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Bill Miller’s Multibillion-Dollar Hedge Fund to Add Bitcoin Exposure via GBTC – Finance Bitcoin News

Bill Miller's Multibillion-Dollar Hedge Fund to Add Bitcoin Exposure via GBTC – Finance Bitcoin News

Fund Manager Bill Miller's $2.25 Billion Hedge Fund to Add Bitcoin Exposure via GBTC

Billionaire hedge fund manager Bill Miller’s flagship fund will soon be able to add bitcoin exposure by investing in Grayscale’s bitcoin trust (GBTC), according to its filing with the U.S. Securities and Exchange Commission (SEC). The fund currently has about $2.25 billion in assets under management.

The Miller Opportunity Trust, a hedge fund in the Miller Value Funds family, has filed an amendment to its registration statement with the U.S. SEC to be able to gain exposure to bitcoin. Billionaire investor Bill Miller founded Miller Value Partners LLC in 1999 and serves as the investment manager for the Miller Value Funds family.

The company’s flagship fund, the Miller Opportunity Trust, had $2.25 billion in assets under management as of Dec. 31, 2020. Miller and Samantha McLemore manage the fund. According to the Feb. 5 filing with the SEC:

The fund may seek investment exposure to bitcoin indirectly by investing in the Grayscale Bitcoin Trust, an entity that holds bitcoin.

The Miller Opportunity Trust’s investment objective is to seek “long term growth of capital.” The filing will become effective 60 days after the filing date.

Grayscale Bitcoin Trust (GBTC) is a privately offered investment vehicle, the shares of which are also available over-the-counter, the filing notes. Grayscale recently reached the milestone of over $30 billion in net crypto assets under management, about $24 billions of which were in bitcoin. Besides the bitcoin trust, the company offers eight other crypto investment products.

The Miller Opportunity Trust’s SEC filing further explains:

The fund will not make any additional investments in the Grayscale Bitcoin Trust if, as a result of the investment, its aggregate investment in bitcoin exposure would be more than 15% of its assets at the time of investment.

Miller has long been a bitcoin proponent. He said in November last year that every major bank will have exposure to bitcoin, noting that BTC’s volatility decreases are its price increases.

What do you think about Bill Miller’s hedge fund investing in GBTC? 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: Finance

by
Kevin Helms


PayPal Surprise Announcement Pushes Bitcoin Towards $13k

PayPal Surprise Announcement Pushes Bitcoin Towards $13k

Paypal.com

“PayPal intends to bring this function to its Venmo platform and to certain international markets in the first half of next year…starting early next year, PayPal users will be able to use cryptocurrency to pay for goods or services from merchants who accept PayPal.”

The news has PayPal up over 4% and every cryptocurrency to be listed on PayPal up well over 5%.

https://coinmarketcap.com/currencies/bitcoin/

Click here to subscribe to the Forbes CryptoAsset & Blockchain Advisor newsletter.

However, one item does merit acknowledgment — PayPal’s fine print.

Unlike competitor Square, PayPal will initially not allow cryptocurrency transfers outside the platform nor customers actually be in possession of their private keys. This notion is unfortunately punitive to customers, but is unlikely to inhibit customer adoption in the near-term.

Paypal.com

In 2020, bitcoin fundamentals have continued to grow as larger buyers have consistently entered the market with the likes of MicroStrategy, Square, and PayPal being the few to publicly acknowledge their participation.

Given the current positive feedback loop of stock prices being rewarded for gaining exposure to cryptocurrencies, the trend is likely to continue, which bodes well for bitcoin in the near-term.

Disclosure: The author owns bitcoin, ethereum, and thorchain.

Click here to subscribe to the Forbes CryptoAsset & Blockchain Advisor newsletter.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. 

Source: www.forbes.com

Author: Christopher Brookins


Bitcoin surges after Paypal jumps into the cryptocurrency business

Bitcoin surges after Paypal jumps into the cryptocurrency business

New York (CNN Business)PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications.

The online payments company declared adding crypto was a significant milestone on the path to mainstream adoption of cryptocurrencies such as bitcoin. Bitcoin investors agreed: Prices rose 5% on the news Wednesday.

The efficiency, speed and resilience of cryptocurrencies give people financial inclusion and access advantages, said PayPal President and CEO Dan Schulman, who described the eventual shift from physical to digital currencies as “inevitable.”

    Cryptocurrency is digital money exchanged without fees between two parties online with no involvement from traditional banks and no regulatory oversight by national governments.

    “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange,” Schulman said in a statement. “

    Paypal CEO Dan Schulman delivers his keynote conference during the Mobile World Congress at the Fira Gran Via complex in Barcelona, Spain on February 22, 2016.

    How it works

    PayPal says its new service will give customers the ability to hold and exchange Bitcoin, Ethereum, Bitcoin Cash and Litecoin cryptocurrencies using the company’s digital wallet, which lets people shop online, request and send money.

    The company’s US customers will receive crypto service access in the coming weeks, but they won’t be able to pay for products and services using cryptocurrency until early 2021. PayPal’s Venmo customers and select international consumers won’t have crypto services until some time in the first half of 2021.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    Investors responded positively to the news Wednesday, as PayPal’s (PYPL) stock price surged following opening bell before retreating close to where it opened for the day. The company’s stock has more than doubled since the beginning of the Covid-19 pandemic in the United States in mid-March.

      The pandemic has fueled a boom in the online payments industry and companies like PayPal, Square (SQ) and Venmo — which is owned by PayPal — because many coronavirus-wary consumers are avoiding the use of physical cash.

      PayPal isn’t the only major company betting on cryptcurrencies. Square spent $50 million to buy more than 4,700 bitcoins earlier this month. Square Chief Financial Officer Amrita Ahuja told reporters at the time that the company believes bitcoin could be more a “more ubiquitous currency in the future.”

      Source: www.cnn.com

      Author: Chauncey Alcorn, CNN Business


      Bitcoin Bull-Run Boosts Sales of a French Premium Wine Retailer Despite the Coronavirus Pandemic – Economics Bitcoin News

      Bitcoin Bull-Run Boosts Sales of a French Premium Wine Retailer Despite the Coronavirus Pandemic – Economics Bitcoin News

      Bitcoin Bull-Run Boosts Sales of a French Premium Wine Retailer Despite the Coronavirus Pandemic

      A French wine trading firm has been favored by the recent crypto bull-run, specifically with the bitcoin prices surging across the board. Despite the pandemic, Lasserre & Papillon is making good numbers after founding BTC Wine.

      Per an article published by Drinks International magazine, the luxury online wine retailer is witnessing a surge in demand nowadays. But the profitable journey first started with the bullish wave seen in 2017 that took bitcoin from $900 to $19,783.21.

      In that same year, Lasserre & Papillon launched the Bordeaux-based online retailer to the public. Despite the subsequent price reversal, the firm was confident that BTC Wine would keep its profitability in the future, as they believed bitcoin could resume its bullish steam.

      Their optimistic views became a reality. In fact, according to markets.Bitcoin.com, bitcoin exchanged hands above the $40k handle during Saturday morning’s trading sessions.

      The online retailer sells premium wines globally, and customers pay with BTC, ether (ETH), or bitcoin cash (BCH). Among the products, Bordeaux-based retailer offers well-known wines such as Cheval Blanc 2015, Canon La Ga elière 2009, Sassicaia 2014, Louis Roederer Cristal 2009, Latour 2005, and Pavie 2006.

      Louis de Bonnecaze, BTC Wine’s sales director, commented on how the recent’s skyrocketing prices in bitcoin have been boosting their sales:

      It’s going very well because of the bull run. We have a new kind of customer. They have a lot of bitcoin, and they want to spend it. Fine wine is a status symbol. They have bought the cars and the real estate, and then they go directly to the fine wine, so it’s a good market for us.

      Bonnecaze pointed out that the wine market is not living easy times, due to the coronavirus pandemic. However, other factors are hurting the industry, such as Brexit and U.S. trade taxes. Still, BTC Wine’s sales director believes in how helpful cryptocurrencies could be during tough times:

      For us, cryptocurrency payments have been a way to make some business in this very difficult period. The crypto sphere is a fascinating topic. For us, it is above all a way to open our fine wine business to new tech wealthy customers.

      What do you think about this story of crypto’s success with the french wine retailer? 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: Economics

      by
      Felipe Erazo


      Crypto Patent Alliance Questions Craig Wright's White Paper Copyright Claim – Bitcoin News

      Crypto Patent Alliance Questions Craig Wright’s White Paper Copyright Claim – Bitcoin News

      Back in January, the notorious Craig Wright who claims to be Satoshi Nakamoto had his lawyers send letters to a number of websites like bitcoin.org telling them to remove the Bitcoin white paper hosted on their web portals. On January 31, bitcoin.org’s owner Cobra claimed he was threatened by a Bitcoinsv supporter after the person discovered the anonymous owner’s phone number. Moreover, the organization Crypto Open Patent Alliance (COPA) has sent a letter to Wright’s legal team seeking more information regarding the claims of copyright ownership.

      Not too long ago, Craig Wright’s lawyers stemming from the law firm Ontier LLP, have sent letters to various websites telling them to remove the Bitcoin white paper from the web portal. The claim was of course met with controversy and the owner of the website bitcoin.org refused to take down the paper.

      On February 3, 2021, the owner of bitcoin.org who calls himself ‘Cobra’ said “today was the deadline for me to stop hosting the whitepaper, otherwise I would be sued. It’s still up.” Three days before the deadline, Cobra also said that he received a death threat from a bitcoinsv (BSV) supporter.

      “I’ve received a death threat from someone associated with the BSV community,” Cobra tweeted. “This person somehow discovered one of my business numbers, called me up, and made clear they would ‘shoot me point-blank’ once they find my personal information.”

      The Bitcoin white paper issue also saw a massive number of websites host the paper in spite of Wright’s legal efforts. Not only had companies joined the movement but Estonia’s e-residency website also hosts the white paper now and Jehudi Castro, an advisor to the Colombian President added the white paper to a Colombian government web page.

      Moreover, the Cryptocurrency Open Patent Alliance (COPA) organization has gotten involved as well.

      COPA has sent a letter to the law firm Ontier LLP and said that the organization will need more evidence that bolsters Wright’s claims. There are a total of nine questions, which asks on what basis does the assertion that Wright is Nakamoto and the author of the paper stem from.

      We don’t care who created bitcoin, just who didn’t. https://t.co/MwbD3CjzQH

      — Square Crypto (@sqcrypto) February 5, 2021

      COPA asks for the exact dates of when Wright allegedly wrote the paper and where he was located at the time. The organization asks for information in regard to anyone that may have helped author the white paper and further asks if Ontier’s client held the copyright since authoring the paper.

      The alliance is giving Wright and Ontier roughly two weeks to respond to the questions and letter. Following the COPA letter, Square Inc. CEO Jack Dorsey retweeted the letter and said “100%.” Cobra also retweeted COPA’s tweet and letter as well and Square Crypto tweeted “we don’t care who created bitcoin, just who didn’t.”

      A number of digital asset fans, that support alternative crypto assets other than bitcoin, are not pleased with Wright’s most recent moves. Even Bitcoin Cash (BCH) supporters want nothing to do with the BSV ecosystem in general because of all the legal threats and copyright/patent trolling.

      “I don’t use Bitcoin SV because I do not want my Bitcoin transaction fees to support certain litigious companies running that show by destroying other projects and public interest in the Bitcoin sphere and elsewhere in cryptocurrency via copyright [plus] patent trolling and worse,” the Twitter account dubbed @btcfork wrote.

      “This is one of my strong concerns with BSV as well,” the blockchain developer Jonathan Silverblood wrote in response to @btcfork tweet. “As much as I feel that I am welcome by many of the community members, I still don’t feel welcome in that ecosystem as a whole,” Silverblood added.

      This has been a common argument against the bitcoinsv (BSV) ecosystem and it doesn’t seem like the protocol’s supporters can move on without Wright’s leadership. Many BSV supporters (not all), wholeheartedly believe Wright truly is Satoshi Nakamoto, and have supported the copyright claims as well.

      What do you think about the letter sent to Craig Wright’s legal team? Let us know what you think about this subject in the comments section below.

      Bitcoin (BTC), bitcoin cash, Bitcoin White Paper, Bitcoin.org, Cobra, COPA, Copyright, copyright claims, Copyright Infringement, Craig Wright, Crypto Open Patent Alliance, Jack Dorsey, Lawyers, licensed, Litigation, notice, Open Source, Patent Trolling, Public Domain, Satoshi Nakamoto, Square Crypto

      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


      Bill Miller's Multibillion-Dollar Hedge Fund to Add Bitcoin Exposure via GBTC – Finance Bitcoin News

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