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Bill Gates slams crypto investments, calling them shams

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Billionaire Bill Gates is dismissing crypto projects as shams “based on the greater-fool theory”

The 66-year-old was speaking at a climate conference, where he was pushing for engineers in Silicon Valley to work in steel production to help lower greenhouse gas emissions.

Gates hasn’t shied away from his views on digital assets. Last year, he sparred with Tesla CEO Elon Musk over whether Bitcoin is too risky for retail investors.

He is also concerned about the environmental impacts of mining coins.

It’s reported the billionaire said “expensive digital images of monkeys are going to improve the world,” in a sarcastic tone while speaking at the event.

Gates has supported digital banking efforts, which he describes as “hundreds of times more efficient” than crypto.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

Binance pours in another billion to help crypto

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Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively doubling the size of the fund within just one week.

The additional allocation was announced by Binance’s CEO.

Binance won’t be on its own. Aptos Labs and Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund.

The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business.

The recovery fund will be used to buy distressed crypto assets and support the industry.

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Business

Billion dollar fund to save crypto

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Cryptocurrency exchange Binance is trying to shore up trust in the industry, revealing new details about its industry recovery fund.

It aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy.

Binance plans to devote $1 billion in initial commitments to the recovery fund and may even double that if the need arises.

Binance CEO Chang-peng Zhao shared the public wallet address with its initial commitment to prove the company is acting transparently.

The fund is an attempt by Binance to keep the crypto industry afloat after controversial entrepreneur Sam Bankman-Fried’s exchange FTX filed for bankruptcy earlier this month.

Musk’s distance

Twitter CEO Elon Musk is distancing his new company from FTX’s disgraced founder Sam Bankman-Fried and his alleged ownership of Twitter shares.

In a series of tweets, Musk called out a “news report that alleged Bankman-Fried rolled his $100 million holdings of Twitter into private shares.

Musk discredited the report which alleged Bankman-Fried “owns a sizable chunk of a now privately held and debt-laden Twitter.”

The report claimed an FTX balance sheet prepared after the takeover closed at the end of October and circulated to investors earlier this month.

In a tweet Musk says “SBF/FTX do not own shares in Twitter.”

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Business

Should crypto be banned for NYC retirement savings?

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New York’s Attorney General wants lawmakers to ban the use of crypto assets as an investment option for retirement accounts.

In the letter addressed to members of Congress, the attorney general claimed that US lawmakers need to protect workers’ retirement funds from high-risk crypto assets.

It follows the recent collapse of FTX which delivered billions in losses to retail users.

She added that while investment in crypto assets has found momentum over the past few years, these assets “have no intrinsic value on which their prices are based.”

James also urged Congress to reject a recent law that would prevent the Secretary of Labor from banning digital asset investments.

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