Wall Street’s Bitcoin King Defends Crypto Against CNBC FUD

By CCN: CNBC in a recent interview shot a string of arrows seemingly to burst the so-called bitcoin price bubble. Nonetheless, the cryptocurrency emerged unharmed thanks to Bart Smith. The digital asset head of Susquehanna International Group, a Pennsylvania-based trading firm, appeared on Squawk Box to discuss what possibly drove bitcoin up 145% year-to-date. While admitting that it was difficult to narrow down a price rally into specific factors, Smith hinted that the root of bitcoin’s exceptional performance in 2019 maximally lied in one thing: optimism. He said: “There is…

Wall Street’s Bitcoin King Defends Crypto Against CNBC FUD

By CCN: CNBC in a recent interview shot a string of arrows seemingly to burst the so-called bitcoin price bubble. Nonetheless, the cryptocurrency emerged unharmed thanks to Bart Smith. The digital asset head of Susquehanna International Group, a Pennsylvania-based trading firm, appeared on Squawk Box to discuss what possibly drove bitcoin up 145% year-to-date. While admitting that it was difficult to narrow down a price rally into specific factors, Smith hinted that the root of bitcoin’s exceptional performance in 2019 maximally lied in one thing: optimism. He said: “There is…

State Farm and USAA Test Blockchain Platform for Insurance Claims Process

United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) are testing a blockchain-based subrogation solution with real claims data. State farm announced the development in an official press release on May 30. The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims. The platform purportedly allows them to automatically compile total payments, net the balance, and conduct a regularly scheduled payment between insurers. State farm states that the blockchain solution is being tested with real claims data.…

Cryptocurrency Broker Client Reportedly Aims to Acquire 25% of All Bitcoin Supply

Digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin (BTC) supply as possible, Forbes reported on May 30. The Dadiani Syndicate is a peer-to-peer network where people trade between each other with cryptocurrency. The firm made news last year when it put 49% of Andy Warhol’s 1980 work “14 Small Electric Chairs” up for sale for bitcoin and other digital currencies. The firm’s founder Eleesa Dadiani reportedly claimed: “One of our clients approached us and said…

Rwanda’s Central Bank Issues PSA on Alleged Cryptocurrency Get-Rich-Quick Scams

The National Bank of Rwanda, the country’s central bank, has issued a public service announcement on alleged cryptocurrency scams, according to an official Twitter post on May 30. The central bank specifically warns the public about initial coin offering (ICO) scams and crypto-based Ponzi schemes, which purport to offer a quick and significant return on investment for early adopters. These sorts of scams have reportedly been active in Rwanda, through firms like Supermarketings Global Ltd, 3 Friends System (3FS) Group Ltd, OneCoin, and Kwakoo (OnyxCoin). The National Bank of Rwanda…

US Ivy League University Rolls Out Online Course in Blockchain and Cryptocurrency

The Wharton School of the University of Pennsylvania has introduced an online program on financial technologies, including digital currencies, according to a press release published on May 30. The new online program dubbed “Fintech: Foundations and Applications of Financial Technologies” features lectures and case studies on topics such as payments, cryptocurrency, blockchain technology and crowdfunding, among others. Apart from the university lecturers, the course also features speakers from the leading industry companies, including payment processor Square, marketplace lender CommonBond, and investment advisory firm Vanguard. Anne Trumbore, senior director of Wharton…

Coinbase Now Supports Cryptocurrency Token EOS

Major United States-based cryptocurrency exchange and wallet service Coinbase has added support for EOS, according to a press release on May 30. The new addition is reportedly available for trading and storage in most areas covered by Coinbase, with the exception of the United Kingdom and New York at press time. The announcement also notes that there are no transaction fees associated with EOS; the cost is instead paid in computing resources, such as a tax on RAM, CPUs, or network bandwidth. Users that run the network also earn EOS…

Bitcoin Is Weirdly Similar to an Oil Tanker

By CCN: Adamant Capital’s Tuur Demeester, an outspoken crypto analyst and proponent of Bitcoin, said on Twitter that using the flagship cryptocurrency’s blockchain will eventually be as expensive – and rare – as chartering an oil tanker. Even the simple act of opening a Lightning Network channel will be cost-prohibitive and potentially slow once the network user base climbs into the billions. Bitcoin’s Blockchain Is Like an Oil Tanker – You Won’t Use Either of Them At full maturity, using the Bitcoin blockchain will be as rare and specialized as…

Bitcoin Momentum to Slow, BTC May Peak at $10,000

Bitcoin Upswing To Slow Mike Novogratz, the Wall Street veteran founder of crypto bank Galaxy Digital, expects for Bitcoin (BTC) to soon slow its swing to the upside after rallying over 130% year-to-date. According to Bloomberg, which cited a recent conference call to discuss Galaxy’s recent financial performance, the former Goldman Sachs partner claimed that Bitcoin is likely to consolidate between $7,000 to $10,000. He quipped that “trees don’t grow to the sky”, hinting at his belief that the recent move might be ‘too much, too fast’. He did note,…

Cryptocurrency Custodian Anchorage Adds Insurance Coverage

Cryptocurrency custody services firm Anchorage has added insurance coverage for storing digital assets, it announced in a blog post on May 29. In the post, Anchorage — which raised $17 million in a Series A round led by Andreessen Horowitz —  announced insurance coverage for institutions that covers digital assets under custody. The coverage comes as the result of a partnership with major insurance broker Aon.  Previously, Aon stated that the firm was seeing more cryptocurrency-specific protections catering to the new cryptocurrency industry. Anchorage outlined in the post that not…