SBI holdings has invested in a Rockdale Texas mine which may end up being the largest cryptocurrency mine in the world. This means that SBI does not see Bitcoin, the leading crypto, going anywhere soon and sees a good future for at least the next 5 years for BTC itself. SBI has said before that it wants to garner a significant share of the global hash rate. That action would decentralize China’s dominance in Bitcoin Mining.
Tag: investing
Royal Bank of Canada Denies Crypto exchange, Einstein exchanges out $16million in customer funds
Royal bank of Canada denied rumors of the bank opening up a crypto exchange and said that the bank has no plans in the near future to do such. Einstein exchange, after being taken over by authorities was found to have only $45000 in assets while taking $16 million in customer funds resulting in a 99% loss of customer funds at the sham exchange.
Vechain bombshells dropped
So some big bombshells were dropped about VeChain at the OceanEx meetup. The main one was Sunny saying that DNV GL were working on a US partner with Vechain. We do not know who this US partner is but any big US retailer or company would be a big hit since that would signal regulatory clarity in the US. It was also mentioned that Italian winemakers were thinking about using VeChain’s Mystory on every bottle of Wine. This is a big non-chinese partnership that VeChain would be making, expanding outside of the Asia region. Overall, there are lots of things to be excited about in the coming months.
Cardano Added to Binance lending
Cardano was added to Binance lending today, which should be a service available in the US in some time. I think this may signal that Cardano has passed the test for being listed at Binance.us and because of competition, Coinbase may soon list it as well.
April Fools News on Crypto, don’t fall for it!
April Fools day is a full swing and everyone, including the government in getting into the Spirit with XRP, JP Morgan, DOGECOIN, TRON, and even the SEC giving us troll stories to pump our hopes up before dashing them on the rocks when they tell us its a complete troll article in the end. So to recap:
SEC did not approve the ETF, DOGECOIN has not been endorsed by an education network, JPM has not fomo’ed into XRP, and Justin sun has not been nominated for Nobel Prize in economics.
Wall Street manipulating crypto to buy in a lower prices?
A new article states that Wall Street is Manipulating Crypto assets in order to buy in at cheaper prices. The report claims that wall street executives have been timing critical quotes against crypto and pushing the price down so they or the firms that they run can buy cryptocurrency at a cheaper price. While some wall street execs have indeed been very critical of crypto, several people on Wall Street have actually been supportive and opinions are split. Morever, many of the whales that can majorly influence the price are outside of wall street.
I, however, do put a lot of them blame on the unregulated futures market, especially at places like Bitmex where you can do naked shorts and leverage 100:1 to short sells and then sell off your stash of crypto to make sure that short sell pays off. Since it is spot shorts instead of a 1 month contract, it is much easier to manipulate it in that way.
Fidelity Launches Crypto Custody
Fidelity, a large and trusted institution that handles many retirement funds worth $7.2 trillion has opened itself up as a cryptocurrency custodian. This could be big for crypto as it brings more legitimacy into the crypto space that such a large and trusted player would throw their hat into the ring and offer services. This also opens the door up to the trillions of dollars in retirement and pension funds that might now be invested into the cryptocurrency market. Such a well-trusted brand and name offering these services may convince some people who have been sitting on the sidelines for a long time to finally jump into the market with fresh money and give the crypto market the boost it needs.
Rich Millenials love Bitcoin, study finds
A new study finds that Millenials making more than $75,000 are prone to invest in cryptocurrencies. The number drops drastically as you go down the payscale mostly because people making less cannot afford to buy cryptocurrency assets for lack of cash. The number is also far higher among millenials than previous generations due to being familiar with technology and what cryptocurrencies are. Most said they knew how cryptocurrencies work and many said they felt comfortable having a conversation about cryptocurrencies. With more high-earning millenials entering the white-collar workforce, this should result in cryptocurrency growth over the long term as many more people come on board with fresh new money. Whether its Bitcoin or Alt Coins, it is almost certain that the number of investors and the amount of money is these assets will only increase over time.
Yale investor goes $300 million into cryptocurrency funds
Yale investor David Swenson, known for converting Yale’s endowment into a $29 billion fund has gone deep into cryptocurrency. Swenson is the chief investment officer at the school and his team has investing $300 million into Andreesen Horowitz’s crypto fund and has also invested in Paradigm crypto fund. This signals that more and more wall-street and conventional investors with large amounts of money pouring into the crypto arena despite the outward hostility for crypto. Even though J.P. Morgan’s CEO has said he has no taste for crypto himself, J.P. Morgan itself has built a worldwide payments system with 75 banks based on Ethereum. Even as they say they don’t like crypto, they are getting themselves into it and their actions speak to the coming crypto takeover.
Bakkt has competition from ErisX, what it means for Crypto
Bakkt is the big news currently from the world of Cryptocurrencies, but there is another competitor on the horizon that is also backed by big Wall Street Giants known as ErisX that is looking to launch spot trading early in 2019 and will launch physically backed futures of Bitcoin and possibly Litecoin and Ethereum later next year. This will expand the market to more investors next year and as these futures will be settled in Bitcoin and not Fiat, I think this will overall be good for the Bitcoin market. This means that these big Wall Street guys see the large demand for Crypto that is out there and are acting on it before the ship sails off without them meaning that in the long run, Crypto has a bright futures and will be much bigger than it is today.
Cryptocurrency Vlog 