The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything. The Guardian reports: In a warning over the potential risks for investors, the central bank questioned whether there was any inherent worth in the most prominent Read more…
“Bitcoin mining is a process of competitively wasting electricity to guess a winning number every 10 minutes or so,” writes author David Gerard in Foreign Policy magazine. And he’s got an equally negative take on Salvadoran President Nayib Bukele’s experiment in making Bitcoin an official national currency alongside the U.S. Read more…
Football clubs have potentially made hundreds of millions of dollars selling controversial crypto “fan tokens.” From a report: Analysis commissioned by BBC News estimates more than $350m has been spent on the virtual currencies. Some of the tokens are marketed as offering real-world perks to the buyer. But critics say Read more…
Visa is launching new consulting and advisory services to help its clients navigate the world of cryptocurrencies. CNBC reports: The payments processor said Wednesday its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out Read more…
Non-fungible tokens are one of the hottest things in cryptocurrencies right now, with the prospect of big gains should the latest collection rise in value. But a new study from Chainalysis shows that a small portion of participants reap most of the gains. From a report: Investing frequently in a Read more…
On Wednesday night, someone drained funds from multiple cryptocurrency wallets connected to the decentralized finance platform BadgerDAO. According to the blockchain security and data analytics Peckshield, which is working with Badger to investigate the heist, the various tokens stolen in the attack are worth about $120 million. While the investigation Read more…
“Cryptocurrency was down by as much as 20% Saturday, hitting its lowest point in months,” reports MarketWatch: Bitcoin, the largest cryptocurrency by market value, was down 18% at $46,571.84 at about 7 a.m. ET, according to data from CoinDesk. It temporarily dipped to $42,000 before bouncing back. Ether, the second-largest Read more…