DIGITALINFOTECHONLINE

transfer PF account online, EPFO told full process ...

2021-03-03T22:24:00.005+05:30

Now transfer PF account online sitting at home, EPFO told full process ...

The Employees Provident Fund Organization (EPFO) provides online facility for transfer of Provident Fund (PF). In such a situation, you can transfer the money from your previous company's PF account to the existing account. Let's know the whole process of transferring money ...

If you want to transfer the amount of your provident fund (PF) from the previous company to a new account opened by the existing employer, you can do it from the comfort of your home. The Employees Provident Fund Organization (EPFO) also provides online facility to transfer PF. However, since the arrival of the Universal Account Number (UAN), all the accounts of the employee remain in one place, but the money remains in different accounts. So it is important that you share your UAN with the new company first. Later transfer the money from the old account to your new account. To do this process online, you have to follow some easy steps.

How to apply for PF transfer:

>> First of all visit the Unified Member Portal of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/. Login here using the Universal Account Number (UAN) and password.

>> After login, go to Online Services and click on Member-One EPF Account Transfer Request option.

>> In this, you will have to verify the personal information and PF account. You have to provide information about your current employment.
>> Then click on the Get Details option. The PF account details of the previous appointment will appear on the screen.

>> Now you will have the option to choose between the previous employer and the current employer to attest your online claim form. You choose it based on the availability of Authorized Signatory Holding DSC. Choose any of the two employers and give the member ID or UAN.

>> Lastly click on the Get OTP option. OTP will come on your registered mobile number. Then enter that OTP and click on submit option.

>> Once the OTP is verified, the request for online money transfer process will be sent to the previous company.

>> This process will be completed in the next three days. First the company will transfer it. Then the field officer of EPFO will verify it.

>> Money will be transferred to your account only after verification of EPFO officer.

>> To see if the transfer request is completed or not, you can see the status in Track Claim Status.

>> For offline transfer, you have to fill Form 13 and give it to your old company or new company.

What needs to happen:

>> Registered mobile number should be active as OTP will be sent to this number.

>> Employee's bank account number and Aadhaar number should be linked with UAN.

>> Date of exit of previous appointment must be remembered. If not, remember it first.

>> E-KYC should be pre-approved by the employer.

>> Only one transfer request will be approved for the previous member ID.

>> Before applying, verify and confirm all the personal information given inside the member profile.

RBI is giving discount on buying gold, only 5 days will get cheaper gold,

2021-02-27T22:15:00.001+05:30

only 5 days will get cheaper gold

There is a great chance to buy gold cheaply amid the constantly falling gold prices. On this, the RBI is also giving discounts on the purchase of gold to the customers on its behalf.There is a great chance to buy gold cheaply amid the constantly falling gold prices. On this, the RBI is also giving discounts on the purchase of gold to the customers on its behalf. Did this happen not to sleep on icing! Yes, the government has once again brought Sovereign Gold Bond Scheme 2020-21 Series XII. Under this, gold will be sold between March 1-5. The government has also fixed the bond price for this.The new issue price of Sovereign Gold Bond has been fixed at Rs 4,662 per gram. The price of ten grams here is 46620 rupees. The bond price is based on the average closing price of 999 purity gold offered by the Indian Bullion and Jewelers Association Limited (IBJA). These gold bonds are issued for 8 years and there is also an option to opt out after 5 years. Applications are issued in at least 1 gram and its multiples.

मिलेगा 50 रुपये का डिस्काउंट (Discount on Gold)

Here you are also being given a discount on the purchase of gold. In the statement of the Finance Ministry, it has been said that the government has decided to give a rebate of 50 rupees per gram to those purchasing online, in consultation with the Reserve Bank of India. For such investors, one gram gold bond will be issued at the rate of Rs 4,612. On taking ten grams of gold, the online price will be Rs 46120.

Gold has become cheaper by Rs 10500

Talking about investing in gold, it is indeed a golden opportunity. In the last 6 months, the gold rate today has fallen by more than 18 percent. Gold has become cheaper by around Rs 10500 since August. In 2020, gold return has given a return of 25%. Apart from this, it is also considered good to invest in gold bonds because here you get interest on gold in two installments in a year.

How much can you invest

The scheme was launched in November 2015. This means reducing the demand for physical gold and using domestic savings used in the purchase of gold in financial savings. A person investing under the Sovereign Gold Bond Scheme can buy a maximum of 500 grams of gold bonds in a business year. An investor can invest a minimum of 1 gram and more than 4 kg. An investment of up to 4 kg for a Hindu Undivided Family (HUF) and up to 20 kg is allowed in a business year for a trust etc.

Take home salary will be reduced from April 1, 12 hours will have to work - Modi government will change PF and salary rules

2021-02-24T20:41:00.000+05:30

Take home salary will be reduced from April 1, 12 hours will have to work - Modi government will change PF and salary rules

From April 1, 2021, there may be a big change in your gratuity, PF and working hours. Employees will get an increase in gratuity and provident fund (PF) items but the salary on hand will decrease. Even the balance sheet of companies will be affected by this. The reason for this is the three Wages Code Bill (Code on Wages Bill) passed in Parliament last year.

These bills are likely to come into force from April 1 this year. Under the new definition of Wages (wages), the allowances will be maximum 50% of the total salary. This means that the basic salary (basic salary and dearness allowance in government jobs) should be 50 percent or more of the total salary from April. Significantly, for the first time in the country's 73-year history, changes are being made in the labor law in this way. The government claims that it will prove beneficial for both employers and workers.

PF will increase like this

According to the new draft rule, the basic salary should be 50% or more of the total salary. This will change the pay structure of most employees, as the non-allowance portion of the salary is usually less than 50 percent of the total salary. At the same time, the share of allowances in the total salary becomes even more. Increasing basic salary will also increase your PF. PF is based on basic salary. Increasing the basic pay will increase the PF, which means there will be a cut in take-home or on-hand pay.

Retirement amount will increase

The amount received after retirement will increase.

Increase in contribution to gratuity and PF will increase the amount received after retirement. This will make it easier for people to live a pleasant life after retirement. The salary structure of high-paid officers will undergo the biggest change and will be the most affected. Increasing PF and gratuity will also increase the cost of companies. Because they too have to contribute more to the PF for the employees. The balance sheet of companies will also be affected by these things.

The new draft law proposes to increase the maximum working hours to 12. The draft rules of the OSCH Code also provide for the addition of between 15 to 30 minutes of overtime by counting 30 minutes. Less than 30 minutes are not considered overtime eligible in the current rule. Draft rules prohibit any employee from working continuously for more than 5 hours. Instructions to give employees a rest of half an hour after every five hours are also included in the draft rules.

Change your WhatsApp settings immediately, otherwise your account may be hacked

2021-02-21T11:30:00.004+05:30

Change your WhatsApp settings immediately, otherwise your account may be hacked

If you also want someone not to hack your WhatsApp account, then immediately make the necessary changes in your settings. These days hackers have found a new way to get access to WhatsApp account.

According to cyber security expert Zak Doffman,

in this way hackers will log your WhatsApp in their device. The cyber expert has explained this method in detail.

Not only this, many such malware have come these days, through which hackers can get this 6 digit code that comes on your phone even while sitting away. As soon as you enter this code, your WhatsApp account will be logged on their device. By using your account, fraudsters can ask for money from people close to you. The scam was also revealed by Express.co.uk in its report last year. However, such incidents have increased considerably in the last few days. However, you can avoid this danger through a WhatsApp setting.

The great use of WhatsApp settings

In WhatsApp, users are given a feature called Two-Step Verification. In this, you have to set a 6 digit code. The advantage of this feature is that whenever you login your WhatsApp account on a new device, you will be asked for this code. Not only this, you can ask this code anytime in between.

How this 'dangerous' method works

Actually, whenever you login to a WhatsApp account in a new device, WhatsApp sends a verification SMS to your registered phone number. By mistake, if a fraudster has your phone in your hand and has kept the setting to show the Preview of SMS on the lock screen, then you can be in great danger.

How to activate this setting

To activate two-step verification, you have to open your WhatsApp.

After this go to Settings and then Account.

Here you will see an option named Two-Step Verification.

After selecting Enable, set a code of your choice.

Android 12 Google will add these features to your phone in the next Android update

2021-02-20T20:01:00.005+05:30

Google is preparing to release the next major Android update -

Android 12 this year. Currently the developer preview of Android 12 has been introduced.

This will give users a glimpse of what new features Google is preparing to offer.

After Apple, Google is also focusing on providing more data transparency and privacy control to Android users.

Let's know about the new features that Google will soon add to your Android phone. Since this is the first developer preview of Android 12, it has been

supported only in some phones.

These phones are Pixel 3 Series, Pixel 3a Series, Pixel 4 Series, Pixel 4a Series and Pixel 5. Users who have these phones can directly try the

latest Android 12 DP1. However, users should avoid installing it in their primary device. Because, you can lose your data. This is an early

which is made for app developers and testers.

According to Google, the first Android beta update can be released in the month of May. The stable build is expected to be launched in October this year. Speaking of Android 12, according to Google's blog post, the videos recorded in HEVC and HDR formats will be automatically transcoded in AVC format.

It will also offer users the support of a new AVIF image file format, which will help improve image quality without increasing file size compared to JPEG format.

The upcoming OS will also have support for haptic-coupled audio effects. Google has also improved gesture navigation in the new OS.

Also, after the new Android update, there will be some changes in the design of the Settings app.

According to the report of 9to5Mac, Android 12 will also get privacy toggles to block the camera and microphone.

This will be a good feature for privacy focused users. Apart from all this, Google has also added the ability to wirelessly share Wi-Fi passwords with Nearby users in a new update. According to the Android Police report, Google has also made it easier to use the Emergency SOS feature.

Android 12 users only need to press the power button 5 times to activate the emergency feature.

Digital Traditional Marketing vs New Marketing tutorial sco

2021-02-16T21:15:00.001+05:30

The biggest advantage

digital marketing however is that you can measure the effectiveness of your marketing strategy and techniques. A strong digital marketing campaign is supported by digital analytics. With analytics, a business gets to know how they are performing online and where they are making mistakes. Rectifying these ‘gaps’ makes their digital marketing strategies even more effective the second time around. So with each marketing campaign, a business progressively gets better in marketing themselves.

All of this combined is much cheaper than traditional advertising techniques.

Today Digital marketing and SEO the heart of the internet marketing, so Our search engine optimization (SEO) services can help you leverage the full potential of your website by giving it maximum exposure on search engines, driving more qualified traffic to your site, generating more sales leads and eventually enhancing your company’s ROI... In the fastest growing world, the Internet is playing a crucial role in the consumer’s

effective digital marketing, an appealing website and social media pages are vital. Still, the number of leads and conversions may not always be optimal. To increase a business’s chances of conversion, its website should best for search engines so it reaches more people seeking the product/service offered by that business. Then with a social media page, the business can showcase its offerings directly to its customers (who will be checking out the pages) and interact with them on a more personal level. Most social media platforms also

allow a business to show their ads only to the right audience who are interested in what the business offers.

decision-making and buying process. No wonder, marketers around the world are moving online for their entire spectrum of marketing activities.

"SEO will help you create a better and user friendlier website "

"Find new customers and assist growth "

"Explore new markets "

"Improve your conversion rates "

" Build brand awareness through better rankings "

"Build a dedicated fan base with email marketing "

"Stay in-synch with latest developments"

"Bypass competition "

"Open your business 24x7 "

" SEO is good for social media marketing "

Orphanages Contribute

2021-02-12T21:18:00.001+05:30

Give and Contribute

Life satisfaction largely comes from a sense of contribution — a feeling that your life and work matters. Doing something valuable for your local community, your company or society as a whole can give you a feeling of mission or a cause.

Some ideas on how you can contribute:

Apply to be a,volunteer in orphanages elderly homes or animal shelters,

e Join groups or initiatives within your workplace, like office events’ organizers or charity groups.

Join an organization that fights for environmental issues, advocates animal rights, etc.

Be proactive in your neighborhood.

a Digital Course make Money

2021-01-31T11:34:00.000+05:30

Creating online could

It seems like digital courses are everywhere today. So, if you have valuable knowledge that someone would pay for, this could be a great opportunity.

In addition to having your own courses, learning platforms such as BitDegree offer a chance to become an instructor. It's a unique opportunity to pass your skills and experience to thousands of people who are eager to learn something new.

https://play.google.com/store/apps/details?id=com.joshtalks.joshskills

Digital courses can be produced in a lot of different formats, from simple PDF downloads, all the way up to selfproduced video courses that have dozens of hours of content.

Creating online courses could also be a very rewarding plan. Since it’s under your control, there’s no limit to how much money you can make.

https://play.google.com/store/apps/details?id=videos.share.rozdhan

Scrivener software

https://play.google.com/store/apps/details?id=pro.digitalmarketingclass.dmc

India arthvyavastha

2021-01-25T17:38:00.004+05:30

India arthvyavastha

How is the economy of India. Mixed Economy What is a mixed economy? Government and private sectors

India counts from the point of view of co-existence economic development. Developing

As a nation

Which sector of the Indian economy contributes the most to the gross national product. Tertiary sector

Closed economy is that economy. Due to which neither export nor import

Approximately how much of India's total manpower is engaged in agriculture.

54%

Collects and publishes unemployment data in India. NSSO

Unemployment means unemployment. Overwork

Where is the National Institute of Rural Development located. Hyderabad is the meaning of globalization. Domestic economy of global economic.

India Economy

In which year NABARD was established. In 1982

Who is authorized to issue coins in India. Finance Ministry

Currency and credit are controlled in India. 126 | by

Who makes monetary policy in India. Reserve Bank of India

Are known as credit cards. plastic money

The overdraft account is owned by the customer bank. Bender

Which bank is limited to agriculture and rural needs. NABARD

Currently the only tungsten breach center in India. To riot

India has a monopoly in the production of which mineral in the world. Asbestos

Which state holds the first place in the production of mineral substances. Jharkhand

It is the country with the highest consumption of gold in the world. India

What is India's place in the world in the production of wind energy. Fifth

Is the world's largest mineral oil producing country. Saudi Arab

The first mineral oil well is dug in India. In digboi

Which country has the highest consumption of mineral oil in the world. United States

America

* »India fulfills approximately what percentage of its mineral oil requirement from rectangle. 70%

* Who is related to Krishna revolution? Mineral oil production

»When was India's first industrial policy announced. 6 April 1948

* »India's oldest huge industry. Cotton textile industry

0 Who is famous for Nepanagar in Madhya Pradesh. Newsprint

* »With whose help the Bhilai Steel Plant has been set up. Russia

* What percentage of India's total land is capable of agriculture. 52.7%

* »What percentage of India's agricultural land is irrigated. A third

* Irrigation facility is available in approximately what percentage of agriculture area

145%

* »Who is the father of Green Revolution in India. MS Swaminathan

* Green revolution started in India. 67 from 1966

* »Is considered the father of the White Revolution in India. Dr. B. Kurien

* What is the place of India in fisheries production. Second

0 India ranks in coffee production in the world. The sixth

Is the major food crop of India. Rice is an extension of forests on what percentage of the land of India. 21.34% are the father of green revolution in the world. Norman. In which year has the E.Borlog Kisan Credit Card Scheme been launched. The 1998 Green Revolution is mainly related to which crop. Wheat is involved in mixed agriculture. Growing various types of crops and also doing livestock: When was the railway system established in India. The name of the vehicle in the 1853 Shatabdi Express addresses whose centenary. Jawaharlal Nehru is the world's longest railway platform. The Samjhauta Express runs between India and Pakistan in Gorakhpur. There is a plan to run a bullet train from Attari to Lahore 'Ministry of Railways of India. Between Mumbai and Ahmedabad »Which country has the highest number of people using mobile phones. China »Zero-based budgeting technique is considered the gift of which country. United States »" Which deficit contributes most to the total deficit of the Government of India budget. Fiscal deficit "The first five-year plan development is based on which model. Herod Domer Model 0 In the Second Five-Year Plan, who was given priority. Heavy Industries 0 NITI Aayog has been constituted in which year. 0 Who was appointed the first Chief Executive Officer of NITI Aayog in 201 5. Sindhu. Mr. Khullar * is the President of the National Development Council. Prime Minister * Who was the Chairman of the First Finance Commission. KC Niyogi is the main agency for settlement of financial disputes between the Center and the State. With whom is the Finance Commission Sundar Rajan Committee related? A book called Petroleum India is for Sale is written by it. Chitra Subramanian

Explains Bitcoin’s Resurgence?

2021-01-22T19:53:00.003+05:30

Explains Bitcoin’s Resurgences full details

Bitcoin is at it again. Last month, the price of the virtual currency quietly breached a new all-time high, cruising well past its prior peak of $19,600 set in 2017, and has been hovering around $36,000 at the time of writing. This follows a nearly 90 percent decline from those previous highs early in late 2018. It did so initially with such little fanfare that its renewed strength was dubbed the “quiet rally.” Perhaps most interesting about this price action — bitcoin is up nearly 1,000 percent from its March lows — has been the relative lack of mainstream enthusiasm. In the weeks following bitcoin’s first new all-time high in three years, Katy Perry did not paint her nails with crypto icons. Floyd Mayweather did not flamboyantly promote a crypto offering. The New York Times did not run an article titled “Everyone’s Getting Hilariously Rich, and You’re Not.” Google searches for “bitcoin” are still well below their 2017 peak. Entrepreneurs have continued building the financial infrastructure surrounding the asset — but they have done so in relative obscurity, basically ignored lately by the general public.

So what has been quietly going right with the internet’s native currency while conventional wisdom had consigned it to the tulip heap? Technologically, not much. The last major update to the core protocol — the actual rules for sending bitcoin — was accepted in July 2017. A new update to the protocol looks likely to be adopted by the community, but it carries only incremental improvements to privacy and efficiency. Implementing even these minor changes on the live protocol could take years.

The fact that, from a technical perspective, bitcoin is pretty static is one of its defining paradoxes: While its creation was a major technological leap — a dramatic recombination of elements from cryptography, computer science, economics, and p2p networking — the protocol itself is meant to be fairly rigid. As its pseudonymous creator Satoshi Nakamoto said, “Once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”

It’s not bitcoin that has changed over the last three years, but rather the world around it.

As a venture capitalist in the space, I invest in start-ups building the core financial infrastructure necessary to support bitcoin and the public blockchain industry, giving me a front seat to the progress of the asset class. The entrepreneurs working to make cryptocurrency easier to acquire, hold, and transact with have been working diligently to improve this financial plumbing in anticipation of a full-scale monetization event. Today, it seems that this moment may be upon us.

Here are some of the key reasons I think bitcoin’s current bull run isn’t a fluke or a bubble.

For professional investors, there’s no longer career risk in buying bitcoin

This notion of stripping human discretion from a monetary system is so completely contrary to the way that central banking operates today that bitcoin is absolutely reviled by Establishment economists (see Paul Krugman’s and Nouriel Roubini’s Twitter feeds). Despite that, it keeps winning over waves of new converts. In its earliest days, bitcoin was embraced by venture capitalists and entrepreneurs like Mark Andreessen, Fred Wilson, and Chamath Palihapitiya, all of whom understood the explosive potential of network effects based on their experiences investing in software. Today, however, a new set of enthusiasts has emerged: veterans of the markets with decades of experience, more familiar with commodities and interest rates than tech startups.

These hedge-fund luminaries have lately been quite explicit with their reasons for allocating to the asset. Former Legg Mason CEO Bill Miller pointed to the unprecedented pace of money printing by the Federal Reserve and said of bitcoin: “It’s a technological innovation like we’ve never seen before, and it’s gaining acceptance every day.” Investor Stanley Druckenmiller, who famously participated in George Soros’s bet against the Bank of England, compared bitcoin favorably to gold and cited its 12-year track record and growing credibility. Hedge-fund icon Paul Tudor Jones, known for his currency bets, said in an interview: “I came to the conclusion that bitcoin was going to be the best of the inflation trades — the defensive trades.” So if you think governments and central banks around the world might be successful in their attempts to create higher inflation, and you take Tudor Jones’s analysis to heart, you just might find yourself investing in bitcoin.

Former high-profile skeptics on Wall Street have begun to reconsider their stance. Larry Fink, CEO of BlackRock, which manages $7 trillion, had previously dismissed bitcoin. He now concedes that it could evolve into a global asset, potentially taking the place of gold — which in aggregate is worth nearly $10 trillion — in investor portfolios. JPMorgan CEO Jamie Dimon called bitcoin a “fraud” in 2017, but more recently he has backed away from those comments and started getting involved with players in the space. And Ray Dalio, who runs the world’s largest hedge fund, has tempered his prior skepticism of bitcoin, saying in a recent Reddit AMA, “I think that bitcoin (and some other digital currencies) have over the last ten years established themselves as interesting gold-like asset alternatives.”

When it comes down to the level of human decision-making at financial institutions, bitcoin now enjoys something it has never had in the past: You probably aren’t risking getting fired just for buying some. Herding is very common on Wall Street. Being wrong in an unconventional way can be career suicide. But now that bitcoin has begun to be accepted as a valid monetary asset in its own right on the Street, analysts and traders can consider buying it without risking embarrassment. Full-throated endorsements by respected commodities traders do something the bitcoiners on Crypto Twitter could not: They made bitcoin acceptable in the world of high finance.

That means institutional money is starting to pour into bitcoin

As recently as 2013, if you wanted to buy bitcoin, your best bet might have been wiring money to an unregulated exchange in Japan that began as a venue for swapping and selling Magic: The Gathering cards. (Not shockingly, that exchange was hacked — the circumstances are murky — and hundreds of millions of dollars worth of bitcoin was pilfered.) Which is to say, it was not the kind of investment that professional money managers would have ever considered. Even during the rather disorganized run-up to $20,000 in 2017, there was very little institutional money going into bitcoin. The price spike was mostly driven by retail investors piling into bitcoin, either with the expectation that they were front-running Wall Street, or as a vehicle to speculate on other tokens. But retail investors tend to be reactive, and when the price started to fall in 2018, a lot of them sold their bitcoin, licked their wounds, and moved on. By contrast, institutional investors — hedge funds, mutual funds, endowments, pensions, insurance companies, family offices, sovereign-wealth funds, and so on — represent a pool of money worth tens of trillions of dollars that is more behaviorally reliable. One massive change afoot in the world of crypto is that institutional investors are, for the first time ever, getting involved in bitcoin.

The biggest reason for that is that there have been massive advancements in the past three years in bitcoin’s financial infrastructure — particularly on the matter of custody. Which is to say, if you are an institutional investor and you want to buy some bitcoin, who is holding onto it for you? Unlike a retail investor, you aren’t going to keep the digital asset on a device in your desk drawer or access it through Coinbase’s iPhone app. Bitcoin exchanges like the soon-to-IPO Coinbase and the Winklevoss brothers’ Gemini were initially built mostly for retail cryptocurrency users, without taking the needs of institutions into account. But since 2017, a number of institutional-focused brokers and custodians have emerged: Coinbase launched a Prime offering; my former employer Fidelity — a multitrillion-dollar asset manager — launched Fidelity Digital Assets, focused on Bitcoin custody and execution for institutions; and many other big-money players have entered the game. Pension funds, endowments, and sovereign-wealth funds may not trust a crypto exchange, but they will find comfort in the familiar brand and large balance sheet of a counter-party like Fidelity. Here’s how this looks in practice: Recently, NYDIG, a subsidiary of the $10 billion asset manager Stone Ridge, facilitated a $100 million bitcoin purchase by insurance firm Mass Mutual; meanwhile, Coinbase helped the Virginia-based enterprise-software company Microstrategy buy and safeguard more than $1 billion worth of bitcoin.

As a consequence, large pools of capital have not only the justification, but also the tools to buy in. The $27 billion asset manager Ruffer Investment Company, which bills itself as an all-weather allocator, allocated 2.5 percent of its portfolio into Bitcoin, explaining: “Negative interest rates, extreme monetary policy, ballooning public debt, dissatisfaction with governments — all provide powerful tailwinds for bitcoin at a time when conventional safe-haven assets, particularly government bonds, are perilously expensive.” On December 16, Scott Minerd, the CIO of Guggenheim Investments, told Bloomberg that his analysis showed bitcoin had a value of $400,000 per coin — more than tenfold higher than current levels. And you can be sure that there are many more high-net-worth individuals, hedge funds, trusts, and family offices quietly allocating to the asset without explaining their reasoning on CNBC.

The U.S. government is flashing a green light

On top of the infrastructure questions, a lot of investors have been wary of bitcoin over regulatory concerns. If you’re an institution, there’s no point in owning an asset that might one day be illegal. But there’s been a lot of good news for bitcoin bulls on this front too. In the U.S., the Office of the Comptroller of the Currency (OCC), a top bank regulator, clarified that banks can store bitcoin private keys for their clients. With this newfound dispensation, it is just a matter of time before major banks begin offering bitcoin investment vehicles to their clients. You may not trust start-up crypto brokerages, but you almost certainly trust your global bank. Additionally, the OCC recently granted a federal bank charter to a dedicated “crypto bank” named Anchorage, paving the way for tighter integrations between the financial system and the cryptocurrency world.

In light of crypto startups entering the somewhat unfamiliar territory of regulated banking, established banks are seeing the opportunity in digital assets and have begun a rapprochement. As many entrepreneurs in the crypto space are aware, obtaining banking relationships in the U.S. was borderline impossible in the past. Today, multiple banks vie for the attention of crypto firms, as the crypto ecosystem is increasingly being seen as a market opportunity. Long gone is the mantra of 2017 naysayers, “Blockchain, not bitcoin.”

The Commodity Futures Trading Commission has also expressed an unambiguous view that digital assets like bitcoin and ethereum are commodities, putting them on firm footing in institutional portfolios and paving the way for regulated derivatives markets — just like those used to trade oil or gold or wheat futures. The Chicago Mercantile Exchange, which launched a bitcoin futures product on December 17, 2017 (the precise peak of the rally during the last cycle) subsequently launched options trading and has announced the launch of a futures product for ethereum, the second-largest cryptocurrency. Open interest in the bitcoin CME futures market reach at all-time highs in recent weeks. When players like $110 billion hedge fund Renaissance Technology seek exposure to bitcoin — whether long or short — it tends to be through these kinds of derivatives.

Bitcoin has a breakout new evangelist

Perhaps the most ardent recent bitcoin convert is Microstrategy CEO Michael Saylor, who deployed over a billion dollars of corporate assets into Bitcoin, making his firm the first publicly traded company to hold bitcoin as a balance-sheet asset. He did so out of the belief that “bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash.”

Saylor followed up his massive commitment to bitcoin using both personal assets, corporate treasury assets, and the proceeds of a new debt offering by embarking on a podcast and media tour to promote the virtues of bitcoin. He has called bitcoin “the most efficient system in the history of mankind for channeling energy through time and space”; lambasted traditional measures of inflation, arguing that they are significantly understated; called the dollars held in Microstrategy’s corporate treasury a “melting ice cube”; and characterized his bitcoin position as a prudent hedge rather than speculation.

And while Saylor’s proclamations may sound hyperbolic at times, his mammoth financial commitment to his ideas lends him the standing to opine freely on the asset. It has also worked out well for him so far: Microstrategy stock traded around $120 before the company announced it was putting some of its reserves into bitcoin; now shares trade at nearly $600.

Billionaire converts like Saylor, Fidelity’s Abigail Johnson, and Twitter’s Jack Dorsey, among many others, lend the asset meaningful credibility — replacing to some extent the fringe libertarians and crypto-anarchists who for years were the loudest proselytizers. Listen to these new investors and themes repeat throughout. Bitcoin’s continued resilience in the face of protocol forks, bugs, exchange hacks is frequently cited. It boasts a near 100 percent record of uptime since inception and has settled trillions of dollars worth of transactions without reversal. In a monetary regime where negative real interest rates seem entrenched, and likely to go lower yet, zero-yield monetary assets like gold and bitcoin hold new appeal. Many former skeptics cite its recovery from the crash of 2018 as evidence for its strength as a store of value. And indeed, it’s often the second rally that convinces. The first time, your interest may be piqued, but you are wary of buying into something that looks like a bubble. The second time, you realize that what you mistook for a bubble was in fact a cyclical process in a longer-term trend.

Philippe Lopez/AFP via Getty Images

A lot of people are nervous about the global monetary system — especially the dollar

A major difference between bitcoin’s prior rally in 2017 and its resurgence this year: Three years ago, bitcoin appreciated sharply (and gave up its gains nearly as quickly) owing to its role as the reserve currency for the cryptocurrency industry. This was a largely self-contained phenomenon, mostly insulated from the world at large. The bitcoin rally beginning in 2020, by contrast, has its roots in widespread concern that massive amounts of money printing and debt spending taking place around the world will lead to currency instability or debasement.

The COVID crisis — and its associated economic fallout — gave central banks license to accelerate their rate of money creation to finance sharply higher deficits. The U.S. Federal Reserve, the world’s most important central bank, has been particularly aggressive on monetary stimulus, and U.S. money supplies have spiked. Meanwhile, the dollar has started looking wobbly to a lot of investors. When measured against a basket of other sovereign currencies, it initially rallied in spring 2020, but then entered a long slide in value over the rest of the year. Dollar bears (and there are many), see a landscape of more and more U.S. debt, fewer natural buyers for it, and diminishing faith in the dollar as a global reserve currency — and other major currencies facing their own major issues.

This ebbing faith in the dollar and the stability of the current global monetary system has brought a lot of new interest and money into bitcoin, plausibly described as the world’s hardest currency, with a predictable monetary issuance rate trending to zero. And while there are many inflation hedges available to allocators seeking to preserve their wealth, bitcoin also offers a growth bet on a new transactional system — analogous to buying stock in a growing tech giant. In a sense, it’s two bets in one: a sound, unimpeachable monetary protocol and the reserve asset for a rapidly expanding crypto-financial network.

Despite bitcoin’s banner year, it still commands a minute portion of the world’s assets and has been adopted by relatively few. Credible estimates from the Cambridge Center for Alternative Finance peg the global cryptocurrency user base at just over 100 million individuals — or barely over one percent globally. At its current market capitalization of $650 billion, bitcoin is still only worth about 6 percent of the value of aboveground gold and 2 percent of the value of U.S. Treasuries, the world’s premier store of value asset. But it is also true that it has quadrupled in the last several months. As ever with bitcoin, there will be those who point to the latter fact and say that there is danger ahead. Personally, I think the story is far from done and that this revolutionary digital asset still has a long way to run.

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