Cryptocurrencies will make central banks lose control, says Europe’s longest-serving bank chief
Businessam Staff
November 30, 2017
Andreas Treichl, the 65-year-old chief executive officer of Austria’s biggest lender, Erste Group Bank AG, says that his kids think he’s “really stupid” when it comes to cryptocurrencies. “They think they could have made a lot of money and I didn’t allow them to invest in it,” Treichl said in an interview with Bloomberg Television. […]
Turkey approaches cryptocurrency from religious angle as Bitcoin soars above $10,000
Businessam StaffNovember 29, 2017
Turkish authorities have declared that Bitcoin is not accordant with Islam and has warned its citizens against buying the world’s most popular cryptocurrency. Turkey’s Directorate of Religious Affairs, known as Diyanet, said that the cryptocurrency is widely used for nefarious and illegal activities, and is not sufficiently regulated, making it far more volatile than other […]
Bitcoin nears $10,000 during Black Friday weekend’s shopping frenzy
Businessam StaffNovember 27, 2017
Bitcoin has hit a new high during the Black Friday weekend, surging past the $9,500 level for the very first time. Bitcoin has hit a new all-time high of $9,724 on Sunday and was last seen at $9,674.90, up 3.97% on the day, according to Kitco’s aggregated charts. “The move appears to be retail driven,” CNBC […]
South Africa’s Swissquote Bank launches ETP that switches between bitcoin, dollars
Businessam StaffNovember 23, 2017
Swissquote Bank SA upped its cryptocurrency game with the release of an exchange-traded product that will attempt to curb volatility by switching holdings between bitcoin and dollars. According to Bloomberg’s report, the Switzerland-based online trader called its offering the first actively managed bitcoin certificate. Funds will be shifted between the digital currency and cash based […]
Bitcoin, Ethereum price dives after $30m Tether hack revealed
Businessam StaffNovember 21, 2017
Bitcoin took a plunge after an exchange revealed it was hacked and $30m stolen. More than $400 was wiped from the value of the cryptocurrency which dropped five percent overnight after Tether, an exchange where cryptocurrencies are pegged to traditional currencies, said it had discovered the security flaw and theft. The price has recovered somewhat […]
Bitcoin uses a massive amount of energy, but there’s a plan to fix that
Businessam StaffNovember 20, 2017
Bitcoin guzzles about as much electricity annually as all of Nigeria, but a solution may be at hand. Blockchains that use proof of stake would select validators based in part on the size of their respective monetary deposits — their stake. This would be massively more energy efficient. But we are probably stuck with energy-guzzling […]
Bitcoin adds $41bn to market cap in 6 days as it hits all-time high of $7,998
Businessam StaffNovember 17, 2017
Bitcoin hit a new record high Friday, coming within touching distance of the $8,000 handle. The cryptocurrency was trading at $7,998.40 in the early hours, U.K. time, according to industry website CoinDesk. Bitcoin did pare some of those gains, however, falling as low as $7,535.85; it was trading around $7,750 by mid-morning. It’s been a […]
Bitcoin tumble erases as much as $38bn while rivals gain 22%
Businessam StaffNovember 13, 2017
Bitcoin extended a two-day slump as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators in an asset that’s surged more than 500 percent this year. According to Bloomberg’s report, while the cryptocurrency earlier plunged as much as 15 percent from Friday, it pared its drop to […]
There’s now a cryptocurrency fund-of-funds
Businessam StaffOctober 25, 2017
Just a year ago there were hardly any dedicated cryptocurrency funds, now investment in the sector has mushroomed enough that the first funds-of-funds are emerging. Rick Marini, Serial entrepreneur and venture capitalist, wants to raise $100 million to invest in 10 crypto-focused hedge funds. The fund, called Protocol Ventures, opened this month with $1 million of Marini’s […]
Bitcoin not the new gold, says Goldman Sachs
Businessam StaffOctober 19, 2017
Cryptocurrencies like bitcoin are not the “new gold,” Goldman Sachs said in a note, advising investors that precious metals “remain a relevant asset class” in portfolios. In a note to clients earlier this week, Goldman detailed the benefits of holding gold in a portfolio. “The use of precious metals is not a historical accident – […]