Bitcoin Takes Center Stage at iFX EXPO in Macau Despite Chinese Government Hostility
by
Andrew Saks McLeod
Bitcoin has made several advancements during the course of recent months to become accepted into the worldwide financial industry as a mainstream product. Last week, senior industry officials discussed it at the iFX EXPO in Macau
Commercial interest in virtual currency within the financial sector has advanced significantly recently, with banks beginning to provide deposit accounts, and entrepreneurial technology companies having installed the world's first Bitcoin ATM.
As the financial world began to readily accept Bitcoin (BTC) as a viable and legitimate currency, interest among FX firms to offer it as a tradable instrument gained momentum, with certain retail FX providers throwing caution to the wind in terms of the high risk involved due to Volatility which resulted in values of the virtual currency ranging from $70 to one BTC, to over $1,000 to one BTC in the twilight weeks of 2013.
Bitcoin an Attention-Grabber Among International FX CEOs
As the financial community is beginning to extend a warm welcome to Bitcoin around the world, the future of the virtual currency is becoming a subject of debate among senior financial sector CEOs at panel discussions at prestigious international conferences, with last week's iFX EXPO having been a highly interesting case in point.
Soon after the two day event which gathered international FX industry leaders had commenced, a discussion panel consisting of such exalted company as Tamas Szabo, IG Group's Regional Head for Asia-Pacific, Steven Reiter, CEO of Sentry Derivatives and Avtar Sandhu, Senior Commodities Manager at Singaporean giant Phillip Futures turned quickly turned to the subject of Bitcoin when debating as to what they view as the next big trading product in Asia.
A very interesting topic of discussion, especially bearing in mind China's attempts to discourage the population within the tightly controlled yet highly valuable target market for electronic trading companies based in free market economies across the globe.
Can BTC Rival Gold With No Physical Backing?
The debate regarding Bitcoin was a crowd-pleaser as China’s main Bitcoin exchange has reported some of the highest trading volumes despite the increasing governmental disapproval and subsequent banning of the acceptance of deposits from payment firms to Bitcoin exchanges under the vice-like grip of its jurisdiction.
Mr. Szabo raised his concerns about the future of a currency that is not government-backed, considering it lackluster and therefore to be approached with trepidation.
During this lively debate, a comparison was made between Bitcoin and the gold market, however, Mr. Sandhu stated the fundamental difference: “Gold is physically backed, and in Asia it is used as an investment product, you buy it, keep it and store it.”
Whilst these particular conglomerates have begun to share their opinions on the viability of offering Bitcoin, none of them have yet added it to the list of available instruments on their respective platforms. Thus far, this position has been spearheaded by some of the more gung-ho firms such as Markets.com, Ava and Plus500, the latter of which rapidly adapted its trading terms subsequent to launching BTC in order to cope with Risk Management teething troubles.
Whilst the participants in the lively discussion demonstrated that Bitcoin-related thought is being circulated within the boardrooms of some of the largest FX firms on the technology and brokerage sides of the business, none of the firms represented by the panelists have yet to take it up, however the mere notion that it is being talked about energetically by senior executives during a debate on the next big trading product in Asia is testimony to Bitcoin's potentially powerful future presence.
Commercial interest in virtual currency within the financial sector has advanced significantly recently, with banks beginning to provide deposit accounts, and entrepreneurial technology companies having installed the world's first Bitcoin ATM.
As the financial world began to readily accept Bitcoin (BTC) as a viable and legitimate currency, interest among FX firms to offer it as a tradable instrument gained momentum, with certain retail FX providers throwing caution to the wind in terms of the high risk involved due to Volatility which resulted in values of the virtual currency ranging from $70 to one BTC, to over $1,000 to one BTC in the twilight weeks of 2013.
Bitcoin an Attention-Grabber Among International FX CEOs
As the financial community is beginning to extend a warm welcome to Bitcoin around the world, the future of the virtual currency is becoming a subject of debate among senior financial sector CEOs at panel discussions at prestigious international conferences, with last week's iFX EXPO having been a highly interesting case in point.
Soon after the two day event which gathered international FX industry leaders had commenced, a discussion panel consisting of such exalted company as Tamas Szabo, IG Group's Regional Head for Asia-Pacific, Steven Reiter, CEO of Sentry Derivatives and Avtar Sandhu, Senior Commodities Manager at Singaporean giant Phillip Futures turned quickly turned to the subject of Bitcoin when debating as to what they view as the next big trading product in Asia.
A very interesting topic of discussion, especially bearing in mind China's attempts to discourage the population within the tightly controlled yet highly valuable target market for electronic trading companies based in free market economies across the globe.
Can BTC Rival Gold With No Physical Backing?
The debate regarding Bitcoin was a crowd-pleaser as China’s main Bitcoin exchange has reported some of the highest trading volumes despite the increasing governmental disapproval and subsequent banning of the acceptance of deposits from payment firms to Bitcoin exchanges under the vice-like grip of its jurisdiction.
Mr. Szabo raised his concerns about the future of a currency that is not government-backed, considering it lackluster and therefore to be approached with trepidation.
During this lively debate, a comparison was made between Bitcoin and the gold market, however, Mr. Sandhu stated the fundamental difference: “Gold is physically backed, and in Asia it is used as an investment product, you buy it, keep it and store it.”
Whilst these particular conglomerates have begun to share their opinions on the viability of offering Bitcoin, none of them have yet added it to the list of available instruments on their respective platforms. Thus far, this position has been spearheaded by some of the more gung-ho firms such as Markets.com, Ava and Plus500, the latter of which rapidly adapted its trading terms subsequent to launching BTC in order to cope with Risk Management teething troubles.
Whilst the participants in the lively discussion demonstrated that Bitcoin-related thought is being circulated within the boardrooms of some of the largest FX firms on the technology and brokerage sides of the business, none of the firms represented by the panelists have yet to take it up, however the mere notion that it is being talked about energetically by senior executives during a debate on the next big trading product in Asia is testimony to Bitcoin's potentially powerful future presence.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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