Bitcoin

On the morning of December 27, 2017, bitcoin was worth slightly more than $15,400. But Morgan Stanley analyst James Faucette said the real price of bitcoin might be $0.

Business Insider reported that Morgan Stanley executive director James Faucette has reportedly sent a memo to his group’s clients that suggested the true value of Bitcoin was $0.00. Faucette’s team of analysts argue that not only is Bitcoin hard to equate to real world money, less online retailers are accepting the cryptocurrency as payment. “If nobody accepts the technology for payment then the value would be 0,” Faucette said in his analysis.

Cryptocurrency bitcoin tumbled below $14,000 briefly on the Bitstamp exchange on Friday, down roughly 30 per cent from its record top near $20,000 set at the start of the week.
The cryptocurrency which became sensational all over media reached as high as $19,666 on Sunday but dropped after the launch of giant CME Group’s bitcoin futures. The cryptocurrency was about $1,000 in the year’s beginning.

The Long Island Ice Tea Corporation is exactly what it sounds like: a company that sells people bottled iced tea and lemonade. But today the company announced a significant change of strategy that would start with changing its name to "Long Blockchain Corporation."

Coinbase, one of the largest online exchanges for buying and selling cryptocurrencies, is investigating possible insider trading after the price of a Bitcoin offshoot called Bitcoin Cash climbed hours before Coinbase announced support.

Due to its stature in the industry, a cryptocurrency trading on Coinbase-as opposed to smaller exchanges-is seen as a stamp of legitimacy. When Coinbase announced unceremoniously on Tuesday that it would allow trading for Bitcoin Cash, a controversial clone of Bitcoin with some small differences, the digital currency’s value skyrocketed from just under $3,000 per coin to above $6,000.

Virtual currency investment firm Crypto Finance has closed a €13 million capital raise to fund an application for the license with Swiss Financial Market Supervisory Authority (FINMA), but did not specify a timeline. Established in June this year, the company provides asset management, brokerage and storage facilities to the crypto-investing community.

It is one of a wave of startups looking to create an alternative financial system in Switzerland as the country’s traditional banks continue to shy away from the booming cryptocurrency market.

The exploding price of the cryptocurrency, bitcoin, in recent months has triggered doubts not only about the financial sustainability of the rally, but also about the environmental sustainability of the currency itself.

One alarmist article in Newsweek said that bitcoin computer operations could consume "all of the world’s energy by 2020". The website Digiconomist claims that bitcoin operations use as much energy as Denmark, or enough to power 3,071,823 US households.

The chairman of Swiss banking giant UBS said in an interview published Sunday that he does not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene.

"In my opinion, bitcoins are not money," Axel Weber, chairman of Swiss financial giant UBS, said in an interview to Swiss news agency NZZ am Sonntag on Sunday.

Progressive cryptocurrency, Bitcoin, is arguably one of the greatest financial phenomenons. However, there is great uncertainty over who created it and what their net worth is.

All that is known about the founder of this progressive financial phenomenon is the name, Satoshi Nakamoto. Beyond this, nothing further is known. Yet, in 2016, Australian entrepreneur Craig Wright claimed that he is Nakamoto. The truth of the matter remains a mystery.