Here, we take a look at the pros and cons of each — and ask whether the two assets can co-exist. One of the biggest battles of the s could shape up to be digital dollars vs Bitcoin. But whereas China is putting the finishing touches to its digital yuan, we might have to wait a while to see a digital dollar come to fruition.
0.1 BTC Bitcoin to USD US Dollar
There are so many questions that need to be answered. Can a digital dollar and Bitcoin co-exist? Would this spell the end of the humble banknote? Many retailers and merchants have been somewhat reluctant to accept or use crypto because of this volatility. Another thing that separates the digital dollar and Bitcoin is the degree of centralisation. But a CBDC, by its very definition, would be controlled and issued by a central bank.
One of the main concerns surrounding digitised versions of fiat is whether or not this will affect privacy. That said, Bitcoin transactions are fairly traceable anyway, with transactions duly recorded on a public blockchain. One of them concerns scalability, and the speed with which transactions are completed.
In Chicago its traders occupy the historic floor of the former Chicago Mercantile Exchange building. All in all, BP, Shell, and Total employ about 8, people in their trading divisions, a small fraction of their overall workforce of , The traders have more in common with the investment bankers across the road than they do with their colleagues sweating on oil rigs in Nigeria or mapping fields off the coast of Brazil. You see that moving up, hopefully, on a daily basis, and it just makes you want to do more.
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The Q Book algorithm traded dozens of commodity futures including gold and corn, according to people with knowledge of it. And while BP shut down the Q Book a few years ago, it still has a unit that resembles an in-house hedge fund: The so-called Alpha One Book, run by Tim Hayes, aims to make money betting on financial commodity markets. At Shell and Total, there are similar groups. Even so, big speculative wagers on the direction of the price of oil, like the one BP took in , are rare. The day-to-day job of the traders is a little like the role of the scheduling department of bygone eras, but with a healthy dose of entrepreneurial spirit thrown in.
Their role gives them a huge position in the markets and opens up all kinds of opportunities to maximize profits. They decided to bet that demand for jet fuel would collapse. But Shell was well poised. It owns the Pernis refinery in Rotterdam—the largest in Europe, each day pumping out enough gasoline, diesel, and jet fuel to keep half of the cars, trucks, and planes in the Netherlands moving. If the price went up, Shell stood to lose millions. That is actually optimizing market positions that we know better than anybody how to take advantage of.
For their skills, traders are highly paid.
Organization Profile
For years their remuneration packages were a closely guarded secret. Then in a BP trader sued the company in the U. The legal fight that followed exposed the riches of Big Oil trading. The legal battle revealed that others at BP did even better. The company said other traders took higher bonuses not only because their desks made more money, but also because speculative traders were generally better paid.
Since then, bonuses have only gone up. Every year at BP a list goes to the board for approval. It contains the names of the dozen or so traders whose bonuses are higher than those of the CEO, according to two people familiar with the process. At the top of the list typically sits the lead trader of the Cushing Book—the one responsible for buying and selling oil at the Oklahoma town that serves as the delivery point for the West Texas Intermediate benchmark.
Digital dollar vs Bitcoin: which is better? |
Shell, as Bloomberg News has reported, has in the past made bold trades that, while not illegal, have violated the unspoken rules governing this lightly regulated market. At times, Big Oil traders have broken the rules outright. At the time the fine was one of largest ever for alleged market manipulation in commodities.
Earlier, U. Still, constrained by the sheer size and high public profiles of the companies they work for, BP, Shell, and Total traders are nowhere near as swashbuckling as their counterparts at independent houses, who, history has shown, have been more willing to make a foray into countries where corruption is rife and where buying oil sometimes involves suitcases full of cash. That means the oil giants have left many of the juiciest deals to the independents.
Are we prepared to take the risk associated with that? Definitely no. I can give you a list of countries, but you know where they are.
When, after the financial crisis, the U. The Dodd-Frank Act on financial reforms required all major players in the swaps market to register themselves. As Wall Street banks scaled back their presence in commodities in the post-crisis world, Big Oil stepped in.
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Shell, for example, in became the first nonbank to move in on what commodity traders at Wall Street banks see as their largest annual deal: helping the Mexican government hedge its exposure to the price of oil. As BP shifts its investments from fossil fuels to renewable energy, its traders will help it juice the relatively low returns on those investments, Bernard Looney, who last year succeeded Dudley as CEO, said in a presentation to investors in As steeped as BP may seem to be in the rigs and offshore platforms and snaking pipelines of yesteryear, Looney painted an energy future that encompasses electric cars, hydrogen, and biofuels.
Western brands are likely to remain under a microscope in China, according to a recent note from Cowen Equity Research. Top news and what to watch in the markets on Monday, March 29, The trades were linked to sales of holdings by Archegos Capital Management, a person with knowledge of the matter told Reuters. The direction of the June U. Dollar Index futures contract on Monday will be determined by trader reaction to Ceramics, make-up and furniture could be hit amid a row over a new UK tax on tech firms.
The Dow was higher, with shares of planemaker Boeing Co up 1. Markets open in 4 hrs 28 mins. Dow Futures 33, Nasdaq Futures 12, Russell Futures 2, Crude Oil Gold 1, Silver Vix CMC Crypto 1, FTSE 6, Nikkei 29, Read full article. A list of the top Wesa markets across all crypto exchanges based on the highest 24h trading volume, with their current price.
Wishing all a "PrOXsperous" and "Oxpicious" Lunar New Year!
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