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Should you be staying away from crypto?

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Major investment banking firm, Goldman Sachs has warned its consumers to stay away from cryptocurrencies as the price of Bitcoin soars above USD$40,000 for the first time in weeks.

In a report released by the Sachs’ Wealth Management Division, the company says digital coins are “not a viable investment”

Goldman Sachs cites high energy consumption associated with mining coins as a reason to avoid the sector.

The report also details the possibility of technological advances which may make blockchain technology redundant and the risk of greater regulatory oversight.

The report says “after analysing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are not a viable investment for our clients’ diversified portfolios.”

“Musk sends one tweet and moves the dial entirely”

Meanwhile, Market Strategist Daniel Weiner joined Ticker News earlier and spoke about Elon Musk’s latest tweet that sent Bitcoin soaring.

More than four million Australians will invest in Crypto in the next four months.

Looking at the number’s, cryptocurrencies are on the rise.

That’s the consensus of a new survey of 1,027 Australians by global researcher YouGov, published by The AFR.

More than four million Australians are likely to buy crypto currencies like Bitcoin in the next 12 months, according to the published research.

One in five Australians “have owned cryptocurrency at some point”, and some 14 per cent currently holding an exposure in their portfolio.

Where is Crypto sitting in the markets?

Bitcoin tests $40K levels following positive comments from Tesla’s CEO Elon Musk and hedge fund manager Paul Tudor Jones.

The world’s largest cryptocurrency by market capitalisation is up about 20 per cent over the past e seven days.

Meanwhile, the S&P 500 rose 0.2% to a record high as of 4:03 p.m. New York time and the Nasdaq 100 rose 0.9% to a record high.

The Australian sharemarket has shot higher at the open, soaring to a new intraday record high during the opening minutes of trading.

Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon suggested Wall Street’s pandemic-era trading boom could be drawing to a close.

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Crypto

New proposal: biggest crypto regulation America has ever seen

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One US lawmaker has just unveiled his plans to introduce the most sweeping and far-reaching crypto regulation policies America has ever seen

bitcoin price rises
Bitcoin

Known as the “Digital Asset Market Structure and Investor Protection Act”, it has been introduced by Democrat Don Beyer.

If passed, the bill will allow the Treasury Secretary to oversee the creation of stablecoins, direct regulators when it comes to decentralised finance and even create a crypto-exchange charter.

Unlike previous attempts to regulate crypto, this bill appears to be fairly wide-ranging and covers a number of issues at one time.

It comes as the US Senate moves to finalise Biden’s $1 trillion infrastructure package which includes provisions that will increase crypto reporting requirements – in a bid to raise around $28 billion in tax.

However, the infrastructure package has a narrow focus on crypto and is far less sweeping than this latest Digital Asset Act.

Law firm Axler Goldich told Coindesk “for a proposed legislation that seemingly came out of nowhere, it is incredibly comprehensive and the authors clearly have an understanding of the underlying technology”.

Beyer’s bill is the second crypto-related legislation to be introduced this week as lawmakers become increasingly focused on regulating the sector.

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Crypto

Britcoin set to make Bitcoin skyrocket

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Virtual Bitcoin cryptocurrency financial market graph

Cash in people’s pockets would be superseded by a new ‘Britcoin’ digital currency in a plan being pushed by Chancellor Rishi Sunak

Britcoin, the Bank of England’s reported digital currency, rather than overtake Bitcoin, will push the cryptocurrency’s price higher, affirms the CEO of one of the world’s largest independent financial advisory, asset manager and fintech organsitions.

The comments from Nigel Green, CEO and founder of deVere Group, come after it was reported that the UK central bank is planning to launch a direct digital equivalent – dubbed ‘Britcoin’ – to physical money.

Mr Green says: “Revealing just how worried they are about the ongoing epic rise and influence of Bitcoin, and other cryptocurrencies, the Bank of England is reportedly set to establish its own digital currency – which they have previously routinely dismissed.

“If the Bank and government officials believe Britcoin will supersede Bitcoin, they are mistaken.  In fact, it will have the opposite effect.”

He continues: “It can be expected that Britcoin will push Bitcoin prices higher for three key reasons.

“First, in what will be a masterclass in the law of unintended consequences, by jumping on the bandwagon, central banks are validating the concept of Bitcoin and its inherent values of being digital, global, borderless, quicker and more cost-effective than traditional money.

“By adding further legitimacy to the market, it’s likely that innovation and development will increase, the crypto ecosystem will become even more robust, and the pace of mass adoption will be accelerated.

“Second, whilst Britcoin will have many of the plusses of Bitcoin, it will still be controlled and manipulated by the Bank of England, meaning they can adjust supply and therefore its value. With Bitcoin, there is no single authority and a progressively limited supply.

“Furthermore, in the increasingly digitalised and globalised economy, why would businesses, such as Amazon for example, in the longer-term favour a currency that is digital but not borderless in the same way as cryptocurrencies are?”

“Third, there’s a growing mistrust of the traditional bank system by the younger, ‘digital-native’ generations who are becoming the beneficiaries of the largest transfer of wealth in history as baby boomers pass on their assets.

“They’ve been influenced by the enormous surge in tech as they came into adulthood – which came around the same time as the global financial crash that hit in 2008.

“Britcoin will be controlled by a handful of people from the Bank who have conversations and make decisions behind closed doors.

“Bitcoin is controlled by no one and discussions are held out in the open and decisions are transparent and community-based. Which one do you think is the future of money?”

The UK is not the only country said to be working on plans for digital currencies. China hopes to become the first major central bank to issue a Central Bank Digital Currency (CBDC). The European Central Bank is exploring the launch within the next five years of a digital euro. The U.S. Federal Reserve has said it will not rush any digital dollar. This year will, however, be critical in getting the ball rolling, its chairman Jerome Powell has recently said.

The deVere CEO concludes: “The Bank of England’s reported move to set-up Britcoin highlights that digital currencies are the inevitable future of money.”

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Bitcoin on a winning streak after rising above $40k

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Crypto investors are keeping a close eye at the recovery of Bitcoin, as the digital coin rises to a new high

The continuing recovery in Bitcoin has put the largest cryptocurrency on course for its longest winning streak this year.

Bitcoin, the world’s biggest crypto, rose as much as 5.8% to top $40,000.

It’s advanced for eight straight days. Other coins including second-ranked Ether, also climbed.

Recent positive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood have helped the crypto recover.

However, the currency still has a long way to go before reaching its official all-time high of $64,829.14.

For those who still don’t really know how Bitcoin works:

Bitcoin users send and receive coins over the network by inputting the public-key information attached to each person’s digital wallet. 

In order to incentivize the distributed network of people verifying bitcoin transactions (miners), a fee is attached to each transaction. The fee is awarded to whichever miner adds the transaction to a new block. Fees work on a first-price auction system, where the higher the fee attached to the transaction, the more likely a miner will process that transaction first.  

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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