Bitcoin

Bitcoin Daily: Steve Bannon Creates A Cryptocurrency, Hedge Fund Founder Pans Bitcoin

Bitcoin Daily

Regulators in Switzerland are doubling down on efforts to help crypto projects stay in the country, Reuters reported. The country’s crypto sector has experienced fast growth and provides jobs to hundreds of workers. But companies in the industry might leave if they government does not help them access banking systems.

“All their banking relationships are going to Liechtenstein,” Zug’s Finance Director Heinz Taennler told Reuters. “These are hundreds of jobs that have been created, and every job is important.”

In other news, Steve Bannon, the former advisor to President Donald Trump, is bullish on the bitcoin and is reportedly creating a cryptocurrency, according to CNBC.

“I like bitcoin. I own bitcoin,” Bannon said at an interview at a conference. Even so, Bannon is cautious when it comes to initial coin offerings (ICOs): “Too many investors get blown out by things that aren’t thought through,” Bannon said.

On a different note, billionaire Ken Griffin is hesitant to get involved with cryptocurrency, CNBC reported. Griffin, an investor and founder of Citadel, said none of his portfolio managers have suggested buying crypto. He added that he has “a hard time finding myself wanting to be in the position of being a liquidity provider to a product that I don’t believe in.” And, when it comes to bitcoin, Griffin said, “I still scratch my head.”

Elsewhere, a bitcoin bear thinks this week’s surge in bitcoin prices may last, CNBC reported: BK Asset Management’s Boris Schlossberg believes that bitcoin could rise above $8,000 without too much difficulty. The price of bitcoin was $7,468.70 as of 6:17 p.m. on Thursday (July 19), according to CoinDesk.

And while HSBC has been cautious with digital currencies, the bank has put efforts toward the blockchain, Cryptovest noted. In May, for example, HSBC and ING carried out a pilot finance transaction using the blockchain. However, a spokesperson for HSBC told Forbes, “HSBC does not trade cryptocurrencies, nor do we process payments denominated in virtual or cryptocurrencies.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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