Alongside regional leaders, US Secretary of State Antony Blinken will attend the meetings
world3 hours ago
Bitcoin, the mother of all cryptocurrencies, price has hit an all-time high of $57,026, gaining over 18 per cent last week and more than 92 year year-to-date.
Also read:
Its market capitalisation also crossed $1 trillion mark for the first-time ever following increased acceptance by billionaire investors gave it more credibility, the main factor behind its recently rally.
With each Bitcoin priced at $57,100-plus (Dh209,557) on Saturday evening, one wonders whether small retail investors can also invest in the digital currency because it is still rather a new investment avenue for majority of the people around the world.
“Actually that is the biggest misconception that many people have when they see the price of one Bitcoin. But the fact is that Bitcoin can be utilised for fractional payments or investments. Just like any currency has smaller units like dirham is equal to 100 fils. Similarly the smallest unit in Bitcoin is called as 1 Satoshi. For example with the current market price, 1 Satoshi (which is 8th decimal place of 1 Bitcoin or 100 million Satoshis making 1 Bitcoin) is equal to $0.0005744342. This fractional value of 1 Bitcoin makes it very easy for it to be used to pay for a coffee or buy a train ticket,” says Arshad Khan, co-founder and CEO of Arabian Bourse.
People can buy Satoshis for fractional or decimal value of a bitcoin, he said.
Investors in the UAE can invest as low as Dh500 to buy Bitcoin’s Satoshis through online exchanges.
“Bitcoin can now be used to buy Tesla cars or book Uber taxi. Apple Pay and Paypal are working to offer their customers to pay in Bitcoin. So all these developments are resulting in adding further payment options due to its fractional nature. It’s not just about adding payment options, it’s also about offering a more convenient, faster and less expensive option,” said Khan.
Vijay Valecha, chief investment officer at Century Financial, says Bitcoin is an asset class that everyone, large and small, can access. A large number of electronic platforms offer exposure to Bitcoin.
waheedabbas@khaleejtimes.com
Alongside regional leaders, US Secretary of State Antony Blinken will attend the meetings
world3 hours ago
Twice Grand Slam champion Alcaraz is set to make his Olympic debut while Nadal will be eyeing his third gold medal after wins in Beijing and Rio
sports3 hours ago
The quake was at a depth of 503.2 km
asia3 hours ago
The defending champions overpowered TP Mazembe from the Democratic Republic of Congo 3-0 in Cairo
sports3 hours ago
Although the Gunners are top as they chase a first title for 20 years, Manchester City are regarded as statistical favourites to win a fourth successive crown
sports4 hours ago
Doctors urge residents to take such situations seriously: 'Sharp objects can pierce the food pipe and can migrate into areas like the chest, causing further complications,' an expert says
uae4 hours ago
Highly-rated 19-year-old Turkish midfielder Arda Guler scores match-winner on his first La Liga start
sports4 hours ago
The special incentive allows eligible companies to obtain interest-free loans of a maximum of Dh300,000 with a grace period of 6 to 12 months
business4 hours ago