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Steven Mnuchin Says Global Powers Must Prevent Cryptocurrencies From Becoming Another 'Swiss Bank Account'
U.S. Treasury Secretary Steven Mnuchin has warned against cryptocurrencies becoming akin to a digital Swiss bank account that allows people to anonymously stash money, Bloomberg reports. Mnuchin issued his warning while speaking at the Economic Club of Washington on Friday, according to Bloomberg. Under U.S. law, “if you have a wallet to own bitcoins, that company has the same obligation
Warren Buffett Predicts a 'Bad Ending' For Cryptocurrencies
While the big news coming out of CNBC's interview with Warren Buffett on Wednesday is that the shortlist to succeed him as chief executive officer of Berkshire Hathaway appears to be down narrowed down to two men, the 'Oracle of Omaha' also reiterated his skepticism about cryptocurrencies in a separate interview with CNBC, predicting that things won't end well for
Kodak's Stock Surges 44% After it Announces an ICO
Kodak on Thursday announced a licensing partnership with WENN Digital to launch the KODAKOne image rights management platform that will include KODAKCoin, a "photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management." And because this is a corporate announcement about an ICO, Kodak's stock immediately surged 44%, as TechCrunch reports. Here's Kodak's description of
Goldman Says Crypto Coins Could Become Viable Currencies in Developing Countries
Goldman Sachs Group asserted in a report on Wednesday that cryptocurrencies could find success as real money in developing countries, according to Bloomberg. The premise of the report, written by strategists Zach Pandl and Charles Himmelberg, is that while the dollar in the U.S. has been stable and "served its purpose relatively well," the same can't be said for the
Helios and Matheson Investors Are Loving the MoviePass ICO Talk
Helios and Matheson Analytics Inc (NASDAQ: HMNY) management mentioned the magic word that sends stock soaring on Tuesday. In an interview with Yahoo, Helios CEO Ted Farnsworth uttered the word “cryptocurrency,” which is all it takes these days to send stocks like Helios skyrocketing 25 percent. When asked if Helios was considering an initial coin offering for MoviePass, Farnsworth and
GOP Healthcare Battle Putting Pressure on Health Startups
The Republicans’ healthcare plan to replace Obamacare was released last week, and it could have major consequences for many health startups that thrived under the Obama administration, reports Business Insider. “Repeal and Replace” has acted practically as a slogan for Republicans, and the effects that the GOP's healthcare plan will have on the population, as well as the newest health
The Future of Small Bank M&A
The following was originally published on Banking On Profit. As we head into New Year’s weekend, I find myself reading a lot of year in review and next year outlook material. I am a big fan of the overviews and outlooks but try to avoid those prognosticators making specific predictions they insist are actionable right now for the low, low
The women to follow all year-round on financial Twitter
We've compiled a list of women to follow on financial Twitter all year round. From economists to traders, here are the women NexChange has selected. Who would you add to the list? Download the app here to comment. Big thinkers/economists: Stephanie Kelton @StephanieKelton Professor, political/economic commentary – advisor to Senator Bernie Sanders Christine LaGarde @Lagarde Managing Director of the International Monetary Fund
Just how reliable are Alibaba's e-commerce statistics? Doubts are mounting
There is no doubt that China’s internet usage is high, but analysts are increasingly skeptical that it is as stratospheric as top e-commerce companies claim. For example, many merchants on Alibaba’s virtual market place fake sales in order to boost their rankings, according to Shaun Rein, founder of the Shanghai-based China Market Research Group. “The merchants all want five stars,
Bank of England enters the crypto-currency war
It’s not only commercial banks that are fighting back against the activities of fintech disrupters. Central banks too are doing their best to counter the threat of interloper crypto-currencies. “Computer scientists have devised a digital crypto-currency in league with the Bank of England that could pose a devastating threat to large tranches of the financial industry, and profoundly change the