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George Soros Prepares to Trade Cryptocurrencies

The family office is said to have recently approved trading Soros called the digital assets a ‘bubble’ in January George Soros called cryptocurrencies a bubble in January. Now his $26 billion family office is planning to trade digital assets. Adam Fisher, who oversees macro investing at New York-based Soros Fund Management, got internal approval to trade virtual coins in the last few months, though he has yet to make a wager, according to people familiar with the matter. A spokesman declined to comment. Soros, Read more: Crypto Hedge-Fund Bubble Begins…

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Where Could Bitcoin Succeed as a Currency? In a Failed State

When Juan Pinto gets in line at the movie theater, he takes out his phone and trades just enough bitcoin for Venezuelan bolivars to pay for the ticket by the time he gets to the counter. Pinto lives in Venezuela, but doesn’t keep any of his money in the national currency. The 29-year-old quit his job as a mechanical engineer to dedicate his life to cryptocurrency three years ago, when he says he “fell in love with the technology.” Venezuela’s crumbling economy played a part as well. “Being a Venezuelan…

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Bitcoin Falls on Fears of Regulatory Trouble for Big Crypto Exchange

Japan’s FSA warns Binance for operating without a license Biggest cryptocurrency fell 4.5% after news first reported told Bloomberg in January that it was working to acquire a license in Japan, but the warning could complicate those efforts. Zhao said on Thursday that the exchange is “engaged in constructive dialogue” with the FSA. While Binance was founded in Hong Kong last year, Zhao has said that his company does not currently have a legal headquarters anywhere in the world.

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Odds and Ends 

Uber co-founder Garrett Camp is creating a new cryptocurrency

Garrett Camp, best known for being a co-founder of Uber and founder of the accelerator/venture fund Expa, is launching his own cryptocurrency. The currency is called Eco, and Camp wants it to be a digital global currency that can be used as a payment tool around the world for daily-use transactions. There will be one trillion tokens issued initially, of which 50% will be given away to the first one billion verified humans that sign up. 20% will go to the universities running trusted nodes, 10% will go to advisors,…

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Bitcoin Newbies Are Getting Crushed While Old Timers Bemoan `Weak Hands

For Bitcoin investors, these are the times that try one’s soul. After surging to almost $20,000 in December following the introduction of regulated futures contracts in the U.S., the world’s largest cryptocurrency has lost more than half its value, plummeting to as low as $7,614 on Friday. It regained some ground on Saturday, rising 7.5 percent to $9,290.15 as of 2:58 p.m. in New York, according to Jamie Dimon to Nouriel Roubini have labeled as one of the biggest asset bubbles in history began showing signs of deflating. Selling by…

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Bitcoin Whipsaws Investors as Bubble Shows Signs of Bursting

Bitcoin whipsawed investors, falling below $8,000 for the first time since November before recovering most of Friday’s losses, as a miserable 2018 continued for cryptocurrencies. Since reaching a record high of $19,511 on Dec. 18 shortly after the introduction of regulated futures contracts in the U.S., Bitcoin has wiped out more than half its value amid waves of negative news. Setbacks included escalating regulatory threats from authorities around the world including India, raided Coincheck’s offices Friday morning, a week after the robbery, hauling out documents and computers as evidence. The…

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U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

U.S. regulators are scrutinizing one of the world’s largest cryptocurrency exchanges as questions mount over a digital token linked to its backers. The U.S. Commodity Futures Trading Commission sent subpoenas on Dec. 6 to virtual-currency venue Bitfinex and Tether, a company that issues a widely traded coin and claims it’s pegged to the dollar, according to a person familiar with the matter, who asked not to be identified discussing private information. The firms share the same chief executive officer. Tether’s coins have become a popular substitute for dollars on cryptocurrency exchanges…

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Odds and Ends 

50 Cent realizes hes a Bitcoin millionaire thanks to sales of a 2014 album

Call him the ultimate hodler. After being one of the first musicians to accept Bitcoin all the way back in 2014, Rapper 50 Cent (a.k.a. Curtis Jackson) appears to have accumulated a small fortune in the volatile digital currency. As TMZ first reported, and the man himself seems to have confirmed, 50 Cent left his Bitcoin sales untouched until rediscovering them some time recently. At the time, he reportedly raked in around 700 bitcoins in album sales for his fifth album, Animal Ambition, which launched in June 2014. TechCrunch reached…

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Massive Cryptocurrency Heist Spurs Calls for More Regulation

At 2:57 a.m. on Friday morning in Tokyo, someone hacked into the digital wallet of Japanese cryptocurrency exchange Coincheck Inc. and pulled off one of the biggest heists in history. Three days later, the theft of nearly $500 million in digital tokens is still reverberating through cryptocurrency markets and policy circles around the world. The episode, disclosed by Coincheck executives at a hastily arranged press conference on Friday night, has heightened calls for stricter oversight at a time when many governments are working out how to regulate the booming cryptocurrency exchange…

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Cryptojackers used YouTube ads to secretly mine cryptocurrency

Image: Peter Dazely / Getty Images YouTube is turning passive viewers into cryptocurrency miners, and Google isn’t happy. The issue became apparent earlier in the week as complaints surfaced on social media claiming that YouTube ads were raising red flags in anti-virus software. A service called Coinhive was hijacking a viewer’s CPU and using its power to mine crypto. SEE ALSO: CryptoCelebrities are the newest irritating kid on the blockchain A Friday blog post from Trend Micro, an international cybersecurity company, confirmed the sharp uptick in Coinhive use earlier in…

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Nordea’s Bitcoin Ban Leaves Financial Regulator Taking Back Seat

As Nordea Bank AB blazes a trail in Europe by banning its employees from trading Bitcoin and other cryptocurrencies, the regulator is taking a back seat in a decision-making process it says is better left to the industry. Sweden’s Financial Supervisory Authority thinks “every institution must decide on the details of their internal regulations specifying the rules for their employees’ investments and trading,” spokesman Peter Svensson told Bloomberg, in response to questions about Bitcoin guidelines. The hands-off approach may surprise some who associate the Nordic region, and Sweden in particular,…

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World’s Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour

The world’s biggest cryptocurrency exchange keeps getting bigger. Hong Kong-based Binance.com is adding “a couple of million” registered users every week, with 240,000 people signing up in just an hour on Wednesday, Chief Executive Officer Zhao Changpeng said in an interview with Bloomberg Television. Demand is so high that the company is limiting new customers, he said, though Binance may fully reopen in the coming weeks. “We did not expect this kind of growth to be honest,” Zhao said from Tokyo on Thursday. Binance was the world’s most active crypto…

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Bitcoin Could End Up Using More Power Than Electric Cars

The global power needed to create cryptocurrencies this year could rival the entire electricity consumption of Argentina and be a growth driver for renewable energy producers from the U.S. to China. Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, about 0.6 percent of the global total, Morgan Stanley analysts led by Nicholas Ashworth wrote in a note Wednesday. That’s more than expected power demand from electric vehicles in 2025. “If cryptocurrencies continue to appreciate we expect global mining power consumption to increase,”…

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Goldman Sees Crypto, Credit Shadowing Robust 2018 U.S. Economy

Financial imbalances including those in credit markets and cryptocurrencies will shadow an otherwise robust 2018 U.S. economy, said Goldman Sachs Group Inc. economist Jan Hatzius. Hatzius has already made some predictions for the new year: four Federal Reserve quickening to an average of 2.6 percent, the jobless rate not inverting. In a new report, Hatzius reiterated his expectation for overall economic strength, while flagging some concerns. “Asset valuations in some areas — especially credit — have risen to high levels by historical standards,” Hatzius said in the “10 Questions for…

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From Bitcoin to Belize, Here Are Best and Worst Assets of 2017

It was a great year to hold bitcoin, but a bad time to have been invested in the Uzbek soum. As 2017 winds to a close, a look at the winners and losers around the globe shows that, broadly speaking, the riskiest assets performed well, with bullish sentiment on display in stocks, emerging-market sovereigns and corporate debt. Securities generally seen as the safest and least volatile bets — think Japanese government bonds — trailed behind. There was perhaps no investing idea that attracted more attention in 2017 than cryptocurrencies, from Jamie…

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