The Ghanaian government’s next phase in its digitalization drive is set to be the adoption of blockchain technology, according to the country’s vice president. He stated that his administration aims to become one of the few governments worldwide powered by blockchain, and the first in Africa. A Blockchain-Powered Government The Vice President of Ghana, Mahamadu […]
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Berkshire Vice Chair Charlie Munger Compares Bitcoin to a ‘Stink Ball’ Among Traditional Currencies
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says he is concerned when the price of bitcoin rises. The 99-year-old compared the cryptocurrency to a “stink ball” among traditional currencies. “When you start creating an artificial currency, you’re throwing your stink ball into a recipe that’s been around for a long time, that’s worked very well for a lot of people,” the executive said.
Charlie Munger Sees Bitcoin as a Stink Ball
Berkshire Hathaway Vice Chairman Charlie Munger took a swipe at bitcoin again in an interview with the Wall Street Journal on Friday. One of the questions posed to the 99-year-old was whether he is worried about the recent surge in the price of bitcoin.
“Of course it concerns me,” he replied. “I have a lot of very simple fundamental ideas that I think every educated person ought to have. Those ideas include what Adam Smith taught everybody … In order to get the Smithian results, you need a currency to facilitate exchanges. And to make the currency respected widely, the trick we’ve used is the sovereign issues it.”
Munger added: “The only way to get from hunter-gathering to civilization that we know of that’s ever worked is to have a strong currency. It can be seashells, it can be corn kernels, it can be a lot of things. It can be gold coins, it can be promises in banking systems like we have in the United States and England and so on.” The Berkshire executive stressed:
When you start creating an artificial currency…you’re throwing your stink ball into a recipe that’s been around for a long time, that’s worked very well for a lot of people.
Munger has long been a vocal critic of cryptocurrencies, particularly bitcoin. Last month, the Berkshire executive warned that most crypto investments will go to zero, noting that bitcoin was the “stupidest investment” he ever saw.
He previously called BTC “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
In July last year, he said he won’t touch crypto, advising everybody to “avoid it as if it were an open sewer full of malicious organisms.” He also likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The whole damn development is disgusting and contrary to the interest of civilization.”
What do you think about Berkshire Vice Chair Charlie Munger comparing bitcoin to a stink ball among traditional currencies? Let us know in the comments section below.
Salvadoran Vice President Felix Ulloa: Bitcoin Adoption Fueled El Salvador’s ‘Rebirth’
The Salvadoran vice president, Felix Ulloa, has given his opinion about the relationship between the “rebirth” of the country and the adoption of bitcoin as legal tender in a recent interview. For Ulloa, bitcoin has been an important factor, alongside others, in this revamp of El Salvador, drawing crypto-related investments and tourists to the country.
Salvadoran Vice President Felix Ulloa: Bitcoin Enthusiasm Attracted Investors
The Salvadoran vice president Felix Ulloa linked the positive developments in the country’s economy and the adoption of bitcoin as legal tender. El Salvador became the first country to adopt bitcoin as legal tender back in 2021, under the guidance of Salvadoran president Nayib Bukele.
While some multilateral organizations like the International Monetary Fund (IMF) questioned this, heavily criticizing Bukele’s actions and calling on the country to drop the plan, Ulloa stresses that this has had a positive effect on the country.
In a recent interview, Ulloa told Forbes:
The enthusiasm that started in the sphere of the digital economy, with bitcoiners, where El Salvador, having positioned itself as the first country to adopt a cryptocurrency as legal tender, was at the forefront and attracted many investors who are in fact installed in Salvador.
Tourism, Bitcoin, and Development
For Ulloa, another industry that has seen a sharp recovery after the Covid-19 pandemic has been tourism, with this increase being linked to the country’s new security policies and bitcoin.
Bitcoin as legal tender makes it easy for tourists who enter the country to pay for goods and services without worrying about currency exchanges, Ulloa stressed.
President Bukele had linked bitcoin and the recovery of the tourism industry before. In August 2022, Bukele stated:
Only a handful of countries have been able to recover its tourism to pre-pandemic levels. And that’s international tourism, so the reasons behind it are mostly bitcoin and surf.
However, Ulloa takes this link even further, explaining that these two (tourism and bitcoin) are part of the recovery that El Salvador experienced during Bukele’s administration. He detailed:
Without a doubt, tourism and the use of digital currencies go hand in hand and are a sign of that future and the rebirth of our country.
What do you think about Felix Ulloa’s thoughts on the influence that adopting bitcoin as legal tender has had on the economic recovery of El Salvador? Tell us in the comments section below.
Berkshire Vice Chair Charlie Munger Warns Most Crypto Investments Will Go to Zero
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.”
Charlie Munger Continues to Slam Crypto
Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism toward cryptocurrencies once again during an appearance at Zoom’s Zoomtopia conference on Thursday.
“Don’t get me started on bitcoins. That was the stupidest investment I ever saw,” Munger exclaimed when he was asked about his outlook for bitcoin and other cryptocurrencies. He also predicted:
Most of those investments are going to zero.
The Berkshire executive has long been a vocal critic of cryptocurrencies. He previously called bitcoin “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
In July last year, he said he won’t touch crypto, advising everybody to “avoid it as if it were an open sewer full of malicious organisms.” He previously likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The whole damn development is disgusting and contrary to the interest of civilization.”
Like Munger, Buffett is also skeptical of bitcoin and other cryptocurrencies. After calling BTC “rat poison squared,” the Berkshire chairman and CEO compared bitcoin to a “gambling token.” In May last year, he said BTC “doesn’t produce anything,” emphasizing: “If you told me you own all of the bitcoin in the world and you offered it to me for , I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
What do you think about Berkshire Hathaway Vice Chair Charlie Munger’s view of bitcoin and other cryptocurrencies? Let us know in the comments section below.
Biden Appoints New Fed Vice Chair as Fedwatch Tool Shows Slim Chance of Rate Hike at June Meeting
Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on May 3. As the battle against inflation in the U.S. rages on, the Biden administration appointed Philip Jefferson as the new vice chair to replace Lael Brainard. The American president stated that his nominees will play a “crucial role” in maintaining price stability and overseeing the country’s financial institutions.
Fedwatch Tool Points to Low Chance of Rate Hike
Just over a week ago, on May 3, 2023, the U.S. central bank raised the federal funds rate to 5.25% after a quarter-point rate hike. Fed chair Jerome Powell was quick to emphasize that inflation was still a major concern and that the FOMC was committed to bringing the inflation rate back down to the 2% target. However, the latest Consumer Price Index (CPI) report, released on May 10, revealed that over the past 12 months, “the all items index increased 4.9%.”
Last Friday was a rough day for the stock market, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 Index all closing in the red. The crypto economy has also been experiencing a downward trend, while precious metals like gold and silver have been trading sideways.
The next FOMC meeting is shaping up to be a nail-biter, with the latest data from the CME Fedwatch tool indicating that there’s an 84.5% chance the interest rate will remain unchanged. However, there’s also a slim chance of a quarter-point rate hike to 5.50%, with the Fedwatch tool showing a probability of roughly 15.5%.
Biden’s New Fed Vice Chair Faces High Expectations
Forbes journalist Simon Moore reports that most policymakers favor keeping interest rates at their current level, according to the latest data from March. However, Moore says a few believe rates should be closer to 6%, and one participant predicts rates will not remain at their current level by the end of the year.
According to the reporter, the question on every market investor’s mind is whether or not the central bank will pivot this year. In addition to the expectations concerning the next FOMC meeting, president Joe Biden has also made some major changes to the Fed’s leadership.
With fresh blood at the helm, many are wondering how this will impact the central bank’s policies and priorities moving forward. Powell will now have a new second-in-command as president Biden appointed Philip Jefferson as the new vice chair. Biden stated that Jefferson was confirmed by the Senate with a strong bipartisan vote of 91-7 and stressed that he looks forward to his “swift confirmation” as vice chair.
Reports suggest that Jefferson is aligned with Powell’s efforts to curb inflation and is unlikely to push back against the Fed’s current policies.
What do you think the appointment of Philip Jefferson as the new Fed vice chair means for the future of the central bank’s policies? Share your thoughts about this subject in the comments section below.
Dubai-Headquartered Crypto Exchange MaskEX Launches Virtual Card for Worldwide Spending and Welcomes Ben Caselin as Vice President to Drive Global Expansion Effort
PRESS RELEASE. Dubai, United Arab Emirates, March, 2023 – MaskEX, a rapidly expanding third-generation crypto exchange, headquartered in Dubai, has announced the launch of its crypto-backed Virtual Card, enabling users to spend their crypto as fiat in more than 176 countries with over 50 million merchants worldwide. This new feature is now available to all ID-verified MaskEX users.
MaskEX has also announced that Ben Caselin, former Head of Research and Strategy at Hong Kong-based crypto exchange AAX, has joined MaskEX in the role of Vice President. Drawing on nearly 4 years at AAX, Mr. Caselin has played an important role in driving the mainstream adoption of bitcoin and digital assets through the platform, especially in emerging markets. At MaskEX, Mr. Caselin will oversee all global and localized marketing, communications and business development initiatives.
“We are excited to offer our users the ability to spend their crypto wherever and whenever they want with the launch of the MaskEX Virtual Card,” said Eric Yang, CEO of MaskEX. “Our vision is to make crypto more accessible and find ways to integrate crypto more with people’s everyday lives.”
“We are also delighted to be joined by Ben Caselin, not only because we believe he can play a vital role in our global expansion efforts, but also because of the terrible situation he has witnessed up close at AAX, following the collapse of FTX in late 2022. As we have observed, he puts users before business, and in reaching out to Ben, we have specifically asked him to be uncompromising and closely scrutinize our operations.”
“As a third-generation crypto exchange we are one of only 18 centralized exchanges globally that provide Proof-of-Reserves,” said Mr. Yang, “and with Abu Dhabi’s Sovereign Wealth Fund, under Sheikh Hamad Rakadh Salem Hamad Alameri, as a major stakeholder, we know we are in a very good place to compete with the world’s biggest trading platforms.”
On joining MaskEX, Mr. Caselin stated that “while the industry is still suffering from contagion and a severe lack of investor confidence, we cannot afford to give up now.”
“At this stage in the development of this nascent industry, properly managed centralized exchanges can still play an important role in raising awareness around digital assets, providing a point of contact for regulators, cooperating with the existing banking sector and payment providers to accelerate integration, and, of course, in driving the mainstream uptake of bitcoin and digital assets everywhere.”
About MaskEX
Headquartered in Dubai, UAE, MaskEX is a third-generation centralized crypto exchange, founded in 2021, that aims to provide easy and secure access to digital assets for everyone. With a wide range of innovative products and services, MaskEX is committed to empowering users globally and contributing to the growth of the crypto and blockchain industry. MaskEX offers a user-friendly interface and advanced trading tools, making it easy for both novice and experienced traders to navigate the crypto market. The exchange offers a comprehensive range of products, including savings packages, over 300 spot pairs, and deeply liquid futures markets. Additionally, MaskEX offers a range of on- and off-ramp products to help users easily convert fiat currency to digital assets and vice versa. With a growing user base of over one million users across the globe, MaskEX is dedicated to promoting the adoption of digital assets and building a more inclusive economy for all smart cities and their citizens.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
DEA Appoints Tatsuya Kohrogi Vice President & Head Of Global Business
Singapore-based GameFi ecosystem Digital Entertainment Asset Pte. Ltd. (DEA) has revealed the appointment of Tatsuya Kohrogi to the role of Vice President and Head of Global Business. Kohrogi will be leveraging his extensive experience to help DEA expand into new markets.
Commenting on the company’s latest talent acquisition, DEA CEO Naohito Yoshida notes, “Tatsuya is a dynamic leader and is highly experienced in building partner relations, creating and implementing leading initiatives and strategies. As we begin to expand our business across Asia, Europe, and North America, we are confident each region will grow under Tatsuya’s leadership.”
Prior to joining DEA, Kohrogi worked with prominent brands like Meta (formerly Facebook) and SoftBank. In his role as Partner Manager at Meta, Kohrogi’s key responsibilities included building long-term relationships with advertisers and advertising agencies across Japan. During his time at Meta, Kohrogi strategically grew his key partners’ businesses by 200% within two years as well as pushed scaling partner revenues to reach nine-figure annual values in US dollars.
At SoftBank, Kohrogi held several titles over his seven-year tenure, including stints in business development, sales management, investment strategy, digital marketing, and co-founding an internal venture. Additionally, Kohrogi trained under SoftBank Group’s CEO Masayoshi Son, learning corporate leadership skills directly from Son, and worked on related projects as a prominent member of the CEO’s successor program.
On joining DEA, Kohrogi remarks, “DEA aims to become the world’s no.1 web3 entertainment company that also simultaneously tackles social and economic problems. The PlayMining platform allows users to mine crypto while they play games. Gaming and entertainment are becoming sustainable livelihood options for people around the world. And I am incredibly excited to take on this role and help further scale the creators economy and web3 entertainment globally.”
GameFi Ecosystem With Social And Economic Benefits
Founded in 2018, Digital Entertainment Asset, better known as DEA, is a GameFi platform facilitating a new economy where creators and users forge direct connections to earn while being entertained.
Since its inception, DEA has embarked on several drives as part of its GameFi model, introducing NFT marketplace PlayMining NFT, the PlayMining play-to-earn platform featuring several games and rewards, and the platform-native DEAPCoin ($DEP) token. Since its launch, DEA has been spearheading the expansion of GameFi across the Asia-Pacific region. DEA’s PlayMining platform currently features more than 2.4 million active users, primarily from Indonesia, Japan, Vietnam, the Philippines, Taiwan, and several other regional countries.
DEA has been active since 2018, helping hundreds of creators create and monetize a wide variety of NFTs. Since it first launched the trading card battle game JobsTribes, one hundred original NFT works created by famous Japanese creators have paid over million in royalties cumulatively. Between April 2020 and December 2021 alone, users have generated over 1 billion Japanese Yen worth of PlayMining earnings.
Furthermore, DEA also offers DeFi primitives through its PlayMining Vault. Currently, users can earn $DEP incentives and NFTs by staking their $DEP tokens, while other vault functions are presently under development.
Crypto Here to Stay but Needs Classification, Says European Commission Vice President
n The E.U. will focus on developing crypto asset classifications and regulatory mapping, since crypto is here to stay, says European Commission Vice Presidentn
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‘Crypto Assets Are Here to Stay,’ Says EU Commission Vice President
The European Commission will conclude a regulatory assessment of crypto assets this year, because they are here to stay, says an official.
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Fed Vice Chair Cryptocurrencies Threaten Financial Stability
Decentralized currencies could have spillover effects on the wider financial system if they get too big, Fed supervision chief Randal Quarles said.
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