No plans to bail out Deutsche Bank: Will bitcoin save the day?

Germany is refusing to help failing lenders, which include the Deutsche Bank. Hans Michelbach, a senior lawmaker in Chancellor Angela Merkel’s conservative bloc, was quoted by Forbes saying that there is an increasing reluctance among politicians to back any financial institution that is on the verge of collapse. Among these institutions is Deutsche Bank, who is facing a fine of $14 billion from the U.S. Department of Justice. In an interview with Deutschlandfunk radio, Michelbach said Germans are leery of repeating the mistakes they made during the 2008 financial crisis, when the country bailed out the world’s largest banks using taxpayer money. “I cannot imagine that the state will repeat something like that,” Michelbach said, according to the report. So where does bitcoin fit into this? Well, with the way things are going, the popular digital currency appears to be a stable and attractive investment option even though European authorities have started implementing regulations on virtual currency trading, particularly that of anonymous trading which has often been linked to terrorism. Gemini expands to Hong Kong and Singapore Tyler and Cameron Winklevoss are going ahead with their global expansion plan. This time, the twin brothers have brought their bitcoin and ether exchange Gemini to Hong Kong and Singapore. Users in the two Asian countries are immediately enabled with limited trading pairs that involve the two major cryptocurrencies, bitcoin and ether. Order books involving the Hong Kong dollar and the Singapore dollar will soon be enabled, according to the exchange. New York-based Gemini started operating in the United Kingdom last June. Tyler Winklevoss said, “We know there’s been a lot of demand for our services in the UK, we know there’s a strong desire, New York and London are financial capitals of the world and speak the same language.” Current bitcoin price and trade volume Bitcoin traded at $607.42 early Tuesday morning, with a trade volume of $110,918.34.