Bitcoin is ‘Schmuck Insurance’: Morgan Creek Capital Founder

Bank of America Merrill Lynch recently surveyed fund managers and found that investors are the most bullish they’ve been on bonds since the end of 2008.  But that popularity comes as long-term risks are developing for traditional asset classes. For these reasons, Morgan Creek Capital Founder & CIO, Mark Yusko thinks new types of protective ‘insurance’ such as Bitcoin may be warranted. Investor Perceptions vs. Market Reality While the traditional expectations call for a slow summer trading period, stocks have consistently traded under heavy selling pressure and posted some of…

Bakkt Wins Regulatory Approval to Launch Bitcoin Futures

Bakkt has won approval from US regulators to trade physically-settled bitcoin futures, a move many believe would legitimize the cryptocurrency industry before institutional investors. The Intercontinental Exchange’s subsidiary announced on Friday that the New York Department of Financial Services (NYDFS) had given them clearance to acquire a New York state trust charter. That would provide Bakkt permission to operate as a Limited Liability Company (LLC), which means it can now custody bitcoins for physically delivered futures. The firm expects to launch the service on September 23. We have some news…

Nobl Research: 25 Million Americans Are Considering Buying Crypto

A recently concluded Nobl Insurance study reveals that the crypto market grew by a spectacular 48 percent in the period 2018 – 2019. Moreover, the study forecast that the American cryptocurrency market will continue to expand in the next 12 months. 25 Million Americans Are Considering Buying Crypto in the Next 12 Months Nobl Insurance LLC, based in New Hudson, Michigan, carried out the research in May 2019 in connection with its new insurance product, Nobl Crypto, which is designed to protect the crypto market. Researchers noted that 6.72 million…

Australians Warned Over Cryptocurrency-Heavy Self Managed Pensions

The Australian Tax office has sent out 18,000 warning letters to Self Managed Super Funds (SMSFs). The letters target those who have invested over 90% of retirement funds in a single asset class, such as property or cryptocurrency. Breaking The Law with Cryptocurrency The letters from the tax office remind SMSFs that they have a ‘duty to comply with legal requirements to adopt investment strategies avoiding risky investments’. Not only is such an investment strategy arguably riskier than diversification of assets, in Australia, it is against the law. SMSFs involve individuals…

Coinbase Custody Acquires Xapo’s Institutional Business

Coinbase Custody today announced that it has acquired Xapo’s institutional business, making it the largest crypto-custodian in the world. The acquisition brings Assets Under Custody (AUC) to over $7 billion, servicing over 120 clients in 14 countries. Innovation In Cryptocurrency Custody Xapo is a long-respected name in the world of cryptocurrency custody solutions. It has led the industry in developing security techniques to meet the rigours of institutional clients. In 2017 it hit the headlines for storing customers’ bitcoin in a fortified ex-military bunker in the Swiss Alps. By May 2018 it was…

Binance US Bitcoin Exchange Will Launch ‘In Couple Of Months’ Says CZ

Bitcoin exchange Binance will launch its US platform to everyone except New York residents by the end of October, its CEO has revealed. Binance Will Not Serve New York Speaking to news magazine Cheddar in an interview on August 15, Changpeng Zhao, also known as CZ, said preparations were underway to get Binance US to market. “I would say in a couple of months now… I don’t want to promise any fixed dates… there’s a lot of work being done and a lot of things going on in flux, but…