Cryptocurrencies |

UBS Chairman Weber Sees `Massive’ Potential Drop in Bitcoin

LAGOS (Capital Markets in Africa) – UBS Group AG Chairman Axel Weber said the Swiss bank won’t trade Bitcoin or offer it to retail clients as increased regulation could lead to a “massive” drop in value. “This is something where the price is really unclear,” Weber said in an interview Wednesday with Bloomberg TV at the World Economic Forum in Davos, Switzerland. “We fear that in the future if these investments implode and the market corrects, then…

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

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LAGOS (Capital Markets in Africa) – January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 13 percent at $12,146 as of 8:28 a.m. in New York, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies…

These Digital Coins Soar (or Fall) With Bitcoin: QuickTake Q&A

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LAGOS (Capital Markets in Africa) – It was astounding enough when bitcoin soared more than 14-fold over the course of 2017 to reach a peak of more than $19,000 on Dec. 16, giving it a total market cap of $329 billion — greater than the gross domestic product of South Africa or Ireland. Equally astounding, perhaps, is that bitcoin’s value has now been eclipsed by the combined market caps of the next biggest four cryptocurrencies,…

Mnuchin Says U.S. Wants G-20 Crackdown on Bitcoin Secrecy

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LAGOS (Capital Markets in Africa) – U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account. Speaking to the Economic Club of Washington on Friday, he said wants to ensure “bad people cannot use these currencies to do bad things.” Under U.S. law, “if you have a wallet to own bitcoins, that company has the…

Bitcoin Fund’s 91-for-1 Share Split Is Another Dot-Com Flashback

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LAGOS (Capital Markets in Africa) – Here’s one more way Cryptocurrencies are mimicking the dot-com frenzy as they capture popular attention: massive stock splits. Greyscale Investments announced that its Bitcoin Investment Trust — an open-ended fund that provides the purest exposure to owning the most popular currency short of owning the underlying asset — will undergo a 91-for-1 spliton Jan. 26. That’ll turn the 1.9 million shares currently outstanding into a whopping 174.4 million. Based on…

Goldman Says Cryptocurrencies May Succeed as Form of Real Money

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LAGOS (Capital Markets in Africa) – Bitcoin may seem like a solution in search of a problem in the U.S., where transaction costs are already low and the dollar stable. But in developing countries, digital currencies could succeed as a real form of money, Goldman Sachs Group Inc. says. Many currencies in sub-Saharan Africa have lost value due to high inflation and supply mismanagement. As a result, foreign money makes up more than 90 percent…

Bitcoin Is Teaching Libertarians Everything They Don’t Know About Economics

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LAGOS (Capital Markets in Africa) – Bitcoin changes prices too quickly to be a currency and processes transactions too slowly to be a payments system, but it is juuust right for teaching libertarians everything they don’t know about economics. Not that they’re paying attention. If you listen to bitcoin’s biggest backers, it’s supposed to be our gleaming future, one where we can make money just by holding it, move it anywhere in the world for…

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