Elon Musk says bitcoin is slightly better than holding cash

Elon Musk says bitcoin is slightly better than holding cash

Reuters

Ethereum, the second largest cryptocurrency in terms of market capitalization and volume, hit a record high on Thursday, lifted by growing institutional interest in the space, and more than a week after its futures were launched on the Chicago Mercantile Exchange. The CME last week launched futures on ether, the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.

Benzinga

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s army of Dogecoin (DOGE) recruit Gene Simmons has taken a fancy to Cardano (ADA) cryptocurrency. What Happened: The “Kiss” frontman revealed on Twitter on Thursday that he had purchased $300,000 worth of ADA because he believes “it’s going up.” I just bought $300,000 of CARDANO (ADA). I’m not a Financial Analyst and I’m not telling U to buy or not to buy. Simply letting U know what I am doing and what I believe in. Why? Because I believe it’s going up..and it’s always up to you to research & decide. pic.twitter.com/UiIqowJ4pY — Gene Simmons (@genesimmons) February 19, 2021 Simmons gave reasons for his investment in ADA saying it was “affordable to almost everyone.” “It’s pennies compared to my other holdings like Bitcoin, which is over $50,000 a single coin. I believe everyone should be able to afford cryptocurrency. And here is one I believe in.” The songwriter put out a series of tweets on ADA and why he believes in it. The fact that Ethereum (ETH) co-founder Charles Hoskinson was involved in the launch of ADA impressed the musician. This is another reason I believe in ADA (Cardano) … https://t.co/oNXLCuFuEg — Gene Simmons (@genesimmons) February 19, 2021 One of the reasons I invested in Cardano (ADA). ⁦@Cardano⁩ pic.twitter.com/yt27H0DEe4 — Gene Simmons (@genesimmons) February 19, 2021 ADA traded 3.17% lower at $0.90 at press time, while Bitcoin (BTC) was down 0.94% to $51,668.58. DOGE traded 6.75% higher at 0.056 at press-time. Why It Matters: Simmons had joined Musk’s Dogecoin party on Twitter on Feb 7 when the meme-themed cryptocurrency reached an all-time high of $0.084. Rap star Snoop Dogg also participated in sending out tweets that helped fuel the rise of DOGE. ADA has risen nearly 396% since the year began but its rise can easily be eclipsed by DOGE which has shot up 1096% in the same period. Simmons was not the only one who explained the rationale behind his cryptocurrency investments on Thursday. Musk also revealed why Tesla invested in BTC and not in DOGE on the same day. Photo by Facundo Gaisler on Flickr See more from BenzingaClick here for options trades from BenzingaElon Musk On Why Tesla Invested in Bitcoin, Not DogecoinWhy DODO Cryptocurrency Has Skyrocketed 90% Today© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bloomberg

(Bloomberg) — Billionaire Elon Musk defended Tesla Inc.’s $1.5 billion Bitcoin investment on Twitter, calling the cryptocurrency a “less dumb” version of cash.“When fiat currency has negative real interest, only a fool wouldn’t look elsewhere,” Musk said in a reference to the sub-zero returns on cash caused by negative-yielding debt. The comments pushed Bitcoin to a record on Friday, with prices climbing above $52,000.In a sense, Musk’s comments sum up one of the big issues facing markets this year. With so much cash being pumped into the financial system from governments fighting the pandemic, investors are increasingly worried about inflation and looking for alternative places to put their money.“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P 500 company,” Musk wrote, adding that Tesla’s decision to buy Bitcoin doesn’t directly reflect his opinion.“Bitcoin is almost as bs as fiat money. The key word is ‘almost,’” he added.Bitcoin was up 1.2% on the day at $52,669 as of 11:10 a.m. in London. Just this week, prices have jumped about 10%.Musk’s posts were in response to remarks by Binance Holdings Ltd.’s chief Changpeng Zhao. In a Bloomberg Television interview, Zhao wondered why Tesla bought Bitcoin if he’s so “gung-ho” on Dogecoin. Musk said he’s an engineer, not an investor, and doesn’t own any publicly traded stock besides Tesla.This year, the billionaire has tweeted about cryptocurrency-related topics more frequently, with his memes and jokes about Bitcoin and Dogecoin — a tongue-in-cheek digital currency — often moving markets.(Updates with record Bitcoin price in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

(Bloomberg) — AMC Entertainment Inc., whose shares are a favorite of Reddit-inspired day traders, jumped on Thursday after the publication of a French translation of a months-old report speculating Amazon.com Inc. would buy the world’s biggest chain of movie theaters.The article in Forbes France is dated today, but notes at the bottom it’s a translation of a Forbes US piece. The American version was published last May. Both versions note the Amazon acquisition idea is “pure speculation,” but cite reasons it would make sense, including the financial struggles of AMC and Amazon’s successful content arm Prime Video. Amazon and AMC didn’t immediately respond to a request for comment.AMC shares jumped as much as 19% in premarket trading and were up 9% to $6.05 at 9:33 a.m. in New York. The stock had gained 162% this year through Wednesday’s close after getting swept up in the Reddit-board mania that sent stocks such as GameStop Corp. soaring. It also got a boost after it said it raised $917 million in new funds, which will allow it to get through the next six months of the pandemic and avoid filing for bankruptcy.(Updates with Amazon and AMC no comment in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Reuters

Hedge fund manager Gabriel Plotkin first bet against the future of GameStop Corp in 2014 when it traded around $40. Plotkin, long one of the hedge fund industry’s most admired traders, became one of the financial industry’s most vilified players last month when an army of retail investors pushed the video game retailer’s stock much higher after his hedge fund shorted the stock, betting its price would fall. On Thursday, he spent more than five hours answering U.S. lawmakers’ questions about how his firm Melvin Capital Management, which shed 53% of its value in January, lost so much money and whether it wasn’t playing by the rules.

Benzinga

Robinhood Markets, Inc will allow its customers to withdraw and deposit cryptocurrencies such as Bitcoin (BTC) and the meme-themed Dogecoin (DOGE). What Happened: The broker said in a series of tweets that it is in the process of building deposits and withdrawals for all listed cryptocurrencies. So much interest in Crypto! To be crystal clear , we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit. — Robinhood (@RobinhoodApp) February 17, 2021 Don’t sleep! Much wow! Robinhood Crypto offers seven tradeable coins, so you can buy and sell crypto like DOGE, BTC, ETH and LTC, 24/7/365. We’re also building deposits and withdrawals for ALL listed cryptocurrencies. https://t.co/uX8NghfAMU — Robinhood (@RobinhoodApp) February 16, 2021 Why It Matters: Currently, Robinhood allows its users to buy, sell and hold cryptocurrencies but users are not permitted to move their cryptocurrency to other wallets. Last month, Robinhood had imposed restrictions and shut off the instant deposits feature for cryptocurrency trading, after the price of DOGE ran up 800%. The brokerage had also suspended the purchase of Reddit-fueled stocks such as GameStop Corporation (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) as retail investors carried out a short squeeze. Tesla Inc (NASDAQ: TSLA) CEO Elon Musk seemingly agreed Tuesday that Robinhood could be the owner of the world’s largest DOGE wallet address, DH5, which holds over 28% of all circulating supply of the Shiba-Inu themed joke coin. Musk wants major DOGE investors to shed most of their coins citing “too much concentration” of the cryptocurrency in the hands of a few whales. Price Action: BTC traded 4.25% higher at $51,883.04 at press time, DOGE traded 3.12% lower at $0.051. Benzinga’s Take: The move assumes significance as the ardent cryptocurrency community considers the ability to be able to move coins out of an exchange to a different wallet, where users have ownership of private keys, vital. Robinhood, alongside PayPal Holdings Inc. (NASDAQ: PYPL) has faced criticism over such concerns, as they do not allow for such ownership. Musk lent support to this idea earlier this month, as he bashed FreeWallet. See more from BenzingaClick here for options trades from BenzingaTesla .5B Bitcoin Purchase Was Facilitated By Soon-To-Go-Public Coinbase: ReportDogecoin Mega-Whale? Elon Musk Thinks It Could Be Robinhood© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Reuters

Bitcoin hit yet another record high on Friday, and moved within sight of a market capitalisation of $1 trillion, blithely shrugging off analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices. The world’s most popular cryptocurrency jumped 2.6% to an all-time high of $52,932, setting it on course for a weekly jump of over 8%. Bitcoin’s gains have been fuelled by signs it is winning acceptance among mainstream investors and companies, from Tesla and Mastercard to BNY Mellon.

Benzinga

Tesla Inc (NASDAQ: TSLA) first unveiled its all-electric semi-truck in November of 2017. CEO Elon Musk promised two versions, one with 300 miles of range and another with 500 miles of range, both measured at full load. Customers can reserve a semi today with a $20,000 deposit. While Tesla’s semi has been spotted out testing before, it was always the same version shown at the 2017 reveal. Now, Electrek has covered the sighting of a new version of the Tesla Semi. Since the semi has not yet been released, it would be expected to see multiple versions of prototype testing. The semi was seeing being halted by another semi in Truckee, California. This version has different wheels than previously spotted variants, while also having a different configuration on the back of the semi. The newer semi features updated door handles, a larger glass windshield area, and also seems to have a sleeper portion to the cabin, similar to more conventional semis. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. Benzinga’s Take: Tesla’s semi will be a welcome change for many. Truck drivers will have a lower maintenance and lower cost vehicle to haul goods. On the roads, these vehicles will be quieter than current diesel semis. The acceleration is also more similar to a regular sedan, so even a fully loaded semi will move faster and be less of a traffic burden. Tesla’s semi is rumored to start shipping later this year. Photo courtesy of Tesla. See more from BenzingaClick here for options trades from BenzingaNew Tesla Roadster Patent Shows Wild Windshield Wiper DesignElon Musk Plans For Tesla Roadster To Be Able To Hover 6 Feet In The Air© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Benzinga

After a huge second half of 2020, the S&P 500 is off to another hot start to 2021. With stock market valuations getting more bloated by the week, there are plenty of skeptics that believe certain stocks and sectors have come too far too fast. There is currently $244 billion in aggregate domestic ETF short interest, according to S3 Partners analyst Ihor Dusaniwsky. Over the past month, Dusaniwsky said short sellers have increased their exposure by about $14 billion. Related Link: Here’s Where To Look For A Short Squeeze In The Reopening Restaurant Space As of Wednesday, here are the six most heavily shorted domestic ETFs: SPDR S&P 500 ETF Trust (NYSE: SPY), $60.5 billion in short interest. iShares Russell 2000 Index (NYSE: IWM), $20.9 billion in short interest. PowerShares QQQ Trust, Series 1 (NASDAQ: QQQ), $19.7 billion in short interest. iShares iBoxx $ High Yid Corp Bond (NYSE: HYG), $11 billion in short interest. iShares MSCI Emerging Markets Indx (NYSE: EEM) 2.12%, $9.5 billion in short interest. SPDR S&P Biotech (NYSE: XBI), $7.9 billion in short interest. Short Percent Of Float: By far the most heavily shorted ETF is the SPY ETF, which tracks the S&P 500 and represents a simple bet against the U.S. stock market and/or a hedge against long positions in U.S. stocks. In the past 30 days, SPY short interest has increased by $4.8 billion. When it comes to short percent of float, however, the XBI Biotech ETF has the highest of the six ETFs mentioned above at 94%. While it didn’t crack the top six, Dusaniwsky said the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP) has seen the largest percent increase in short interest so far in 2021. XOP short increase is up 27% to $2.6 billion year-to-date. At the same time, short sellers have been jumping ship on the iShares Core US Aggregate Bond ETF (NYSE: AGG). AGG fund short interest is down 42% year-to-date to $1.9 billion. Here are the six ETFs with at least $25 million in short interest that have the highest short percent of float, according to S3: SPDR S&P Retail (NYSE: XRT), 195% of float. SPDR S&P Biotech (NYSE: XBI), 94% of float. SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP), 89.7% of float. iShares iBoxx $ High Yield Corporate Bond ETF (NYSE: HYG), 49.4% of float. SPDR S&P Regional Banking ETF (NYSE: KRE), 44.1% of float. iShares Expanded Tech-Software Sector ETF (BATS: IGV), 39.4% of float. Benzinga’s Take: The highest short percent of floats data is an indication of where short sellers see the most potential weakness in the market. Short sellers are betting most aggressively against retail stocks, volatility and biotech stocks. Latest Ratings for XRT DateFirmActionFromTo Nov 2015HSBCUpgradesBuy View More Analyst Ratings for XRT View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaHow To Improve Your Investment Future In Just 10 Minutes© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bloomberg

(Bloomberg) — Rising oil prices and a weak ruble could provide the Kremlin with as much as $33 billion in extra cash for social spending this year, giving Vladimir Putin the financial wherewithal to help head off growing public discontent.Thanks to a 21% price surge this year, Russia now receives more rubles per barrel of Brent crude than any time since mid-2019. If oil remains high, the windfall would be enough to allow the budget to receive an extra 2.3% of gross domestic product, according to Sova Capital in Moscow.“It’s very important to stimulate business and consumers whose disposable incomes were down last year,” said Artem Zaigrin, chief economist at Sova Capital in Moscow. “Without additional funding, there are risks that the economic recovery will fade.”Amid growing tensions with the West and fears of new sanctions, Putin has been reluctant to spend heavily in recent years, even during the pandemic. Stagnant living standards have helped fuel public anger at the Kremlin, which has boiled over into the biggest nationwide protests in years and poses a challenge for Putin’s ruling party in parliamentary elections this fall.So far, the Kremlin says it aims to stick with its earlier plan to cut spending this year and next, reversing most of the pandemic increase, in order to limit borrowing, as well as vulnerability to more Western sanctions on its debt. Any oil windfall usually goes straight to a rainy-day fund.But after a decade of stagnating incomes, pressure is growing to spend more money. Just last week, the Kremlin changed the rules so it can add expenditure to the budget without approval from parliament.Non-energy revenue was higher than expected last year after Russia experienced one of the smallest contractions of major economies, so there will also be leftover budget money to spend in 2021.It’s premature to start thinking about extra spending since it isn’t clear yet if oil prices will stay high, said Alexandra Suslina, a budget specialist at the Economic Expert Group, a Moscow think tank. “It seems like a populist move ahead of the elections,” she said.The Russian president may announce new spending measures at his annual address to the nation expected in the next few weeks. So far, however, his spokesman has denied reports of plans to announce more expenditures.(Updates prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

(Bloomberg) — A 20-year-old student struck by a bullet last week in the Myanmar capital of Naypyidaw while protesting against the military coup has passed away, according to a friend of the family, marking the first casualty since nationwide demonstrations began.Mya Thwe Thwe Khine was one of two people left in critical condition on Feb. 9 after Myanmar’s police fired gunshots, tear gas and water cannons to quell demonstrations throughout the country, leaving at least 20 protesters injured. Human Rights Watch cited a doctor saying a metal bullet had penetrated the back of her right ear and was lodged in her head. Chaw Wint Naing, who is close to her family, confirmed news reports of her death.“The police in Naypyitaw have blood on their hands and they must be held accountable for the death of Mya Thwe Thwe Khine,” Phil Robertson, deputy Asia director at Human Rights Watch said in a statement. “The officer who pulled the trigger must be investigated, arrested, and prosecuted to the fullest extent of the law.”The fatality comes as the number of protesters throughout Myanmar has swelled into the hundreds of thousands since the military seized control of the country on Feb. 1. The youth-led movement has mobilized supporters peacefully in major cities with three main demands: the release of civilian leaders including Aung San Suu Kyi, recognition of the 2020 election results won by her party and a withdrawal of the military from politics.Suu Kyi’s National League for Democracy has denounced the police actions against demonstrators, while President Joe Biden announced sanctions against military leaders linked to the coup and blocked them from accessing about $1 billion in government funds held in the U.S.The coup leaders have tightened their grip on power, ordering an internet blackout on recent nights and making it easier for authorities to make arrests as it looks to enforce a ban on public gatherings ignored by protesters.(Updates with quote in the third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

(Bloomberg) — After years in the doldrums, Europe’s investment banks had their moment in the sun in 2020. Some seized it and some botched it.For traders at Barclays Plc, the volatility in the markets brought on by the pandemic delivered their “best year ever,” while three of France’s biggest banks were hit hard, highlighting the split in how investment banks in Europe were able to ride the wildest trading year in a decade.“2020 was genuinely a game of two halves, with huge fixed-income beats in the first half as equities languished and the French suffered with derivative losses, and then equities and banking fees staged a strong recovery in the second half,” said Jonathan Tyce, a senior European banking analyst at Bloomberg Intelligence. “Barclays had a great year.”The uneven performance means the debate on how much lenders should focus on investment banking operations will continue, with the focus now on how trading units will fare in 2021. While many of Europe’s investment banking units thrived on the volatility-driven business, the post-pandemic era could change that, said Tyce.“The pace of trading normalization and increasing competition from the U.S. could render it a distant memory very quickly,” he said.Barclays on Thursday reported fourth-quarter trading revenue that surpassed analysts’ estimates, helping it outpace larger Wall Street rivals with a 45% surge in markets income for the year. Revenue at the London-based bank’s key fixed-income trading division soared 53% to 5.1 billion pounds ($7.2 billion) last year, the most that unit has reported since 2012. The smaller stocks-trading business climbed 31%.“We gained market share across almost all the asset classes,” Barclays Chief Executive Officer Jes Staley said in an interview with Bloomberg TV. “We’ve invested in our investment bank for the last five years and I think last year started to pay real dividends and allowed us to be profitable every quarter.”Also on Thursday, Credit Suisse Group AG’s securities unit reported a mixed fourth-quarter. But a rise in advisory fees, as clients tapped surging capital markets for cash, helped overall investment banking revenues increase by about a fifth year-on-year.Earlier in the month, Deutsche Bank AG said an increase in fixed-income trading helped lift the troubled Frankfurt-based lender to its first annual net profit since 2014. The investment bank at UBS Group AG recorded its best performance since 2012 as trading revenue surged 33%.These performances have strengthened the hands of executives like Staley who’ve spent years calling for maintaining significant — and costly — investment banking operations and competing against Wall Street’s biggest firms.In 2020, Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, Citigroup Inc. and Bank of America Corp. reeled in more than $100 billion in combined trading revenue, the first time that’s happened since the European sovereign debt crisis in 2012.Critics of the European investment banking push point to its pitfalls, particularly in France.French banks BNP Paribas SA, Societe Generale SA and Natixis SA saw some 2.5 billion euros ($3.02 billion) in combined revenue from equities trading erased in 2020, even as investors across the globe rushed to bet on gyrating stock markets by buying shares and derivatives.The Paris-based firms had embraced structured products, a complex variation of equities trading, that blew up when corporations began canceling their dividends early in the year. And while BNP offset the losses with gains from fixed-income trading, Naxitis posted a decline there as well.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Bloomberg

(Bloomberg) — Philippine bonds are coming under threat as surging pork prices drive inflation to the highest level in two years, but support from the central bank should help limit further losses.The spike in consumer prices has pushed real yields on the nation’s 10-year debt below zero, the only market in major emerging Asian countries with a negative reading. Philippine local bonds have started the year on a weak note, handing investors a loss of 1.4% in dollar terms since the end of December, a far cry from their 19% return in 2020.“From a real-yield valuation perspective versus regional peers, peso bonds would not be attractive by this metric,” said Ng Kheng Siang, Asia Pacific head of fixed income at State Street Global Advisors in Singapore. “But, that doesn’t mean peso bonds will be a significant underperformer going forward.”Ng said the “inflation shock” may turn out to be short lived given that overall domestic demand remains weak. This should allow the central bank to keep an accommodative monetary policy, limiting any increase in bond yields, he said.The Philippines is considering tripling imports of pork and has placed a cap on prices after the African swine fever cut supplies of one of the nation’s most popular foods. The cost of pork products has risen to as high as 400 pesos ($8.3) a kilogram in Manila from 225 pesos last year, helping push the inflation rate to 4.2% last month, above the central bank’s target range of 2% to 4%.Despite quickening inflation, the central bank believes it’s “too early” to think about raising interest rates, Governor Benjamin Diokno told Bloomberg Television this week. While consumer-price gains will remain elevated in the first half, they should taper later on in the year, he said in an interview.Bonds are likely to be supported as the monetary authority still has room for further monetary easing by lowering the level of banks’ reserve requirements, according to Irene Cheung, senior strategist for Asia at Australia & New Zealand Banking Group Ltd. in Singapore.“We are not overly bearish,” she said. “We continue to see multiple channels, which will contain pressure on the Philippine government bonds.”While the central bank trimmed the reserve ratio by 200 basis points last year, it is still at 12%, which is more than three times that of Indonesia, Thailand and Malaysia.Real yields are likely to turn positive again by the second half of the year as food supply bottlenecks are expected to normalize in the next few months, said Michael Enriquez, chief investment officer at Sun Life of Canada Philippines Inc. in Manila.Stabilizing food prices should help keep the 10-year bond yield around 3%, and the five-year yield in a range from 2.625% to 2.75%, he said. Those compare to 3.24% for 10-year and 2.80% at Thursday’s close.“We still expect rates to continue to stay low as the government wants to support the economic recovery,” Enriquez said. While there is growing concern about inflation, the central bank should also continue with its open-market operations to cushion any yield spike, he said.What to Watch:Malaysia is scheduled to release foreign-reserves data on Monday, CPI numbers on Wednesday, and trade statistics on FridayThailand will report customs trade figures on Tuesday, followed by the current-account balance on ThursdayThe Philippines will publish its December budget balance on FridayYou want more news on Southeast Asian bond markets? Click here for stories on the rates market, and here for credit. Read here the most-recent weekly credit story on global shipping rates.(Updates with nominal yields in 11th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Source: news.yahoo.com


German Cannabis Firm Hedges Bitcoin to Protect from Massive Currency Devaluation – Bitcoin News

German Cannabis Firm Hedges Bitcoin to Protect from Massive Currency Devaluation – Bitcoin News

On Tuesday, the cannabis firm Synbiotic SE, a publicly-traded company in Germany that’s listed on the Frankfurt Stock Exchange and Xetra, has announced it is leveraging bitcoin to hedge against the euro. Synbiotic’s chief executive officer, Lars Müller explained that the company decided to hedge with the leading crypto asset in order to protect the firm from further risk of euro and dollar devaluation.

A German cannabis company is joining the growing list of firms that are adding bitcoin (BTC) to their treasuries. Synbiotic SE announced on Tuesday that it is holding BTC in order to hedge against fiat currency inflation. Synbiotic’s CEO, Lars Müller explained that the cannabis firm has already started to shift “free liquidity into bitcoin.”

German Cannabis Firm Hedges Bitcoin to Protect from Massive Currency Devaluation

“Our decision focused less on price fluctuations than the risk of devaluation of euro and dollar. Bitcoin is the exact antithesis of traditional currencies: its volume is limited to 21 million units,” Müller said during the announcement.

“This limit is fixed and inviolable, which the cryptocurrency‘s decentralized organization and the blockchain‘s tamper-proof nature in turn guarantees. For this reason, we have more long-term confidence in bitcoin than in euros or dollars, where a central institution, influenced by politicians, can expand the money supply immeasurably,” he added.

Müller continued:

In addition, the cannabis sector, in particular, has had very positive experiences with bitcoin as a simple and digital means of payment. Several Synbiotic subsidiaries already accept payments in bitcoin in addition to payments in euros.

Synbiotic’s recent announcement follows a slew of companies adding BTC to their balance sheets. This week, Microstrategy announced it was selling $600 million in convertible shares to purchase the leading crypto asset. Synbiotic currently focuses on the synthetic production of cannabinoids, drug development, dietary supplement development, and cosmetic products as well.

Much like most of the firms adding bitcoin to their treasuries, Synbiotic’s reasonings and “legitimate concern” are similar. Synbiotic and many other businesses are concerned about the “massive devaluation of fiat money” particularly when it comes to the U.S. dollar and the EU’s euro.

Synbiotic believes that the company is the first corporate entity in Germany that has invested in BTC in order to curb inflation.

What do you think about Synbiotic’s freeing up liquidity to acquire bitcoin? Let us know what you think about this subject in the comments section below.

Balance Sheet, Bitcoin, Bitcoin (BTC), bitcoin hedge, bitcoin treasury, cannabinoids, cannabis, cosmetic products, Dollar, drug development, Euro, Free Liquidity, Germany, Lars Müller, microstrategy, Synbiotic, Synbiotic SE, Treasuries, US Dollar

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: bitcoin-core-news.com

Author: by admin


18 | February | 2021

18 | February | 2021

Yolo Investments

Bitcoin Press Release: Tallinn-based venture capital fund Yolo Investments has announced a new investment in digital marketing company eCartic. 

18th February 2021, Tallinn, Estonia – Venture capital fund Yolo Investments has made a significant investment into digital marketing specialists and venture hub eCartic.The Estonian-based investment is a global B2B partner for disruptive companies within the eCommerce value-chain. It successfully scales across a number of verticals, turning ideas into products by using its expertise in digital marketing and branding. It also builds and markets B2C products and services. 

One such product, BlufVPN®️, is fast establishing itself as an innovative leader within the competitive virtual private network (VPN) market and is fast-tracked to become the number one online security product in Europe by 2025.

Tim Heath, GP at Yolo Investments, stated:

“We were hugely impressed by the level of digital marketing know-how in the eCartic team. This type of expertise is all-too-often the difference between success and failure when it comes to launching new products. Teaming up with eCartic via this strategic startup investment will not only help supercharge the company’s growth, but also adds great value to the Yolo ecosystem.”

Miko Salo, CEO at eCartic, said: 

“We knew that Yolo Investments would be the catalyst our ambitious plans needed from the very first conversation we had. The seven figure investment allows us to expedite the parallel scaling of multiple ventures, all of which provide synergies not only to each other but also support the existing Yolo ecosystem with clear added value. We look forward to creating a universe of opportunities together as eCartic and Yolo Investments.”

About Yolo Investments

Yolo Investments is a venture capital fund that invests in truly outstanding people with bright ideas, who are focused on innovating and disrupting the norm in all manner of tech startups. Led by Tim Heath, Yolo’s 40+ investments span the gaming and fintech industries.

What future awaits cryptocurrencies?
GOODBAD

About eCartic

eCartic is a global B2B partner for ambitious companies in eCommerce. As well as owning its own brands, eCartic partners with customers to add value via its marketing platform and other technologies. With the entire value-chain from idea to execution connected, eCartic has all the bases covered when it comes to eCommerce and digital marketing solutions.

Learn more about Yolo Investments – https://yolo.io

Media Contact Details

Contact Email: [email protected]

Yolo Investments is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

The post Venture Capital Fund Yolo Invests in Digital Marketing Specialists eCartic appeared first on BitcoinNews.com.

Source: www.bitcoin.name

Author: by adminbtc


Max Keiser Unveils Massive Bitcoin Price Prediction, Says US Dollar in Hyperinflationary Collapse Against BTC

Max Keiser Unveils Massive Bitcoin Price Prediction, Says US Dollar in Hyperinflationary Collapse Against BTC

Wall Street veteran Max Keiser says money printing and dollar debasement is boosting the rise of Bitcoin.

In a new edition of RT’s Keiser Report, the longtime Bitcoin bull says he expects actions from US regulators to continue to inadvertently make the case for BTC, which has a hard supply cap of 21 million coins.

“The reason why Bitcoin is skyrocketing is because there’s hyperinflation in America. And the US dollar is in a hyperinflationary collapse against Bitcoin. And the solution, as we’ve been describing by these policymakers, will always be to print more money. So that means that Bitcoin is on a one-way trip higher because they have no other policy solution than to print money.”

He points to the 2008 financial crisis as the start of a spiral that brought forth and continues to fuel Bitcoin’s ascent.

Keiser, who is an early Bitcoin investor, says the digital asset’s parabolic ascent could ultimately take BTC to about the $2 million mark.

“They’re just going to keep printing. And well, you know, my Bitcoin is up 9,000,000% since I first bought it. And it’s probably going to go up another 40x.”

On Tesla’s $1.5 billion investment in Bitcoin last month, Keiser says it amounts to the electric carmaker’s CEO Elon Musk going to war with the Federal Reserve.

“This is a speculative attack that Elon Musk is making on the Fed, right. So he’s already gone to war with the SEC. He’s already gone to war with the SEC (U.S. Securities and Exchange Commission) and he’s shown them to be venal and captured. Now he’s gone to war with the Federal Reserve, and says I’m not going to buy back my own stock; I’m going to take your cheap money, I’m going to buy Bitcoin like Michael Saylor is doing. And now 500 other CEOs in the S&P 500 are like, ‘You know what? That’s a darn good idea.’”

They’ve made more on their Tesla investment in less than six months than they’ve ever made in the entirety on their business of selling cars.”

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Source: dailyhodl.com


Canada Has Approved Two Bitcoin ETFs — First One Starts Trading Today – Bitcoin News

Canada Has Approved Two Bitcoin ETFs — First One Starts Trading Today – Bitcoin News

Two bitcoin exchange-traded funds (ETFs) have been approved in Canada. Evolve Bitcoin ETF has become the second bitcoin ETF to get approval by Canada’s securities regulator. The first approved bitcoin ETF starts trading Thursday. Some believe that the approval of bitcoin ETFs in Canada improves the chances of one being approved by the U.S. Securities and Exchange Commission (SEC).

North America now has two approved bitcoin exchange-traded funds. Evolve Funds Group Inc. announced Tuesday that it has been cleared to launch a bitcoin ETF, becoming the second approved bitcoin ETF in North America. With $1.7 billion in assets under management, Evolve is one of Canada’s fastest-growing ETF providers.

The first approved bitcoin ETF in North America was cleared to launch last week by the Ontario Securities Commission. Purpose Bitcoin ETF will begin trading Thursday on the Toronto Stock Exchange.

Evolve Bitcoin ETF will also trade on the Toronto Stock Exchange (TSX), subject to the exchange’s approval. It will be “one of the world’s first physically settled bitcoin ETFs,” the company described, adding that there will be two offerings: unhedged ETF units (ticker: EBIT) and USD unhedged units (ticker: EBIT.U).

Raj Lala, Evolve ETFs’ president and CEO, commented:

The bitcoin ETF is exciting news for investors. Investors will be able to trade bitcoin on a regulated stock exchange. It will be as simple as buying shares through their bank or brokerage.

Evolve Bitcoin ETF will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin, the company detailed. “The ETF will not seek exposure through derivatives or futures contracts and will be backed directly by physically settled bitcoin holdings.”

Elliot Johnson, chief investment officer and chief operating officer of Evolve ETFs, explained: “EBIT will directly own bitcoin on the bitcoin blockchain in a cold wallet. We are very pleased to be working with best-in-class cryptocurrency experts including, Gemini Trust Company, CF Benchmarks, Cidel Trust Company, and CIBC Mellon Global Services.”

The crypto community applauds the Canadian regulator for continuing to approve bitcoin ETFs. Some believe that the U.S. SEC will follow suit and approve a bitcoin ETF this year. Among them is Twitter user “Mags,” who believes that two approved bitcoin ETFs in Canada “raise the likelihood of a U.S. ETF launching in 2021.”

The user added that “Most (if not all) of the SEC’s prior concerns have been addressed,” emphasizing that government officials and regulators “look to competing jurisdictions, particularly with respect to innovation – the precedent has been set.” Several bitcoin ETF proposals have been filed with the U.S. SEC.

What do you think about bitcoin ETFs being approved in Canada? Let us know in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Regulation

by
Kevin Helms


Bitcoin 101: Everything you need to know about bitcoin

Bitcoin 101: Everything you need to know about bitcoin

LAS VEGAS (KTNV) — Bitcoin has risen in popularity lately but many people still don’t understand exactly what it is. Here is an explainer:

What is bitcoin?
It is a type of money that is completely virtual. Often described as cryptocurrency. It is basically a computer program designed to allow people to exchange value directly with each other.

WATCH THIS EXPLANATION FROM 99BITCOIN BELOW

When was bitcoin created?
Bitcoin was created in 2009 by an unknown person using the alias Satoshi Nakamoto.

Why was it created?
Its intellectual and ideological origins are in the “cyberpunk” movement of the 1990s and early 2000s. At that time, people began talking online about a digital currency that could be used online without being tracked by governments or corporations.

How many bitcoins are there?
There is currently 18,590,300 bitcoins in circulation. There is a maximum supply of 21,000,000.

Bitcoin has a fixed supply. It is hard-coded into the bitcoin protocol and will not change. This ensures that the digital money will increase in value over time.

Why are bitcoins valuable?
They are valuable because people are willing to exchange them for goods and services.

Is it safe?
Yes, it is considered a safe asset similar to gold.

Why do people like using bitcoin?
Bitcoin can be used to buy merchandise anonymously.

Although every bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed — only their wallet IDS.

People like the fact that bitcoin is not controlled by the government or banks. However, that also means that it is not insured/protected like money in a bank.

What is the public log called?
The public log or list is called the blockchain. The log or list makes it possible to trace the history of bitcoins and stop people from spending coins they do not own or making copies.

How do you get bitcoins?

  • You can buy bitcoins using real money.
  • You can sell things and let people pay you with bitcoins.
  • You can create bitcoins on a computer through a process called mining.

Why is bitcoin valuable?
Because people believe they are.

Why does the value of bitcoin change?
The value is determined by supply and demand. When demand for bitcoins is high, the price increases. When the demand is low, the price falls.

Why do small businesses like bitcoin?
Unlike credit cards, there is no processing fee.

What can Bitcoin be used for?
It can be used for almost anything — paying your rent, booking hotel rooms on Expedia, buying furniture on Overstock and ore.

How can you buy bitcoin?
There are multiple locations in Las Vegas valley where you can buy bitcoin. You can find locations by clicking here or here or here.

You can also buy from Coinbase, Coinmama or Gemini.

How do you store bitcoins?
Bitcoins are stored in a “digital wallet,” which exists on your computer or in the cloud. The digital wallet is a virtual bank account. It allows users to send or receive bitcoins, pay for goods etc.

Why are bitcoin prices at an all-time high?
In response to the coronavirus pandemic, many governments around the world starting flooding global markets with money to boost spending and help save the economy.

Many people began buying bitcoin as a hedge against looming inflation and poor returns on other types of assets.

In January 2009 when it launched, it had no value. In February 2021, it surpassed $50,000 for the first time.

RELATED STORY: BITCOIN BONANZA: Cryptocurrency soars in value, Las Vegas casinos, business embrace it

SOURCES

What is bitcoin?
Why is Bitcoin’s price at an all-time high? And how is its value determined?
Bitcoin: What to Know Before Investing

Copyright 2021 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Source: www.ktnv.com

Author: By:
Joyce Lupiani


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