…. if you listen to everyone your head will spin.
These are just some of the headline articles out there at the moment offering advice and thoughts on cryptocurrency. The problem is which do you believe? The answer is believe who you want because it’s you’re decision. I’ve already mentioned several times that this currency is not going away and it’s volatility is a sign of the current mad dash to get in/get out and make a buck or two. I think my last blog talked about the fact that like “forex” this tasing is here to stay the problem is Governments are currently trying to get it under control when in actual fact that is the anathema of what crypto/blcokchain developers want. Yes it can be dangerous if you delve too deep and throw cash at it but like any relatively new product it has to find it’s feet and someone somewhere has to take the plunge.
Look at these small snippets from the news feeds:
Despite cryptocurrencies tanking over the last month, demand for them will “sky rocket” in the next 12 months, Bitcoin could gain by 50 to 60 per cent, and will remain highly volatile as it comes under “increasing pressure” from Ethereum and other cryptocurrencies. These are the bold predictions from Nigel Green, CEO of deVere Group, one of the world’s largest independent financial services organisations, as today his firm officially launches deVere Crypto, a pioneering cryptocurrency app…
The UK Fintech trade mission will take place in Vienna and Zurich on the 6th-7th of February. Both Austrian and Swiss financial institutions will have the opportunity to meet a carefully selected group of innovative companies from the United Kingdom. These companies have been chosen on the basis that they reflect the quality and tremendous potential of the UK’s Fintech ecosystem. The mission has the aim to simulate new collaborations amongst members of the UK Fintech delegation with that of financial institutions in Austria and Switzerland. It will also help to create new business opportunities both in these two countries and the UK. The previous two Swiss missions recorded new business worth over £30 million…
Some of the world’s largest banks announced on Friday that customers are now prohibited from buying cryptocurrencies with credit cards, citing market volatility. J.P. Morgan Chase, Bank of America, and Citigroup all announced the new restrictions as the price of Bitcoin plummeted to below $10,090 on Friday, less than half of the high of over $23,963 it hit in mid-December. “At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a Chase spokesperson said “We will review the issue as the market evolves..” Capital One banned credit card purchases of cryptocurrencies last month, and Discover has had a ban in effect since 2015. The bans are designed to prevent customers from making hugely risky purchases on their credit lines or scammers from buying cryptocurrency and disappearing…
Bitcoin, the world’s best-known cryptocurrency, fell 7 percent on Monday to a fresh 2-1/2-month low of $7,599 on back of growing worries about a regulatory clampdown and bans on the purchase of the digital coins. The price of Bitcoin on the Luxembourg-based Bitstamp exchange has now fallen by more than half from a peak of almost $20,000 hit in December. Last week it suffered its worst weekly performance since 2013. British bank Lloyds Banking Group on Sunday said it was banning customers from buying Bitcoin using credit cards. It joined U.S. banking giants JPMorgan Chase & Co and Citigroup who announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value…
The Senate Banking, Housing, and Urban Affairs Committee will hear Tuesday from Securities and Exchange Commission Chairman Jay Clayton and Commodity Futures Trading Commission Chairman Christopher Giancarlo. The two agencies are the primary regulators of cryptocurrencies in the U.S. The hearing comes as bitcoin and other cryptocurrencies capture the public’s attention. The currencies rocketed in value before taking a heavy dip in recent months. That volatility has attracted the scrutiny of regulators in the U.S. and other countries.
Keep coming back to the Gibraltarfintech.com site or drop us an email if you have any burning questions on fintech.