Bitcoin is a market for criminals and millennials, Dennis Gartman says

  • Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.
  • “This is a market … for criminals, this is a market for millennials,” Gartman told CNBC’s “Fast Money” on Monday.
  • Even the cryptocurrency’s tendency to bounce back in a big way from steep declines is not swaying Gartman.
  • Monday marked yet another instance of Gartman trashing the cryptocurrency.
  • Gartman added that he appreciates cryptocurrency’s use of blockchain technology, but he believes there are better uses for blockchain.

Bitcoin bear Dennis Gartman still will not buy bitcoin, despite predictions that the cryptocurrency will rebound.
Continue reading “Bitcoin is a market for criminals and millennials, Dennis Gartman says”

After periodic drops of 20 percent, bitcoin tends to come back even stronger

After periodic drops of 20%, bitcoin tends to come back even stronger  #AppleNews #TechNews

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

Bitcoin is a market for criminals and millennials, Dennis Gartman says

  • Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.
  • “This is a market … for criminals, this is a market for millennials,” Gartman told CNBC’s “Fast Money” on Monday.
  • Even the cryptocurrency’s tendency to bounce back in a big way from steep declines is not swaying Gartman.
  • Monday marked yet another instance of Gartman trashing the cryptocurrency.
  • Gartman added that he appreciates cryptocurrency’s use of blockchain technology, but he believes there are better uses for blockchain.

Bitcoin bear Dennis Gartman still will not buy bitcoin, despite predictions that the cryptocurrency will rebound.
Continue reading “Bitcoin is a market for criminals and millennials, Dennis Gartman says”

After periodic drops of 20 percent, bitcoin tends to come back even stronger

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker

'The #sky is the limit' for #blockchain #technology in #banking @CNBC

  • Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
  • With blockchain technology, he said, that could take only a matter of minutes.
  • Disney likened bitcoin to email.
  • Bitcoin is the first “killer” blockchain technology app, just like email was the first “killer” internet app.
  • Credit Suisse has run experiments using blockchain technology in other parts of the business, he said.

Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
Continue reading “‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker”

‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker

  • Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
  • With blockchain technology, he said, that could take only a matter of minutes.
  • Disney likened bitcoin to email.
  • Bitcoin is the first “killer” blockchain technology app, just like email was the first “killer” internet app.
  • Credit Suisse has run experiments using blockchain technology in other parts of the business, he said.

Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
Continue reading “‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker”

John McAfee challenges Jamie Dimon’s bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
Continue reading “John McAfee challenges Jamie Dimon’s bitcoin skepticism”

Former Facebook executive says Google, Facebook are ‘surveillance states’ and risk more regulation

  • Even though he was once an executive at Facebook, Chamath Palihapitiya, CEO of Social Capital Hedosophia Holdings, favors investing in Amazon instead, he told CNBC’s “Fast Money: Halftime Report” on Thursday.
  • But Palihapitiya said he thinks that Facebook and Google face more regulatory risk, given the many retailers that compete with Amazon.
  • “Amazon is a microscopic portion of global consumption today, so ultimately I think it has more room to grow before it invites regulatory overview,” Palihapitiya said.
  • Palihapitiya noted that many big technology companies have seen their stocks soar, making it tempting to take gains.
  • But with tools like Alexa, robots and cloud, Amazon’s technology could lead it to victory over “laggard competitors,” Palihapitiya said.

Chamath Palihapitiya’s holding company, which also includes former Twitter executive Adam Bain, hit the public markets on Thursday.
Continue reading “Former Facebook executive says Google, Facebook are ‘surveillance states’ and risk more regulation”

JPMorgan’s top quant strategist, echoing CEO, compares bitcoin to ‘pyramid scheme’

  • JPMorgan’s top quant strategist backed his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
  • Earlier this week, JPMorgan CEO Jamie Dimon called bitcoin a “fraud,” saying that the cryptocurrency “won’t end well.”
  • Bitcoin plunged about 13 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
  • Former JPMorgan strategist Tom Lee said the cryptocurrency could surge another 600 percent in five years.
  • “It’s not worth it to look at bitcoin two months, two weeks ahead,” Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years.

JPMorgan’s Marko Kolanovic reinforced his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
Continue reading “JPMorgan’s top quant strategist, echoing CEO, compares bitcoin to ‘pyramid scheme’”

John McAfee challenges Jamie Dimon’s bitcoin skepticism

John McAfee challenges Jamie Dimon's bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
Continue reading “John McAfee challenges Jamie Dimon’s bitcoin skepticism”