Bitcoin May Be a Better Investment Than Gold, Says DoubleLine CEO Jeffrey Gundlach

“Bond King” Jeffrey Gundlach has had a change of heart on bitcoin. Gundlach – CEO of DoubleLine Capital, an investment firm with more than $130 billion in assets under management – now says bitcoin could be a better bet than gold. Gundlach’s change of stance comes on the heels of bitcoin’s dizzying rise from $10,000 to $52,000 seen in the past 4.5-months. The cryptocurrency has charted a 10-fold rally in the past 11 months, offering a significantly higher return than gold amid the massive inflation-boosting monetary and fiscal stimulus delivered…

Automated Crypto Investing App Coinseed Faces Fraud Charges In NY, SEC Suits

Coinseed Inc, an automated crypto investing app, is facing allegations of defrauding investors and breaking U.S. registration laws in a pair of legal actions brought Wednesday by the U.S. Securities Exchange Commission and the State of New York. The app-based service bilked investors of $1 million through hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which did not have a BitLicense or federal clearance, with running an unregulated securities and commodities trading shop. James said she…

Goldman Sachs, JPMorgan, UBS Are Trading an ETP Tied to Polkadot’s Crypto

Traditional finance is going further down the crypto rabbit hole than you might think. Goldman Sachs, ICAP, JPMorgan, and UBS have bought the first exchange-traded product (ETP) that offers exposure to Polkadot’s DOT cryptocurrency for clients, according to Bloomberg terminal data reviewed by CoinDesk. These banks and brokerages purchased small amounts of shares in Switzerland-based 21Shares’ ETP, the data shows. The shares debuted Feb. 4 on the SIX Swiss Exchange at a price of $22-23 and have since climbed to $30. The purchases suggest institutional investors’ appetite for crypto exposure…

Bitcoin News Roundup for Feb. 17, 2021

With BTC surpassing $51K and analysts remaining bullish on the price, CoinDesk’s Market Daily is back with the latest news roundup. Add Markets Daily to your Alexa Flash Briefing here. This episode is sponsored by Nexo.io. Analysts are still mostly bullish on the cryptocurrency’s price, even at lofty levels compared with those just a few months ago. Source link

Alex Treece: Why the US Needs Bitcoin

The United States will adopt bitcoin as a reserve asset. Why? Because it is unequivocally in U.S. strategic interests to do so. Alex Treece is a co-founder at Zabo, a platform enabling fintechs and financial services companies to easily connect cryptocurrency accounts to their applications. The question is not if this will happen, but when. Whether it happens within 12 months, two years, five years or 10 years will have major implications for U.S. positioning for decades. Failure to embrace bitcoin sooner rather than later will damage U.S. strategic interests and…