Cryptocurrency
In recent newsletters I’ve been saying the higher probability move before November is for a deeper pullback correction to the March-August rally before continuing higher into next year. My opinion about that expectation has not changed. For one thing, the weekly momentum of the rally from March is slowing and the horizontal red line at […]
Most people have heard of Bitcoin by now. News about it appears online daily. It’s likely to be the subject of watercooler talk, too. If you haven’t heard of it, you will soon. Bitcoin was created to counter the actions of irresponsible governments and central banks. The cryptocurrency emerged shortly after the 2008-2009 financial meltdown. […]
No one can deny there has been a lot of crazy news lately. These kinds of developments often shock the markets. In particular, the ongoing pandemic has forced the government to increase spending at an alarming rate, a trend which typically adversely affects the U.S. dollar. Whenever the dollar takes a hit, people often look […]
Bitcoin and other cryptocurrencies have long sought legitimacy in a world of fiat currencies. In the United States they just got a big boost. On July 22 the Office of the Comptroller of the Currency (OCC) announced that national banks and federal savings associations were authorized “to provide cryptocurrency services for customers.” To say this […]
A June 29th story out of China highlights the unique advantage of owning Bitcoin (BTC) versus gold and just one more reason why demand for BTC will likely rise dramatically in the coming years. According to the story, a prominent bank used gold as collateral for a $2.8 billion loan to a jewelry company but […]
One of the main developers of Libra, Facebook’s proposed cryptocurrency, sees Bitcoin — a potential competitor to the Facebook project — as a store of value, perhaps, but not a way to spend money. “I don’t think of Bitcoin as a currency,” said David Marcus. “It’s actually not a great medium of exchange because of […]
Few figures in the economic sphere have a reputation that precedes them as much as Alan Greenspan, the chair of the U.S. Federal Reserve from 1987 to 2006. Now, the former Fed chief is giving his opinion on digital currencies such as Bitcoin. Greenspan believes “there’s no point for them to do it” when it comes […]
Facebook this past summer unveiled it plans to establish its own proprietary Bitcoin-style cryptocurrency, called Libra. Facebook’s foray into financial services offering will allow smart phone users to send money to each other and pay for goods across the Internet. The company anticipates that its digital “wallet” will be adopted worldwide and meet with regulatory […]
Bitcoin’s meteoric rise in 2017 dominated the news cycle. The popular cryptocurrency rocketed from around $1,000 in March of that year to break $20,000 by the end of December. After that nearly vertical move, of course, came a similarly steep decline. It has been volatile ever since, trading around $8,600 in recent weeks. Now, a recently […]
Asked whether those involved in Bitcoin had satisfied his initial concerns regarding a Bitcoin ETF, Securities and Exchange Chairman Commission (SEC) Jay Clayton stated: “The short answer is yes, but there’s work left to be done.” The cryptocurrency industry has taken a number of steps towards addressing issues that make regulators uneasy about launching an […]
