Coming soon: a world without cash

A world without cash: Could it happen? 7:29 AM ET Fri, 22 Feb 2019 | 02:34The U.S. is finally embracing contactless payments, which will likely accelerate the move away from cash in favor of credit, debit and mobile wallets. “This could further the transition from cash to plastic,” said Ted Rossman, an industry analyst at Creditcards.com. In fact, fewer and fewer adults are using printed or minted U.S. currency at all any more. For now, paper currency still remains the most frequent method of pa


A world without cash: Could it happen? 7:29 AM ET Fri, 22 Feb 2019 | 02:34The U.S. is finally embracing contactless payments, which will likely accelerate the move away from cash in favor of credit, debit and mobile wallets. “This could further the transition from cash to plastic,” said Ted Rossman, an industry analyst at Creditcards.com. In fact, fewer and fewer adults are using printed or minted U.S. currency at all any more. For now, paper currency still remains the most frequent method of pa
Coming soon: a world without cash Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: jessica dickler, getty images, justin sullivan
Keywords: news, cnbc, companies, fewer, contactless, currency, world, mobile, credit, according, debit, soon, tap, coming, transportation, cash


Coming soon: a world without cash

A world without cash: Could it happen? 7:29 AM ET Fri, 22 Feb 2019 | 02:34

The U.S. is finally embracing contactless payments, which will likely accelerate the move away from cash in favor of credit, debit and mobile wallets. And it’s largely thanks to hurried commuters.

As soon as this spring, New York City subways and buses will enable riders to tap a contactless bank card or their mobile wallet at turnstiles, according to the Metropolitan Transportation Authority, or MTA, which runs America’s largest urban transportation network.

“The ability to tap through the turnstile is going to be great,” said Chris Reid, an executive vice president of cyber, intelligence and data services at Mastercard. “It drives a huge amount of efficiencies for the transit system.”

“This could further the transition from cash to plastic,” said Ted Rossman, an industry analyst at Creditcards.com.

In fact, fewer and fewer adults are using printed or minted U.S. currency at all any more. About 3 in 10 Americans said they make no purchases with cash in a typical week, up from a quarter in 2015, according to the Pew Research Center.

For now, paper currency still remains the most frequent method of payment in the country overall, representing roughly 31 percent of all consumer transactions, more than electronic, credit, debit or checks.


Company: cnbc, Activity: cnbc, Date: 2019-03-07  Authors: jessica dickler, getty images, justin sullivan
Keywords: news, cnbc, companies, fewer, contactless, currency, world, mobile, credit, according, debit, soon, tap, coming, transportation, cash


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks falter on trade deal ‘fatigue’: Three experts weigh in on the sell-off

Stocks drop even as US and China edge closer to trade deal. We have rallied 80 days, each day, on renewed optimism over China talks, and 50 different derivations of that. I don’t think the market actually cares about the details. It has fallen, but they’ve actually been trying to prop it up. But I think the markets themselves are going to really like the deal.”


Stocks drop even as US and China edge closer to trade deal. We have rallied 80 days, each day, on renewed optimism over China talks, and 50 different derivations of that. I don’t think the market actually cares about the details. It has fallen, but they’ve actually been trying to prop it up. But I think the markets themselves are going to really like the deal.”
Stocks falter on trade deal ‘fatigue’: Three experts weigh in on the sell-off Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: lizzy gurdus, jim watson, afp, getty images, jim young, michael nagle, bloomberg, carlo allegri, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, market, fatigue, falter, china, experts, actually, trade, deal, day, selloff, think, currency, say, stocks, theyve, weigh


Stocks falter on trade deal 'fatigue': Three experts weigh in on the sell-off

Stocks drop even as US and China edge closer to trade deal. Here’s what six experts are watching 11 Hours Ago | 04:25

Stocks sold off Monday despite reports that U.S.-China trade talks were in their “final stages,” with the Dow Jones Industrial Average ending the day down 200 points after falling more than 400 points at the lows of the session. The S&P 500 also slipped, closing below its key 2,800 threshold.

Some experts say it’s because investors have grown tired of incremental developments in the negotiations. Here are three market watchers’ reactions to Monday’s drop:

Josh Brown, CEO of Ritholtz Wealth Management and a CNBC contributor, told CNBC’s “Halftime Report” that “We finally have deal headline fatigue. We have rallied 80 days, each day, on renewed optimism over China talks, and 50 different derivations of that. But it’s the same story every day. Sometimes it happens in the middle of the day, so we open red and then we close green. So, how many days in a row can you rally on the same premise? So I think the market now understands something will happen. I don’t think the market actually cares about the details. I think we want some sort of resolution, and then some people will say it’s good, some will say it’s bad, and we’ll be back to politics as normal.”

Safanad’s chief investment officer, John Rutledge, who advised former Presidents Ronald Reagan and George H. W. Bush, contended on CNBC’s “Squawk on the Street” that a finalized deal could actually boost stocks: “There are some people inside our government that think that China’s been pushing their currency down. It has fallen, but they’ve actually been trying to prop it up. It’s fallen because foreign investors have pulled their money out of China, making it difficult to maintain the currency at its current level. And so announcing a stable currency is going to discourage those people from pulling capital out. It’ll actually make the People’s Bank of China’s job a lot easier. The economy is very weak, they’ve done all they can do to stimulate it, and it’ll take some time before that takes effect. But I think the markets themselves are going to really like the deal.”


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: lizzy gurdus, jim watson, afp, getty images, jim young, michael nagle, bloomberg, carlo allegri, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, market, fatigue, falter, china, experts, actually, trade, deal, day, selloff, think, currency, say, stocks, theyve, weigh


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Dollar rises again despite Trump trying to ‘jawbone’ the US currency lower

The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said. Trump has sparked significant moves in the dollar previously, but experts say there i


The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said. Trump has sparked significant moves in the dollar previously, but experts say there i
Dollar rises again despite Trump trying to ‘jawbone’ the US currency lower Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert, hillary kladke, moment, getty images
Keywords: news, cnbc, companies, jawbone, currency, thats, lower, hiking, despite, investors, fed, trying, world, really, dollar, past, trump, rises


Dollar rises again despite Trump trying to 'jawbone' the US currency lower

The U.S. dollar rose against a basket of various currencies on Monday as investors looked past comments made by President Donald Trump over the weekend regarding the greenback.

The U.S. Dollar Currency Index, which tracks the U.S. currency’s performance against others like the euro, was up 0.2 percent at 96.74. Against the euro, the dollar gained half a percent and traded at $1.132.

The moves came after Trump said on Saturday he was not pleased with how strong the dollar had become relative to other world currencies. “I want a dollar that’s great for our country but not a dollar that’s prohibitive for us to be doing business with other countries,” he said.

Trump has sparked significant moves in the dollar previously, but experts say there is little he can do now to talk the currency down.

“I think currency investors are looking past those remarks,” said Aaron Hurd, senior portfolio manager of currency at State Street Global Advisors. The reason is “it’s unlikely Trump is going to be able to change the [Federal Reserve] outlook. When the Fed was hiking every quarter and projecting another hike, Trump would say something that would raise some concern that maybe he could change the Fed’s trajectory and have them slow down.”

“Now that the Fed is really in a patient, wait-and-see mode, there’s really not that much behavior to change. That’s already happened. The Fed has gone from hiking to doing nothing, so Trump’s comments don’t really matter unless Trump would be able to convince them to cut, but that’s a much more heroic assumption to make,” Hurd said.

The Federal Reserve signaled earlier this year it will be “patient” in raising rates this year after hiking four times in 2018.Trump criticized the Fed’s decisions throughout 2018. In October, he said the central bank had “gone crazy” by continuing to raise rates.

Over the past 12 months, the dollar has risen more than 7 percent and is up about 1 percent over the past month. Last year, the greenback gained more than 4 percent.

Chris Gaffney, president of world markets at TIAA Bank, said investors are lagely ignoring Trump’s attempt to “jawbone” the dollar as the odds of him changing the course of Fed policy are slim. He also said the key catalyst for the U.S. currency has been interest-rate differentials as short-term U.S. debt yields are higher than those overseas.

“It’s still a case of interest rates here in the U.S. are higher than anywhere in the developed world,” Gaffney said. “Therefore, when you look at the dollar versus the euro versus the yen, investors are paid more to hold dollars than to hold euros or yen right now.”

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-03-04  Authors: fred imbert, hillary kladke, moment, getty images
Keywords: news, cnbc, companies, jawbone, currency, thats, lower, hiking, despite, investors, fed, trying, world, really, dollar, past, trump, rises


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Elon Musk: ‘Paper money is going away’

“Paper money is going away,” Musk said in a podcast released Tuesday. “Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure,” Musk said on the “FYI — For Your Innovation” podcast. “I think one of the downsides of crypto is that it, computationally, it is like quite energy intensive,” Musk said. In the tweet, Musk references, @Jack, Twitter co-founder and CEO Jack Dorsey, who is a proponent of bitcoin. “The world ultimately will have a single currency, the


“Paper money is going away,” Musk said in a podcast released Tuesday. “Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure,” Musk said on the “FYI — For Your Innovation” podcast. “I think one of the downsides of crypto is that it, computationally, it is like quite energy intensive,” Musk said. In the tweet, Musk references, @Jack, Twitter co-founder and CEO Jack Dorsey, who is a proponent of bitcoin. “The world ultimately will have a single currency, the
Elon Musk: ‘Paper money is going away’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: catherine clifford, joe skipper
Keywords: news, cnbc, companies, musk, paper, bitcoin, maybe, intensive, away, going, currency, single, quite, elon, money, involved, jack


Elon Musk: 'Paper money is going away'

Silicon Valley billionaire Elon Musk has sounded the death knell for cash. “Paper money is going away,” Musk said in a podcast released Tuesday.

“Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure,” Musk said on the “FYI — For Your Innovation” podcast.

In particular, Musk said the technology behind bitcoin is “quite brilliant” and “it seems like there is some merit to etherium and maybe some of the others.”

However, Tesla will not be getting involved with digital currency, because Musk says it’s not a good use of the company’s resources. Plus, creating or mining cryptocurrency takes a lot of computer power, and therefore electricity.

“I think one of the downsides of crypto is that it, computationally, it is like quite energy intensive,” Musk said. “it is very energy intensive to create the incremental bitcoin at this point.”

Though Musk says he has friends that are “really involved in crypto,” in February Musk said he “literally” owns “zero cryptocurrency” other than .25 BTC that someone gave him years ago. (Bitcoin closed trading at $3,924.24 on Tuesday.)

In the tweet, Musk references, @Jack, Twitter co-founder and CEO Jack Dorsey, who is a proponent of bitcoin.

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey told The Times of London in March. It will happen “probably over ten years, but it could go faster,” he said.

See also:

Elon Musk: Moving to Mars will cost less than $500,000, ‘maybe even below $100,000’

Elon Musk: This is the ‘why’ of Tesla

Meet Tom Mueller: From Idaho logger to SpaceX co-founder who makes Elon Musk’s rockets lift off


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: catherine clifford, joe skipper
Keywords: news, cnbc, companies, musk, paper, bitcoin, maybe, intensive, away, going, currency, single, quite, elon, money, involved, jack


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Dollar slips on US-China trade hopes, Swedish crown sags

“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45. Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year. The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a


“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45. Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year. The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a
Dollar slips on US-China trade hopes, Swedish crown sags Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: matt cardy i getty images
Keywords: news, cnbc, companies, sags, swedish, uschina, hopes, crown, euro, data, showed, currencies, inflation, slips, currency, fell, major, dollar, trade


Dollar slips on US-China trade hopes, Swedish crown sags

The dollar on Tuesday fell against a basket of other currencies as traders scaled back their safe-haven greenback holdings on optimism that a fresh round of talks between China and the United States would help resolve their trade conflict.

The dollar index hit a near two-month peak on Friday after last week’s set of negotiations in Beijing failed to result in a deal, although officials from both sides said the talks had produced progress on contentious issues.

“We are hoping to hear more positive news on trade,” said Dean Popplewell, chief currency strategist at Oanda in Toronto. “The dollar should come under pressure as it loses some safe-haven appeal.”

The ICE index, which tracks the dollar against six other major currencies, was down 0.47 percent at 96.45.

On Friday, it hit 97.368, which was the highest since Dec. 17. U.S. financial markets were closed on Monday for the Presidents Day holiday.

Among other major currencies, the Swedish crown tumbled after weak inflation data spurred sales of the currency and a paring of bets that interest rates would rise this year.

Last week, the crown rose after Sweden’s central bank broke with growing caution among major monetary-policy makers, saying it would stick to its plan to raise rates in the second half of 2019.

The currency plunged more than 1 percent to a two-year low against the dollar at 9.4180, after a report showed inflation slowed in January.

Against the euro, it was headed for its biggest daily decline in more than 15 months. It touched 10.621, its weakest since September.

The euro appreciated against the dollar on trade optimism. It reversed earlier losses after data showed Italian industrial orders dropped 5.3 percent in December from a year earlier.

Euro zone bond yields, notably those of German bunds, fell amid the cloudy European economic outlook, weighing on the euro. When European Central Bank policymakers meet on March 7, they are expected to lower growth and inflation projections.

The euro was up 0.37 percent at $1.135, holding above a three-month low of $1.1234 set last week.

The single currency, however, fell against the British pound as data showed domestic workers’ salaries held at its fastest pace in a decade in late 2018.

The euro was 0.62 percent lower at 86.99 pence, while the pound was up 1.08 percent at $1.306. The sterling’s gains were limited ahead of British Prime Minister’s Theresa May’s meeting with the EU to find a way to get their Brexit deal through the UK parliament.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: matt cardy i getty images
Keywords: news, cnbc, companies, sags, swedish, uschina, hopes, crown, euro, data, showed, currencies, inflation, slips, currency, fell, major, dollar, trade


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Washington said to urge Beijing for a stable currency in trade talks

The United States is reportedly asking China to address the value of the its currency as part of the trade deal. Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request f


The United States is reportedly asking China to address the value of the its currency as part of the trade deal. Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request f
Washington said to urge Beijing for a stable currency in trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: thomas franck, vcg, getty images
Keywords: news, cnbc, companies, aimed, beijing, united, yuan, chinese, urge, talks, states, exports, trade, bloomberg, washington, currency, stable, china


Washington said to urge Beijing for a stable currency in trade talks

The United States is reportedly asking China to address the value of the its currency as part of the trade deal.

The move would be aimed at mediating any effort by the Chinese to devalue the yuan to counter American tariffs, people familiar with the situation told Bloomberg News. The Trump administration has insisted that moves to devalue the yuan to buoy Chinese exports would be countered with additional or more severe American tariffs, sources told Bloomberg News.

Representatives for the two nations resumed overall trade discussions on Tuesday, with follow-up sessions at a higher level scheduled for later in the week, the White House said Monday. Though last week’s deliberations that ended in Beijing concluded without a deal, officials said progress was made on some contentious issues.

U.S. stocks extended their gains Tuesday after President Donald Trump said that the March deadline is not a “magical date,” suggesting the cutoff could be adjusted.

Still, current talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. The two sides will also discuss China’s pledge to purchase a substantial amount of goods and services from the United States,” the White House said in a statement.

Meetings between the top brass will start on Thursday and be led by U.S. Trade Representative Robert Lighthizer, a vocal advocate of pressing China to end practices that the U.S. says include forced technology transfers and intellectual property theft.

As of the latest reading, one U.S. dollar is currently worth 6.75 Chinese yuan, down from highs above 6.9 in November. The U.S. Trade Representative’s office, which is spearheading trade talks with China, did not immediately respond to CNBC’s request for comment.

Beijing least year reintroduced measures to stabilize its managed currency, including a calculation method called the counter-cyclical factor (CCF), aimed at keeping the yuan’s daily midpoint fixed to a relatively stable value. But China has faced international pressure in the past for what many deemed unfair manipulation of its currency. Many U.S. economists argue that China’s tampering in years past gave their exports a boost as a weaker yuan made Chinese exports less expensive.

— Click here to read the original Bloomberg News report.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: thomas franck, vcg, getty images
Keywords: news, cnbc, companies, aimed, beijing, united, yuan, chinese, urge, talks, states, exports, trade, bloomberg, washington, currency, stable, china


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Ant Financial agrees to buy UK-based currency exchange WorldFirst

Chinese consumer finance giant Ant Financial has agreed to acquire UK-based currency exchange WorldFirst, an Ant Financial spokeswoman said on Thursday. WorldFirst CEO Jonathan Quin said in a letter sent out to clients that was seen by Reuters that the company “will continue to operate as a UK-headquartered and regulated business with global operations” while becoming a wholly-owned division of Ant Financial. Ant Financial declined to disclose the terms of the purchase. Ant Financial is an affil


Chinese consumer finance giant Ant Financial has agreed to acquire UK-based currency exchange WorldFirst, an Ant Financial spokeswoman said on Thursday. WorldFirst CEO Jonathan Quin said in a letter sent out to clients that was seen by Reuters that the company “will continue to operate as a UK-headquartered and regulated business with global operations” while becoming a wholly-owned division of Ant Financial. Ant Financial declined to disclose the terms of the purchase. Ant Financial is an affil
Ant Financial agrees to buy UK-based currency exchange WorldFirst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14
Keywords: news, cnbc, companies, ant, ukbased, agrees, spokeswoman, thursdayworldfirst, ukheadquartered, worldfirst, financial, whollyowned, terms, buy, exchange, company, currency


Ant Financial agrees to buy UK-based currency exchange WorldFirst

Chinese consumer finance giant Ant Financial has agreed to acquire UK-based currency exchange WorldFirst, an Ant Financial spokeswoman said on Thursday.

WorldFirst CEO Jonathan Quin said in a letter sent out to clients that was seen by Reuters that the company “will continue to operate as a UK-headquartered and regulated business with global operations” while becoming a wholly-owned division of Ant Financial.

Ant Financial declined to disclose the terms of the purchase.

Ant Financial is an affiliate of Alibaba, China’s largest e-commerce company.


Company: cnbc, Activity: cnbc, Date: 2019-02-14
Keywords: news, cnbc, companies, ant, ukbased, agrees, spokeswoman, thursdayworldfirst, ukheadquartered, worldfirst, financial, whollyowned, terms, buy, exchange, company, currency


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin


Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin
Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

A bear market could be just the beginning of the pain for most cryptocurrencies, according to one widely followed industry expert.

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless.

“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,” Silbert told CNBC in a phone interview following its quarterly call with investors.

The rise in initial coin offerings helped bring the industry’s market capitalization to more than $800 billion at the start of last year, according to CoinMarketCap.com. Bitcoin made up roughly 50 percent of that total, with its price climbing to nearly $20,000 in December 2017. Amidst the buying mania, Initial coin offerings, or ICOs, became a popular way to raise money from eager retail investors. But they often touted a project that wasn’t live yet, or in some cases turned out to be outright fraud.

“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”

That elimination is already starting. The Securities and Exchange Commission cracked down on the fundraising method last year, and Chairman Jay Clayton repeatedly urged crypto founders to register with the agency. Silbert applauded the SEC’s actions and said most of the tokens were illegal offerings.

Bitcoin’s price, along with that of other other major cryptocurrencies, came crashing down last year. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday.

Still, Silbert said he is “as bullish as he has ever been” on bitcoin. As an early investor, he lived through multiple price plunges, all of which were followed by a full recovery. Despite bitcoin’s relatively short 10-year existence, it’s already on its third bear market plunge of 80 percent or more. The most recent one has yet to bounce back.

Although bitcoin has seen “a really ugly technical chart,” Silbert said there’s still a high degree of interest from institutional investors. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin brokerage firm Genesis Trading, and the largest digital currency asset management firm, Grayscale Investments.

Grayscale also started the first publicly traded bitcoin investment vehicle, the Bitcoin Investment Trust, which trades under the symbol GBTC on over the counter markets.

Part of the upside Silbert sees in bitcoin is based on its potential to replace gold as a safe haven asset.

“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert said.

Younger investors don’t view gold as the same non-correlated, safe haven as their parents, Silbert said. He quoted an Accenture statistic on the investor call, that $30 trillion of baby boomer wealth is going to be handed down in the next 20 years. Some of that is currently in gold, which Silbert is predicting a younger generation would convert to bitcoin as a hedge instead.

“I’m convinced that whatever money is in gold is not going to stay in gold,” Silbert said. “That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”

He said the speculation use case has been proven for bitcoin as a “buy and hold strategy.” But the question of when meaningful institutional money starts flowing in still remains. Silbert said that heading into 2019, the infrastructure for that to happen safely is finally in place. Fidelity’s custody solution and other investment opportunities like a futures market from the Intercontinental Exchange, parent company of the New York Stock Exchange, are all set to go live early this year.

If and when sentiment changes, Silbert predicted bitcoin prices would “snap back hard.”

“There are certainty institutional investors that have put money to work and many more are are considering it,” Silbert said. “Until now they wanted to make sure they’re not catching a falling knife.”


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin


Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin
Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

A bear market could be just the beginning of the pain for most cryptocurrencies, according to one widely followed industry expert.

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless.

“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,” Silbert told CNBC in a phone interview following its quarterly call with investors.

The rise in initial coin offerings helped bring the industry’s market capitalization to more than $800 billion at the start of last year, according to CoinMarketCap.com. Bitcoin made up roughly 50 percent of that total, with its price climbing to nearly $20,000 in December 2017. Amidst the buying mania, Initial coin offerings, or ICOs, became a popular way to raise money from eager retail investors. But they often touted a project that wasn’t live yet, or in some cases turned out to be outright fraud.

“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”

That elimination is already starting. The Securities and Exchange Commission cracked down on the fundraising method last year, and Chairman Jay Clayton repeatedly urged crypto founders to register with the agency. Silbert applauded the SEC’s actions and said most of the tokens were illegal offerings.

Bitcoin’s price, along with that of other other major cryptocurrencies, came crashing down last year. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday.

Still, Silbert said he is “as bullish as he has ever been” on bitcoin. As an early investor, he lived through multiple price plunges, all of which were followed by a full recovery. Despite bitcoin’s relatively short 10-year existence, it’s already on its third bear market plunge of 80 percent or more. The most recent one has yet to bounce back.

Although bitcoin has seen “a really ugly technical chart,” Silbert said there’s still a high degree of interest from institutional investors. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin brokerage firm Genesis Trading, and the largest digital currency asset management firm, Grayscale Investments.

Grayscale also started the first publicly traded bitcoin investment vehicle, the Bitcoin Investment Trust, which trades under the symbol GBTC on over the counter markets.

Part of the upside Silbert sees in bitcoin is based on its potential to replace gold as a safe haven asset.

“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert said.

Younger investors don’t view gold as the same non-correlated, safe haven as their parents, Silbert said. He quoted an Accenture statistic on the investor call, that $30 trillion of baby boomer wealth is going to be handed down in the next 20 years. Some of that is currently in gold, which Silbert is predicting a younger generation would convert to bitcoin as a hedge instead.

“I’m convinced that whatever money is in gold is not going to stay in gold,” Silbert said. “That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”

He said the speculation use case has been proven for bitcoin as a “buy and hold strategy.” But the question of when meaningful institutional money starts flowing in still remains. Silbert said that heading into 2019, the infrastructure for that to happen safely is finally in place. Fidelity’s custody solution and other investment opportunities like a futures market from the Intercontinental Exchange, parent company of the New York Stock Exchange, are all set to go live early this year.

If and when sentiment changes, Silbert predicted bitcoin prices would “snap back hard.”

“There are certainty institutional investors that have put money to work and many more are are considering it,” Silbert said. “Until now they wanted to make sure they’re not catching a falling knife.”


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un


The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal. “The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore. The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The single currency was relatively un
Trade friction, growth worries keep dollar near 2019 highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


Trade friction, growth worries keep dollar near 2019 highs

The dollar held steady versus its peers on Tuesday, hovering close to its 2019 high as U.S.-Sino trade tensions and global growth worries underpinned the greenback’s safe-haven appeal.

Investors are focusing on high level trade talks in China this week where Washington is expected to keep pressing Beijing on long-standing demands that it make sweeping structural reforms to protect American companies’ intellectual property, to end policies aimed at forcing the transfer of technology to Chinese companies, and curb industrial subsidies.

“The dollar is benefiting from the investor nervousness around the trade talks,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“Beyond its safe haven appeal, the dollar is still the highest-yielding currency in the developed world and with all major central banks turning dovish, the greenback seems relatively attractive.”

This week’s talks come as the world’s two largest economies try to hammer out a deal before a March 1 deadline, after which U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

Financial markets have been roiled by the trade tensions over the past year, with business sentiment taking a hit around the world as the fallout of the .S.-China dispute disrupted factory activity and hurt global growth.

The greenback rose 0.1 percent against the yen to 110.47 and was a touch higher versus the Swiss franc at 1.0040.

The dollar index was steady at 97.04, after advancing 0.45 percent in the previous session, its largest percentage gain since Jan. 24. The index has risen for eight straight sessions, mainly thanks to a tumbling euro, which has the largest weighting in the index.

The single currency was relatively unchanged at $1.1278 in Asian trade, having lost nearly half a percent on Monday. The euro has weakened for six consecutive sessions, and traders expect further losses now that the crucial psychological support of $1.13 has been broken.

“The next level of support for EUR/USD is the November low of 1.1215 which should be tested quickly,” said Kathy Lien, managing director of currency strategy at BK Asset Management.

The European Central Bank is expected to maintain a highly accommodative monetary policy this year as growth slows in the euro zone and inflation stays low. Last week, the European Commission sharply cut its forecasts for euro zone growth for this year and next.

Investors are expecting stimulus from the ECB in the form of a cheap loan scheme for banks in the coming months.

Elsewhere, sterling was 0.15 percent firmer at $1.2869, after tumbling 0.75 percent in the previous session. Analysts expect the British pound to remain volatile due to the uncertainty surrounding Brexit.

The British parliament is set to hold a debate on Brexit on Feb. 14 where Prime Minister Theresa May is seeking changes to her deal with Brussels after it was rejected by a record majority in parliament last month.

The Australian dollar, often considered a gauge of global risk appetite, gained around 0.3 percent to $0.7083 as risk sentiment improved on expectations that U.S. lawmakers had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday.

Traders expect the Aussie to remain under pressure after Reserve Bank of Australia Governor Philip Lowe tempered a long-held tightening bias last week, saying an easing might be just as likely as a hike.

The kiwi dollar was steady at $0.6730. New Zealand’s central bank is expected to leave interest rates unchanged at its policy meeting on Wednesday but may adopt a more dovish tone and cut forecasts, in line with other major central banks as rising global economic risks cloud the outlook.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, highs, worries, central, friction, steady, euro, growth, talks, global, currency, near, week, trade, bank, dollar, 2019


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post