ECB’s Constancio compares Bitcoin to Dutch tulip mania

ECB's Constancio compares #Bitcoin to Dutch tulip mania

  • European Central Bank (ECB) Vice President Vitor Constancio is seen at a news conference at the ECB headquarters in Frankfurt, Germany July 20, 2017.
  • REUTERS/Ralph Orlowski – – FRANKFURT (Reuters) – Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands.
  • But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the ‘Tulip mania’ seen three-hundred years ago.
  • “It’s an instrument of speculation … but certainly not a currency and we don’t see it as a threat to central bank policy.”
  • The ECB said year last year digital currencies, which are generally issued by private companies and only exist in electronic form, could in principle erode its power over the supply of money, inviting European Union lawmakers to tighten proposed rules on the matter.

Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands. The dollar value of the Bitcoin has nearly trebled this year and, while
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Health care stocks higher as McCain says no to GOP bill [Video]

LIVE: Quick look at #bitcoin for the day -

  • Stocks are slipping a bit here as geopolitical tensions rise and the GOP health reform bill may be on life support.
  • is the latest senator to say he’ll vote no Graham-Cassidy—and health care stocks are ripping higher.
  • Plus, Apple shares are down again as the iPhone 8 and new Apple Watch hit the stores.
  • Stocks in the red today include Intercept Pharmaceuticals following downgrades in the wake of an FDA warning for its liver disease drug; Carvana, as the auto retailer was initiated with a sell at B. Riley with a $12 price target; and US Steel, with slipping as Cowen downgraded shares to…
  • Stocks in the green today include Texas Instruments as the company hiked its dividend and boosted its buyback plan; First Solar hitting a 52-week high after the US international trade commission said imported solar panels hurt US manufacturers; and Sprint, with shares jumping here on reports T-Mobile and Sprint are…

John McCain (R-Ariz.) is the latest senator to say he’ll vote no Graham-Cassidy—and health care stocks are ripping higher. Plus, Apple shares are down again as the iPhone 8 and new Apple Watch hit the stores.
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Strategist predicts bitcoin, digital currency trading volume will ‘soon surpass’ Apple’s

  • Digital currency trading is exploding and daily volume could “soon” surpass that of Apple, according to a strategist closely followed by hedge funds.
  • Nordvig said global daily trading volume between the two largest digital currencies, bitcoin and ethereum, into traditional currencies has multiplied eight times in the last year.
  • Bitcoin has surged this year, briefly increasing fivefold before tumbling amid a Chinese crackdown on digital currencies and criticism from JPMorgan Chase CEO Jamie Dimon this month.
  • The total market value of all digital currencies was $121 billion Friday, according to CoinMarketCap.
  • While digital currency trading volume has taken off, average daily trading volume in U.S. stocks fell in August to its lowest in three years, according to market researcher Tabb Group.

Trading among digital currencies is exploding, according to Jens Nordvig, founder and CEO of Exante Data.
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Strategist predicts bitcoin, digital currency trading volume will ‘soon surpass’ Apple’s

  • Digital currency trading is exploding and daily volume could “soon” surpass that of Apple, according to a strategist closely followed by hedge funds.
  • Nordvig said global daily trading volume between the two largest digital currencies, bitcoin and ethereum, into traditional currencies has multiplied eight times in the last year.
  • Bitcoin has surged this year, briefly increasing fivefold before tumbling amid a Chinese crackdown on digital currencies and criticism from JPMorgan Chase CEO Jamie Dimon this month.
  • The total market value of all digital currencies was $121 billion Friday, according to CoinMarketCap.
  • While digital currency trading volume has taken off, average daily trading volume in U.S. stocks fell in August to its lowest in three years, according to market researcher Tabb Group.

Trading among digital currencies is exploding, according to Jens Nordvig, founder and CEO of Exante Data.
Continue reading “Strategist predicts bitcoin, digital currency trading volume will ‘soon surpass’ Apple’s”

UK fund to build one of world’s biggest solar farms in Iran

  • A UK investment fund is set to build one of the world’s largest solar power projects in the world in Iran by the end of the decade.
  • The deal between Quercus and Iran’s Ministry of Energy is worth over €500m (£440m) and will bring forward a giant 600MW solar project within the next three years by building a 100MW standalone installation every six months.
  • Diego Biasi, chief executive of Quercus, said the deal offers “an unrivalled opportunity” to tap into the huge potential in Iran’s burgeoning renewable energy market, and an opportunity for Britain to deepen its ties with the Middle East’s second largest economy as it prepares to leave the European Union.

A UK investment fund is set to build one of the world’s largest solar power projects in the world in Iran by the end of the decade.
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BBC Radio 4

  • David Baddiel investigates Bitcoin.
  • Bitcoin is often in the news, but David has always been confused about what, exactly, it is.
  • And with the help of two experts in the field David sets out to find out.
  • He starts by speaking to Nathaniel Popper, whose best-selling book Digital Gold tells the history of how Bitcoin was invented.

David Baddiel tries to make sense of Bitcoin. What is it, and how does it work?
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Jamie Dimon lays into bitcoin again, says it’s ‘worth nothing’

#bitcoin = 🌷mania + monopoly 💰 #fakecurrency $BTC $crypto #Bitcoin

  • JPMorgan Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, warning that governments will shut them down if they grow too large.
  • Dimon was concerned that with bitcoin, ethereum and various Initial Coin Offerings (ICOs), there are now cryptocurrencies everywhere.
  • Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment, which would force digital currencies into becoming a black market.
  • These are the latest comments from Dimon attacking bitcoin.
  • Dimon’s comments came under criticism from several bitcoin investors and experts.

JPMorgan Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, labeling it a “novelty” that is likely to end badly.
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