News 

Poor Venezuelans launch local currency amid cash crunch…

“Amid triple-digit inflation and a currency meltdown, there has been a run on cash in Venezuela” reports yahoo.com. But residents of one neighborhood desperate for spending cash said they welcome the idea proposed by pro-government groups.President Nicolas Maduro recently announced that Venezuela is launching a national digital currency called the petro, similar to bitcoin. Source: yahoo.com Share This:

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How virtual bitcoin production is ‘killing the planet’

“However, it has emerged that the production of bitcoins uses so much energy it threatens to seriously harm the planet” writes Patrick Sawer for telegraph.co.uk. Existing only in the digital sphere but currently worth a fortune, it is the virtual currency that has gone mainstream in recent weeks. Total electricity use in bitcoin mining has increased by 30 percent in the past month, according to accounting firm PwC.In recent months investors have flocked to the currency that exists only in cyberspace and is traded directly from person to person. Source: telegraph.co.uk…

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Bitcoin ‘Keeping Me Awake at Night’: Bank of Canada Governor

“U.S. Federal Reserve Chair Janet Yellen may not think that cryptocurrencies play much of a role in the economy, but the head of the Bank of Canada said that the hype surrounding bitcoin keeps him awake at night” writes unknown author for cryptocoinsnews.com. Rather, he said, cryptocurrencies are structurally more akin to high-risk securities, although purchasing them resembles gambling more than investing. “So, what are cryptocurrencies, exactly?. For something to be considered a currency, it must act as a reliable store of value, and you should be able to spend…

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Moonlambos sells Lamborghinis for Bitcoin to help gilded cryptocurrency generation spend its windfall

“The crypto currency boom is creating a new gilded generation of super wealthy individuals who were savvy enough to snap up Bitcoin early on” writes Chris O’brien for venturebeat.com. Now these fortunate sons and daughters of the virtual currency age are faced with a gigantic, unsympathetic problem: How to spend their wealth?. But holders of virtual currency face a couple of particular twists.It’s also developing a new virtual currency wallet called Apollo. Source: venturebeat.com Share This:

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These are the major roadblocks stopping Bitcoin from becoming a mainstream currency

“It certainly has the potential to become a more widely used currency especially with the rate of growth and the user base” writes Jasper Pickering for businessinsider.com. Business Insider UK spoke with University of Cambridge Research Fellow Garrick Hileman about cryptocurrency and how Bitcoin could become a mainstream currency.Garrick Hileman: Is Bitcoin an asset or a currency?. The volatility of Bitcoin is another thing that would probably prevent it from being a widely used currency and here you could look at the advent of stable coins as another potential solution to Bitcoin’s volatility problem.So will…

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Bitcoin buyers should be prepared to lose all their money, top UK regulator warns

“Bitcoin traded at $17,159 on Friday morning, according to CoinDesk’s bitcoin price index” writes Jason Alden for cnbc.com. “If you look at what has happened this year, I would caution people … We know relatively little about what informs the price of bitcoin,” Bailey told the BBC.The digital currency has a market value of approximately $291 billion — the largest among the cryptocurrencies.Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), told BBC’s “Newsnight” on Thursday, “If you want to invest in bitcoin, be prepared to lose all your…

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HSBC’s currency expert gives his best trades for 2018

“What we’re saying is, where is the central bank not going to have forward guidance?” writes Natasha Turak for cnbc.com. Where’s the central bank just suddenly going to go ‘we’re going to raise rates’?. Bet on the Aussie dollar.Where is the central bank denying — and then going have to face — the reality?. There’s money to be made in currencies whose central banks will make an unpredictable move next year, said David Bloom, HSBC’s global head of foreign exchange strategy. Source: cnbc.com Share This:

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Venezuelans seeing bitcoin boom as survival, not speculation

“Venezuelans with bitcoin can sell their digital currency on one of a half-dozen virtual exchanges filled with compatriots looking to buy bitcoin” writes The Associated Press for seattletimes.com. The digital currency debuted on a major U.S. exchange with its first futures contract Sunday.The early Venezuelan bitcoin adopters consisted largely of engineers and business leaders, but these days Useche said he is surprised by the number of poor, elderly Venezuelan making small bitcoin purchases.The shift toward cryptocurrencies in Venezuela is taking place as the price of bitcoin has climbed to a…

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Venezuela seeing bitcoin boom amid economic crisis

“Venezuelans with bitcoin can sell their digital currency on one of a half-dozen virtual exchanges filled with compatriots looking to buy bitcoin” reports foxbusiness.com. The digital currency debuted on a major U.S. exchange with its first futures contract Sunday.The early Venezuelan bitcoin adopters consisted largely of engineers and business leaders, but these days Useche said he is surprised by the number of poor, elderly Venezuelan making small bitcoin purchases.The shift toward cryptocurrencies in Venezuela is taking place as the price of bitcoin has climbed to a peak of more than…

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Crypto News Regulators 

YELLEN: Bitcoin is a ‘highly speculative asset’

“Yellen noted that bitcoin is “a highly speculative asset.”” writes Jonathan Garber for businessinsider.com. In the press conference accompanying the decision, Fed Chair Janet Yellen as asked about bitcoin by CNBC’s Steve Liesman. The Federal Open Market Committee meets on January 30-31, but there’s no press conference scheduled at the conclusion of that meeting.When asked if the Fed was considering its own digital currency, Yellen suggested there had been some discussions about the topic. Source: businessinsider.com Share This:

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