Category Archives: CNBC

Auto Added by WPeMatico

Pantera CEO: Investors Overreacting to SEC Delay on ETF

Crypto hedge fund Pantera Capital’s CEO Dan Morehead has said that investors have been pushed into a state of panic by the SEC’s delayed decision on Bitcoin exchange-traded funds (ETFs).

Morehead said on Wednesday’s CNBC “Fast Money” that ETF wasn’t imminent, a view shared a week prior on the same show by Brian Kelly, who saw next year as the most likely date for approval rather than September. He commented:

“The main thing to remember is that Bitcoin is a very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact… I still think it will be quite a long time until an ETF is approved. The last asset class to be approved for ETF certification was copper, and copper has been on earth for 10,000 years.”

The SEC has delayed another decision on approval of a Bitcoin ETF after several attempts by investors over the years to push one through. On the announcement of a delayed decision, Bitcoin lost further ground last week.

Morehead suggests that the new Bakkt project should be enough to hearten investors rather than to sell Bitcoin on the basis of a delayed decision. He explained:

“The ETF rejection is the same story we’ve had for five years. The SEC has been very cautious with an ETF… That’s huge news. That is going to be a very profound impact over the next five or 10 years for the markets, and, to my mind, that’s what people should be focused on.”

CNBC’s Fast Money regular Brian Kelly was the first to predict that an ETF was unlikely to happen this year, and is in total agreement with Morehead, arguing that a sell Bitcoin position is not the right one to be taking. He explained:

“It [Bitcoin] has had a tremendous run off of USD 5,800, and that was all really because people thought there was going to be a bitcoin ETF. The SEC came out and postponed that decision. A little spoiler alert, on September 30, SEC will likely postpone it again, because the market is not ready for it and the SEC hasn’t had the answers to their questions yet.”

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Pantera CEO: Investors Overreacting to SEC Delay on ETF appeared first on BitcoinNews.com.

Brian Kelly Proclaims That Bakkt Is Biggest Crypto News of the Year

Hedge fund manager Brian Kelly, while appearing on CNBC’s Fast Money, has called Intercontinental Exchange’s announcement about its new Bakkt platform as the “biggest news of the year.”

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), recently announced that with the help of technology partner Microsoft, it was planning to launch a new digital asset platform called Bakkt.

ICE also owns 23 exchanges worldwide apart from the NYSE along with many futures exchanges and clearing houses.  Starbucks and Microsoft will be major partners of Bakkt and will begin accepting Bitcoin and other cryptocurrencies. Bakkt is also planning on launching physically-settled Bitcoin futures by November 2018, which would be a mechanism for institutional investors worldwide to easily buy Bitcoin.

Kelly explained his “biggest news of the year” statement after rejecting that ETF would be approved by the SEC this year, suggesting that he’s not actually optimistic on them being approved in 2018, but the speculation surrounding them will maintain investor interest in Bitcoin regardless of the outcome.

He thinks that ICE’s move is better than Bitcoin futures due to its limitations, given that there are “a limited set of people that can trade it… And a lot of people use it for hedging.”

He recently stated that the last Bitcoin price boost following the CNBC announcement was here to stay, only to see the market drop again a week later. When asked if the ICE announcement might have more effect on prices and whether it would meet with success, he responded:

“Oh, yeah! Absolutely! I mean, they are talking about launching in November… They have been working on this in stealth mode for the last 14 months, they have already talked to regulators, they are ready to go.”

He put the lack of market response to “the biggest news of the year” down to time difference and that he expected there would be a response. Bitcoin at the time of writing is $7,473.89 (CMC). He suggested:

“Back in January, Bitcoin would have gone up 20% on this news. So, I think the bear market has just broken people’s spirit, frankly, and so people aren’t really looking for this… A lot of people I talked to today hadn’t seen the news–came out at 08:30 [UTC -04:00]–people hadn’t seen it till 2, 3 in the afternoon. So, the market is still digesting this, and remember most of Bitcoin trading happens in Asia; so, it was released at 08:30 this morning, that’s 09:30, 10:00 at night on a Friday night in Asia. [When] Asia wakes up, you might see this thing pop.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy:Pixabay

The post Brian Kelly Proclaims That Bakkt Is Biggest Crypto News of the Year appeared first on BitcoinNews.com.

Spencer Bogart: Bitcoin Waiting for Trigger to Hit New Highs

Cryptocurrency hedge fund manager Spencer Bogart has weighed in on Bitcoin price speculation, saying he is waiting for any positive trigger to push the price of Bitcoin up.Featuring on CNBC’s Fast Money, Bogart shared that he has been encouraged by Bitcoin’s recent upward trend, believing that this will continue. He added that he thinks the pullback momentum has passed and he is now waiting for any catalyst to send it to new price highs. Bogart cited several possibilities for this including the current global currency and trade wars.

Foreseeing the US Securities and Exchange Commission’s (SEC) rejection of the Bitcoin exchange-traded fund (ETF), he noted that 2019 may be a more realistic time frame for this to happen. Despite this, Bogart sees several other vehicles already available for retail and institutional investors to enter the market, pointing out Coinbase’s exposure of retail companies, and firms such as Bitwise Asset Management’s outreach to institutional investors.

While naysayers may query specific price forecasts, predicting market swings is essential for investors looking to maximize profits.

Bitcoin has not surpassed USD 8,000 since May this year before it fell back to approximately USD 6,000. While many pundits have shared their expectations and predictions during this most recent upswing, Bitcoin’s valuation is still far from its top price of nearly USD 20,000 in December last year.

Calls for increased security

With many spectators such as Bogart sharing their price rise expectations, another rally is suspected to attract such bad actors as it did in 2017 when the number of hacks on cryptocurrency exchanges and sited increased sharply. While this is not surprising as the potential profits increase substantially for attackers, there has been a call for all investors to prioritize their security.

There is nothing to stop hackers from trying, but so long as investors and cryptocurrency service providers practice due diligence the majority of such attacks can be prevented, and it is indeed important to do so for the reputation of the industry.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Spencer Bogart: Bitcoin Waiting for Trigger to Hit New Highs appeared first on BitcoinNews.com.

Nasdaq Talks Over the Future of Crypto in Private Meeting

Unconfirmed reports indicate that Nasdaq held a closed-door meeting with half a dozen various companies this weekend in order to discuss amongst other topics, the integration of cryptocurrency into global markets.

That the individuals behind the second largest stock exchange in the world (by market capitalization) should be discussing cryptocurrency at this stage is not surprising. Earlier this year the exchange suggested that it could foresee opening its own cryptocurrency exchange in the future.

During an interview with CNBC, Nasdaq President and CEO Adena T Friedman raised the idea that Nasdaq would consider venturing in the crypto sector. She remarked:

“Certainly, Nasdaq would consider becoming a crypto exchange over time…I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature.”

The companies at this particular meeting were said to included prominent cryptocurrency firms such as the Winklevoss owned Gemini Exchange. The brothers appearing just days after their ETF proposals being rejected at the SEC.

Blomberg attempted to get further details but Nasdaq simply verified the meeting. However, the unnamed source suggested that topics discussed included regulation and tools to measure the development of the industry and the likelihood of the members at the meeting having further discussions soon.

Larger institutions have been far more prominent in discussing the cryptocurrency industry this year and banking institutions on Wall St are at various stages in addressing where to position themselves in the market. Of which, some of them like the Goldman Sachs have taken a proactive stance in this regard.

CNBC’s Brian Kelly suggests that the addition of the New York Stock Exchange (NYSE) and Goldman Sachs to the crypto status quo will cause the market to surge. Nasdaq President Freidman suggests waiting for cryptocurrencies to “mature,” but other major exchanges around the world are clearly thinking of making the move early.

Earlier this year Freidman said of cryptocurrencies

“I think the technology is fascinating and it’s a very sound technology. It’s just a matter of making sure that the community is all-embracing it together.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Nasdaq Talks Over the Future of Crypto in Private Meeting appeared first on BitcoinNews.com.

Bitcoin Still Best Bet, Says Wall St Crypto King

Bart Smith, Wall Street’s very own ‘Crypto King’, has said in an interview on CNBC’s Fast Money that Bitcoin is still the best option for crypto traders.

Smith, who launched a crypto desk which buys and sells millions of dollars in Bitcoin and other cryptocurrencies, maintains this is primarily because people are out there using it. Therefore, its functionality makes it stand out from the range of available cryptocurrencies available today.

The head of the digital asset group at Susquehanna International Group remains upbeat on Bitcoin despite the falls of the last day. The future he says, is positive, recently suggesting that institutional investors will re-stimulate the cryptocurrency market once more regulatory clarity is provided. He commented:

“If you want to own the asset that you can actually use today and that people are functionally using, it’s Bitcoin… The use case for Bitcoin is valid today, which is the currency of the internet.”

He pointed out that cross-border exchanges using Bitcoin is a major use of the digital currency today. This makes it a significant usable medium of exchange.

Only recently, Alibaba Group’s Ant Financial reported that it intended to use blockchain technology to lower the cost of overseas payment after failing a bid to buy over MoneyGram. The Chinese multinational e-commerce conglomerate says the move will benefit the Filipino expatriate population of Hong Kong. They systematically send funds estimated to be HKD 4.4 billion (USD 561 million) annually back to families in the Philippines.

Talking of traditional cross-border payments, Smith argued:

“They use Western Union, traditional banks; It is slow and it is expensive… and there are people that can stop you from sending that money, whether that’s good or bad. With Bitcoin, I can send money. It’s fast. It’s cheap. And frankly, no one can stop me.”

As for other coins, Smith suggested that this may be the future but it isn’t now. He argues that new tokens will face difficulties establishing new “technological advancements”. Hence, despite the initial excitement, it will be Bitcoin that will be continued to be used for practical purposes.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post Bitcoin Still Best Bet, Says Wall St Crypto King appeared first on BitcoinNews.com.

Wall St “Crypto King” Bullish on New Market Jump Start, Needs Clarity

Bart Smith, the head of digital assets at Susquehanna International Group, once crowned “Wall Streets Crypto King” claims that institutional investors will re-stimulate the cryptocurrency market once more regulatory clarity is provided, according to CCN.

Smith, who launched a crypto desk which buys and sells millions of dollars in bitcoin and other cryptocurrencies, asserts that regulatory clarity will allow institutions to be more active in the crypto space, given their distrust of an uncertain market.

“We have a dedicated team of traders and technologists,” he told CNBC. “We’ve been trading bitcoin primarily, but in 2017 as the marketplace expanded, we expanded the number of coins we were trading and the number of exchanges we were providing liquidity on,” adding “We are trading on average a couple hundred million dollars a day [on bitcoin futures] across CME and CFE combined that’s not retail.”

Smith was asked if there was currently a correlation  between the stock markets and cryptocurrency which he felt wasn’t the case:

“We have not seen much correlation at all between the equity and bitcoin markets… Trading cryptocurrencies is way more analogous to other asset classes than you might think from a market maker’s perspective, managing risk and the operational sides of it. But as far as the investor demand for it, and what drives bitcoin and other cryptocurrencies, we have yet to find much analogy in the driver of it.”

On regulation, he maintained that it was the importance and clarity of regulation itself, rather than whether or not there should be any, suggesting “There has been a tremendous amount of focus on the SEC and Chairman Clayton’s comments. But it’s really a whole host of other regulatory agencies out there because the ecosystem expands beyond the traditional financial assets.”

Smith maintains that the future looks bright for cryptocurrencies as he strongly believes in its longevity, and maintains that digital currencies have the potential to change aspects of financial services which will “exist forever.”

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source: Pixabay

The post Wall St “Crypto King” Bullish on New Market Jump Start, Needs Clarity appeared first on BitcoinNews.com.

Blockchain a ‘Good Thing’, Says Bill Gates

Billionaire Microsoft co-founder Bill Gates revealed to CNBC recently that, although he owns no Bitcoin, he does recognize the value of the digital currency’s underlying technology, blockchain.

He maintained in an interview with CNBC’s ‘Squawk Box’ on Monday, “There’s some really good technology in terms of sharing databases and verifying transactions that is talked about as blockchain, that is a good thing.”

Gates, the world’s third wealthiest man, as well as being a business magnate, is now well established as both a humanitarian and a philanthropist. In 2015, The Bill and Melinda Gates Foundation gave a grant of USD 100,000 to blockchain company Bitsoko. The cross-border payment foundation integrates blockchain technology into its mobile money platform in Africa allowing funds to be sent from the developed world through Bitcoin to be received as mobile money. Last year, Bitsoko partnered with Ripple to develop mobile payment technologies for low-income users.

Although the Microsoft principal founder has cooled to Bitcoin in recent years, there was a time he would express more upbeat remarks.  In 2014, he commented to Bloomberg that: “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

In the CNBC program, Gates predicted a negative forecast for cryptocurrency, as he sees them lacking in intrinsic value, calling Bitcoin “one of the crazier speculative things” and expressing concerns about illegal activities surrounding digital currency. He complimented the SEC on its regulation:

“The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing… Right now, cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.”

Bill Gates appears to have moved considerably away from cryptocurrencies since his comments made at the Sibos 2014 financial-services industry conference in Boston, when he said in his keynote address that financial transactions in the future would “be digital, universal and almost free”.

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

The post Blockchain a ‘Good Thing’, Says Bill Gates appeared first on BitcoinNews.com.

Legal Pathway for ICOs Sought by US Regulators

According to Robert Jackson, a commissioner at the Securities and Exchange Commission (SEC), a solution is needed to facilitate the launching of ICOs within current US securities law.

Speaking to CNBC’s Squawk Box on Monday, Jackson voiced current SEC concerns regarding the need to address ICO fraud, but suggested a legal method for raising cryptocurrency funds might be possible:

“Investors are having a hard time telling the difference between investments and fraud. Down the road, I think we will be thinking about ways to make those investments work consistent with our securities laws.”

There have been other positive voices coming from the SEC in the last few weeks. Recently, Republican Minnesota Representative Tom Emmer at an SEC Division of Corporation Finance meeting suggested that much of the furor over crypto fraud was exaggerated. He argued that regulators assumptions that decentralized networks were only used for fraud and crime, bore parallels to early explorers’ assumptions about Earth.

The US has no desire to follow in China’s footsteps by banning ICOs, but among regulatory bodies such as the SEC, there are clearly ongoing concerns over the protection of consumers, given events of the past few years.

“If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job? The answer is the ICO market,” Jackson said.

Although the SEC considers most ICOs as securities, and despite several warnings being issued to crypto startups for non-compliance with current rules, there is more than a suggestion of pragmatism in dealing with the issue.

Last month, SEC division head William Hinman suggested that the SEC was “meeting with participants that have these ideas of a token that shouldn’t be regulated as a security” and said that he was working with them on how they should be structured. He pointed out that the US wanted to be pragmatic in support of new technology.

In March, the SEC announced that crypto exchanges which provide ICO token trading solutions had to register with the regulator.

image source https://pixabay.com/en/startup-wall-painter-house-painter-2850272/  geralt

 

The post Legal Pathway for ICOs Sought by US Regulators appeared first on BitcoinNews.com.

CNBC Fast Money’s Brian Kelly Will Still “Wanna Buy” Bitcoin at $20K

Brian Kelly, CEO of BKCM and CNBC’s Fast Money, has compared Bitcoin to Microsoft and Cisco in the late 1980s. Likening it to the internet, he pointed out that Bitcoin was not a company, but a public open source software, which was still in the very early stages.

Kelly went on to talk about the recent drop in Bitcoin markets, calling the bottom after it had seen some decent gains. He said, “So I think this is for real, we’ll know after April 17th if we can hold these gains, we’ll know how much of this tax selling impacted, if we use Tom Lee’s work we probably had 500 to 600 billion come off the market for tax selling purposes.”

When asked about the potential in the open source software that is Bitcoin, he stated that he used to think of it as the internet in 1995 but now has a better comparison in that it was the Internet in the late 1980s, being very early stages.

When put forward that Bitcoin was just “one big virus” and that the tech would never breach a new all-time high, Kelly responded, “When it’s USD 20,000 I wanna buy it.”

The #Bitcoin bulls are back in town! And @BKBrianKelly is watching one thing next week that could send the cryptocurrency higher pic.twitter.com/QRbN52XNDq

— CNBC’s Fast Money (@CNBCFastMoney) April 13, 2018

The analyst also backs Tim Draper’s 2022 price prediction of USD 250,000 USD, saying, “This is parabolic, but it would be a continuation of the trend that we’ve seen.”

Brian went on to talk about the use of Bitcoin as a currency and the damping down of the volatility, personally predicting its price to reach USD 25,000 before the end of the year should the network see a boost in transaction volume.

 

The post CNBC Fast Money’s Brian Kelly Will Still “Wanna Buy” Bitcoin at $20K appeared first on BitcoinNews.com.