Cryptocurrency is about more than just fundamental value, it’s about consumer trends too.
In a recent Fox Business interview, Warren Buffet was critical of Bitcoin, describing it as ‘rat poison squared’ in reference to the cryptocurrency’s rocketing growth in the last five years.
Twitter and Square CEO Jack Dorsey told attendees at the Consensus blockchain conference on Wednesday that the internet will eventually have its own currency, and that he hopes it will be Bitcoin. He also said that he expects Square to fill a leadership role in achieving global acceptance of digital currency as a payment option.
Microsoft Advertiser Policy Manager Melissa Alsoszatei-Petheo has announced that cryptocurrency-related advertising will no longer be welcome on the company’s Bing search engine. Bing Ads plans to enact the policy on a global basis next month and will begin to enforce the ban later in June or July.
Coinbase announced on Tuesday that it plans to launch a new suite of institutional product offerings to facilitate their cryptocurrency investment and trading needs. In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.
The Reserve Bank of Zimbabwe has reportedly ordered the nation’s financial institutions to stop all transactions related to cryptocurrencies, according to local media reports. NewsDay reported this weekend that RBZ Director and Registrar of Banking Institutions Norman Mataruka issued the directive on May 11 and has given Zimbabwe’s banks 60 days to comply.
Authorities in South Korea raided the UPbit cryptocurrency exchange’s offices on Thursday and Friday, according to multiple media reports. Prosecutors reportedly believe that the exchange had deceived customers by selling digital currencies that it did not hold. News of the raid appears to have contributed to a broad decline in cryptocurrency prices on Friday.
Mobile handset maker Huawei Technologies Co. will soon offer access to Bitcoin wallets through its AppGallery, according to a report from Bloomberg. The move will reportedly allow users to download the BTC.com Bitcoin wallet on all new Huawei phones, and the company plans to roll out access to older phones in the near future.
During an interview on CNBC’s Squawk Box on Wednesday, Social Capital CEO Chamath Palihapitiya was asked to respond to recent criticisms of Bitcoin by Bill Bates, Warrant Buffett, and Charlie Munger. Palihapitiya argued that they are all wrong in their assessment of the world’s most well-known digital currency, and then explained why:
Cryptocurrency exchanges seeking to register with Japan’s Financial Services Agency (FSA) will face increased scrutiny, according to a Sunday report from Nikkei Asian Review. The FSA’s tighter review standards are part of a government effort to stave off future heists like the January hack of the Coincheck exchange through early identification of potential risks.
The San Francisco Federal Reserve published a paper on Monday that suggests a link between the introduction of Bitcoin futures trading and the cryptocurrency’s price decline from record highs set in December 2017. The paper’s authors assert that Bitcoin’s rapid price increase and subsequent decline are “consistent with trading behavior that typically accompanies the introduction of futures markets for an asset.”
South Korea’s new Financial Supervisory Service Governor, Yoon Suk-heun has confirmed speculation that the country’s strict cryptocurrency regulations may be scaled back, according to a report in The Korea Times. Yoon signaled the potential change in remarks to reporters after his nomination to head the FSS was approved by South Korea’s President.
Swiss-based startup Tangent has launched pilot sales of its new physical Bitcoin banknotes, according to a company press release published on May 3. The product will be made available at Singapore’s Megafash Suntec City store, with plans to deliver an initial supply of 10,000 notes to the company’s partners throughout the world.
Goldman Sachs announced this week that the bank plans to launch its own Bitcoin trading operations, using the firm’s funds to trade Bitcoin futures contracts for its clients. In addition, Goldman has plans to develop a more flexible product, the non-deliverable forward. On Thursday, Blockchain Capital partner Spencer Bogart said that he expects other banks will follow the Goldman Sachs lead.
Reddit chief technology officer Chris Slowe recently indicated that the platform’s decision to abandon support for digital currency payments will likely be reversed in the near future. In an interview with Cheddar, Slowe suggested that Reddit is also looking at expanding crypto payment options to include not just Bitcoin, but Ethereum and Litecoin as well.
Business Insider Japan has reported that Japanese financial firm SBI Group plans to launch its own digital currency exchange sometime this summer. SBI Group CEO Kitao Yoshitaka reportedly expressed confidence that his company’s venture into the cryptocurrency space would bring it quick success:
The UK’s self-regulating cryptocurrency industry trade group, CryptoUK has answered the Treasury Select Committee’s ongoing digital currency inquiry with a written response that urges MPs to enact new regulatory guidelines for the industry. The proposed rules would be designed to ensure that the UK’s digital currency industry is regulated by the Financial Conduct Authority (FCA).
In a Monday appearance on CNBC’s Squawk Box, SEC Commissioner Robert Jackson suggested that the regulatory body will eventually be considering options that could help initial coin offerings comply with existing securities laws. According to Jackson, the SEC continues to be concerned about risk to investors, and is currently focusing its efforts on protecting them from potential fraud:
An article on the St. Louis Federal Reserve’s blog site earlier this week argued that Bitcoin and fiat currencies share some important characteristics. The post, published on Wednesday, identified three key areas of similarity: the lack of intrinsic value, the defined and limited supply, and the lack of a middleman.
Earlier this week, Malta’s cabinet approved crypto-related bills, according to a report from Finance Magnates. The three bills are designed to provide regulatory guidance for the industry, protect investors, and ensure greater market integrity. They now advance to the House of Parliament, which will debate the measures.
On Wednesday, Nasdaq CEO Adena Friedman suggested that Nasdaq could be open to “becoming a crypto exchange” at some point in the future, provided that the industry continues to mature and gain stability. Friedman made the comment during a Wednesday appearance on CNBC’s Squawk Box, noting that there were still industry issues that would need to be addressed before Nasdaq could consider adding that type of trading platform.