The chairman of the Federal Reserve said today that the U.S. government will have to work with private firms to improve the way money is moved around the world. Speaking via video at a Bank for International Settlement (BIS) conference in Basel, Switzerland on March 18, Jerome Powell acknowledged that the current system of cross-border payments needs to be improved and digitalized. He said: “The COVID crisis as brought into even sharper focus the need to address the limitations of our current arrangements for cross-border payments.” It has, he said, “shined a light on the less efficient areas of our current payment system and accelerated the desire for improvement and digitalization.” A key…
On heels of Morgan Stanley boost, BTC trashed by Bank of America, Investopedia
BoA analysts say Bitcoin is ‘impractical as a store of wealth,’ while an Investopedia investors survey finds 62% believe it is in a price bubble
According to financial news site The Street, BoA analysts on March 17 called Bitcoin “impractical as a store of wealth or payments mechanism,” adding, that there is no good reason to invest in Bitcoin “unless you see the price going up.” Beyond that, Investopedia editor-in-chief Caleb Silver said a survey showed the only bubble investors are worried about is Bitcoin.
Arthur Hayes agrees to arrest on Bank Secrecy charges
The former CEO of the BitMEX crypto derivatives exchange will turn himself in to U.S. authorities, be released on bail and allowed to return to Singapore
Benjamin’s filing with the court noted that after “extensive discussions” Hayes and the DoJ agreed to a $10 million bond secured by $1 million in cash, to be co-signed by his mother. In a very unusual agreement, Hayes will be allowed to retain his passport and reside in Singapore during the trial, returning as needed. He will sign a waiver of extradition form.
Modern Consensus 100 Most Influential: Who got it right and who got it wrong
The good guesses, the triumphs, the screw-ups and the downright disasters of 2020
In an industry as young and volatile as crypto, and especially with all the money sloshing around in it, the triumphs and tragedies—or at least successes and screw-up—can be be enlightening and sometimes funny. It’s also a good preview to The Modern Consensus 100 Most Influential People in Crypto 2021, which went live today.