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Here’s Why Warren Buffett is Already Invested in Ripple (XRP)

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Warren Buffett
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Warren Buffett was at it again this week touting his disdain for the cryptocurrency market. Having famously warned of the markets impending “bad ending” some months ago, the investment guru is back in the headlines slamming none other than Bitcoin (BTC). Pulling his punches from the entire crypto-scene and focusing on Bitcoin (BTC) may just mask the fact that, indirectly at least, Warren Buffet is already invested in the tech behind the most famous of altcoins, Ripple (XPR).

While Mr. Buffett scoffs at the list of overvalued companies representing the majority of cryptocurrencies, his words against Bitcoin (BTC) this week speak volumes to his investment strategy. In an interview with Yahoo Finance, Buffett remarked, “If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything, you’re just hoping the next guy pays more.” And while he openly admits he doesn’t really know much about the various budding blockchain technologies, he has mentioned in the past that he would buy five year puts on every one of the cryptocurrencies. However, when taking in the investment strategies of the Oracle of Omaha, a closer look reveals that this ‘buy and hold’ strategist has a number of positions that seem to contradict his opinions concerning the altcoin scene.

Warren Buffett is invested directly in a number of financial institutions. From Bank of America to Wells Fargo, these long-term holds make up a sizable portion of the latest traded stocks in his portfolio. And while Bank of America may have recently admitted that cryptocurrencies represent a threat to their business model (amazing considering these coins don’t produce anything /sarc) others on his list are experimenting with crypto-systems as a way of reinventing payments.

Examples of financial institutions using blockchain technology, and specifically Ripple (XRP), to facilitate cross-border transactions should not be news to anyone anymore. Ripple (XRP) is in use by over 100 of these institutions in an ever-growing list of users and partnerships. And as these experiments take hold, revolutionizing payment systems across the globe, the solid product that Ripple (XRP) represents seems to fly in the face of old Buffett’s stark warnings.

One such example lies with the Bank of New York, Mellon (BNY Mellon). In a recent report, this institution (of which Buffett is or has been directly invested in) expresses optimism in distributed ledger technology. Seeking to ‘reinvent payments,’ BNY Mellon sees potential in using blockchain technology to deliver a global payment experience within the decade. And the Bank of New York doesn’t stop there, indeed they call out Ripple (XRP) and their interledger protocol as a potential standard in the technology.

So as Warren Buffett narrows his attacks from the cryptocurrency market as-a-whole to Bitcoin (BTC) specifically, it may be that he is realizing that without needing to invest in any specific coin company, the market itself, and namely Ripple (XRP), may be boosting the shares of his direct stock picks in the banking industry.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of DonkeyHotey via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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