Despite JPMorgan Chase CEO Jamie Dimon’s harsh criticism of digital currency, the bank is reportedly looking at options that could provide its clients with access to CME Group’s proposed Bitcoin futures contracts. According to an unnamed source, JP Morgan Chase is currently taking stock of client demand and evaluating possible risks that might arise if the bank were to help its clients make those trades.
Financiers, investors, and cryptocurrency innovators from around the world gathered in Los Angeles last weekend to participate in the recent World Funding Summit. The two-day conference focused on a wide range of topics, including crowdfunding liquidity, ICO and blockchain, royalty financing, angel investing and venture capital, and more. Those participants included DNotes Co-Founder Alan Yong, who was a featured speaker during the ICO and Cryptocurrency panel on the first day of the summit.
In an interview with Reuters, CME Group Chairman Emeritus Leo Melamed predicted that the derivatives exchange’s planned Bitcoin futures launch will help to ‘tame’ Bitcoin, by regulating it. He also suggested that the world’s most famous cryptocurrency is rapidly becoming its own type of asset class, which will enable it to be more properly regulated and traded by large investors.
Is the world about to see the beginning of the end of the current fiat currency system? That’s the question posed by a new research paper from Deutsche Bank strategists Jim Reid and Craig Nicol, titled “The Start of the End of Fiat Money?” In the paper, the analysts examine the current fiat money system, discuss emerging trends that threaten its viability, and consider potential replacements – like Bitcoin.
The number of hedge funds focused on digital currencies has risen sharply in 2017, according to research data from a company called Autonomous Next. That data was reportedly provided to CNBC yesterday, and reveals that more than 90 of these cryptocurrency hedge funds were launched in the first ten months of the year. The research found that there are now 124 hedge funds focused on digital currency, managing assets worth roughly $2.3 billion.
Despite recent pushback from countries like China, Bitcoin has continued to enjoy increased acceptance in many places around the world. Its price has proved resilient as well, as it has reached new highs in the last week. However, that resilience and growing interest hasn’t deterred political and financial leaders from attempting to downplay Bitcoin’s potential. Former Federal Reserve head Ben Bernanke offered his own criticism on Monday, when he predicted that Bitcoin will never replace fiat currency.
Reports suggest that Russia may be getting more serious about issuing its own national cryptocurrency, the CryptoRuble. CoinTelegraph today cited unidentified ‘local news sources’ which apparently reported that President Vladimir Putin declared the government’s intent to issue the CryptoRuble during a meeting in Moscow.
JPMorgan Chase & Co CEO Jamie Dimon today vowed that he would no longer talk about Bitcoin. That vow came after Dimon once again criticized Bitcoin, this time during a meeting of the Institute of International Finance in Washington. According to a report from Bloomberg, Dimon’s Friday criticism covered familiar terrain.
Like government authorities and financial entities around the world, European officials have been struggling to develop a sensible policy on Bitcoin and other digital currencies. Though some officials have openly praised digital currency technology for its innovative potential, others have decried it as a potential tool for criminals and terrorists. Many, including Austrian National Bank Governor and European Central Bank member Ewald Nowotny, have viewed cryptocurrency as a risk and called for strict regulations.
In remarks before a joint session of Taiwan’s parliament and cabinet members this week, Financial Supervisory Commission chairman Wellington Koo said that his country intends to remain open and friendly to digital currency and blockchain technology. Koo’s statement came in response to a request from congressman Jason Hsu. The congressman had asked that the government clarify its position on cryptocurrency and related technology.
Singapore’s central bank, the Monetary Authority of Singapore, recently acknowledged that authorities are closely monitoring Bitcoin and other digital use, as well as initial coin offerings (ICOs). The revelation came from Deputy Prime Minister Tharman Shanmugaratnam, in a formal response to a question posed in Parliament by MP Miss Cheng Li Hui. The MP’s question sought information about how the government is currently responding to digital currency:
The Commodity Futures Trading Commission (CFTC) has reportedly been in contact with Coinbase as part of a probe into the June 21st flash crash that saw the price of ether plunge to 10 cents in mere milliseconds. A Bloomberg report suggests that the financial watchdog is seeking more information about that day’s events, including details about the role played by margin trading on the GDAX exchange.
International Monetary Fund managing director Christine Lagarde shared her thoughts on the digital currency revolution during an address at the recent Bank of England conference in London. In her remarks, she noted that cryptocurrencies don’t presently represent a challenge to the status quo, but could do so in the future if new innovations help to resolve core problems like volatility, excessive energy requirements, and consumer risk. Lagarde also suggested that currencies like Bitcoin could eventually be a boon to the IMF’s own international reserve asset, the special drawing right (SDR).
A consortium of Japanese banks that includes Mizuho Financial Group is actively weighing the benefits of launching their own digital currency. According to details published this week in the Financial Times, the banks would like to create the currency – which is being referred to as the “J-Coin” – to help Japanese consumers end their reliance on physical cash.
Approved by the B.C. Securities Commission, as well as registered in the province of Ontario, the Canadian FBC Bitcoin Trust is the first registered cryptocurrency investment fund in the country. Created by the co-founders of First Block Capital , the trust will allow for the ease of access to bitcoin investing that is badly needed within an industry that has seen many potential investors forced to sit on the sidelines. The open-end investment fund will track the market price of bitcoin, and be offered to accredited investors in a private placement offering through GMP Securities L.P. at the end of September.
The price of Bitcoin has been regaining its footing after China’s clampdown on ICOs and exchanges. This is not the first time China has tried to stifle cryptocurrencies for fear that they can be effective means for citizens to keep their capital safe in unfavorable economic conditions, out of reach of authorities. China may attempt to nationalize the local crypto industry, and could issue digital Chinese Yuan tokens to act as the new reserve currency on newer, more-highly regulated exchanges—platforms where tokens created via state-sanctioned platforms using the new denomination could be traded. The regulations could drive innovation for Chinese fiat gateways running through decentralized exchanges, which may become the only means for investors to swap their tokens. The ruling may also push users into more anonymous cryptocurrencies that do not leave a digital footprint.
Op-Ed: World Funding Summit in Los Angeles on November 17 and 18 has Attracted some of the Brightest Minds in the World of Alternative Finance.
The World Funding Summit will attract some of the brightest minds in the world of alternative finance as they gather for a two-day conference in Los Angeles on November 17 and 18, 2017. Among them, Alan Yong, Co-Founder of DNotes, who will be sharing his in-depth knowledge of cryptocurrency, blockchain technology, and ICO’s; concepts that are not yet fully understood in many prominent financial circles. He will be informing entrepreneurs of the benefits these new platforms can offer in their efforts to raise additional capital, and sharing his expertise accrued through 40 years of business experience combined with insights gained as CEO of a promising cryptocurrency based corporation. Mr. Yong has said this will be the perfect opportunity to showcase DNotes.
Last week saw Bitcoin cross the $4000 mark for the first time in a continuation of a long-term bull-run that has seen it rise from just under $1000 at the turn of this year. Naysayers are drawing comparisons to investment bubbles from years past that were succeeded by crashes: Great Tulip bubble, dot-com & housing, while advocates are pointing to the intrinsic properties of cryptocurrencies finally being reflected in their price.
Coinbase has recently completed a $100 million Series D funding round, which featured investment from IVP, Draper Associates, Greylock Partners, and others. The company made the announcement via a blog post from Coinbase CEO Brian Armstrong, and notified its customers by email. Coinbase has confirmed that the funding will be used to expand its operations.
After successfully testing digital currency viewing with its employees, Fidelity investments Inc is now ready to offer those capabilities to the company’s customers as well. The new offering debuted on Wednesday, and provides the firm’s clients with the ability to see their cryptocurrency holdings on the company’s client accounts pages. The move has been in the works for some time, and will enable those investors to more efficiently track digital currency investments on the same portal they use to monitor their stocks, mutual funds, and other investments.