Advertisements

Legendary Investor Makes Sudden, ‘Psycho’ Attack On Bitcoin

Bitcoin has divided opinion since it was created a little over a decade ago, with some seeing it as a sort of digital gold, while others dismissing it as a scam or pyramid scheme.

The bitcoin price, up over 200% so far this year after a disastrous 2018, has remained highly volatile, despite some thinking bitcoin has become a safe haven asset, similar to gold.

Now, legendary investor Mark Mobius, who last year founded his own Mobius Capital Partners after some 30 years at Franklin Templeton Investments, has attacked bitcoin and other cryptocurrencies, branding them ‘psycho currencies,’ and predicting their emergence will ultimately push up the price of “real, hard” assets, such as gold.

“I call them psycho currencies, because it’s a matter of faith whether you believe in bitcoin or any of the other cyber-currencies,” Mobius told Bloomberg, a financial newswire.

Earlier this year, Mobius expressed his tacit support of bitcoin and other cryptocurrencies, saying they fulfill “a desire among people around the world to be able to transfer money easily and confidentially,” and he expected them to be “alive and well” in the future.

Mobius, who once branded bitcoin a “real fraud,” appeared to have changed his tune on bitcoin and cryptocurrencies.

However, his latest comments suggest Mobius’ belief in bitcoin and cryptocurrencies extends only as far as their emergence will boost the price of gold.

“I think with the rise of [bitcoin], there’s going to be a demand for real, hard assets, and that includes gold,” he added.

Gold has recently hit a six-year high due to a sharp rise in expectations of a U.S. and global recession, looser monetary policy from the U.S. Federal Reserve and other major central banks, and the escalating U.S. China trade war.

Earlier this month, some bitcoin and cryptocurrency traders and investors excitedly proclaimed bitcoin a so-called safe haven asset, declaring it had joined the likes of gold as a refuge from rocky or uncertain markets.

However, a sudden, sharp fall in the bitcoin price as global markets continued to slide put paid to hopes bitcoin had become a safe haven asset.

Meanwhile, Mobius said investors should be “buying [gold] at any level,” pointing to dovish moves from many of the world’s biggest central banks, including the European Central Bank and the Fed.

“Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up,” Mobius said.

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Legendary Investor Makes Sudden, ‘Psycho’ Attack On Bitcoin

Bill Harris, former PayPal CEO, discusses his op-ed on why he thinks bitcoin is a scam. »

Subscribe to CNBC: http://cnb.cx/SubscribeCNBC

About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.

Connect with CNBC News Online Get the latest news: http://www.cnbc.com/

Find CNBC News on Facebook: http://cnb.cx/LikeCNBC

Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC

Follow CNBC News on Google+: http://cnb.cx/PlusCNBC

Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC

Former PayPal CEO Bill Harris Reveals Why He Thinks Bitcoin Is The Biggest Scam In History | CNBC

Advertisements

Bloomberg Issues Bitcoin (BTC) Warning, Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron

A technical indicator designed to detect market reversals is flashing its first sell in more than a month.

According to the GTI VERA Convergence Divergence indicator, the price of Bitcoin will likely continue to move lower in the short term, reports Bloomberg. The gauge utilizes typical Moving Average Convergence Divergence (MACD) and attempts to identify increased volatility and delete excess noise.

Meanwhile, veteran trader Peter Brandt sent out a viral tweet identifying a Doji top in Bitcoin’s weekly chart, which could signal the start of a significant market correction. The Doji is a candlestick pattern that’s used to identify potential market reversals based on prior price action.

However, Brandt later clarified that further analysis shows a Doji pattern has not been confirmed across all crypto exchanges.

Ethereum

A new demo of an Ethereum-based platform from accounting and consulting giant Ernst & Young is now online. Project “Nightfall” is a transaction protocol designed to move tokens on the blockchain with complete privacy.

Ripple and XRP

Ripple continues to move large amounts of XRP.

The company just sent 50 million XRP, roughly $20 million, to one of its over-the-counter (OTC) distribution wallets that are used to sell the digital asset to crypto exchanges and institutional participants.

Litecoin

Litecoin’s hash rate hit a new all-time high on Sunday, amid rumors that new mining hardware from Bitmain will soon be released. The hash rate is a sign that the network is thriving as new miners join the network.

Source: BitInfoCharts

Stellar

The Stellar Development Foundation’s Jed McCaleb and Denelle Dixon are hosting a new ask-me-anything on Reddit.

The event is set for Wednesday morning at 10:00 a.m. PST.

Tron

Binance CEO Changpeng “CZ” Zhao says he won’t be able to go to the charity lunch with Warren Buffett. CZ says he was invited by Tron CEO Justin Sun who pledged millions to a charity, winning a lunch date with billionaire investor Buffett and a chance to invite seven colleagues. CZ is passing the torch to outspoken crypto supporter Anthony Pompliano of Morgan Creek Digital.

Source: Pivot – Blockchain Community

Want Bitcoin Black Friday Deals? Open Coinmarketcap – Georgi Georgiev

1.jpg

Despite the plummeting prices of late, Bitcoin Black Friday deals are still plenty online. Discounted timepieces and cryptocurrency wallets flood the market but perhaps the best deal out there is Bitcoin itself.

Traditionally, the Friday after Thanksgiving marks a period of massive discounts throughout all the industries. The world of cryptocurrencies also seems to be riding the wave with Bitcoin Black Friday, as numerous interesting deals can be found all over the internet.

Popular Bitcoin and cryptocurrency hardware wallet Ledger Nano S is currently running a promotion which can save you half the price of the device.

If you fancy yourself a Bitcoin-inspired timepiece, you can check out Cryptomatic and get 21% discount for the occasion.

Other promotions include:

Promotions spread on cryptocurrency trading platforms as well, where traders can further increase their profits by taking advantage of temporarily reduced spread, fees, and whatnot.

SimpleFX, for example, has a Black Friday promotion, which reduces spread by 50% on every symbol until 21:50 UTC on November 23rd.

This year has even gone artistic, as a BitPay-promoting music-video was released on YouTube, themed after Rebecca Black’s 2011 hit “Friday.”

The musical masterpiece includes profound lines such as “Everyone’s adopting Bitcoin, don’t be a weirdo”, and “They don’t take cryptocurrency, they should take cryptocurrency. Excuse me, sir, what currency will you take?”

Many more deals are available at the official Bitcoin Black Friday website.

All of the above aside, the tumbling November prices might have created the biggest ongoing sale out there – that of cryptocurrencies. Bitcoin (BTC) $4033.43 +0.91% itself has lost over $2,000 in the last 10 days alone, causing some to believe that the crash has created a buyers’ market.

“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalizing on the lower prices in order to build their portfolios and shore-up their positions,” said Nigel Green, CEO and Founder of financial company deVere Group.

Naturally, the trend has been picked up by Twitter, as users quickly recognized the best deals on the block:

Dean Pierce🌀 @deanpierce

Holy crap these Black Friday deals are insane.

%d bloggers like this:
Skip to toolbar