarterly earnings . United lost $7.00 per share, lower than the expected loss of $6.60 per share, according to Refinitiv. United made $3.41 billion in revenue, missing estimates of $3.44 billion. Discover Financial — Shares of the financial services company ticked nearly 1% lower in after hours trading on Wednesday despite topping analyst expectations for its quarterly results. Discover Financial reported earnings of $2.59 per share, above estimates of $2.42 per share, according to Refinitiv. Revenue came in in-line with expectations at $2.82 billion. Plexus — Shares of the supply chain solutions company rose more than 3% after the bell after reporting earnings of $1.23 per share, topping estimates by 13 cents, according to FactSet. Revenue, however, fell slightly short of estimates at $830.3 million. Alcoa — Shares of th...
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Has coronavirus made us more ethical consumers?

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Kimberley Bird says the coronavirus pandemic has turned her into a more ethical, more environmentally-conscious consumer. And she is far from alone. "This year has really kicked my awareness into overdrive," says the 32-year-old, from Yeovil, in the South West of England. "I look at products I'm using, and find more environmentally-friendly alternatives," she says. "And I reuse whatever I can. Anything I don't need, I donate or give away." With Covid-19 and the resulting lockdowns increasing work and financial insecurities for many of us, you might think that we have had to quietly drop our ethical and environmental concerns when shopping. However, numerous reports and studies have in fact shown that the opposite is true, and that coronavirus has focused our minds on helping to create a better, healthier world. Take a 2020 global survey by management consultancy firm Accenture. It said that consumers "have dramatically evolved...
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