April 20, 2021

currency

Indian finance minister says digital currency bill will protect investors

India’s Finance Minister has said the upcoming digital currency bill will aim to protect investors from the volatility in digital currency markets, in the latest commentary on the ongoing progress of the legislation.

Indian Minister of State for Finance and Corporate Affairs, Anurag Thakur, said the government would put investors at the forefront of their legislative effort, though it remains unclear exactly how they intend to protect investors.

“The fluctuations in the price of cryptocurrencies are so high—unlike that of fiat currencies—and that has an impact on the investors. So we need to keep investor protection in mind while framing

Read More

Don’t Let China Mint the Digital Currency of the Future

Photographer:  Andrey Rudakov/Bloomberg via Getty Images

What is the money of the future? My nine-year-old son thinks it will be Robux. For those of you trapped in the human museum known as adulthood, Robux is the currency used by players of Roblox computer games. If I offer Thomas grimy dollar bills for household chores, he shows an almost complete lack of interest and motivation. But if I offer him Robux, it’s a different story.

The current exchange rate is around 80 to the dollar. So, in order to

Read More

$40 billion of new stimulus money could go to bitcoin and stocks, Mizuho says | Currency News | Financial and Business News

A survey conducted by Mizuho found that $40 billion of COVID-19 relief bill funds sent to Americans could go to bitcoin and stocks.

Mizuho analysts, led by Dan Dolev, spoke with approximately 235 people with a household income of $150,000 or less in a survey released on Monday.

The team found that roughly 40% of respondents said they planned on using at least a portion of their stimulus money to invest in bitcoin or stocks.

Mizuho calculated that this means nearly $40 billion of the $380 billion in stimulus checks could go to the assets.

The survey

Read More

‘Big Short’ investor Michael Burry has warned of a stock-market bubble and slammed Tesla, Robinhood, bitcoin, and the GameStop frenzy in recent weeks. Here are his 17 best tweets. | Currency News | Financial and Business News

Christian Bale as Michael Burry in “The Big Short.”



Michael Burry has been sounding the alarm on hype and speculation in markets for months, warning that the reckless promoting and buying will result in a devastating crash.

The investor has taken aim at Tesla – which he’s short – as well as bitcoin, Robinhood, and the GameStop buying frenzy in recent weeks.

The Scion Asset Management chief is best known for his billion-dollar bet against the US housing bubble in the mid-2000s, which was immortalized in Michael Lewis’ book “The Big Short.” He was

Read More

Bitcoin miners raked in more than $1 billion in combined earnings last month. Here’s how they make money. | Currency News | Financial and Business News

Bitcoin miners earned a combined $1.1 billion in January.
  • Bitcoin mining is the process that allows new coins to enter circulation, adding to the crypto ecosystem.
  • Miners receive bitcoin as a reward for verifying “blocks” of transactions on the blockchain.
  • Last month, they earned more than $1 billion in combined earnings. Here’s how they do it. 
  • Visit the Business section of Insider for more stories.

Bitcoin is created on a decentralized network called the blockchain, where a vast network of digital “miners” work to verify transactions at any given time.

These miners earned a combined $1.1 billion in

Read More

Tesla’s bitcoin investment reportedly made more profit this year than car sales in the whole of 2020 | Currency News | Financial and Business News

Bitcoin’s historic rally has been a source of debate.

Tesla’s $1.5 billion bitcoin investment didn’t just make headlines, it has also made the company more profit than its car sales last year, according to a Times of London report.

On Friday, the cryptocurrency smashed through the $55,000 level, bringing its market cap above $1 trillion. This means if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That’s almost 30% more than its $721 million revenue from electric vehicles, per the report.

Bitcoin’s

Read More