Bitcoin | - Part 7

Bitcoin Haters Don’t Get Its Gold-Like Qualities, Goldman Says

LAGOS (Capital Market in Africa)- Bitcoin is a commodity with many similarities to gold, and the volatility that has sparked investor concern stems mainly from its lack of liquidity, said Jeff Currie, global head of commodities research for Goldman Sachs Group Inc. “I don’t see why there is all this hostility to it,” Currie said in an interview on Bloomberg Television. Bitcoin is “not much different than gold” because it doesn’t have liability attached to it by…

Novogratz Says Crypto Will Be Biggest Bubble of Our Lifetime

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LAGOS (Capital Markets in Africa) – One of the biggest bitcoin bulls on Wall Street says cryptocurrencies are in a massive bubble. He’s still starting a $500 million fund to invest in them. “This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes,” hedge fund manager Mike Novogratz said at a cryptocurrency conference Tuesday in New York. Novogratz, who’s says he began investing in…

Hedge-Fund Platforms Fear Bitcoin Is a Fad Like Tamagotchi

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LAGOS (Capital Markets in Africa) – Bitcoin’s march toward respectability faces another hurdle as hedge-fund platforms reject the overtures of firms trading cryptocurrencies. Brooklands Fund Management, Mirabella Advisers and Privium Fund Management — which provide back-office functions and regulatory help for investment firms — all say they’ve had discussions with bitcoin funds in recent months. So far, they’ve turned down requests to take them on as clients, citing a lack of understanding about the value…

Blockchain Secondary Market Planned Amid Explosion of Interest

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LAGOS (Capital Markets in Africa) – A new way for accredited investors to put money into blockchain startups is opening up. A firm called BnkToTheFuture plans to open a market in the second quarter that will let investors trade equity stakes in companies involved with the blockchain, the transaction-tracking technology that underpins digital currencies like bitcoin. BnkToTheFuture will use a blockchain ledger to keep record of those investments for clients. Its impending market will join a…

Bitcoin Guns for $10,000 as Cryptocurrency Mania Defies Skeptics

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LAGOS (Capital Markets in Africa) – Bitcoin blew past $9,700 just a week after topping $8,000 and approached its closest ever to five figures, gaining mainstream market attention as it defies bubble warnings. The biggest price jump since August consolidated during Japanese trading hours and vaulted the largest cryptocurrency’s value in circulation above the market caps of all but about 30 of the S&P 500 index members. The increase also buoyed its 10-day volatility to…

Blockchain Gets a Wall Street Win: `We Know the Thing Works Now’

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LAGOS (Capital Markets in Africa) – The prospect of blockchain technology remaking financial services just moved a step closer to reality after banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. completed a successful six-month test in the $2.8 trillion equity swaps market. The program, managed by blockchain startup Axoni, kept track of the swaps contracts after they were executed, recording things like amendments or termination of the deals, stock splits and dividends, and achieved…

Bitcoin’s White-Knuckle Ride Continues as It Hurtles Past $8,000

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LAGOS (Capital Markets in Africa) – Bitcoin’s relentless and volatile rally shows no sign of abating, with the world’s largest cryptocurrency defying growing bubble fears to hit yet another milestone. Bitcoin rose as much as 6.7 percent to a record $8,224 as of 9:27 a.m. in New York. It’s been a tumultuous year for the virtual currency, with three separate slumps of more than 25 percent all giving way to subsequent rallies. “The inflation in…

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