In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
This is the biggest menace to gold mining and it is one that a lot of traditional investors cannot see coming. Altcoins like Bitcoin, Ethereum, Litecoin, NEO, and DASH serve as a hedge against inflation. Yet they are far easier to buy, sell and trade than gold.
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There is now $54 billion invested in 600 different publicly traded cryptocurrencies, research by City University of London economist Abeer El Bahrawy indicates. El Bahrawy made that discovery while trying to determine the size and scope of the cryptocurrency market, MIT Technology Review reported
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That means Novogratz might own around $230 million worth of the popular cryptocurrencies. The Forbes 500 named Novogratz as the 407th richest person in the world with a fortune of $2.3 billion.
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Square (NYSE: SQ) is one of those companies that looks like it would be a great value investment on paper.
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The PBOC is in a rush to develop a digital currency because of China’s experience with bitcoin. China is the world’s largest market for bitcoin because the cryptocurrency allows the country’s residents to easily bypass its’ rigid currency controls.
The central bankers apparently hope that issuing their own cryptocurrency will give them some control over the situation. Some control is better than no control which is what they have right now.
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This marks a paradigm shift in India’s economy because it is essentially an effort to force Indians to adopt the kind of electronic currency already widely used in the United States and Europe. The bills withdrawn were the largest denomination currencies issued in India.
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