Crypto - 3 More Stories
The world's largest cryptocurrency exchange Binance transferred $600m of Bitcoin into cold storage yesterday. The cost of this huge transfer? $7.
Had this transaction been arranged by PayPal, the cost would have been $17m.
Last year Paypal posted profits of $15.2billion; at least we now have a clearer idea of how that figure was amassed.
"Rich Dad, Poor Dad" author Robert Kiyosaki was quoted the other day talking about crypto; he told his audience that the Bond Market is 500 times bigger than the Stock Market. He also said JP Morgan is now experimenting with selling Bonds through cryptocurrencies.
Why? Because crypto allows contracts to be written without middlemen [who take commission]
He also said we should not be complacent if we are invested in stocks; as companies no longer need to list on Wall Street or NASDAQ - they can now create their own ICOs which are middle man free IPO's.
Finally, Switzerland has just approved the first cryptocurrency Exchange Traded Fund [ETF] which will begin trading on the Six Swiss Exchange next week. In the US they have been trying to achieve this all year. Why? Because ETFs will herald the start of institutional money into cryptocurrencies.
Let the games begin.