Gold news-Page 11
Former OCC official says crypto has backing but dollar ‘may not’
Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like Bitcoin (BTC) have some backing, while the U.S. dollar may not have any. Brooks gave his remarks in a CNBC Squawk Box interview with Joseph Kernen to unpack recent Bitcoin-related remarks by the U.S. Federal Reserve chair Jerome Powell. Earlier this week, Powell argued that cryptos like Bitcoin are “essentially a substitute for gold” but at the same time they are “not backed by anything.” CNBC host Kernen pointed out that gold has historically been seen …
Bitcoin / March 26, 2021
Bitcoiners love dogs, gold bugs prefer cats — Important new research
New research from US crypto exchange Xcoins suggests gold investors are pretty evenly split between men and women, but men dominate the ranks of crypto investors by a significant margin. The data also revealed that “gold investors are more likely to own a cat than cryptocurrency holders (45% to 38%), while cryptocurrency holders tend to be ‘dog people’ (43% to 38%).” Xcoins’ research used Global Web Index data between 2017 and 2020, to find the differences between gold and crypto owners. The research found that there is a significant disparity between women's views on gold as an investment as opposed …
Business / March 26, 2021
Hedge FUD manager: Ray Dalio says ‘good probability’ of a US Bitcoin ban
As the Bitcoin correction deepens, the fear, uncertainty, and doubt has returned, with billionaire hedge fund manager Ray Dalio adding a whole bunch more of it. In an interview with Yahoo Finance’s editor-in-chief on March 24, the founder of the $150 billion hedge fund Bridgewater Associates stated that there is a “good probability” that the U.S. government could ban Bitcoin just as it did with gold ownership in the 1930s. That happened because government leaders at the time did not want gold to compete with fiat money and credit as a store of wealth, Dalio added. “They don’t want other …
Bitcoin / March 25, 2021
Bitcoin made me a 'ton of money' unlike stocks and gold — Jim Cramer
CNBC host Jim Cramer has revealed he made "a ton of money" on Bitcoin (BTC) but gold "let him down." In an episode of the Pomp Podcast released March 22, Cramer thanked host Anthony Pompliano for inspiring him to invest $500,000 in BTC. Cramer after Bitcoin buy: "Thank you" "Here's what's going on: you made me a ton of money," he began. Cramer is well known as a mainstream media finance pundit, and is also familiar to Bitcoiners after a previous Pomp Podcast appearance in September 2020. His latest outing, however, puts him in pole position among CNBC presenters when …
Bitcoin / March 23, 2021
Amid ban rumors, billionaire Nandan Nilekani says crypto can help Indians
Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a ban on private digital assets. Nilekani joined a Clubhouse session with angel investor Balaji Srinivasan to discuss the state of crypto in India, local business news publication Moneycontrol reported Monday. Nilekani is a co-founder of major Indian tech company Infosys and the founding architect of the national biometric ID system, Aadhaar. He is also the chairman of a special Indian committee assessing digital payments in India and an advisor to several government agencies and the Reserve Bank of India. During …
Bitcoin / March 23, 2021
Bitcoin is 'more a substitute for gold than the dollar' — Fed Chair Powell
While Bitcoin (BTC) is too volatile to be money and is "backed by nothing," it could be a "substitute for gold," said the chair of the United States Federal Reserve. Speaking at an event hosted by the Bank for International Settlements, or BIS, on Monday, Jerome Powell delivered frank comments in response to a question on cryptocurrency. Powell takes issue with Bitcoin's backing When asked whether he thought Bitcoin and other cryptocurrencies posed a threat to financial stability, Powell wheeled out familiar arguments that have long come from legacy finance figures. "Crypto assets — we call them 'crypto assets' — …
Bitcoin / March 22, 2021
Supercycle may propel Bitcoin over $1 million, Kraken’s Dan Held says
According to Dan Held, growth lead at Kraken, Bitcoin (BTC) is currently experiencing a supercycle that could propel it all the way to $1 million. In Held’s view, this market cycle is fundamentally different from previous ones. “This is a one in a hundred year moment,” he said, mentioning the coronavirus crisis, growing distrust in financial institutions and central bank money-printing as catalysts of the current crypto bull market. “People aren't just in it for a speculative run anymore. People are buying it because they see Bitcoin's value,” he explained. Held is also convinced that once Bitcoin reaches its full …
Adoption / March 19, 2021
Bitcoin 'better than gold' if you study it, fund manager tells mainstream media
Bitcoin (BTC) is superior to gold if investors take the time to study it, says hedge fund manager Anthony Scaramucci. In an interview with CNBC on March 18, Scaramucci, who is CEO of SkyBridge Capital, reinforced his belief in Bitcoin for mainstream audiences. Scaramucci on Bitcoin vs. gold: "The world is changing" With Bitcoin surging in 2021, questions continue to be asked about whether the gains are coming at the expense of gold, which has failed to capitalize on risks associated with global government money printing. Comparing the two assets, Scaramucci left little doubt as to his preference, arguing that …
Bitcoin / March 18, 2021
Bitcoin now the prize for this sailing event
Touted as a digital store of value with scarce supply, Bitcoin has seen its fair share of comparisons to gold over the years. Keeping up with that trend, a sailing competition called the Liberty Bitcoin Cup offers Bitcoin (BTC) as a competition prize instead of a gold trophy. “The Liberty Bitcoin Cup is the prime cup for the Next Generation of World Class Sailors, competing on the Next Generation of High Tech Class Foil Sailing boats,” says the Liberty Bitcoin Cup’s website. “Where traditionally Gold Cups were the premier Cups in traditional sailing, this next generation is now powered by …
Adoption / March 15, 2021
BTC was best-performing asset of past decade by 1,000%
Over the past 10 years, Bitcoin (BTC) has beaten out all over asset classes by at least a factor of 10. The milestone was noted by Compound Capital Advisors’ CEO and founder, Charlie Bilello, who compiled the performances of the top asset classes using data from YCharts. Responding to the findings, Messari researcher Roberto Talamas highlighted that Bitcoin has produced an average annualized return of 230% — more than 10 times higher than the second-ranked asset class. Asset Class Returns over the Last 10 Years... Data via @ycharts pic.twitter.com/yRvdkIX1BV — Charlie Bilello (@charliebilello) March 13, 2021 The Nasdaq 100 Index …
Bitcoin / March 15, 2021
Gold's status as inflation hedge 'somewhat exaggerated,' says BlackRock exec
With the price of gold down more than 11% over the last six months, some investment managers are questioning its status as a hedge asset. According to Bloomberg, Russ Koesterich, portfolio manager at BlackRock’s Global Allocation Fund, gold is currently failing to prove its effectiveness as a viable hedge against inflation. Indeed, Koesterich countered the popular hedge asset narrative for gold, stating, “Gold’s ability to hedge against inflation has been somewhat exaggerated. While it is a reasonable store of value over the very long-term — think centuries — it is less reliable across most investment horizons.” The current investment horizon …
Bitcoin / March 11, 2021
Peter Schiff’s son moves 100% of his portfolio into Bitcoin
Spencer Schiff, the son of gold bug and major Bitcoin (BTC) critic Peter Schiff, seems to have decided to move all his portfolio investments into one single asset, Bitcoin. “My son went all in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin,” gold bug Schiff announced Wednesday on Twitter. The famous Bitcoin skeptic specified that his son sold the last of his silver stocks for cash. Schiff went on to express concerns over the investment choices of the younger generation, stating, “If my own son is this brainwashed imagine how vulnerable most …
Technology / March 11, 2021