Digital currencies failing as money, but technology has promise-Carney
Businessam Staff
March 2, 2018
Mark Carney, Bank of England governor said Friday that cryptocurrencies such as Bitcoin are failing as a form of money and have shown clear signs of being a financial bubble, but their technology could improve the financial system in future, Carney joined a chorus of concern among global policymakers over the rise of digital currencies, saying […]
Bitcoin edges lower as US financial regulator launches cryptocurrency market probe
Businessam StaffMarch 1, 2018
Bitcoin slipped about 2 percent following a report that the US Securities and Exchange Commission (SEC) is investigating the digital currencies market. The virtual currency then clawed back some losses to trade at $10,654 as of 9:25am GMT. People familiar with the matter said that as part of the SEC’s investigation, the regulatory agency has […]
Bill Gates condemns bitcoin, others, says they are cause of deaths ‘in a fairly direct way’
Businessam StaffMarch 1, 2018
Bill Gates, Microsoft co-founder is no fan of cryptocurrencies, which he says have become a vehicle for crime, and in some cases can result in people’s deaths. During a Reddit Ask Me Anything (AMA) session on Tuesday, Gates said the anonymity of the web means cryptocurrencies can mask money transactions. “I don’t think this is a good […]
Bitcoin tumbles below $10,000 as Bank of America warns of crypto risks
Businessam StaffFebruary 23, 2018
Bitcoin, the world’s number 1 cryptocurrency fell below $10,000 after nearly reaching $12,000. According to Coindesk, it reached $9,604.84 as of 06:00 am (GMT) following a report by the Bank of America that cryptocurrency could represent a substantial threat to its business in its annual filing with the SEC. A global investment craze over bitcoin and […]
Bitcoin, others price drop as British politicians discuss cryptocurrency laws
Businessam StaffFebruary 22, 2018
The price of Bitcoin and all the other major cryptocurrencies is on the slide Thursday following a brief recovery earlier in the week. Bitcoin is sitting at just under $10,500 after sliding dramatically from a high of almost $12,000 on Tuesday, while ethereum and liteCoin slump by roughly 5 percent in the same period as ripple […]
South Korean businesses accept ethereum from Olympic guests
Businessam StaffFebruary 20, 2018
Cryptocurrency holders at the PyeongChang Winter Olympics can now use ethereum at seven locations in South Korea instead of won. According to a report from the Korea Times, six locations in PyeongChang and one in Gangneung are accepting the digital currency from customers. South Korean app Coinduck, created by blockchain builder Chain Partners, will facilitate the transactions, charging […]
Bitcoin returns over $11,000 as Ethereum founder warns on digital currencies
Businessam StaffFebruary 20, 2018
Bitcoin returns above $11,000 on Monday, continuing a strong rebound after undercutting $6,000 intraday on Feb. 6., after Ethereum’s co-founder warned that cryptocurrencies “could drop to near-zero.” Bitcoin rose 7% to $11,138.33 on Monday, according to Coindesk. Bitcoin retook the $10,000 mark last Thursday. Bitcoin Investment Trust rose sharply last week in sympathy with Bitcoin and other digital currencies, Overstock.com also […]
Bitcoin price edges upwards as Barclays bans cryptocurrency trading using its credit cards
Businessam StaffFebruary 9, 2018
Barclays is likely to follow other major lenders in the United States in stopping customers from buying Bitcoin and other cryptocurrencies with its credit cards, according to an interview with a senior executive at its credit card unit. ‘We are making the decision that we will likely no allow cryptocurrency purchases on the card,’ Paul […]
World Bank chief doubts legitimacy of cryptocurrencies, calls bitcoin “ponzi schemes”
Goddey OdinFebruary 9, 2018
Jim Yong Kim, World Bank Group President, has compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. The President said Wednesday at an event in Washington that “in terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, […]
Cryptocurrencies to hit zero- Goldman Sachs
Businessam StaffFebruary 7, 2018
Goldman Sachs Group Inc.’s global head of investment research said the tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re […]