US DoJ seize $1bn #Bitcoin tied to Silk Road // Hedge fund billionaire now long #crypto // UK to regulate #stablecoins says Chancellor // Super rich running from #gold into Bitcoin, says JP Morgan // Lebanon eyes 2021 central bank digital currency
UK to regulate stablecoins says Chancellor Rishi Sunak [10 Nov 2020]
Rishi Sunak has announced that the British government is in the process of drafting stablecoin regulations and will issue a wide-ranging consultation on a cryptocurrency legal framework. Writing on Twitter, the UK Chancellor said: “We’ll publish a consultation to ensure new privately-issued currencies, stablecoins, meet the high standards we expect of other payment methods.” The Bank of England is also looking at whether to issue a digital pound CBDC “as a complement to cash,” Sunak said. Read more here.
JP Morgan says ultra-high net worth investors moving wealth from gold to Bitcoin [9 Nov 2020]
Analysis from global investment banker JP Morgan shows that the super rich are moving their wealth away from gold ETFs and into Bitcoin. In a report to clients, JP Morgan researchers said: “In our opinion, the ascent of Grayscale Bitcoin Trust suggests that Bitcoin demand is no only driven by the younger cohorts of retail investors, but also institutional investors such as family offices and asset managers.” Read more here.
Hedge fund billionaire Druckenmiller goes long on Bitcoin [9 Nov 2020]
Hedge fund billionaire Stanley Druckenmiller is the latest institutional giant to go long on Bitcoin. In a CNBC interview Druckenmiller said he was sheltering in the benchmark digital currency, predicting that his Bitcoin investment would outperform the market. “It has a lot of attraction as a store of value to the new West Coast money,” Druckenmiller reasoned, adding that he was short the US dollar. He is just the latest ultra-high net worth investor to buy into Bitcoin as the price of the cryptocurrency stabilises above $15,000. Read more here.
US seizes $1bn in Bitcoin tied to Silk Road [5 Nov 2020]
The US Department of Justice has seized Bitcoin worth $1 billion. It’s the largest ever cryptocurrency seizure made in US history to date. The digital currency was formerly held by a hacker who attacked the infamous Silk Road darknet marketplace, a massive underground website focused on selling illegal drugs and money laundering. Read more here.
Lebanon to launch digital currency in 2021 [ Nov 2020]
Lebanon’s central bank will launch a digital currency in 2021 to shore up support for the country’s banking system, Bloomberg reports. Governor Riad Salameh said the move to issue a CBDC would be part of the country’s transition into a cashless system. “Lebanon doesn’t have any natural resources and we have to keep gold because it is an asset that could be liquidated in foreign markets if we face an inevitable crisis,” Salameh told the state-run National News Agency. Read more here.