Bitcoin uses a massive amount of energy, but there’s a plan to fix that

Businessam StaffNovember 20, 2017

Bitcoin guzzles about as much electricity annually as all of Nigeria, but a solution may be at hand. Blockchains that use proof of stake would select validators based in part on the size of their respective monetary deposits — their stake. This would be massively more energy efficient. But we are probably stuck with energy-guzzling […]

Bitcoin tumble erases as much as $38bn while rivals gain 22%

Businessam StaffNovember 13, 2017

Bitcoin extended a two-day slump as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators in an asset that’s surged more than 500 percent this year. According to Bloomberg’s report, while the cryptocurrency earlier plunged as much as 15 percent from Friday, it pared its drop to […]

There’s now a cryptocurrency fund-of-funds

Businessam StaffOctober 25, 2017

Just a year ago there were hardly any dedicated cryptocurrency funds, now investment in the sector has mushroomed enough that the first funds-of-funds are emerging. Rick Marini, Serial entrepreneur and venture capitalist, wants to raise $100 million to invest in 10 crypto-focused hedge funds. The fund, called Protocol Ventures, opened this month with $1 million of Marini’s […]

Bitcoin not the new gold, says Goldman Sachs

Businessam StaffOctober 19, 2017

Cryptocurrencies like bitcoin are not the “new gold,” Goldman Sachs said in a note, advising investors that precious metals “remain a relevant asset class” in portfolios. In a note to clients earlier this week, Goldman detailed the benefits of holding gold in a portfolio. “The use of precious metals is not a historical accident – […]

Bitcoin ‘more than just a Fad,’ Morgan Stanley CEO says

Businessam StaffSeptember 27, 2017

Not every Wall Street bank chief is bearish on bitcoin. James Gorman, Morgan Stanley Chief Executive Officer takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly […]

Why Bitcoin is rebounding $4000 after getting trashed last week

Businessam StaffSeptember 18, 2017

Bitcoin surged 13% Monday, as traders decided that last week’s melodrama over China’s attempts to crack down on the digital currency weren’t such a big deal after all. Bitcoin Investment Trust(GBTC), an ETF tied to the movements of bitcoin, jumped 12.7% to 710.30 in the stock market today. The currency’s value has plummeted in recent days […]

World’s central banks can’t ignore the Bitcoin boom, BIS says

Businessam StaffSeptember 18, 2017

The Bank for International Settlements (BIS) said the world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system. Central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision […]

The summer of Bitcoin ends badly

Businessam StaffSeptember 17, 2017

Bitcoin’s meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble. The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on Sept. 1, cutting about $20 billion in market value. The collapse extended to as much […]

Bitcoin crashes again, tumbles 28% amid China’s moves to halt exchange

Businessam StaffSeptember 15, 2017

Bitcoin tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of cryptocurrencies by the end of September. Regional Chinese regulators were notified of the timeline by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be […]