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George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes $1.9 Trillion Stimulus Bill

George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes $1.9 Trillion Stimulus Bill

Investment Advisor George Ball Says Crypto Is Effective Hedge Against Currency Debasement as US Passes Biden's $1.9 Trillion Stimulus Bill

The chairman of investment firm Sanders Morris Harris, George Ball, says cryptocurrencies are an effective hedge against currency debasement. In addition, he says that cryptocurrencies are attractive as a small part of portfolios.

George Ball talked about bitcoin and other cryptocurrencies in an interview with Yahoo Finance last week. He described two main reasons why cryptocurrencies are now ideal targets for investment by wealthy individuals and institutional investors.

Ball is currently the chairman of investment firm Sanders Morris Harris, a dually registered broker dealer and RIA firm established in 1987. Its parent company, Tectonic Financial, has approximately $4 billion in client assets under management. He was a former CEO of Bache & Co. (later Prudential Securities), which had been purchased by Prudential Insurance Company of America where he served as a member of the Executive Office.

He argued that cryptocurrencies will be an effective hedge against the debasement of fiat currency, stating:

Longer-term, if inflation is back, if we start to debase the currency badly, then the cryptocurrencies have a great deal of allure.

His comments came as Washington voted on the $1.9 trillion stimulus package which passed over the weekend. A number of analysts, including those at JPMorgan, have warned of currency debasement risk from the passage of such a huge stimulus relief package.

Ball believes cryptocurrencies are “attractive” as a “small part” of any portfolio. The Sanders Morris Harris chairman was quoted as saying:

With the cryptocurrencies, I think there is a fundamental hydra-headed shift that makes them attractive as a part, a small part, of almost any portfolio.

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Moreover, he believes the increase in retail traders who speculate on stocks could push crypto prices higher, expecting them to move to cryptocurrencies if they begin to face losses in the equity market. “If the investors are losing money in common stocks, but still want to speculate, then the cryptocurrencies I think will be the logical and likely next focus of their combined, individually small, but combined very large dollars,” he opined.

Ball had been a bitcoin skeptic until last August when he told investors that it was time to buy bitcoin. “I’ve never said this before, and I’ve always been a blockchain, cryptocurrency and bitcoin opponent. But if you look now, the government cannot stimulate markets forever, the liquidity flood will end,” the executive explained.

Do you agree with George Ball? Let us know in the comments section below.



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John McAfee Charged by DOJ for Alleged Cryptocurrency Scheme

John McAfee Charged by DOJ for Alleged Cryptocurrency Scheme

John McAfee, founding father of the well-known antivirus and cybersecurity agency that bears his title, has been indicted in federal court in Manhattan for prices associated to securities fraud and cash laundering, the Division of Justice introduced Friday.

McAfee and his former bodyguard and “government adviser,” Jimmy Gale Watson Jr., are accused of participating in a “pump and dump” scheme by which they’d artificially inflate the market worth of sure cryptocurrencies by encouraging McAfee’s million-plus Twitter followers to spend money on them.

The pair inspired followers to spend money on the cash “with out disclosing that they’d taken funding positions in these altcoins with the intention of promoting them within the quick time period,” in keeping with the complaint filed within the Southern District of New York. After costs had gone up following tweets selling the cryptocurrencies, the pair would then dump their very own holdings on the larger costs, prosecutors stated. The scheme allegedly went on between December 2017 to October 2018.

“As alleged, McAfee and Watson exploited a extensively used social media platform and enthusiasm amongst buyers within the rising cryptocurrency market to make thousands and thousands by lies and deception,” Manhattan U.S. Legal professional Audrey Strauss stated in a press release. “The defendants allegedly used McAfee’s Twitter account to publish messages to tons of of hundreds of his Twitter followers touting numerous cryptocurrencies by false and deceptive statements to hide their true, self-interested motives.”

McAffee, Watson, and others concerned within the “McAfee Workforce” are stated to have made round $13 million within the alleged scheme.

G/O Media might get a fee

Watson, who has additionally been indicted, was arrested Thursday night time in Texas for his alleged position within the schemes. McAfee is presently imprisoned in Spain on separate U.S. tax evasion charges. Each males face a complete of seven prices beneath Friday’s indictment, together with cash laundering and several other types of fraud.

McAfee was well-known for tweeting out profanity-laced funding recommendation to his followers—regularly pushing a “Coin of the Day” or “Coin of the Week.” He famously introduced in 2017 that he would “eat his own dick” on dwell tv if the valuation of bitcoin inventory didn’t crest $500k in just a few years. He later refused to place his cash the place his mouth was when it grew to become obvious that wasn’t going to occur.

Feedback just like the “dick consuming” one could be the form of claims federal prosecutors are actually specializing in. FBI Assistant Director William F. Sweeney Jr. described the way in which by which McAfee and Watson allegedly pushed for the adoption of apparently dodgy crypto investments:

“As alleged, McAfee and Watson used social media to perpetrate an age-old pump-and-dump scheme that earned them almost two million {dollars}. Moreover, they allegedly used the identical social media platform to advertise the sale of digital tokens on behalf of ICO issuers with out disclosing to buyers the compensation they had been receiving to tout these securities on behalf of the ICO. When participating in criminality, merely discovering new methods to hold out previous methods received’t produce totally different outcomes. Funding fraud and cash laundering schemes carry a strict penalty beneath federal regulation.”

McAfee is already in a lot of hassle. Along with his arrest in Spain final yr on tax evasion prices, he has been accused of an extended listing of crimes, together with killing his neighbor in Belize in 2012. McAfee denies any involvement within the man’s demise. He’s presently awaiting extradition to the U.S.


Jack Dorsey Using New Crypto Project to Sell His First Tweet

Jack Dorsey Using New Crypto Project to Sell His First Tweet

Twitter chief executive Jack Dorsey is auctioning off the first-ever tweet in the form of a non-fungible token (NFT).

Dorsey is accepting bids for his and the social media platform’s first tweet on Valuables BY CENT, a new Ethereum-based NFT marketplace.

Posted on March 21st, 2006, the tweet up for sale simply reads, “just setting up my twttr.”

just setting up my twttr

— jack (@jack) March 21, 2006

The Valuables platform allows users to tokenize their tweets and subsequently sell them via its marketplace. The auctioned tweets remain on Twitter, but the owner of the tweet turned NFT gets to keep it in the form of a unique tokenized asset that lives on the Ethereum blockchain.

At time of writing, Dorsey’s NFT’s highest bid is $2,500,000. The auction will end when Dorsey is satisfied with an offer.

What future awaits cryptocurrencies?

Binance CEO Changpeng Zhao also took advantage of the new project, and placed his own tweet for sale that reads, “Slap yourself, if you sold BTC under $10,000.” The highest bid at the time of writing is $121,000 worth of ETH.

Non-fungible tokens have been selling for sky-high prices in the past month, especially those representing digital art. Digital artist Beeple notably sold an NFT at Christie’s auction house for $6.6 million.

According to, the volume of the entire NFT market place over the past seven days sits just under $43 million. CryptoPunks have done the most volume this week with $14.68 million in sales.

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Why You Should Choose Cryptocurrency Online Poker Sites

Why You Should Choose Cryptocurrency Online Poker Sites

The text below is an advertorial article that was not written by journalists.

If you are an avid poker player, you may already know your way around online poker sites. Some offer generous welcome bonuses, while others focus on running promotions and adding games you would otherwise not be able to find. However, very few online poker sites can guarantee that both your privacy and your security is their utmost priority.

With cryptocurrencies rising in popularity over the past few years, many industries have recognized the opportunities that the underlying blockchain technology offers. The poker niche is no exception: not only can it benefit from the aforementioned security and privacy, but blockchain also offers a chance to make verifiably fair software that eliminates any and all cheating. Here are some advantages to playing poker that is based on blockchain and uses cryptocurrencies instead of fiat money.

One of the most important aspects of gaming can be privacy and security. Gaming gets a bad rap with many people due to a number of misconceptions, so not wanting to share your personal information which could lead to your acquaintances knowing your gaming habits is absolutely understandable. Additionally, banks and other financial institutions tend to be pretty restrictive towards users who like to play—and thanks to the monopoly they hold in traditional finance, this can be a huge obstacle. Luckily, cryptocurrency holders can simply evade awkward questions; thanks to their decentralized nature, there is no central authority, and you are free to make your own choices.

However, no central authority often makes people afraid that their funds could be at stake even when they’re not playing. Thanks to the inherent security of the blockchain, however, this is very rarely the case. As long as you take some basic precautions, like not disclosing your private key to anyone, there is nothing to worry about.

Verifiably Fair

Another common concern with online poker sites is that the house could rig the software in their favor—and unfortunately, this can happen, which makes people wary of all online poker sites. However, with blockchain at their basis, these types of poker sites can put a verifiably fair random number generator (RNG) as their shuffling software.

This protects from more than just the unfair house: an impartial shuffling software also serves as a guarantee that no player at the table is using third-party software to turn the odds to their favor, meaning all participants are safe from malicious meddling.

With online cryptocurrency poker sites, you can count on fees and rakes that are much lower than the industry standard. This is because cryptocurrencies are often cheaper when it comes to transaction fees—the lack of intermediary services and heavy paper trails contributes to this, as does the fact that there are often no conversion fees from one fiat currency to another. While you will still have to pay the network fees for sending the funds from your personal wallet to your account, as well as any fees for conversions, these are still significantly lower than their fiat counterparts. Additionally, some online poker sites, like CoinPoker, don’t charge any deposit and withdrawal fees.

The reasons for low rakes are similar to the ones for low fees: no intermediaries like banks and cards, as well as no taxes to pay, mean that the platform can charge less and still come out on top. Best of all, many platforms offer a rakeback incentive in addition to this: at CoinPoker, you get 20% of the rake back every Monday (just make sure you paid it in CHP, the platform’s native token).

Strangely, the part that most often turns traditionalists away from crypto poker can be a source of extra winnings for you: the assets’ inherent volatility means that you may profit more than you did at the table. This is especially true for anyone who has been part of the cryptocurrency poker scene for a while: winning 2 BTC in 2018 was much easier than it is nowadays, and it makes a world of difference if you held on to it in the meantime.

However, there is also the possibility that the price oscillations could turn unfavorable, so you end up losing. On the other hand, losing is a distinct possibility in all gambling endeavors—and the first thing you learn when you start playing. A good hand and keen mind will, of course, bring you back into the game. And what game isn’t made more fun with a little extra risk sprinkled in?

Due to different local regulations, some places may restrict access to gambling sites. This is usually done through banks: if they see you are trying to send money to a gambling account, they can simply stop the transaction from going through, or even block your account if they feel this is required. Some countries even outlaw all sorts of gambling, so you could be facing more than just a monetary fine.

Using cryptocurrency is a logical solution: there have already been many things said about an adult having the right to make their own choices, including where and how to spend their own money. Cryptocurrencies make sure this right is not infringed upon, while crypto poker sites without forced KYC processes — like CoinPoker — make sure your personal data is protected.

Cryptocurrencies are part of the future for everyone valuing their privacy — and this includes poker, along with numerous other niches that can benefit from these qualities. The only real drawback of cryptocurrency poker sites is that they are still relatively unknown, so there are not many people to play with. However, as cryptocurrencies gain in popularity and people appreciate the quality of life that stems from using them, poker sites using blockchain and cryptocurrencies are sure to get more visitors.

In the meantime, being among the first to use these sites means that your weekly prize pool (more than USDT 3,000 at CoinPoker!) is not diluted by too many participants. Plus, there’s always a much bigger chance that you’ll get to play with the pros that routinely drop in for a round or two.


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