Currency
Fourteen-year-old Ishaan Thakur and his sister, 9-year-old Aanya, spent their summer building a lucrative business mining cryptocurrency.
“We started because we wanted to learn something new about technology – and also make some money along the way,” Ishaan tells CNBC Make It.
And they have.
Each month, the siblings make over $30,000 mining three digital coins: Bitcoin, the largest cryptocurrency by market value; ether, the second-largest; and ravencoin, an altcoin amid the top 100, Ishaan says…read more.
Ever since John Paulson bet against the U.S. housing market more than a decade ago, people keep asking him about his next big trade.
The billionaire hasn’t found anything to rival his massive short, but it’s hard to top the $20 billion that Paulson made for himself and investors when subprime mortgage bonds collapsed and ignited the worst financial crisis since the Great Depression.
Now though, more than 14 years after CDOs and credit-default swaps dominated everyone’s attention, Paulson is again seeing signs of excessive speculation.
Paulson, 65, is increasingly concerned about rising prices, he said in an episode of “Bloomberg Wealth with David Rubenstein.” The rapidly expanding money supply could push inflation rates well above current expectations, he said, and gold, which he’s backed for years, is primed for its moment.
His harshest words are for the hottest investments of this era. SPACs, on average, will be a losing proposition, while cryptocurrencies are a bubble that will “eventually prove to be worthless.”…read more.
Around 6% of Bitcoin’s circulating supply has been accumulated by asset managers and companies, signaling ever increasing mainstream and institutional adoption of crypto assets.
According to Buy Bitcoin Worldwide, 816,379 BTC worth $40.1 billion is currently held by 14 Bitcoin fund issuers and asset managers — representing 4% of the cryptocurrency’s supply.
Industry leader, the Grayscale Bitcoin Trust, represents more than 3% of the Bitcoin supply, managing 654,600 BTC (worth $32 billion). CoinShares’ XBT Provider ranks second with 48,466 BTC ($2.4 billion) representing 0.23% of supply. The 12 remaining issuers represent 113,313 BTC or 0.54% of thesupply combined…read more.
Facebook said Wednesday that the global payments system is seriously flawed and that the social media giant can fix it.
“Change is long overdue,” Facebook’s David Marcus wrote in a blog post.
Marcus, the former PayPal chief hired in 2018 to lead Facebook’s blockchain efforts, said Novi, the digital wallet subsidiary he oversees, is “ready to come to market.”…read more.
Alberto Fernandez, the president of Argentina, stated he is open to the adoption of cryptocurrencies as legal tender in an interview this week. Fernandez said there is a big discussion around the value and use of cryptocurrencies not only in Argentina but also all over the world. However, he recognized this issue should be treated carefully, and acknowledged he had limited knowledge in the subject of cryptocurrencies.
President of Argentina Open to Allow Crypto to Become Legal Tender
Alberto Fernandez, the current president of Argentina, expressed his opinion of cryptocurrencies in the Black Box, an interview program hosted by Julio Leiva, an Argentinian journalist. When asked about the subject of cryptocurrencies, and if his government was looking into it, Fernandez stated that there was a big debate over the function of cryptocurrencies not only in Argentina but in the whole world. He stated:..read more.
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