Bitcoin and other cryptocurrencies have gone on a tear this afternoon, surging to record highs ahead of the direct listing of US crypto exchange Coinbase on the Nasdaq tonight. The listing is also good news for Westpac and its investment fund, Reinventure, which dropped $50 million investment in Coinbase back in 2015 and could be… Read more »
A man lost 17.1 bitcoin – worth $1.3 million today – in an Apple app store scam that serves as a warning to people wanting to track their cryptocurrency on smart phones. Over the course of a few years, Phillipe Christodoulou banked up the bitcoin, watching as its value started to climb last year, according the Washington Post.… Read more »
Elon Musk, the chief executive of Tesla, recently announced his company had bought US$1.5 billion (almost A$2 billion) of Bitcoin. The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency. This price bump has been good news for Musk in the short term. At one point, Tesla’s… Read more »
One of the most difficult problems in finance right now is figuring out the fundamental economic value of cryptocurrencies. And the past week has complicated this further. For many cryptocurrency investors, the value of Bitcoin is based on the fact it is artificially scarce. A hard cap on “minting” new coins means there will only… Read more »
Iranian police confiscated more 45,000 bitcoin mining machines, chewing up around 95 megawatts per hour (MWh) of electricity, because the miners were using cheaper, subsidised power illegally, according to local media agency Tasnim News. To put that in perspective, that’s around half the capacity of South Australia’s Tesla “big battery” plant (aka Hornsdale). Iranian authorities… Read more »
If you’re feeling a bit sad about your fortunes at the moment, spare a thought for San Francisco-based computer programmer Stefan Thomas, who, around a decade ago, made this video and took 7,002 Bitcoins as payment for the job. The New York Times has the sad tale of German-born Thomas – a former CTO at blockchain… Read more »
Bitcoin continues to trade close to its all-time high reached this month. Its price is now around US $34,000 — up about 77% over the past month and 305% over the past year. (Editor’s note: Since this piece was first published, Bitcoin’s price has doubled in a month to US$40,000.) First launched in 2009 as… Read more »
Bitcoin is back. Three years after the bubble that inflated its value from US$5,000 to US$20,000 in less than three months burst in spectacular fashion, plunging more than 80%, the cryptocurrency is again on the verge of a record high. In recent days it has been trading above US$19,000, up from US$10,000 in October and… Read more »
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