Paul Krugman says bitcoin could be losing out to the ‘pet rock of ages’ gold because scandals are denting faith in crypto

  • Crypto scandals helping push some investors away from bitcoin and toward gold, Paul Krugman said.
  • The Nobel Prize winner noted gold prices have been holding up even as crypto and Tesla tumbled in value.
  • A loss of faith in “fashionable technobabble” is helping demand for “the pet rock of ages,” he suggested.

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Some investors could be ditching bitcoin in favor of gold as crypto scandals tarnish confidence in digital assets, Paul Krugman has suggested.

The Nobel Prize-winning economist noted prices for the precious metal have been much more stable than for bitcoin over the past year, even though both have drawbacks as inflation rises and the Federal Reserve aggressively hikes interest rates.

In a New York Times op-ed, Krugman said cryptocurrencies have been kept aloft by a combination of fans’ enthusiasm for its cutting-edge technology and a libertarian approach to money.

“But investors are losing faith in fashionable technobabble,” he said in the commentary published Sunday.

“They still want their pet rocks, but crypto’s plunges and scandals are causing some of them to return to pet rocks with centuries of tradition behind them — that is, gold, the pet rock of ages”.

Krugman was keying off recent comments by JPMorgan CEO Jamie Dimon, who described cryptocurrencies as a pet rock because they can’t be used as a medium of exchange — that is, there aren’t many stores and other places you can directly hand over crypto and get something in return.

Krugman himself has repeatedly trashed bitcoin and other cryptocurrencies in the past, dismissing them as useless, wasteful and only valuable as a result of hype and speculation.

At the start of 2022, a Goldman Sachs analyst forecast bitcoin would take market share away from gold, the City University of New York professor noted.

“Is it possible that exactly the opposite has been happening?” he asked in the op-ed.

“After all, Bitcoin has lost more than two-thirds of its value since its peak in late 2021, and many much-hyped stocks such as (cough) Tesla have fallen from grace, but gold has hung in there, with its current price just a few percent off its 2020 peak,” Krugman said.

Bitcoin has dropped over 65% from its November 2021 peak of around $65,000, and is down almost 38% over the past 12 months, though it has rallied about 39% this year so far. Meanwhile, gold has risen about 4.4% in the past year and is up over 5% year to date.

Investors are leaning back into gold in part because the crypto sector has been rocked by high-profile collapses, according to Krugman. The recent implosion of leading crypto exchange FTX has heavily eroded confidence in digital assets that were already suffering a slump in prices.

And while rising interest rate would usually hit demand for gold, precious metal prices are surprisingly robust, he said, unlike those for crypto, Tesla and meme stocks. The theory is that high interest rates will depress demand for gold because people are more attracted to high-yielding investments elsewhere, such as bonds.

“You might be tempted to say that investors are buying gold because they fear inflation. But that hasn’t worked for bitcoin, which was also supposed to be an inflation hedge,” Krugman said.


Silvergate and other crypto-linked stocks climb as bitcoin notches its highest price in 5 months

  • Silvergate stock surged more than 12% on Monday after bitcoin hit a five-month high over the weekend.
  • Coinbase stock also has been on a tear recently, rising 53% in the past month.
  • Bitcoin is up nearly 36% in the past month amid a rally in broader crypto markets.

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Silvergate and other crypto-linked stocks are climbing after bitcoin notched a five-month high over the weekend.

The crypto-focused bank is up over 12% at $15.45 on Monday, after diving earlier this month on news that customers withdrew $8 billion in deposits late last year amid the collapse of Sam Bankman-Fried’s crypto exchange FTX.

Meanwhile, bitcoin surpassed $23,000 on Sunday, according to Messari, its highest price since August. The token dipped slightly to $22,884 on Monday, but is still ahead 8.5% in the past week. Bitcoin jumped nearly 36% in the past month, erasing losses from the fallout of the FTX crash.

Crypto markets seem unphased by crypto lender Genesis’ bankruptcy filing last week, along with broader financial woes from its parent company Digital Currency Group. Investors may be more comfortable with speculative bets as inflation data earlier this month raised hopes the central bank’s rate hikes could slow down further.

“Cryptocurrency prices continued to record improvements as sentiment among traders became less pessimistic. The expectations of lower inflation, softer monetary policies, and a possibly milder economic slowdown have helped prop up prices above last November’s peak,” Wael Makarem, a senior market strategist at trading platform Exness, said in a statement.

Makarem added: “Additionally, traders expect the Federal Reserve to further reduce the pace of interest rate hikes at their next meeting. This could lead to more risk-taking and a boost in cryptocurrency prices.”

The jump in Silvergate stock comes after the US crypto-focused bank reported a net loss of $1 billion in the fourth quarter of 2022. The financial firm has been rocked by a lengthy crypto bear market, along with contagion from the collapse of industry giants like FTX.

In a sprinkle of good news, Silvergate revealed that the firm had minimal exposure to now-bankrupt digital asset lender Genesis over the weekend.

Meanwhile, other crypto linked-stocks like Michael Saylor’s MicroStrategy and crypto miner Riot Platform are trading slightly higher, ahead 1% and 1.4%, respectively.

Elsewhere, Coinbase ticked 1% lower Monday but has been on a tear after the company went on a cost-cutting binge and laid off 20% of its staff earlier this month. The crypto exchange’s stock is up over 53% in the past month.

Amid the broad crypto rally, even so-called “Sam Coins” favored by Bankman-Fried, such as solana and FTT, have trended higher lately.

“The crypto-linked stocks track the crypto markets and [bitcoin] very closely because the user-base and client network of these companies deal heavily in digital assets,” Ajay Dhingra, head of research and analytics at Web3 operating system Unizen, told Insider.

Dhingra added: “Genesis Bankruptcy marks the end of the Grand Deleveraging of crypto markets, and retail is now getting interested to buy these stocks and [bitcoin] at a deep discount.”

Silvergate and other crypto-linked stocks are climbing after bitcoin notched a five-month high over the weekend.


A pair of public pension funds in Virginia have exposure to the collapse of crypto lender Genesis

  • Genesis owes its top 50 creditors around $3.5 billion, with at least one creditor tied to a $6.8 billion Virginia pension system.
  • Two pension funds in Fairfax County, Virginia, invested $35 million in a Genesis creditor.
  • Genesis filed for bankruptcy last week amid exposure to failed firms FTX and Three Arrows Capital.

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Genesis Global Capital, the crypto lending unit owned by Digital Currency Group (DCG),filed for Chapter 11 bankruptcy protection on Thursday. Among the firm’s exposed to the embattled lender are two public pension funds in Fairfax County, Virginia.

Genesis estimated more than 100,000 creditors and claimed $5.1 billion in liabilities, according to bankruptcy filings. The firm owes its top 50 creditors around $3.5 billion, with one of the creditors having ties to a nearly $7 billion pension fund system in Virginia.

The pair of pension funds invested $35 million in a VanEck fund, which is listed as a Genesis creditor. The Fairfax County Employees’ Retirement System and the Fairfax County Police Officers Retirement System were investors in the New Finance Income Fund from investment manager VanEck. There was a $53 million claim against Genesis.

“The fund is designed to seek income opportunities for investors via short-term lending arrangements with digital assets entities through a simplified approach that alleviates the operational burden of direct digital assets lending,” per a press release announcing the retirement system’s investment in the VanEck fund last year. “This may also result in potentially lower volatility as compared to direct digital assets exposure.”

Genesis’ financial woes stem from its exposure to defunct crypto fund Three Arrows Capital after the investment firm couldn’t pay back all of a $2.3 billion loan last year. Genesis had $175 million locked up in Sam Bankman-Fried’s fallen crypto exchange FTX. DCG, the parent company of Genesis, has cut costs by halting its dividend payments as well.

“Unfortunately, Genesis’ struggle shows that the contagion from FTX is not over, and this may further slow down the adoption and trust from institutions,” Jack Tan, cofounder of crypto trading platform WOO Network, told Insider.

Genesis’ first-day hearing in its bankruptcy case is scheduled for 2 p.m. ET on Monday.


Bernstein: The Bounce in Cryptocurrencies Is a ‘Mean Reversion’ Rally

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Recent crypto market strength is probably driven by a reversion to mean values, Bernstein said in a research report Monday, noting that bitcoin (BTC), the largest cryptocurrency by market capitalization, fell more than 65% last year. Mean reversion is a theory used in finance that suggests asset prices tend to revert to their long-term mean or average level.

According to Bernstein, the mean reversion of crypto still has room to run, so the broker advises caution about being bearish at current levels. Bitcoin in its entire history has never had two consecutive years of negative returns, it added.

While recent news from crypto exchange FTX and the bankruptcy filing of crypto lender Genesis has been negative, “the potential overhang on the liquid crypto markets has receded,” the report said. Much of the expected selling pressure has been in illiquid private crypto assets, it said.

The risk of an immediate sell-off in the Grayscale Bitcoin Trust (GBTC) has also receded as creditors and Digital Currency Group (DCG), which owns Grayscale, Genesis and CoinDesk, negotiate a settlement, and with all the relevant situations now under court settlement, the “public crypto markets seem to have felt some relief from any forced selling narratives.”

However, it is unlikely that this is the start of a sustained rally, as this is more “capital internal to crypto (sidelined stablecoins) being deployed,” analysts Gautam Chhugani and Manas Agrawal wrote. “We have not yet seen any new capital allocations to sustain this rally.”

Regulatory news from Hong Kong, which is looking to allow crypto trading licenses for some assets, has also contributed to positive sentiment in the crypto market, the note added.

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Ethereum Classic Price Forecast: ETC not reflecting fallout from Genesis bankruptcy

  • Ethereum Classic price remains stable at around $20 for the second trading day in a row.
  • ETC could tank further as only a few hours ago Genesis filed for bankruptcy.
  • The Crypto broker holds nearly $1 billion liability against Gemini, the Winklevoss holding.

Ethereum Classic (ETC) is currently holding near $20 after reality kicked in this week with several central bankers coming out and setting the record straight in terms of inflation, growth outlook and recession possibilities. To make matters worse for cryptocurrencies, this morning in Hong Kong crypto broker Genesis filed for bankruptcy after trying to negotiate with its creditors since November for an alternative way out. It becomes clear that another big domino is set to fall as the heat gets turned on under the feet of the Winklevoss twins, who will have some explaining to do with a few big banks that have been lending them money to support and build their Gemini venture. The twins stand to lose $1 billion in the fallout from Genesis.

Ethereum Classic price could sink below $20

Ethereum Classic price tanked over 6% on Wednesday after comments from hawkish central bankers reappeared following their winter hiatus. The comments and gifts they brought were not of any positive nature. Central bankers from the United States, Europe and Great Britain were pushing against the market positioning and sentiment that a pivotal level for rates is nearby and that a Goldilocks scenario or “soft landing” is currently playing out.

ETC thus sees its rally being halted by central bankers pushing back against the current euphoria in the markets. To make matters even worse, in Hong Kong the crypto broker Genesis has filed for bankruptcy, which puts at risk nearly $1 billion of capital from Gemini, with the Winklevoss twins as the biggest name behind the firm. This chain could put Wall Street at risk of contamination. Should Gemini default, a few American banks will need to write off that $1 billion.

Although cryptocurrencies are trading in calm waters, the risk is building as more profit-taking could be underway. Ethereum Classic price could be seen dipping lower in search of support, as there is no real handle nearby currently. The best levels are $19.50 at the monthly R1 resistance level and the 55-day Simple Moving Average (SMA) at $18.55, which means that the $20 psychological level needs to be given up for now.

ETC/USD daily chart

ETC/USD daily chart

If this default can contain little fallout toward other stakeholders, investors and traders will be more at ease to remain in their positions in cryptocurrencies. This means that a headwind is being avoided, and the only element for now that needs to be factored in is the central bank pushback. ETC could still pop higher in a bit of choppy trading toward $25 as the 200-day SMA looks like an important cap for the price action.

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Ethereum Classic price tanked over 6% on Wednesday after comments from hawkish central bankers reappeared following their winter hiatus. The comments and gifts they brought were not of any positive nature. Central bankers from the United States, Europe and Great Britain were pushing against the market positioning and sentiment that a pivotal level for rates is nearby and that a Goldilocks scenario or “soft landing” is currently playing out.


Cryptocurrencies are in crisis, but they are not going to disappear

Cryptocurrencies are in crisis, but they are not going to disappear Cryptocurrencies can be used for transactional purposes in the metaverse. Credit: Shutterstock

Cryptocurrencies are experiencing their worst crisis since the arrival of the first crypto assets and virtual currencies in the 1990s and their democratization in the 2010s.

Bitcoin had an unprecedented tumble in late 2020 and has yet to recover. In addition to this sharp decline, there is much discussion about the worrisome collapse of some so-called stablecoins, which are supposed to be less volatile.

This is compounded by the fall of cryptocurrency giants, particularly due to allegations of fraud in cases like the FTX scandal. At its peak, FTX had one million users and was the third-largest cryptocurrency exchange in terms of volume.

Experts agree that the aftershocks of its collapse have hit investors hard and will likely slow the pace of crypto asset adoption for the next few years.

As an expert in the field of cryptocurrencies, I will try to answer the following question: are cryptocurrencies really here to stay, or are they just a fad?

Speculation and extreme volatility

Cryptoassets include tokens that can be used for digital currency purposes (i.e. cryptocurrencies such as Bitcoin and Ethereum). They are also used for investment in an entity (a “security token,” which entitles the holder to ownership of a portion of an entity), or for products or services (a “utility token,” which entitles the holder to a product once it has been produced, for example).

Stablecoins, which are supposed to be associated with lower volatility, are unique in that they are backed by a currency (e.g. the U.S. dollar), a commodity (e.g. gold) or a financial instrument (e.g. a stock or a bond). This is to keep the value of the digital currency stable.

Bitcoin’s plunge is followed in the headlines on a daily basis. While this is not the first time it has fallen, it is particularly noteworthy as it is the biggest drop in value since late 2020. The collapse is partly due to rising interest rates and the flight of investors from these risky investments. Although it is recovering, Bitcoin is still a long way from the heights it once reached.

This media coverage raises many questions about the sustainability of these cryptoassets. Indeed, the latter are marked by extreme volatility in their unregulated markets in addition to being associated with speculation by many players in the financial world.

Indeed, the BBC recently reported that cryptocurrency laundering rose 30 percent in 2021. The U.S. Federal Trade Commission, which aims to protect U.S. consumers, reported that in 2021, fraud schemes cost investors more than $1 billion in cryptocurrencies. Needless to say, very few of the defrauded investors have recovered their money.

One billion users by 2022

Yet we are seeing a slow but sure increase in the adoption of cryptocurrencies by companies. In an ongoing study of the impact of cryptocurrency adoption by public companies on their social responsibility, I noted that many of them, such as Starbucks and McDonald’s, have started to accept Bitcoin as a form of payment. This is particularly the case in their branches in El Salvador, following that country’s adoption of Bitcoin as legal tender.

Others, such as Japanese online retail giant Rakuten, have chosen to accept cryptocurrencies even if their country is not pushing to adopt Bitcoin as a currency. They say they are driven by a desire to offer more payment options to their customers.

The user base for cryptocurrencies is growing year on year. For example,, an exchange platform, estimated that about 295 million people had entered the cryptocurrency market as of December 2021. The platform expected the number of users to cross the one billion mark by December 2022.

Cryptocurrencies also allow people with unreliable or insecure banking systems to access a parallel banking system that is independent of the traditional banking system. Offering a less affluent part of the population access to a different form of banking system is one of the reasons the President of El Salvador gave for making Bitcoin legal tender in the country.

A healthy fluctuation

The growing interest in decentralized finance (DeFi), as well as the development of the metaverse, are also factors that influence the sustainability of cryptocurrencies. Decentralized finance often relies on stablecoins for its operation. Meanwhile, the metaverse, a universe of 3D virtual worlds, also allows the use of cryptocurrencies to purchase goods or services, creating an immersive world.

Experts in the sector believe that, despite the debacle that the cryptoasset market has experienced recently, decentralized finance—particularly via products backed by cryptoassets—is here to stay. This is because there is a market and players willing to participate.

Moreover, they argue that while this sharp decline in cryptocurrency-related markets does remove some players, this is a welcome change. By the admission of Raoul Ullens, co-founder of Brussels Blockchain Week (an annual conference devoted to blockchain and cryptocurrencies): “it is healthy, for the adoption, the maturation of these Web3 technologies, to skim, to rebalance the sector. […] An unhealthy ecosystem will not attract the masses.”

According to these players, such a drop in the cryptoasset markets is not only necessary, but also healthy, contributing as it does to rebalancing the valuation of cryptocurrencies.

Cryptocurrencies are here to stay

The launch of cryptocurrencies by central banks, via central bank digital currencies (CBDCs), also lends weight to the argument that cryptoassets are here to stay. Indeed, the Bank of Canada is currently working on the creation of a CBDC. According to the institution, a CBDC issued by the Bank of Canada would be an “official digital currency (that) would retain its face value in Canadian dollars because it is issued by the Bank of Canada, just like bank notes.”

Other nations in the world have already issued such a currency, including the Bahamas (Sand Dollar) and Nigeria (eNaira). One reason CBDCs are different from privately issued digital currencies (such as Bitcoin or Ethereum) is that their intended use is for transaction purposes only, not for investment or speculation. They offer the same possibilities of use as cash.

CBDCs also aim to promote the financial inclusion of a part of the population that has little or no access to the traditional banking system, and to simplify the implementation of monetary and fiscal policy in the issuing countries.

Developments in the world of digital currencies, whether in the metaverse or with the arrival of the CBDC, and the craze that they continue to generate, mean cryptocurrency is here to stay.

This durability means the form of cryptoassets take will continue to evolve and transform with the technologies that support them (notably, blockchains) and the variation in demand from users and/or investors.

This article is republished from The Conversation under a Creative Commons license. Read the original article.The Conversation

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“utility token,”


Which cryptocurrencies have fallen the most in 2023 and what is the expectation according to experts?

After a barnstorming end to 2021, the value of cryptocurrency markets collapsed in 2022. Bitcoin went from an all-time high of $69,044.77 on 10 November 2021 before tumbling to $16,400 just one year later, a drop off of more than 76%.

After the collapse of FTX, anther large crypto trading platform, Genesis, filed for bankruptcy on Thursday.

The market as a whole went from a valuation of nearly $3 trillion to $798 billion dollars with some dubbing it the ‘crypto winter’. It would take something very special for the market to recover all of that ground in one year, especially in a much changed economic environment compared to the government pumping of stock markets during the covid-19 pandemic.

What is the expectation for the rest of the year?

There has been an inkling of a small resurgence but not enough for analysts to adjust their views on the future of Bitcoin for 2023. Eric Robertsen, global head of research at Standard Chartered Bank, said Bitcoin’s price could continue to fall to around $5,000 in 2023.

As shown with the collapse of FTX, crypto markets are struggling to hold on to any liquidity. The selling off of many coins are leading to sellers being unable to fulfil sales. With millions more Americans expected to be unemployed by the end of the year there may not be the funds to shore cryptobanks up again.

Another factor to consider is looming regulation of cryptocurrency markets. Governments have made it clear that there will be greater protection for consumers in future. The International Monetary Fund (IMF), which could never be described as a lover of regulation, has put out reports and press releases stressing the needs for nations to regulate crypto more before they become an integral part of the world economy.

“We have very strong investor and consumer protection laws for most of our financial products and markets that are designed to address these risks,” said US Treasury Secretary Janet Yellen in a statement following FTX’s collapse, while calling for “more effective oversight of cryptocurrency markets.”

The European Union is also considering crypto-related laws with Markets in Crypto-Assets (MiCA) Regulation. Expected to enter force this year, the bill seeks to establish the same rules for EU nations with regards to crypto regulation.

It certainly isn’t looking very promising for cryptocurrency in 2023.


Crypto lender Genesis files for bankruptcy as the fallout from FTX’s collapse continues

  • Crypto lender Genesis filed for bankruptcy Thursday, the latest fallout from FTX’s collapse.
  • The parent company of Genesis, Digital Currency Group has been battling liquidity issues.
  • Bankruptcy documents show Genesis has more than 100,000 creditors, with liabilities up to $11 billion.

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Crypto lender Genesis Global Holdco filed for bankruptcy protection Thursday, the latest firm to fall victim to the past year’s rout in digital assets and the repercussions of FTX’s collapse.

The company and two of its lending arms, Genesis Global Capital and Genesis Asia Pacific, filed voluntary petitions under chapter 11 of the US Bankruptcy Code, citing “liquidity issues”. It has over 100,000 creditors, with assets and liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.

“While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” said Genesis’ interim CEO Derar Islim.

The filing comes as Genesis and its parent company Digital Currency Group face financial woes resulting from the collapses of high-profile crypto companies such as FTX and Three Arrows Capital. The Financial Times reported that Genesis owes its creditors more than $3 billion.

Genesis in November halted redemptions following FTX’s implosion and warned at the time that bankruptcy was possible unless it could find fresh capital.

Turmoil at the crypto giant leaked over to its lending partner Gemini, a cryptocurrency platform headed by Cameron and Tyler Winklevoss. It sparked a public spat between the two crypto firms given Genesis owes Gemini more than $900 million under an interest-bearing program.

Meanwhile, the two firms have been sued by the Securities and Exchange Commission for the offer and sale of unregistered securities.

According to reports, Genesis has more than $150 million in cash which will support the company through its restructuring process.

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‘Very clear’ cryptocurrencies have to be regulated to guard against money laundering: Tharman


January 19, 2023 at 6:56 PM


January 19, 2023 at 10:00 AM

DAVOS – Cryptocurrency has to be regulated to guard against money laundering and other financial crimes, said a panel of regulators and bankers at the World Economic Forum on Wednesday.

Singapore’s Senior Minister Tharman Shanmugaratnam, who was on the panel, said it is “very clear” that the cryptocurrency space has to be regulated for things like money laundering, similar to traditional finance.

But when it comes to regulating cryptocurrency the same way as banks and insurance companies for financial stability reasons, there is a need to take a step back and ask a basic philosophical question, he said during the discussion on banking.

“Does that legitimise something that’s inherently purely speculative? And in fact, slightly crazy?” said Mr Tharman, who is also Coordinating Minister for Social Policies and chairman of the Monetary Authority of Singapore.

“Or are we better off just providing ultra clarity as to what’s an unregulated market and if you go in, you go in at your own risk. I lean a bit more towards the latter view.”

Mr Tharman said there is a need for consumer education, and to make it very clear that dabbling in cryptocurrency is a foolish risk taken at one’s own expense.

“And then if crypto or blockchain or any of the parts of that ecosystem would like to do things that traditional finance is doing, you apply exactly the same regulations to that. Capital liquidity, reserve backing, exactly the same regulations,” he added. “So people are very clear. There is one regulatory system for everything. And if you’re outside of the regulatory system, buyer beware.”

Bank of France governor Francois Villeroy de Galhau, who was also on the panel, said countries should rush to roll out rules for non-bank financial firms, starting with cryptocurrency companies.

“We cannot say, look, there was this crypto winter and now it’s over. You don’t have to deal with it. We have to regulate,” he said, adding, however, that calls for a ban are “a bit exaggerated”. “We have to regulate in a coordinated manner. We have to have international rules, it’s an utmost priority.”

Pressure to impose tougher rules on crypto grew after FTX, the world’s second-largest crypto exchange, collapsed dramatically in November 2022. Other high-profile blow-ups include the stablecoin Terra-Luna and crypto hedge fund Three Arrows Capital.

The market capitalisation of crypto firms is around US$1 trillion (S$1.3 trillion) now, down from a peak of roughly US$3 trillion in November 2021.

UBS chairman Colm Kelleher, another panellist, called blockchain technology “unstoppable”, and said it will “reduce huge operational friction, reduce costs and, harnessed properly, will be a very good value additive to the chain”.

But “know your customer” – standards to protect financial institutions against fraud – and anti-money laundering rules need to be in place or “you cannot possibly justify selling that product as it’s currently constituted”, he said.

The Swiss private bank had investors who wanted to invest in coinage, Mr Kelleher noted.

“We had to draw a line on what was suitable for those investors. What is our fiduciary duty and what is our compliance responsibility?” he said.

“We have not answered those things and in many ways, I think we dodged a bullet because this thing blew up very quickly, but it will come back in one form or another. And we are looking for the regulatory framework that will allow us to accommodate that for our clients.”

Singapore’s Senior Minister Tharman Shanmugaratnam, who was on the panel, said it is “very clear” that the cryptocurrency space has to be regulated for things like money laundering, similar to traditional finance.


HEX Crypto Price Prediction, Value and Chart (HEX)

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About HEX (HEX)

HEX is the first high-interest Blockchain CD.CDs pay higher interest than savings accounts, requiring money to be deposited for a fixed time. HEX aims to replace inefficient currencies, banks and payment networks with verifiably secure peer-to-peer technology. HEX takes the profit out of banks and government money printing and gives it to HEX holders.HEX is a hybrid proof of work(POW) and proof of stake(POS) system. Stakers are paid handsomely in HEX while miners can be paid just pennies in ETH to perform your HEX transaction.HEX conforms to the ERC20 standard to maximize interoperability and security. Every HEX consists of 100,000,000 Hearts (1 with 8 zeroes or 100 Million.) Which is funny because when you stake, you have “staked Hearts.”Hardware wallet support: Trezor and Ledger are integrated with both MetaMask (for HEX and ETH) and Electrum (for Bitcoin.)FreeClaiming is totally secure. Generating signatures is a standard feature in Bitcoin and can be done totally offline. Electrum is a great Bitcoin wallet. If you use a trezor or ledger hardware wallet, you use it through Electrum which is a handy way to generate your BTC FreeClaim signature if the software you’re using doesn’t have the feature. Your private keys stay safe inside your hardware device this way. If you really love anonymity you can claim each BTC address to a new ETH address over TOR or other proxies.HEX is easily extensible because smart contracts can be built on top of it or reference it.HEX works with distributed exchanges and atomic swaps easily. (Description provided by CryptoCompare.)

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Market Capitalization$13.75 billionThis market cap is self-reported and is based on a circulating supply of 572,170,573,415 HEX, which has not been verified.

Coin or TokenToken


Proof Type

Genesis Date12/2/2019


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About HEX (HEX)

HEX (HEX) Frequently Asked Questions

How do I buy HEX?

It is not possible to buy all cryptocurrencies with U.S. dollars. Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S. dollars using Coinbasepixel. Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including HEX.

Where can I get HEX wallet?

HEX produces its own wallet software that is available for download on its website, which allows you to store HEX on your computer. For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X. If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.

What is the value of HEX?

One HEX (HEX) is currently worth $0.02 on major cryptocurrency exchanges. You can also exchange one HEX for 0.00000113 bitcoin(s) on major exchanges. The value (or market capitalization) of all available HEX in U.S. dollars is $13.55 billion. This market cap is self-reported and is based on a circulating supply of 572,170,573,415 HEX, which has not been verified.

What is the Reddit page for HEX?

HEX (HEX) Price Chart for Thursday, January, 19, 2023

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