Bitcoin 

Morgan Creek CEO Says Every Investor Should Hold Some Bitcoin

CEO of Morgan Creek Capital Mark Yusko says bitcoin (BTC) should be in every investor’s portfolio in an interview with CNBC on May 22. Yusko remarked that he thinks BTC investments will far outperform the S&P 500 investment fund over the next 10 years.When asked about putting money into BTC, Yusko said: “Bitcoin is a great diversifying asset. It has very low correlation. It should be in everybody’s portfolio.” Yusko also recalled his $1 million ‘Buffet Bet 2.0’, in which Morgan Creek Digital made an open bet that its Digital…

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Blockchain 

Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulatory Climate

The CEO of Goldman Sachs-backed crypto finance startup Circle blamed a hostile regulatory climate in the United States as he confirmed layoffs of 30 staff on social media May 21. Following a blog post in which he described the difficulties operating in the U.S., Jeremy Allaire said that executives had taken the decision to release roughly one in ten of Circle’s employees. “Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees,” he wrote. Allaire stated: “We made these changes in…

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Bitcoin 

Worsening US-China Trade War Is Behind BTC Price Rise, Digital Currency Group CEO Claims

The CEO of a cryptocurrency firm has suggested that the recent rise in bitcoin’s (BTC) price could be linked to the trade war between China and the United States, Fortune reported on May 20. In an interview, Digital Currency Group founder Barry Silbert noted how BTC’s acceleration coincided with talks breaking down between Beijing and Washington. The crypto advocate said bitcoin is proving itself to be a safe haven for investors at times of drama in the global economy — and cited other examples where BTC’s value rose as traditional stock markets took a tumble.…

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Bitcoin 

Police Arrest Dutch Cryptocurrency CEO in Rumored $110 Million Fraud Case

Dutch police have arrested a former entrepreneur for fraud after alleging he conned investors in a fake bitcoin (BTC) mining operation out of €100 million ($111 million), Dutch daily news outlet De Gelderlander reported on May 21. According to reports, Barry van Mourik, who previously ran another cryptocurrency company also under suspicion, deceived clients into thinking they would earn money from bitcoin mining. Posing as the operator of a mining farm, van Mourik accrued client funds while allegedly failing to purchase any equipment, instead reportedly spending the money on luxury…

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Blockchain 

Polychain CEO Says Facebook’s Rumored Stablecoin Blockchain Should Be Public

Polychain Capital CEO Olaf Carlson-Wee thinks Facebook would be smart to build its stablecoin on a public, open blockchain infrastructure. Carlson-Wee delivered his remarks at the Consensus 2019 panel “To the Moon and Back” on May 15. Carlson-Wee explained that the blockchain platform he is referring to is one like bitcoin’s, in which the creator relinquishes control over the platform they built. He argues that such an arrangement would be beneficial to the social media giant, saying: “I think given all the problems that Facebook has had with policing their platform…

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Bitcoin 

Reserve CEO Predicts Central Banks Will Tokenize, Still Room for Stablecoins

CEO Nevin Freeman of stablecoin startup Reserve predicts that central banks will tokenize their currency at some point, but stablecoins will likely still have an advantage in offering privacy. Freeman delivered his remarks at the Consensus 2019 panel “The End of Volatility? Stablecoins on the Rise” on May 15. During the panel, moderator Joel Telpner, a partner at Sullivan & Worcester LLP, asked the speakers why banks could not simply tokenize their national currency and drive fiat-backed stablecoin services out of business. Freeman replied that he thinks banks will do…

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Bitcoin 

US Regulator Joins Canada in Fining Blockchain Firm CEO for Securities Act Violation

Blockchain entrepreneur Alex Tapscott has been fined $25,000 by the United States Securities and Exchange Commission (SEC,) according to a filing on May 14. Tapscott is the CEO of NextBlock Global, and in the filing, the SEC said neither the Canadian company nor its securities had ever been registered with the commission. The 33-year-old and his company have also been ordered to cease and desist from committing further violations of the Securities Act. According to the SEC, NextBlock was founded by Tapscott and three others in June 2017 for the purpose of investing…

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Blockchain 

Blockchain Project CEO to Pay $150K Fine, Teach Business Ethics Following Settlement

Blockchain entrepreneur Alex Tapscott is paying a $148,000 fine and will lead ethics seminars at three Canadian business schools per his settlement agreement with the Ontario Securities Commission (OSC), according to a report by The Globe and Mail on May 13. Tapscott, the CEO of blockchain firm NextBlock Global Limited initially filed for a public settlement hearing with the OSC on May 9. The OSC had previously accused NextBlock and Tapscott of misleading investors when he collected a reported $20 million from 113 investors. The regulators alleged that Tapscott lied…

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Blockchain 

Binance-Backed Crypto Bank Appoints Deutsche Bank Executive as New CEO

Malta-based cryptocurrency bank Founders Bank has appointed former executive of Deutsche Bank as its new CEO, according to a Bloomberg report on May 9. Backed by major global crypto exchange Binance, Founders Bank plans to assist blockchain and crypto-related firms in securing financial services from traditional banking institutions, the report notes. The new CEO, Kenan Altunis, will reportedly join Founders Bank’s team in June. Prior to the crypto bank, Altunis reportedly served as a co-head of the institutional client group at Deutsche Bank’s corporate and investment bank, where he was…

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Bitcoin 

Binance CEO Publishes Security Incident Update, Apologizes for Blockchain Re-Org Comment

Changpeng Zhao (CZ), CEO of major crypto exchange Binance, has updated reporters on the exchange’s security revamp and investigation into this week’s $40 million hack in a security incident update shared with Cointelegraph on May 10. The CEO also apologized for having fuelled community concerns by openly discussing the possibility of incentivizing a blockchain re-organization — or transaction rollback — as a possible response to the attack. As reported, Binance suffered a major and premeditated hack on May 7, which reportedly resulted in the theft of around 7,070 bitcoin (BTC)…

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