After weeks of sitting in the US$700-$800 range, on 6 January the value of digital currency Bitcoin moved back over US$1,000 on Tokyo-based exchange Mt.Gox, after an announcement by Zynga. The social gaming giant revealed that it would begin accepting payments via Bitcoin, sending the virtual currency soaring to a high of US$1,093.
Recognising Bitcoin’s popularity around the world, Zynga teamed up with Bitcoin payment processor BitPay to test Bitcoin payment for certain web games, the company explained in
a Reddit post
Players will be able to use Bitcoin to make in-game purchases in games such as FarmVille 2, CastleVille, Hidden Chronicles and CityVille.
Bitcoin first topped US$1,000 in late November, and last month hit an all-time high of US$1,238 on 4 December. However a series of actions by the People’s Bank of China (PBOC) sent its value plummeting. On 5 December, the Chinese central bank restricted banks from using Bitcoin in transactions, declaring that it is not a true currency.
Subsequently, on 18 December,
the PBOC blocked China’s Bitcoin exchanges
from accepting new inflows of cash. Bitcoin sank to as low as $455 at the time, although it has since recovered.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.