Bitcoin News and Finance: What You Need to Know

The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange. Not Stable Enough to Be Good Means of Payment The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange because its value is “not sufficiently stable to be a good means of payment.” In remarks published by Jamaica Information Service (JIS), Byles, who spoke at a digital and cryptocurrency conference, said the Jamaican central bank takes time to warn people about the volatility of privately issued digital currencies. He also said his institution does not see crypto as a good means of settling transactions. He added: ...

Amid the crypto market carnage this weekend, another stablecoin slipped below the $1 peg on Saturday, June 18, as the crypto asset called magic internet money (MIM) briefly dropped to a low of $0.914 per unit. The Abracadabra-issued stablecoin dropping in value follows the recent terrausd (UST) failure and USDD’s recent volatility last week. Stablecoin Magic Internet Money Loses $1 Parity But Regains Strength After the Fall to $0.91 In mid-May 2022, the entire world witnessed an algorithmic stablecoin called terrausd (UST) depeg from its $1 parity and slide below a U.S. penny in value. In fact, UST’s failure obliterated the entire Terra blockchain ecosystem of tokens until they were near worthless. Last week, Bitcoin.com News reported on Tron’s algorithmic stablecoin USDD and how it dropped to a low of $0.95 per unit. The Tron Reserve DAO has been adding significant amounts of reserves like USDC and TRX to keep the token overcollaterized. Despite the funds being added, on June 1...

The host of Mad Money, Jim Cramer, has predicted that bitcoin’s price will fall to $12,000. Nonetheless, he has recommended bitcoin and ether for people wanting to invest in crypto. Jim Cramer’s Bitcoin Price Prediction Jim Cramer, the host of Mad Money, talked about the future outlook for bitcoin on CNBC Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He was asked whether he thinks bitcoin is going to bounce from the current level, or whether BTC will go down another 50% or more. Sharing his bitcoin price prediction, he replied: I think it goes to $12,000, where it was before this whole fiasco began. “I think the people involved with bitcoin have to take another stand,” the Mad Money host stressed. “We need some guys to just say, ‘Look this is the level.’ That’s typical of what happens when it’s about to really drop big.” He emphasized, “They can’t let it go down anymore.” Cramer on Margin Calls and Microstr...

Tesla CEO Elon Musk has suggested integrating crypto payments into Twitter. “My goal would be to maximize the usefulness of the service,” he told Twitter’s employees in his first all-hands meeting with them. Twitter’s First All-Hands Meeting With Elon Musk, Integrating Crypto Payments Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday. Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold , and Musk has accused Twitter of a material breach of the merger agreement. During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas. Leslie Berland, Twitter’s chief marketing officer, asked Musk: “Can you talk a little bit about Twitter and payments?” The Tesla boss began by stating that “money ...

The chief investment officer of global fixed income at Blackrock, the world’s largest asset manager, says bitcoin and crypto are durable assets. “I think there’s a healthy recalibration going on,” he said, noting that “if you look two to three years hence, they will be higher than today.” Blackrock’s Executive on Bitcoin and Crypto Rick Rieder, chief investment officer (CIO) of global fixed income at Blackrock, shared his view on bitcoin and cryptocurrency in an interview with Yahoo Finance Live on Thursday. Blackrock is the world’s largest asset manager with about $10 trillion in assets under management (AUM). Rieder was asked how the crypto market is going to react as the Federal Reserve begins tightening aggressively. The Fed hiked its benchmark rate by 75 basis points this week — the largest increase since 1994. The CIO explained: “I think people underestimate. When you leave rates at such low levels for such an extensive period of time … when you keep policy too easy, the le...

KBC Group, a major European banking and insurance institution headquartered in Belgium, has launched a token based on a blockchain platform. Its customers will be able to acquire the new proprietary coins and use them through their KBC wallet and mobile app. KBC Issues Digital Coin for Clients and Partners KBC, the Brussels-based financial group with extensive presence in Central and Eastern Europe, has announced its own crypto called ‘Kate Coin.’ The bank said it’s preparing a large-scale test of the token, with the participation of thousands of employees who will be able to spend it at a festival in Belgium this week, and it will eventually roll it out throughout the group. The coin comes a year and a half after the launch of Kate, KBC’s personal digital assistant. In a press release, the company noted that a whole new economy is now developing on the basis of technologies such as web 3.0, cryptocurrencies and non-fungible tokens ( NFTs ). With its latest initiative, KBC wants t...