Bitcoin

A Legendary Investment Guru Just Flipped On Bitcoin

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Bitcoin, which has been rapidly climbing in price over the last couple of months, has reignited the public debate surrounding the future of cryptocurrencies, their value as investments and their use in an increasingly digital world.
The bitcoin price, now double where it began 2019, has been hovering just above $8,000 since gaining $2,000 per bitcoin in just a few short days at the end of last week, and many are hailing a new bitcoin and cryptocurrency bull run—with eyes on the $20,000 per bitcoin reached in late 2017.
Now, Mark Mobius, the cofounder at Mobius Capital Partners and a legendary veteran investor who once branded bitcoin a “real fraud”, has said bitcoin will be “alive and well.”

Mark Mobius, an emerging markets veteran investor, has previously poured scorn on bitcoin and cryptocurrencies.
Getty

“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially,” Mobius, who’s 82, told a Bloomberg newswire podcast. “I believe bitcoin and other currencies of that type are going to be alive and well.”
Despite changing his tune on the potential of bitcoin and crypto, Mobius said he has held off investing in bitcoin or other cryptocurrencies himself.
“Whether I would invest in it is not a question,” Mobius said. “You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.”

“You have to be very careful,” he added, pointing to the collapse of one-time preeminent bitcoin exchange Mt. Gox in early 2014 which lost early bitcoin investors millions.

The bitcoin price has surged in recent months, though remains far from its all-time highs set in late 2017.
Coindesk

Mobius also warned that growing tensions between the U.S. and China, the world’s two largest economies, is much more an ideological struggle than just the trade war it has been spun as so far, given the $300 billion trade deficit and the rising capability of technology in China.
Mobius, who has previously described U.S. president Donald Trump as “dumb as a fox”, set up Mobius Capital Partners in early 2018 after serving as Templeton’s emerging markets investment group executive chairman since 2010, a fund he first joined in 1987.


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Update From New York City’s Blockchain Week

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For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

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Regulation

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

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The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

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Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs

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Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend

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Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

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Bitcoin 7-day price chart. Source: CoinMarketCap

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