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Saudi Arabia, Japan Discuss Expansion of Investment Opportunities in Digital Field

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
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Saudi Arabia, Japan Discuss Expansion of Investment Opportunities in Digital Field

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA
Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono. SPA

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha met on Saturday in Jeddah with the Japanese Minister for Digital Transformation, Taro Kono, and his accompanying delegation.

Al-Swaha discussed with the Japanese Minister the expansion of investment opportunities in the digital field between the two countries to support the growth of the digital economy and innovation.

They also reviewed achievements in several digital projects and joint initiatives within the Saudi and Japanese Vision 2030, accelerating the adoption of modern technologies in digital government services.

Additionally, they discussed localizing research and development centers and fostering partnerships between the two friendly nations to develop capabilities and build an economy based on technology and innovation.

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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $93,521 on Wednesday, having hit a high of $94,078 in early Asian trading hours.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
"Trump's seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office," said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Options trading over BlackRock's spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
"We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying," said Kenneth Worthington, analyst at J.P.Morgan.
The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
US spot bitcoin exchange traded products have attracted about $4.2 billion in inflows since Trump's election victory, about 15% of the total inflows since the products were launched on US stock exchanges in January, Reuters reported.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".