Cryptocurrency

Some early crypto enthusiasts have bailed on the sector, saying the movement has bought into hype without understanding the technology’s limits | Currency News | Financial and Business News

A recent Financial Times Magazine piece interviewed several early crypto superfans who have since become disillusioned. Perhaps the most high-profile display of a crypto backer turning on the space is dogecoin creator, Jackson Palmer. But the most vocal crypto proponents are not deterred. Twitter’s Jack Dorsey says bitcoin will create “world peace.” Sign up here … Read more

PayPal Holdings launches crypto buying and selling in the UK

PayPal Holdings will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies starting this week, the company said on Monday. The roll-out, which marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States, could inspire further mainstream adoption of the new asset class. With over 403 … Read more

China is years ahead of other major countries in the development of its digital yuan, giving Beijing the chance to expand its influence: Chainalysis | Currency News | Financial and Business News

China is several years ahead of other countries in developing a central bank digital currency, Ulisse Dell’Orto of Chainalysis told CNBC Monday. “We haven’t seen a national roll out” like we have seen in China, Dell’Orto said. Crypto is still a barrier to the digital yuan despite China’s crackdown that grew in May. China is … Read more

How an unemployed day-trader burned by both GameStop and dogecoin ended up owning 20 billion units of a cryptocurrency known as ASS coin | Currency News | Financial and Business News

38-year-old Eric Hackney put $500 into a cryptocurrency called Australian Safe Shepherd, which is more commonly known as ASS coin, Bloomberg reported. He now owns 20 billion units of the altcoin. Hackney invested in ASS coin after losing money on GameStop and missing out on gains in dogecoin, both social media favorites. See more stories … Read more

A Goldman Sachs managing director has reportedly quit after raking in huge gains from dogecoin | Currency News | Financial and Business News

A Goldman Sachs executive has reportedly quit after making millions of dollars from dogecoin, according to eFinancialCareers. Goldman Sachs and the former employee did not immediately respond to Insider’s request for comment. Sources cited in the report said he may be starting a hedge fund. Sign up here for our daily newsletter, 10 Things Before … Read more

Billionaire tech investor Peter Thiel warns bitcoin might serve as a Chinese financial weapon against the US – and says it threatens the dollar | Currency News | Financial and Business News

Peter Thiel, one of Silicon Valley’s most prominent venture capitalists, suggested bitcoin could pose a threat to the US during a virtual seminar held by the Richard Nixon Foundation this week.”Even though I’m a pro-crypto, pro-bitcoin maximalist person, I do wonder whether at this point bitcoin should also be thought of in part as a … Read more

India mulls new law to ban cryptocurrencies, create official digital currency

India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government. The law will “create a facilitative framework for creation of the official digital currency to … Read more

How to invest in blockchain, the high-risk but high-potential technology behind bitcoin and other digital transactions | Currency News | Financial and Business News

Investing in blockchain technology has become hot due to its role as the database for cryptocurrencies and digital transactions. You can invest in blockchain technology via stocks of companies that offer cryptocurrency-related services or are developing other industrial applications for it. Despite its growth potential, blockchain technology should be seen as a high-risk investment. ETFs … Read more

JPMorgan says bitcoin could rally as high as $100,000 – but warns that such a surge would be ‘unsustainable’ | Currency News | Financial and Business News

“We believe that the valuation and position backdrop has become a lot more challenging for bitcoin at the beginning of the New Year,” JPMorgan said. At its current market cap of $575 billion, bitcoin would have to surge to $146,000 to match the total private sector investment in gold via ETFs or bars and coins, … Read more