US Federal Reserve Launches Cryptocurrency Index

US Federal Reserve Launches Cryptocurrency Index

This week the Federal Reserve Bank of St. Louis added cryptocurrency to their Federal Reserve Economic Data (FRED) database. It’s a seemingly small gesture, but one that signals to most observers crypto’s maturation, at least in the eyes of arguably the most important central banking institution in the world.  

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Federal Reserve Bank of St. Louis Adds Four Cryptos to its FRED Database

“FRED has added four series on the prices of different cryptocurrencies,” the St. Louis Federal Reserve posted without much fanfare this week, including “Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index).”

The St. Louis Fed is one of 12 regional banks within the system, collectively constituting the most powerful central bank on the globe. Known to be part of the 8th District, which includes midwestern Fed banks, it is also considered an economic research powerhouse.

US Federal Reserve Launches Cryptocurrency Index

It maintains its FRED database at its famed research division. The bank uses more than half of a million data points, derived from 81 sources. Exchange rates, GDP, interest rates, consumer indexes, banking, producer price indexes, among other sectors, comprise its focus. FRED-published statistics carry massive weight in the professional financial world.

That some government agency creates yet another index isn’t particularly newsworthy. However, that both proponents and opponents frequently set cryptocurrencies such as bitcoin cash (BCH) as distinctly operating in defiance of central banks, and how the Fed appeals to crypto bank Coinbase for its metric, means decentralized currencies have come of age.

Out Ahead

Going forward, it would also appear as Coinbase adds more currencies perhaps FRED would be compelled to monitor them as well. Whatever the case, the St. Louis Fed has been consistently out ahead of most central banks and economists when it comes to crypto.US Federal Reserve Launches Cryptocurrency Index

That’s a marked contrast to its brethren. Atlanta’s Fed bank openly chastised younger investors to steer clear of crypto. The San Francisco branch pegged bitcoin core’s (BTC) price considerably lower than its near $6,000 present figure, insisting one BTC is probably worth around the cost of mining, slightly under $2,000 per coin. Even the Minneapolis Fed, in trying to be charitable, urged ignoring the currency aspect altogether and instead look toward ‘blockchain technology.’

Again, the St. Louis Fed thinks differently. Just a few months ago it caused a stir within the ecosystem by publishing a meditation on BTC, putting forth the idea it can be considered alongside the dollar. Its Governor James Bullard, however, is much more cautious. Acknowledging crypto as being a real future of money, he explained, “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”

Is the arrival of a FRED crypto index important? Let us know in the comments. 


Images via the Pixabay, FRED.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Mt. Gox Creditors’ Legal Victory: “Enormous Assets” to be Returned

Mt. Gox Creditors' Legal Victory: "Enormous Assets" to be Returned

The Mt. Gox Creditor (mtgoxcreditor) posted Commencement of Civil Rehabilitation Proceedings of Mt. Gox today, indicating a victory for creditors long wondering if an attempt would be made at making them financially whole. The Tokyo District Court ordered commencement of civil rehabilitation proceedings, and as such “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors.”

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Gox Creditors Score Victory in Hunt for Recovering Massive Losses

“This is the first time in Japan legal history,” noted attorney Daniel Kelman, “that a liquidation has ever converted into a rehabilitation —it’s always the other way around after a rehab fails. This sort of also made legal history as well.”

Mt. Gox Creditors' Legal Victory: "Enormous Assets" to be Returned

Mr. Kelman is referring to a post today, detailing how the Tokyo District Court, charged with overseeing bankruptcy proceedings in the notorious Mt. Gox crypto scandal of nearly four years ago, seemingly changed how “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will [now] be returned to creditors of Mt.Gox in civil rehabilitation proceedings.  This is the creditors’ victory,” the blog detailed.

This might have been made possible, ironically, by bitcoin core’s (BTC) appreciating price since losses first surfaced. As Mr. Kelman explains, “That’s the main reason. At the initial creditor meetings at Tokyo District Court, the creditors demanded the trustee return bitcoins as bitcoins. Until then he was intent on selling them, but he agreed to look into it. The Coinlab case stalled everything for a couple years and creditors ended up in the 2017 bull market as a massive hodler, until the trustee started market selling in January this year, greatly contributing to the current bear market.”

Mt. Gox Creditors' Legal Victory: "Enormous Assets" to be Returned

Might Be a Chance for Those Who Have Yet to File Claim

The victory post was careful to emphasize how “this victory has not been realized yet.  The victory will come to creditors when Mt. Gox makes payment to creditors and creditors actually receive such payment.” It will take at least three additional steps, today’s post insists, to get there: “promptly realize creditors’ rights […], [approval] at the creditors’ meeting, and [finally approval] by the court.”

For those who lost BTC in the Gox affair but haven’t yet filed a claim, Mr. Kelman muses “there might be another chance to file in rehab. Stay tuned. We are trying to avoid having to redo the whole claims process, which will cost money, take time and be at the expense of the creditors who timely filed. But things will still take a while as there is the Coinlab case to grapple with still.”

One possible side benefit might be the market fluctuations caused by the Gox Trustee dumping coins. Mr. Kelman noted in a Tweet, “Trustee won’t be market selling again any time soon. Our motion worked.”

What are your thoughts on Mt. Gox? Let us know in the comments. 


Images via the Pixabay and Mtgoxprotest.com. Daniel Kelman first brought this to our attention.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Only a Third of the Richest Informed on Bitcoin

Only a Third of the Richest Informed on Bitcoin

Despite seeing their investment return above 20% in 2017 for two consecutive years, the richest people in the world say they are not fully satisfied with their asset managers and want to learn more about crypto.

Also read: At Least $20 Billion in Crypto Investment Awaits Custody Streamlining, Approval

Only a Third of the Richest Were Informed on Crypto

The collective wealth of the world’s millionaires went up to US$70 trillion for the first time, and they will have amassed US$100 trillion by 2025, a survey released earlier this week revealed. The Capgemini World Wealth Report 2018 found that rich people are increasingly interested in cryptocurrencies, but only about half of them are happy with their wealth managers, Reuters reported. Only a third of these millionaires said they got information about cryptocurrencies from their asset managers.

Twenty nine percent of these “high net wealth individuals,” (HNWIs) defined by the Capgemini investigation reportedly expressed a high interest in buying or holding cryptocurrencies, and twenty seven percent said they were just overall interested in the topic. Although the general public is still skeptical about cryptocurrencies like bitcoin, an increasing amount of people express a wish to understand it better.

Only a Third of the Richest Informed on Bitcoin

“I am surprised how many of my younger friends are now involved with cryptocurrencies. I wanted to buy some myself, but I don’t understand it well enough to make major investments,” a business woman in Tokyo said. Sally Young (34), who already made millions in real estate investments in the U.S. and in the Philippines, says she is reluctant to invest in crypto at the moment because she doesn’t know enough about them. “When I invest my money, I need to know exactly what I’m investing in,” she said. “With bitcoin, it seems way too difficult to understand how the system really works, and the stories I hear just sound too good to be true,” she explained.

The Bank for International Settlements (BIS), which is the coordinating agency for the world’s central banks, is by definition conservative. In its 2018 annual report released on June 17th, the agency said that “Bitcoin and other cryptocurrencies are a poor substitute for dollars, euros and other central bank-backed [currencies], because they don’t scale with growing demand, require excessive amounts of energy and fluctuate greatly in value.”

Report: Richest Young People Want Crypto

In a recent analysis, the BIS also said that digital coins “come up short on all three measures of usefulness as currency,” Reuters reported. “Their prices can fluctuate wildly, making them poor substitutes for fiat currencies for transactions, which require relative stability for price comparison. For similar reasons, they fall short for investing purposes because they cannot be relied upon a store of value.”

Despite regulatory uncertainty and firm caution currently preventing cryptocurrencies from penetrating the wealth management industry, the strong demand for information on crypto from younger HNWIs around the world may force wealth management companies to “at least develop and offer a point of view” in the near future, the World Wealth Report said.

Nearly 50% Japanese Say They Won’t Invest in Crypto

When cryptocurrencies boomed in Japan in 2017, the Japanese crypto investors were mainly people in their 20s and 30s, a survey reported by Nikkei Newspaper this week has showed. By the time the survey was conducted in April of 2018, 17.2% of Japanese people had invested in cryptocurrencies. Although many saw their assets swell by 2 to 5 times their investment at the peak, it was reported that sixty percent people actually suffered  losses. Looking closer into those Japanese people who invested in crypto, it was found that more than half of them were under the age of thirty and 52.3% among those have invested less than JPY5 million (US$45,500). Nearly fifty percent responded to the survey that they will not invest in cryptocurrencies in the future.

Do you think average poorer people and older people will invest in crypto? Let us know in the comments. 


Images via the Pixabay.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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Craig Wright Referenced as Satoshi in Chinese University Textbook

Craig Wright Referenced as Satoshi in Chinese University Textbook

According to reports a Chinese economics textbook that’s used in some of China’s leading universities states that the notorious Dr. Craig Wright is Satoshi Nakamoto, the creator of Bitcoin. The university textbook authored by Frederic Mishkin calls Wright an “Australian geek” who invented the cryptocurrency bitcoin almost ten years ago.

Also Read: “I Am the Real Satoshi” Claims Hawaiian Man After Filing Bitcoin Cash Trademark

Dr. Craig Wright is Referenced as Satoshi Nakamoto in a Chinese University Textbook

Dr. Craig Wright is an interesting man, and he is well known for publicly identifying himself as the creator of Bitcoin not long ago. Multiple news publications and key members of the Bitcoin community such as Gavin Andresen and Jon Matonis say that Wright has signed messages using Satoshi Nakamoto’s keys. Although during that time, and even now, that topic has been a contentious issue amongst the cryptocurrency community, and since then Wright has stopped discussing the claim.

Craig Wright Referenced as Satoshi in Chinese University Textbook
Not long ago Dr. Craig Wright publicly identified himself as Satoshi Nakamoto.

However, Wright has remained very noticeable within the crypto-ecosystem and now works as the chief scientist for the blockchain firm Nchain. Wright is also a staunch supporter of the decentralized currency bitcoin cash (BCH) and believes it is the ‘true bitcoin’ that’s intended to be a peer-to-peer currency, as opposed to a store of value.

Now, this week the journalist Jasmine Solana discovered a Chinese economics textbook that states Dr. Craig Wright is Satoshi Nakamoto. The economics textbook, “The Economics of Money, Banking, and Financial Markets (sixth edition),” was written by an American economist and writer Frederic Mishkin.

Craig Wright Referenced as Satoshi in Chinese University Textbook
Image and translation via Coingeek journalist Jasmine Solana.

The Economics Textbook Calls Wright an ‘Australian Financial Geek’ While Another Individual Recently Claimed to be the Creator of Bitcoin

The book was originally written in English and has been translated to Chinese, and on page 11 the authors say Wright is an “Australian financial geek” who created the peer-to-peer electronic cash network. The textbook was approved and translated by the Wuhan University Press, and one of China’s largest educational institutions the Department of Finance of the Economics and Management School (EMS) uses the text.

There are other school textbooks worldwide like universities such as Princeton, MIT, and other well-known colleges that reference the creator, but only identify him/her/group as a pseudonym called ‘Satoshi Nakamoto.’ Lately, Wright and his company Nchain has been releasing a series of academic papers on certain subjects like ‘selfish mining’ and other technical topics. Alongside this, the London-based firm has launched a programmers’ toolkit called Nakasendo built primarily for BCH developers.   

The Chinese textbook news also follows the recent claim from a Hawaiian man who has attempted to trademark the words ‘Bitcoin Cash.’ An individual named Ronald Keala Kua Maria from Hawaii says he is the ‘real’ Satoshi Nakamoto and has been purchasing domains and IP rights, including an attempt to trademark the BCH name.

What do you think about Craig Wright being identified as Satoshi Nakamoto in the Chinese textbook? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Pixabay, and Coingeek.  


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