EBay: Dramatic Housecleaning Ahead After Elliott Management Acquires $1.4 Billion Stake

By CCN.com: There’s a new sheriff in town at EBay after activist hedge fund Elliott Management acquired a 4% stake in the online retailer valued at $1.4 billion. In a letter to the company’s board of directors, Elliott promised that dramatic major changes are ahead for the e-commerce giant. Elliott Management — the activist hedge fund founded

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Crypto is Worthless, Fails Basic Financial Tests: Bank of England Adviser

By CCN.com: Legacy banks are not worried about crypto because it has no value and fails the fundamental tests of financial services. That’s the assessment of Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney. Van Steenis says while traditional banks are always trying to fend off competition from new fintech platforms, he’s

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Tron CEO Justin Sun Wants to Prove Crypto Is Not a Scam: Hires Former SEC Official

By CCN.com: Tron founder Justin Sun is out to prove that crypto is not a scam ― despite hyperbolic emotional protestations by haters that it is. To this end, Sun hired a former SEC employee to be the first compliance director for Tron, a blockchain platform for supporting smart contracts and high throughput. Sun believes that

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VanEck Unfazed by Shutdown’s Impact on Bitcoin ETF Application

By CCN.com: Investment manager VanEck remains confident about its bitcoin ETF application, despite the US government shutdown. Why? Because the firm believes it has laid a robust foundation for the VanEck/SolidX Bitcoin ETF to eventually win SEC approval. “I have done everything I can to build the right market structure for Bitcoin and digital assets,” VanEck’s director

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Bitcoin on Track to Replace Gold as Dominant Store of Value: Crypto VC

Venture capitalist Lou Kerner says bitcoin is well on its way to replacing gold as the dominant store of value, noting that its market cap has already surpassed that of silver. “What [bitcoin] has evolved into is a store of value,” Kerner told Bloomberg. “Today, the main store of value is gold. It’s an $8 trillion

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1000-Point Swings ‘New Reality’ for Dow Jones Index: Allianz Economist El-Erian

Mohamed El-Erian — the chief economic adviser at Allianz SE — says concerns over a US recession are overblown, but we can expect wild fluctuations on the Dow Jones Industrial Average in 2019 because of financial uncertainty in Europe and China. However, El-Erian said the US economy will remain strong and will continue to grow at a

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Bitcoin in 2019: Analysts See Institutional Investors Wading into Crypto

The bitcoin price got hammered in 2018 amid the prolonged Crypto Winter, but many investment experts expect the volatility to subside in 2019, as institutional investors start entering the market. Some analysts believe bitcoin will re-emerge — like the proverbial Phoenix rising from the ashes — on back of momentum created by institutional investors, the Australian Financial

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Wells Fargo Says Bitcoin Too Risky for Clients, Pays $575 Million Fine For Scamming Them

Wells Fargo — the third-largest US bank with $2 trillion in assets — will pay a $575 million settlement after admitting that it systematically scammed its own customers for 15 years. Ironically, the fine comes just months after the banking giant dismissed bitcoin as too risky an investment. Pursuant to a nationwide federal investigation, Wells Fargo admitted that its employees opened more than 3.5

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3 Massive Buy Orders Roil Stock Market Amid Rumored ‘Pension Buying’ Frenzy

The US stock market experienced another wild roller coaster ride on December 28 after three massive buy orders roiled Wall Street in late-afternoon trading. The Dow Jones Industrial Average closed at 23,062, down 76 points from the previous day’s stunning 800-point spike. Finance blog ZeroHedge opined that institutional investors — specifically, pension funds executing year-end reallocation

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Visa Acquires Ripple Partner Earthport For $250 Million

Credit card giant Visa Inc. is acquiring British payments firm Earthport for $250.6 million. Earthport — which provides cross-border payment services to banks and businesses — has been partners with Ripple, the blockchain-based payment network, since 2015. Under the merger, Visa paid four times Earthport’s closing stock price on December 26, Reuters reported. Visa was interested in acquiring Earthport

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Bitcoin Miner Raked in $14.5 Million in Crypto Using $3 Million in Stolen Electricity: Police

A bitcoin miner in Taiwan was arrested and charged for mining 100 million yuan (roughly $14.5 million) in crypto using NT$100 million (or $3.2 million) in stolen electricity. The man, whose surname is Yang, is accused of operating 17 illegal cryptocurrency mining centers using fake storefronts across Taiwan. The bootleg mines were located in the

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Bitcoin ‘Died’ 90 Times In 2018

The rumors of bitcoin’s death are greatly exaggerated, according to the stunning number of obituaries it racked up during a dismal crypto bear market. The original cryptocurrency has died 90 times in 2018, according to 99 Bitcoins. That’s slightly less than the 125 times it died in 2017. Despite detractors’ eagerness to bury it once

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ConsenSys CEO Joseph Lubin on Layoffs: ‘Sky’s Not Falling, Future Is Very Bright’

Ethereum co-founder Joseph Lubin says the future of the crypto industry is so bright he has to wear shades, and called a bottom to the current bear market. “Peeking into 2019, if you could see the landscape through my eyes, you’d have to wear shades,” Lubin gushed in a lengthy tweetstorm (see below). Lubin —

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Bitcoin-Bashing NYU Professor Unleashes Scathing Anti-Crypto Twitter Tantrum

Disclaimer: The views expressed by the author do not necessarily reflect those of CCN. They belong to the author alone. Is New York University professor Nouriel Roubini the biggest bitcoin grinch of all time? It sure seems that way, based on an epic Twitter rant he launched just days before Christmas. In a furious tweetstorm

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Ohio’s Bitcoin Tax Payment Plan Is a Gimmicky ‘PR Stunt,’ Say Skeptics

Ohio’s recent decision to allow businesses to pay taxes using bitcoin has fueled criticism that the move is a gimmicky “PR stunt” that’s impractical and unsustainable. Skeptics say bitcoin’s volatile price fluctuations and the lack of mass merchant adoption makes crypto an unsuitable method of payment, the Detroit Free Press reported. “The Ohio announcement is

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Bitcoin Price Will Crash to Zero Says Calvin Ayre

Former Bitcoin Cash advocate Calvin Ayre predicts that the flagship cryptocurrency, Bitcoin, will plunge to zero in 2019 because it’s worthless. But never fear, he said,  because Bitcoin Cash Satoshi Vision (BSV) will be there to save the day. Interestingly, Ayre insists that the Bitcoin price is being deliberately deflated right now in order to stamp it out

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Facebook Aggressively Hiring Blockchain Devs, Discussed Launching Cryptocurrency: Report

Facebook has embarked on an aggressive hiring spree to woo crypto experts to expand its blockchain group amid speculation that the social media monopoly is considering launching its own cryptocurrency. Facebook formed its blockchain unit in April 2018 with David Marcus, the former president of PayPal and VP at Messenger. Marcus is a longtime cryptocurrency advocate and

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US Coinbase Customers Can Make Instant, Free Crypto-To-Cash Transfers to PayPal

Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers. This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge. “These withdrawals are not only fast; they’re free and incur no fees,”

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Bitcoin Price Will Soar over Next Three Years: Circle CEO Jeremy Allaire

The bitcoin price will rocket over the next three years, and cryptocurrency valuations will spike accordingly, says Jeremy Allaire, the co-founder and CEO of Circle, a peer-to-peer payments technology company backed by Goldman Sachs. While Allaire was reticent to set a specific bitcoin price target, he predicts that its value will unquestionably be a lot higher in

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Bitcoin’s Fair Market Price is $14,800, Says Cryptocurrency Bull Tom Lee

Cryptocurrency bull Tom Lee says bitcoin’s dismal price of roughly $3,400 is wrong because its actual fair market value is $13,800 to $14,800. The Fundstrat founder said he made the assessment by considering the number of active wallet addresses, usage per account, and supply metrics. “Fair value is significantly higher than the current price of Bitcoin,” he wrote

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Pro-Crypto French MPs Want to Invest 500 Million Euros to Make France ‘Blockchain Nation’

Two pro-crypto members of the French Parliament (Parlement français) want the country to invest up to 500 million euros in blockchain programs to elevate France as a “blockchain nation.” Deputies Jean-Michel Mis and Laure de La Raudière released a report on Dec. 12 outlining 20 proposals to support the development and mainstream adoption of blockchain,

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62% of Auto Execs Believe Blockchain Will Disrupt Industry within 3 Years: IBM Study

The auto industry is betting big on blockchain. In fact, a whopping 62% of auto executives say the technology underpinning bitcoin will be a disruptive force in the industry by 2021. Moreover, 95% of carmakers plan to make “moderate to significant” blockchain investments over the next three years, according to a report by the IBM Institute

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Dutch Central Bank Wants to Regulate Crypto Companies to Stem Money Laundering

The Dutch Central Bank, De Nederlandsche Bank, wants to regulate crypto companies by requiring them to get licenses in order to operate. The bank claims the measure will deter money laundering and the use of cryptocurrencies to fund terrorism, according to a short brief in Dutch daily newspaper De Telegraaf. To qualify for a license, crypto

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Anti-Crypto Environmentalists Gleeful that Bitcoin is ‘Becoming Worthless’

Some environmentalists are gleefully celebrating the current crypto bear market, saying it’s a sure sign that bitcoin is “becoming worthless” and “will soon be no more.” And they’re breathlessly counting down the days until its demise. “Bitcoin is a colossal waste of energy [and] will soon be no more,” writer Ilana Strauss gloated at TreeHugger.

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UK Parliament Member Wants You to Pay Your Taxes with Bitcoin

A member of the British Parliament wants UK residents to be able to pay their local taxes and utility bills using bitcoin. Eddie Hughes, a conservative MP (member of Parliament) for the Walsall North constituency, said this would be a great first step toward mainstream adoption of crypto. Hughes said it’s time for other members

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KFC Venezuela Accepts Dash Cryptocurrency, Joining Subway and Papa John’s

KFC in Venezuela is accepting payments using the cryptocurrency Dash starting this week, joining a growing list of fast-food chains that accept crypto in Venezuela, including Subway and the Papa John’s pizza chain. KFC will initially roll out the program at its store in the Venezuelan capital of Caracas before expanding to 24 other locations across

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Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO

Bitcoin is a “dead man walking” whose price will eventually plunge to zero. That’s the dire prediction of Peter Mallouk, the president and chief investment officer of Creative Planning Inc., a Kansas investment firm that manages $32 billion in assets. The avowed bitcoin skeptic said BTC bulls are delusional saps who don’t realize that their

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US Bills Seeks to Protect Cryptocurrency Investors from Market Manipulation

Two US congressmen introduced bipartisan legislation designed to prevent cryptocurrency price manipulation and position the United States as a leader in the crypto industry. Democrat Rep. Darren Soto of Florida and Republican Rep. Ted Budd of North Carolina unveiled the following bills: Virtual Currency Consumer Protection Act. This bill directs the CFTC to explain how

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International Cooperation ‘Critical’ to Bringing Illegal ICOs to Justice: SEC

International cooperation is essential for eradicating ICO fraud, said Steven Peikin, co-director of the Securities and Exchange Commission’s enforcement division. Peikin made the remarks during a December 3 speech at Harvard Law School’s Program on International Financial Systems, where he discussed the astonishing growth of the ICO market. “The sponsors of ICOs are, in many instances, located

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Ethereum Giant ConsenSys Tightens Belt, Will Axe Underperforming Projects

Ethereum development studio ConsenSys, the New York-based blockchain startup, is restructuring as part of a move to streamline its business amid the crypto bear market. ConsenSys CEO Joseph Lubin, the co-founder of Ethereum, made the announcement in a company letter. “We must retain, and in some cases regain, the lean and gritty startup mindset that made

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