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Warren Buffett is officially a bitcoin bear. The billionaire investor said Wednesday he would "buy a five-year put on every one of the cryptocurrencies" if he could, adding that "what's going on definitely will come to a bad ending."
Here are the current standings:
What's happening:
- In a BI exclusive, NFL superstar Richard Sherman lays out three issues with crypto trading.
- Ripple is continuing its rough week, and this morning briefly sank below half of its peak that it reached just last week.
- Ethereum broke above $1,300 for the first time Wednesday, breaking step with other coins that have seen declines this week.
- Kodak, the legacy camera company, is the latest company to jump on the cryptocurrency bandwagon - and its stock soared after the news. BI tech reporter Becky Peterson points out that, for photographic copyright, blockchain technology could actually be revolutionary and not just a buzzword.
- Bitcoin mining could use more electricity in 2018 than Argentina, Morgan Stanley said in a note to clients Wednesday. It could also use more energy than electric vehicle power demand in 2025.
- A factor driving bitcoin's rally could be that people think owning it gives them social status, analysts from Bernstein Research said, comparing the recent demand for bitcoin to markets in China’s anti-aging medicine and high-end liquor.
- Coinbase has blamed extreme buyer demand for its extreme disaster last month surrounding bitcoin cash.
- ProShares and VanEck are withdrawing their requests for bitcoin ETFs from the SEC
- Finally, bitcoin can become a legitimate global currency - in theory, Goldman Sachs said.
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