This is a discussion on Bitcoin and other Cryptocurrencies within the General Discussion forums, part of the Trading Forum category; Latest crytocurrency chart update as at 20 feb 2021 Bitcoin vs USD Ethereum vs USD...
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Tesla and Spacex CEO Elon Musk has clarified his position on bitcoin. Emphasizing that he is an engineer, not an investor, Musk says that bitcoin “is simply a less dumb form of liquidity than cash.” Musk also disputed gold bug Peter Schiff’s claims about bitcoin and commented on the price of the cryptocurrency.
What Elon Musk Thinks About Bitcoin
The CEO of cryptocurrency exchange Binance, Changpeng Zhao, was interviewed by Bloomberg Thursday after the demand for dogecoin on his exchange soared. He commented on Elon Musk’s enthusiasm towards the meme cryptocurrency during the interview.
“I’m surprised that Elon’s so gung-ho on dogecoin,” Zhao began, noting that “This is a decentralized, free world and anybody can like anything. He [Musk] can like dogecoin for any reason he likes.” Emphasizing his strong belief that Musk is not associated with dogecoin, the Binance CEO pointed out that Musk’s electric car company, Tesla, bought $1.5 billion of bitcoin, not dogecoin.
Musk saw the interview on Twitter and replied:
“To be clear, I am ‘not’ an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla,” he elaborated."Tesla’s action is not directly reflective of my opinion. Having some bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company."
Nonetheless, Musk clarified: “However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as BS as fiat money. The key word is ‘almost.'”
Gold bug Peter Schiff, who recently bashed Musk and Tesla for buying bitcoin, tweeted Friday: “According to Elon Musk ‘Bitcoin is almost as BS as fiat money.’ So Musk regards both bitcoin and fiat as BS.”
He further wrote: “I agree, I just think bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. Gold is not BS. It’s real money and better than both.”
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The firm said it has now reached its internal product limit for exposure to cryptocurrencies after an FCA ban on crypto derivatives in January.
London-listed forex and derivatives trading platform IG Group (IGG) is asking retail clients to close their open spread bet and contract for difference (CFD) positions on cryptocurrencies.
According to a post from an administrator on IG’s forum Sunday, the firm has now reached its internal product limit for exposure to cryptocurrencies, and as a result, will be removing them from its offerings. Until then, IG will be increasing its margin requirements, the admin said.
The relevant positions on cryptocurrencies must be closed by 15:00 local time on March 24. After that, IG will close any positions still open based on its prevailing bid/ask prices, they said.
The move comes after the U.K.’s Financial Conduct Authority (FCA) ban on the sale of derivatives and exchange-traded notes came into effect on Jan. 6, after the financial regulator said it considers the products to be too high risk for retail consumers.
Since the ban was implemented, IG has restricted U.K. retail clients from increasing their exposure to cryptocurrencies, the admin said.
The FCA’s restriction has been criticized by some in the crypto industry, who argued that U.K. retail investors should have access to the same opportunities as institutions and that the ban would drive traders to unregulated exchanges.
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Onecoin promised the world, but only proved to be a trail of destruction.
Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch “an explosion of innovation in bitcoin products and services.”
Major Companies Want Bitcoin Exposure
Major corporations and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin, the group announced Monday. According to the announcement:
"A $200 million growth capital round [was] led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management, and FS Investments."
In addition, Bessemer Venture Partners and Fintech Collective, which led the two prior funding rounds for NYDIG, were also significant participants.
Soros Fund Management is chaired by George Soros, one of history’s more successful financiers. New York Life Insurance Company is the third-largest life insurance company in the U.S. and the largest mutual life insurance company in the country.
Robert Gutmann, the CEO of NYDIG, explained that “The firms participating in this round are more than investors – they are partners, each well known to us for years.” He elaborated:
"NYDIG will be working with these firms on bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy. These partnerships leave no doubt that institutional adoption of bitcoin has arrived."
He added that “In the months and quarters ahead,” NYDIG is expected to announce “an explosion of innovation in bitcoin products and services” in partnership with the new investors.
Emphasizing the “accelerating institutional bitcoin adoption,” the group further announced Monday:
"Life, annuity, and property & casualty insurers now own, in aggregate, more than $1 billion of direct and indirect bitcoin exposure facilitated exclusively by NYDIG."
NYDIG is part of Stone Ridge Asset Management, which recently filed with the U.S. Securities and Exchange Commission (SEC) for one of its open-end mutual funds to invest in bitcoin. Stone Ridge founder who also founded NYDIG, Ross Stevens, said in February that “you’re just going to see a wall of money” coming into bitcoin.
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U.S. vs China: The Battle for Bitcoin Mining Supremacy
Chinese bitcoin miners have long dominated the global processing power that runs the bitcoin network with sophisticated equipment and access to cheap electricity. But now, a group of U.S. miners with deep pockets wants to conquer a greater share of the industry.
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