Recent News

Buffett Buys Gold Not Stocks!

REUTERS FRI AUG 14, 2020 / 4:35 PM EDT Berkshire reduces Wells Fargo, JPMorgan, Goldman stakes; adds Barrick Gold   (Reuters) – Warren Buffett’s Berkshire Hathaway Inc said on Friday it has reduced its investments in some of the largest U.S. banks, lowering its stakes in Wells Fargo & Co and JPMorgan Chase & Co and eliminating a stake in Goldman Sachs Group Inc In a regulatory filing detailing its U.S.-listed investments as of March 31, Berkshire also disclosed a new 20.9 million share investment in Toronto-based Barrick Gold Corp,…

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Gold to Stay Above $2,000

FX Empire Gold Prices Expected to Stay Above $2,000, on Growing Global Geopolitical Uncertainty Adesina Olumide August 9, 2020, 12:09 AM The precious metal prices, however, remained above $2,000 a critical support level, showing the pullback in prices recorded recently might be for the short term. Gold traders are still relatively bullish on growing global geopolitical uncertainty on what will follow in the months ahead. President Trump is likely to increase more pressure on the Chinese ahead of the US Presidential election scheduled to hold in November. China presently has…

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Investors Move 10% of Their Gold From Hong Kong Amid Financial Censorship Fears

Hong Kong investors are moving their gold offshore as China’s new national security law prompts fears of financial censorship. Some 10% of private holdings have been moved to safer jurisdictions such as Singapore and Switzerland since the beginning of protests in Hong Kong last year. In a recent interview, Joshua Rotbart, head of Hong Kong-based gold dealer and storage provider J Rotbart & Co, said the new legislation has revived the bullion flight. “Many clients now perceive Hong Kong as riskier than other jurisdictions,” Rotbart said. The development comes as…

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Nasdaq-Listed Company Sued for Backing $2 Billion Loans With 83 Tons of Fake Gold

The Nasdaq-listed company that allegedly used 83 tons of fake gold bars as collateral to secure loans worth about $2 billion from multiple financial institutions in China is now in default and facing several class-action lawsuits. $2 Billion Fake Gold Scheme Unravels The gold industry was recently shaken when it was discovered that a U.S. publicly-traded company was allegedly using 83 tons of fake gold bars to secure loans worth $2 billion in China. Kingold Jewelry Inc. is based in Wuhan, China, but it is listed on Nasdaq in the…

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Germany Begins Closing Down All Bitcoin Unlicensed ATMs

Germany’s Federal Financial Supervisory Authority (BaFin), the country’s top financial regulator responsible for regulating crypto service providers, has begun actively closing down unauthorized bitcoin ATMs, a BaFin spokesperson has confirmed to news.Bitcoin.com. All Unauthorized Bitcoin ATMs to Shut Down German financial regulator BaFin has begun actively closing down all unlicensed bitcoin ATMs in the country. This followed Germany’s new regulation that went into effect in January, requiring crypto service providers to obtain authorization from BaFin. A spokesperson for BaFin told news.Bitcoin.com: Currently, BaFin is taking action to shut down all…

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Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project. Goldman Sachs’ Cryptocurrency Plan Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on…

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Square’s Cash App Bitcoin Revenue Surges 600% to $875 Million in Q2, Profit Up 711%

Square Inc. has reported a significant bitcoin revenue increase in the second quarter. Its Cash App generated $875 million in revenue, a 600% increase from the previous year. In addition, Square’s bitcoin gross profit jumped 711%. Square Cash App’s Bitcoin Revenue Square released its performance report for Q2 2020 on Tuesday. The company’s net revenue, including bitcoin revenue, was $1.92 billion, an increase of 64% year over year. Its gross profit, including from its bitcoin business, rose 28% year over year to $597 million. Cash App, Square’s popular payment service,…

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After Lightning-Paced Tier-1 Sellout, ClinTex’s CTi Token Is Now Trading on KuCoin

PRESS RELEASE. ClinTex is all set to fulfill its promise of reducing cost and time wastage in the medical trials industry, with its CTi token available for public trading on KuCoin on Wednesday. Using the combination of blockchain, artificial intelligence and smart contracts, ClinTex is an innovative medical trial platform that will usher in an era of data sharing, analytics and management in pharmaceutical development that will revolutionize the current industry. The aim: eliminate issues that cause time and resources to be wasted and remove duplication of efforts. Sharing is…

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Onchain Researchers Suspect Chinese Government Sold Plustoken’s Billion-Dollar Bitcoin Hoard Last Year

A number of masterminds from the Plustoken scam were sentenced to 11 years in prison for defrauding cryptocurrency investors. Last week, on November 19, a court ruling had shown the Chinese government said that it seized over $4 billion in crypto assets from the Plustoken scam. Meanwhile, onchain sleuths believe the Chinese government may have already sold a great number of the coins and simply added the proceeds to the central treasury. Plustoken Masterminds Sentenced to Up to 11 Years in Prison Just recently, a Jiangsu Yancheng Intermediate People’s Court…

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Report: 33% of US Based ICO Investors Say Founders Intentionally Deceived Them or Withheld Key Information

A survey conducted by Xangle Research finds that a third (33%) of respondents say founders of an initial coin offering (ICO) in which they invested either intentionally deceived them or withheld key information. A further 17% of the responding ICO investors say they did not know if they had been deceived. However, about half (50%) of the 600 U.S. investors that took part in the survey replied no when asked the same questions. Divergent Views The survey, which sought to gauge investor sentiment in the aftermath of the 2017 ICO…

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Historian Niall Ferguson Says Bitcoin Is Winning the Covid-19 Monetary Revolution

Historian and senior fellow with the Hoover Institution at Stanford University, Niall Ferguson says bitcoin is winning the Covid-19 monetary revolution. Hailing the virtual currency as a great place for the rich to store their wealth, Ferguson also notes that the bitcoin’s resilience has forced critics as well as institutional investors to alter their views about the leading crypto. Cash Use Declining Ferguson names bitcoin basher Nouriel Roubini alongside one financial journalist as some of the critics that are now having second thoughts about bitcoin. In an opinion piece, Ferguson…

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Coinbase Says It Brokered Microstrategy’s Influential $425 Million Bitcoin Buy

U.S. crypto exchange Coinbase said Tuesday that it brokered Microstrategy’s $425 million bitcoin purchase earlier this year. Until now, it has not been clear who facilitated the deal. Microstrategy’s first bitcoin (BTC) haul of $250 million bought in August was executed over five days, Coinbase revealed in a case study of the transactions. The deals – done via the exchange’s brokerage unit called Coinbase Prime – leveraged human effort and trading algorithms that sliced Microstrategy’s order into 200,000 fills. Each fill averaged under 0.3 BTC in size, it said. Cutting…

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Increase Your Potential Profit With the Margin 2X Feature on Remitano Invest

PRESS RELEASE. With the steady rise of Bitcoin price in recent days, this is arguably one of the best periods for Bitcoin trading and other cryptocurrencies. However, not all willing investors have enough capital to invest in the crypto market and although sometimes it is good to start small, investors who start with small capital tend to make negligible profits. As a result, Remitano, the leading peer-to-peer cryptocurrency exchange has launched its margin trading product with 2X leverage on its Invest platform. This new feature enables both small and big…

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Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation

The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled its crypto plans as the country is set to begin regulating the industry in January. Sberbank’s CEO says the bank may issue its own cryptocurrency in collaboration with JPMorgan. Sberbank’s Crypto Plans and Sbercoin The CEO of Sberbank, Herman Gref, unveiled on Monday his bank’s plans for when the country’s upcoming crypto regulation takes effect. Gref explained that the law “On digital financial assets” will enter into force in Russia on Jan. 1. It provides a legal definition for…

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Former Trump Economic Advisor and Goldman Sachs President Gary Cohn Warns Bitcoin May Fail

A former top economic advisor to President Donald Trump and president of Goldman Sachs has shared his view about bitcoin. He claims that the cryptocurrency “lacks some of the basic integrity of a real market,” warning that it “may fail.” Gary Cohn Thinks Bitcoin May Fail Former White House chief economic advisor Gary Cohn said in an interview with Bloomberg’s Emily Chang, published Monday, that bitcoin “may fail.” Cohn served as president and chief operating officer of Goldman Sachs for 26 years. He left the firm in 2016 to become…

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You Don’t Have To Worry About Bitcoin’s Reliance On Utilities

Imagine what life would be like if there were no electricity or communications networks available.  How many days of food do you have at your house? How much cash do you have on hand? Can you go out to try to buy up what’s left at the stores that still have their doors open? What else would you be worried about? What would you prioritize? What would you want to make sure you had on hand to survive indefinitely in a world without electricity and communications networks? What would you…

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Gloria Zhao And Brink Are Set To Give Bitcoin Mempools An Upgrade

Brink, the new nonprofit founded by John Newbery and Mike Schmidt to train and support Bitcoin developers, today announced Gloria Zhao as its first fellow. After graduating from Berkeley with a degree in computer science this month, Zhao will familiarize herself with contributing to Bitcoin Core and related open-source projects under mentorship of Newbery. Her year-long fellowship is funded by donations from Square Crypto and the Human Rights Foundation. “I want to be a serious and long-term Bitcoin Core developer, which I don’t imagine is an extremely rare interest or…

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