In a note titled “I come to bury Bitcoin, not to praise it,” Paul Donovan, UBS bank’s wealth management global chief economist, took the opportunity on Tuesday to predict that Bitcoin is not just an economic bubble, but one that has begun to burst. Looking at a drop in value from near $20,000 at the end of 2017 to as low as $3,200 last week, the longtime cryptocurrency skeptic felt confident enough to say: “The cryptocurrency bubble may be in its death throes. A loss of over 80% is not healthy. Economists said from the start that Bitcoin and the like would never be currencies. They never will be currencies.…
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Must-reads for August 27, 2018
Here are the crypto stories you should be watching today
This little-talked about correlation suggests bitcoin may end year ‘explosively higher’: Tom Lee (CNBC) Fundstrat’s Tom Lee may use shoddy analysis. He may even make absurd claims of bitcoin prices reaching $10 million in a couple of decades based on shockingly flimsy correlations between Millennial income power and the price of bitcoin over a few months during the bubble last year. But you know what he’s really, REALLY good at? Getting repeatedly booked on CNBC. On Friday, the former JP Morgan’s Chief Equity Strategist was at it again, this time spouting the idea that emerging markets may power BTC toward his $25,000 year-end price target, a prediction made earlier this…
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Shark Tank’s Kevin O’Leary floats hotel ICO
Mr. Wonderful touts regulated blockchain investments as the future
Shark Tank‘s “Mr. Wonderful” Kevin O’Leary came on CNBC’s Sqawkbox Monday to discuss the idea that Twitter might ban ICO ads and instead turned his appearance into an ad for the most exciting new ICO of the week: a coin-backed hotel. At a time when Facebook, Google, Twitter and other platforms are questioning the integrity of ICOs, the billionaire ended up giving a great two-minute speech about the future of blockchain business investing. “Instead of a stock, a share, it’s a coin. With a smart contract approved by the SEC,” said the Shark Tank investor and chairman of investing company O’Shares. Compared to many Wall Street-financed construction projects, $400 million doesn’t…
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Ripple's XRP token isn't a real object but if it were and if one were to get a pile of them and a nice camera, this is what it would look like (via Shutterstock).CNBC’s Ripple/Coinbase booking gets fans all hopped up on hope
Just don’t expect a major announcement on Tuesday’s episode of Fast Money
Ripple fans sometimes let their dreams get the better of them. Take the latest rally in the company’s token. On Monday, the XRP gained about 20 percent with a rumor fueled by a simple booking on CNBC. Fast Money, a show on the financial news network, booked Ripple’s CEO Brad Garlinhouse and Coinbase President Asiff Hirji to appear on Tuesday. When promotional assets started to appear on CNBC, rumors about the two companies followed suit. Reddit threads soon appeared where Ripple fans proved they collectively lost their minds. One such thread, in the r/CryptoCurrency subreddit, has over 400 posts and counting. A top-voted comment from a person calling himself MistaJones…
