Category Archives: George Soros

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Bitcoin Charges Past $8,000 on Bullish Run

Bitcoin moved above the USD 8,000 mark yesterday for the first time since March after a bearish run and today jumped nearly USD 400 in an hour.

Bitcoin is currently hovering just above USD 8,000 (2pm UTC), representing a 17% gain since this time yesterday. The cryptocurrency topped out at USD 8,011 on Coinbase yesterday and against some analysts’ expectations, has maintained these recent price gains. According to Coinbase, Bitcoin moved through some volatile trading, reaching a low of USD 6,786 on Thursday morning.

The sharp rally was reportedly fueled by the unwinding of short trades (also known as short liquidation). The rise confirmed a double bottom bullish breakout backed by strong volumes encouraging buyers back into the market.

BTC margin shorts on Bitfinex stood well above December 2017 highs and volume analysis suggests that the rally is here to stay. Yesterday, the total trading volume across all exchanges topped USD 8 billion according to CoinMarketCap. Exchange platform Bitfinex registered a two-week trading high.

Cryptocurrencies have been under pressure over the course of the year, due in part to pending government regulations in the virtual currency environment and tax considerations. According to David Johnson, CEO of Latinum, another factor was the Mt Gox trustee’s sale of hundreds of millions worth of the digital currency. He added, “I believe the surge in Bitcoin price is connected more with decreased selling pressure than anything else.”

Another theory on the Bitcoin revival is the current global geopolitical situation with US tariffs threats on China and the threat of military action by the US in Syria, both events tempting Russians and Chinese to secure assets in Bitcoin.

Bitcoin investors had been bracing themselves for a market sell-off after it was announced at the beginning of April that US households could owe USD 5 billion in capital gains taxes for crypto holdings.

Recent developments regarding big players entering the industry such as George Soros and the Rockefellers are often viewed by commentators with a degree of positivity for the future of virtual currencies. Billionaire trader Tim Draper made his 2018 Bitcoin prediction in the last 24 hours, suggesting a coin value of USD 250,000 by 2022.

 

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Bitcoin at over $100,000 Says Wall St Veteran Max Keiser

In a conversation with Bitcoinist, Max Keiser, American broadcaster, filmmaker and Wall Street Veteran, has said that he envisages that the crypto giant Bitcoin “will top USD 100,000”.

Timothy Maxwell ‘Max’ Keiser currently hosts the Keiser Report on Russian state media channel RT. Until 2012, Keiser anchored the news analysis program On the Edge on Iran’s Press TV. Elsewhere, he has hosted business analysis programmes for BBC Radio 5 and BBC World News and produced the TV series, People and Power, for Al-Jazeera.

Keiser was quick to point out in the interview that his show was the first to cover Bitcoin back in 2011, arguing that it “fulfills Aristotle’s 4 conditions of money nicely”.  It must be durable, portable, divisible (have fungibility) and it must have intrinsic value.

Keiser maintains that with extremely low interest rates prevailing around the world, there is absolutely no incentive to save. Thus, due to poor investment practices and a “horrendous capital allocation trend”, an unsustainable bubble has been created: “an economy of artificially inflated stocks, bonds, property, and art”. He maintains that Bitcoin, along with gold, remain outside this bubble, although he sees altcoin Bitcoin Cash as “dodgy”, riding on the back of Bitcoin’s success.

Recent developments and comments surrounding investor and magnate George Soros and The Rockefellers were seen by Keiser as evidence that futures contracts could be used to build much bigger positions. He sees George Soros attempting to “corner” the bitcoin market, borrowing at 0% and accumulating “a huge position”.

In this scenario with the added financial impetus offered by big players, Keiser says Bitcoin can only go “a lot higher”, predicting a long-term target for the virtual currency of USD 100,000, based on “a Soros dump”.

Apart from Keiser’s appearances he has appeared as a financial pundit on a number of news networks. He was the creator, founder and CEO of HSX Holdings/Hollywood Stock Exchange and co-invented the Virtual Specialist platform on which the Hollywood stock exchange operates. The technology allowed traders to exchange virtual securities such as the Hollywood Dollar.

 

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The Rockefellers Are the Next Big Name Investing in Crypto

The Rockefeller family are following in the recent footsteps of George Soros and the Rothschilds, becoming the latest financial industry giant to enter the cryptocurrency market.

News outlets reported today that the official venture-capital arm of the Rockefeller family’s assets known as Venrock has signed a partnership with Coinfund, financially backing the virtual tokens and blockchain innovations.

Coinfund already has a number of projects under its belt, including the development of messenger app Kik that raised USD 100 million during an initial coin offering (ICO) last year.

Coinfund confirmed the partnership on Twitter, saying ”We are excited to partner with @pakman and @Venrock for our work in #decentralization and #blockchain!”.

We are excited to partner with @pakman and @Venrock for our work in #decentralization and #blockchain! https://t.co/xlxgdiRJ09

— CoinFund (@coinfund_io) April 6, 2018

The Rockefeller family has an impactful legacy in the world of business, particularly in oil. After the corporation Standard Oil was broken up by the US federal government, several resulting spinoffs became the biggest players in the oil industry, with the family financially linked to ConocoPhillips, BP, Chevron, and Exxon-Mobil.

A new trend?

The news of the Rockefellers entering into a cryptocurrency venture follows reports last week of George Soros preparing to invest in digital assets. Soros Fund Management is said to have secured internal approval to trade the currencies, despite Soros’s earlier criticism of them.

The Rothschilds also appear to have entered the market, with the family name allegedly purchasing Bitcoin via Grayscale Bitcoin Trust in December last year.

These new names entering the fold are perhaps not the ones that were expected to back a decentralized, peer-to-peer financial network, as they all have a history of close ties to large corporate banks and financial institutions.

Cryptocurrency investors are speculating that these large investors entering the market may swing the current regulations from global financial watchdogs in a positive direction.

As more well known, respected names tied to the financial sector give their tacit approval by investing, this may have the power to influence the current tough stance on cryptocurrencies globally.

 

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Are The Rothschilds Investing in Bitcoin?

Recent developments appear to confirm that the Rothschild family have entered the cryptocurrency market, following earlier reports that they began purchasing the assets through the Bitcoin Investment Trust (GBTC) in 2017.

The Rothschild family are more well known for their close relations with banks and other financial institutions, rather than advocating for a decentralized currency system. It has been reported, however, that the family has been active in cryptocurrency trading for a sizeable period of time.

In the footsteps of Soros

This news follows George Soros’ apparent entry to the cryptocurrency market earlier this week. The Soros Fund Management enterprise was reported to have gained internal approval for the trading of virtual coins for asset management purposes. There are no known records of large trades taking place on behalf of Soros yet.

In January, Soros denounced cryptocurrencies as a ”bubble”, so his recent change in opinion came as a surprise to many. Following his negative labelling of digital currencies, Bitcoin was subject to a market devaluation of approximately 40%, leading some commentators to speculate if his comment was designed for this purpose.

It does raise questions that these high-profile individuals have chosen to enter the market at this point after the price crash, while no longer speaking in an openly negative way about Bitcoin.

These questions aside, the cryptocurrency market should benefit from an injection of new investment, and with financial moguls like Soros and the Rothschilds coming into play, this could create a momentum for more high-profile figures to join them.

It makes for an interesting development that might influence Bitcoin’s future, even if the impact has yet to be determined.

 

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