Bitcoin | - Part 8

Bitcoin Flirts With Record $8,000 High, Leaving Sell-Off Behind

LAGOS (Capital Markets in Africa) – Bitcoin has picked up right where it left off, capping a resurgent week by climbing within a few dollars short of a record $8,000 just days after a plunge of as much as 29 percent from the previous high tested the confidence of advocates of the cryptocurrency. Bitcoin has gained 17 percent this week, touching a high of $7,997.17 during Asia hours before moving lower in late trading. The rally…

UBS Shuns Bitcoin Allocations Due to Threat of Crypto Crackdown

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LAGOS (Capital Markets in Africa) – UBS Group AG, the world’s largest wealth manager, isn’t prepared to make portfolio allocations to bitcoin because of a lack of government oversight, the bank’s chief investment officer said. Bitcoin has also not reached the critical mass to be considered a viable currency to invest in, UBS’s Mark Haefele said in an interview. The total sum of all cryptocurrencies is “not even the size of some of the smaller currencies” that UBS…

Bitcoin Emerges as Crisis Currency in Hotspots Such as Zimbabwe

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LAGOS (Capital Markets in Africa) – About a third of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa. “In many countries in Africa, there are far more cellphones than bank accounts,” said Manuel Valente, co-founder of La Maison. “For bitcoin, all you need is a phone.” Zimbabwe, where the price of bitcoin spiked to double the…

This Cryptocurrency Miner Says It Solved Bitcoin’s Power Problem

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LAGOS (Capital Markets in Africa) – A green-energy startup says it can solve bitcoin’s surging electricity consumption without boosting pollution, an issue threatening to halt the meteoric rise of the virtual currency. Austria’s HydroMiner GmbH raised $2.8 million after closing its first initial coin offering on Wednesday, according to its website. The cash will be used to install high-powered computers at hydropower plants, where the company says it can mine new digital currencies at a cheaper cost and…

Bitcoin’s Rivals Multiply Amid Battle for Crypto Dominance

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LAGOS (Capital Markets in Africa) – It’s getting tougher and tougher to keep track of all the different versions of bitcoin. New iterations of the cryptocurrency are multiplying as disagreements over bitcoin’s design persist and opportunities for making a quick buck prove hard to pass up. The biggest offshoot, called bitcoin cash, appeared in August after a so-called hard fork in the bitcoin blockchain. That spinoff, currently valued at $18 billion, was followed by a less successful…

Zimbabwe Equities Are Almost More Bitcoin Than Bitcoin: Gadfly

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HARARE (Capital Markets in Africa) – The political turmoil isn’t a prelude to a buying opportunity. Look before you leap. Zimbabwe’s political shake-up isn’t exactly the first step on the road to investment. A jump of 390 percent year-to-date in the benchmark Zimbabwe Industrial Index, which has a market capitalization of $14.5 billion and excludes mining companies, looks fabulous news for frontier funds invested in what used to be called Africa’s bread-basket. It’s held on to those…

Bitcoin’s Roller-Coaster Ride Cuts $38 Billion Before Reversal

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LAGOS (Capital Markets in Africa) – Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 percent from a record high following the cancellation of a technology upgrade on Nov. 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York….

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