Despite the rejection of a bid for a bitcoin ETF, the crypto market remains confident other proposals will persevere.
CoinDesk
Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”
In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a report calling cryptocurrency a “fallacy.”
Also Read: China Round-Up: Permissive Regulations Advocated, 3 Million Chinese HODLers, Xiaolai Recording Leaks
Bitcoin in Brief Thursday: OECD Explores Cryptocurrencies, Central Asian Powerhouse Calls for UN Crypto Rules
In today’s edition of Bitcoin in Brief we’re focusing on developments in the realm of international politics and economics regarding cryptocurrencies. The Organization of Economic Cooperation and Development is looking into the possible uses of digital coins and the associated technologies. Kazakhstan is calling for the adoption of common crypto rules by the United Nations, while Iran and Russia are thinking about using cryptocurrency in bilateral trade.
Also read: Bitcoin in Brief Wednesday: Coinbase Goes After Big Money as Nomura Creates Komainu
Warren Buffett Calls Bitcoin ‘Rat Poison,’ Ignores Real-World Utility
Warren Buffett has once again delivered a bearish and quote-worthy statement in regards to Bitcoin and other cryptocurrencies, calling Bitcoin “rat poison squared” – but is he still missing the point?
In case you didn’t already know, investing legend Warren Buffett doesn’t like Bitcoin.
According to CNBC‘s Becky Quick, The Oracle of Omaha once again expressed his negative views on the dominant cryptocurrency by market capitalization, stating that Bitcoin is “probably rat poison squared” while presiding at the Berkshire Hathaway 2018 annual shareholder meeting.
.@WarrenBuffett on bitcoin just now: “it’s probably rat poison squared.” #brk2018
PayPal’s Peter Thiel Calls Bitcoin “Digital Gold”
While many politicians and heads of corporations continue to lambast cryptocurrencies, PayPal co-founder and venture capitalist Peter Thiel has backed Bitcoin yet again, calling the virtual currency the future of finance.
Thiel has been a vocal proponent of Bitcoin for some time now, and has been advocating the use of cryptocurrencies and blockchain since 2017. In a recent interview, he compared bitcoin to gold bars placed inside a “vault that never moves”. He elaborated by saying that he saw crypto assets as being “value containers” rather than currencies which would be used to facilitate everyday transactions.
G20 Watchdog Says Cryptos Not a Risk, Resists Calls for New Rules
The Financial Stability Board, G20’s global watchdog, does not consider cryptocurrencies a risk to financial stability. In a letter to the Group of 20 central bankers and finance ministers, its Chair Mark Carney said FSB was pivoting away from designing new policies and focusing on reviewing existing rules. His comments suggest there is no G20 consensus on common crypto regulations, despite calls from member-states for adopting global guidelines.
UK’s Guardian: ‘Mr Money Moustache’ Calls Bitcoin, Gold ‘Waste Of Energy’
UK newspaper The Guardian has published outright warnings not to invest in Bitcoin or gold, describing them as a “waste of human investment energy.”
Bitcoin ‘Like Mr. Money Moustache’s Fingernail Clippings’
In an extensive post arguing that trust principles of fiat currency are superior to decentralized setups in many cryptocurrencies, the blogger known as ‘Mr. Money Moustache’ tells readers purchasing them is “collective insanity.”
The post reads:
People who think that there’s even a tiny chance bitcoin could become a world currency say it is severely undervalued. […] You could make the same argument about my fingernail clippings: they may have no intrinsic value, but they’re in limited supply so let’s use them as the new world currency.