Al Vaughters is an award-winning investigative reporter who has been a part of the Information 4 workforce since 1994. See extra of his work right here. To submit a Name 4 Motion, click on right here.
Crypto
Cryptocurrency, the good news and the not-so-good news for investors
![Cryptocurrency, the good news and the not-so-good news for investors Cryptocurrency, the good news and the not-so-good news for investors](https://www.wivb.com/wp-content/uploads/sites/97/2022/05/bitcoin.jpg?w=1280)
BUFFALO, N.Y. (WIVB) — Cryptocurrency is a type of funding that has made many individuals very wealthy in a really quick time period.
What’s most puzzling about cryptocurrency — it’s foreign money. The U.S. greenback, that’s foreign money, the ruble, Japanese yen, that’s foreign money. Are you aware of anybody who has purchased $100,000 money and made a fortune from it? That’s nearly precisely what traders are doing with Bitcoin.
Probably the most well-known cryptocurrency proper now’s Bitcoin — it has grown exponentially in worth over the previous couple of years, turning small time traders into millionaires nearly in a single day. However Paul Coleman of Degree Monetary Advisors says, remember, it’s foreign money — digital cash you’re speculated to be different issues of worth with.
“I imply, the overwhelming majority of individuals that you’re speaking to do view the varied cryptocurrencies as an funding, as a substitute of extra of an precise foreign money that can be utilized to purchase and promote issues,” he stated. “Because the demand for the varied cryptocurrencies will increase the worth of them goes up.”
Coleman informed us, the attraction of cryptocurrency for traders is it eliminates the center man — governments that situation and management the worth of their currencies. Worth for Bitcoin and different digital currencies, theoretically, is how a lot hundreds of thousands of traders are prepared to pay for it.
Cryptocurrency is meant to be extra secure, however recently that’s altering.
“What’s vital to notice is that to this point it has fallen sooner and extra considerably than your conventional inventory markets just like the S&P 500, the NASDAQ or the Dow,” Coleman stated.
He additionally identified cryptocurrency is in some ways like money — when you misplaced observe of it, you may as effectively burn it.
“I consider the well-known instance is a gentleman who misplaced his bitcoin pockets in a landfill, unintentionally threw it out, and provided to pay the town that owned the landfill tens of hundreds of thousands of {dollars} to type by the landfill.”
Coleman informed us the person had purchased his cryptocurrency when the worth was very low, discarded his password to his bitcoin pockets, and when he realized his mistake, the worth had ballooned to $100 million. Coleman additionally suggested — keep on with investments you recognize.
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Crypto
Crypto bull market fuels creation of 88K millionaires, six billionaires in 2024 – report
![Crypto bull market fuels creation of 88K millionaires, six billionaires in 2024 – report Crypto bull market fuels creation of 88K millionaires, six billionaires in 2024 – report](https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1224129143/image_1224129143.jpg?io=getty-c-w750)
AlexSava
The 2024 cryptocurrency bull market has sparked a remarkable surge in wealth, creating over 88K new millionaires and elevating six individuals to billionaire status, according to a recent report by British investment migration consultancy Henley & Partners.
The number of individuals holding crypto worth of at least $1M has skyrocketed to 172K, up 95% from a year before. The significant shift comes during the same year in which bitcoin (BTC-USD) reached a new record high of $73.8K in March, buoyed by the launch of U.S. spot bitcoin exchange-traded funds that have ushered in notable institutional – and retail – capital.
What’s more, the number of centi-millionaires – individuals with assets exceeding $100M – has surged by 79%, reaching a total of 325, the report added. And five out of the six newly minted crypto billionaires have amassed their fortunes through investments in bitcoin (BTC-USD). MicroStrategy’s (MSTR) Michael Saylor, who personally owns about $1B of bitcoin, is an outspoken bitcoin whale.
But, since its price swoon in early August, bitcoin (BTC-USD) has been trading 23%-16% off its all-time highs. That’s despite the fact that the Federal Reserve is gearing up to start cutting borrowing costs, a move that may attract investor demand for riskier assets, including BTC. Year-to-date, BTC climbed about 38%.
“The longer bitcoin stays in this range, the more likely a strong breakout will happen, although it’s uncertain which direction it will take,” said Seeking Alpha analyst Dean Popplewell in Bitcoin’s Steady Range: Mt. Gox Impact And Future Outlook.
Fellow SA contributor Florian Grummes is leaning on the bearish end of the bull-bear spectrum, citing seasonal patterns and potential stock-market volatility.
He expects bitcoin’s pullback from March highs “to intensify over the next one to two months, and would not be surprised if the markets crashed temporarily, he said in Bitcoin: This Correction Is Probably Not Over Yet. A panic sell-off lasting several weeks should then provide patient investors with very good entry opportunities in September or October, or at the latest, after the US election in early November.”
Elsewhere in Henley & Partners’ report, crypto-wealthy investors are increasingly seeking residency in jurisdictions that are both crypto-friendly and tax advantageous, it found. Singapore continues to be the “premier cryptocurrency hub,” excelling in regulatory framework and infrastructure development. Coming in second place, Hong Kong has investor-friendly tax policies. And the United Arab Emirates, also with its tax advantages, ranks third in this competitive landscape.
“The crypto millionaires of 2024 are not content with digital riches alone; they seek freedom of global mobility to match their borderless assets,” said Dominic Volek, group head of private clients at Henley & Partners.
The report includes stats on wealthy crypto investors provided by wealth intelligence firm New World Wealth, along with insights from academics, industry experts and crypto players.
More on the Crypto Market
Crypto
Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise – Tesla (NASDAQ:TSLA)
![Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise – Tesla (NASDAQ:TSLA) Tesla CEO Elon Musk Wants To Bring Back Dogecoin As A Payment Option To Buy Company's Merchandise – Tesla (NASDAQ:TSLA)](https://cdn.benzinga.com/files/images/story/2024/08/31/musk-dogecoin-chart-shutter.jpeg?width=1200&height=800&fit=crop)
Tesla Inc TSLA CEO Elon Musk said on Friday that he would like to have the option of paying with meme cryptocurrency Dogecoin DOGE/USD reinstated for the company’s merchandise.
What Happened: “Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to reinstate the option of paying with Dogecoin for its merchandise.
Tesla has an online shop with company merchandise. Though it currently only allows payment in dollars, it previously allowed users to make payments with Dogecoin. Earlier this year, Musk even suggested in an address during his visit to Giga Berlin that the company would accept Dogecoin as an official form of payment for its cars at some point.
The EV giant’s website even has a support page for clearing doubts about paying with Dogecoin for its products.
“Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed,” the page reads.
Why It Matters: Earlier this week, Musk and Tesla secured the dismissal of a federal lawsuit accusing them of defrauding investors through insider trading and market manipulation of Dogecoin.
The decision was delivered on Thursday night by U.S. District Judge Alvin Hellerstein. Investors had accused Musk of exploiting Twitter (now X) posts and other publicity stunts to trade profitably at their expense through several Dogecoin wallets controlled by him or Tesla.
Judge Hellerstein, however, stated that no reasonable investor could rely on social media posts to pursue a securities fraud claim. The lawsuit was subsequently dismissed with prejudice, preventing it from being filed again.
Over the years, Dogecoin’s price movement has become increasingly linked to social posts and endorsements by Musk, as well as developments around companies owned by him.
Earlier this month, Musk posted an AI-generated image referencing the cryptocurrency through his X account, which caused it to spike.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Photo courtesy: Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Crypto
North Korean Hackers Exploit Chrome Flaw to Steal Cryptocurrency: Report
![North Korean Hackers Exploit Chrome Flaw to Steal Cryptocurrency: Report North Korean Hackers Exploit Chrome Flaw to Steal Cryptocurrency: Report](https://www.cryptotimes.io/wp-content/uploads/2024/08/North-Korean-Hackers-Exploit-Chrome-Flaw-to-Steal-Cryptocurrency.jpg)
According to a recent report by Microsoft’s cybersecurity team, a group of North Korean hackers known as the “Citrine Sleet” have exploited a previous flaw in Google Chrome to steal cryptocurrency from people.
Microsoft first became aware of the cyberattack on Aug 19, when the hackers exploited a vulnerability in the Chromium engine, the open-source software that powers Chrome and other popular browsers like Microsoft Edge.
This type of flaw is called “Zero-day”, meaning that Google was unaware of the issue and had no time to fix it before it was exploited.
According to Microsoft researchers, Citrine Sleet which operates similarly to the popular notorious Lazarus Group, often creates fake websites that look like real crypto trading platforms to trick people They use these fake sites to get users to download harmful software known as “AppleJeus”.
This software is often disguised as job applications or cryptocurrency wallets. Once the software is installed, it gives the hackers control over the victim’s device, allowing them to steal their cryptocurrency.
Google eventually released a fix for this flaw on Aug, 21, two days after being alerted by Microsoft. However, it’s still unclear how many organizations or people were affected by the attack
Also Read: Kylian Mbappé’s X Account Hack Fuels $1 Million Crypto Scam
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