Fans’ Section
Matthew J. Belvedere - CNBC
Investors should be careful of the euphoria that's propelled bitcoin to past $19,000 a day after crossing $14,000 because it's very early days in cryptocurrencies, BK Capital Management founder Brian Kelly said.
"If you look at the internet in 1995, that's where you are in digital currencies," said Kelly, portfolio manager of the BKCM Digital Asset Fund. “As much as I love bitcoin, an asset that goes straight up, investors have to be careful”.
FAO: Everybody knows this is not a normal situation, to put it mildly. Everybody is in at their own risk. In the end markets will decide.
DNT: In one of our’s previous bulletins we had the opinion of El Isa, the CEO and co-founder of Melonport, who said the dot-com bubble gave us the modern internet. True.
Jim Cramer: I Don't Blame People For Buying Into The Bitcoin Frenzy, But It Could End Badly
Berkeley Lovelace Jr - CNBC
Jim Cramer: “There's seems to be a level of hoarding," "People who are owning it aren't flipping it.""This does feel like it has broken out and it's on liquid oxygen and it's going somewhere." "And I don't blame anyone for wanting to own it because it's a fun ride. And I don't want to talk about when the party is going to be over because maybe the thing is going to Mars. Maybe the thing is going to Jupiter."
FAO: What did I say above? Markets will decide. It can go even higher or break to unbelievable levels.
DNT: Hmm, maybe “the party” will not be over so soon. Maybe, just maybe, BTC will hit $40,000 as Former Fortress hedge fund manager Michael Novogratz said - details here, Fans’ Section.
Cryptocurrencies
Wall Street Banks Hit Pause Button On Bitcoin
Fox Business
As investors rush into bitcoin, some big Wall Street banks are hitting the brakes. Bank of America Merrill Lynch and Citigroup are telling customers that they won't offer them access to the first bitcoin futures market when it goes live on Sunday. Morgan Stanley and Société Générale are still evaluating their approach to bitcoin futures. ABN Amro Group will be handling trades "for a small selected group of professional clients”.
FAO: Precaution. They don’t want to risk first. “Sit and wait” strategy, just like ICE the other day...
Bitcoin Futures Criticized By Brokers For Overlooking Risks
Sam Mamudi - Bloomberg (subscription)
Some of the world’s biggest derivatives brokerages criticized plans by U.S. exchanges to offer bitcoin futures and options, saying the contracts have been rushed to market without proper consideration of the risks.
FAO: It’s ok to be afraid of the unknown. Right? Nobody knows where this is going. Clients want in, but somebody must at least share the risks....
Exchanges & Trading Venues
Bitcoin Soared To Over $19,000 On Coinbase — But The Price On Other Exchanges Is Totally Different
Frank Chaparro - Business Insider
The massive tear upward seems to have put pressure on Coinbase's infrastructure — the exchange said on Twitter that users were experiencing issues logging into their accounts because of record traffic. Coinbase has experienced several outages as the price of bitcoin has skyrocketed to new highs.
*More content in this section on our Blockchain Daily Newswebsite.
Vendors
Apple Patent Filing Hints At Blockchain Use
Nikhilesh De - CoinDesk
A new patent application from U.S. electronics giant Apple points to the potential use of blockchain within a prospective system for creating and verifying timestamps.In an application released by the U.S. Patent and Trademark Office Apple details a program able to certify timestamps by combining aspects of blockchain technology with Public Key Infrastructure tools.
BitPeople
Blockchain Developers Are Earning $180,000 A Year As The Swiss Crypto Industry Booms
Oscar Williams-Grut - Business insider
Blockchain developers are at a premium in Switzerland, commanding salaries up to $180,000, as the country establishes itself as a centre for companies carrying out ICOs
DNT: Cool!! And then, invest the money into cryptos! :) Just kidding...but it’s a possibility.
Regulation
Indonesia To Ban Digital Currency Transactions By Fintech Firms
Karlis Salna, Tassia Sipahutar - Bloomberg (subscription)
Indonesia’s central bank will bar fintech companies from using digital currencies on their platforms as a global frenzy around bitcoin continues to lure more investors. The curbs, effective from Jan. 1, won’t apply to trading of digital currencies, Bank Indonesia Deputy Governor Sugeng said.
FAO: Discussed earlier this week. BDN Global Outlook stays the same. Check it using our Archive, it’s free.
Startups, Accelerators & Hubs
South Korea Is Ground Zero For Global Bitcoin Frenzy
Straits Times
So many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation's youth. The craze has spread so far that, in Korea, bitcoin is trading at a premium of about 23 per cent over prevailing international rates.
FAO: It’s almost a religion. And its numbers of believers is growing exponentially.
*More content in this section on our Blockchain Daily Newswebsite.
Other news
The Bulgarian Government Is Sitting on $3 Billion in Bitcoin
Nikhilesh De - CoinDesk
A crackdown on organized crime by Bulgarian law enforcement in May resulted in the seizure of more than 200,000 bitcoins – an amount worth more than $3 billion at today's prices.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News
Read more by MarketSlant Editor
