💵 Today's Crypto Updates: February 20th 📈

Today's Crypto Updates:

1. Bank of England Governor Claims Bitcoin Has ‘Failed’ As A Currency
2. Crypto Investment Shows ‘Limitless Ignorance Of Human Race’, Hedge Fund Tells Clients
3. South Korea Greenlights Cryptocurrencies
4. Venezuela’s Own Oil Backed Cryptocurrency Is Available For Presale Today

Summary Of Today's News:

More FUD from banks and hedge funds. South Korea is back! Venezuela's cryptocurrency is coming. Read all about it below!

1. Bank of England Governor Claims Bitcoin Has ‘Failed’ As A Currency

Source: https://cointelegraph.com/news/bank-of-england-governor-claims-bitcoin-has-failed-as-a-currency

Key Highlights:

• "Bank of England (BoE) Governor Mark Carney declared that Bitcoin cannot be considered a legitimate currency by 'traditional' definitions"

• "However, Carney allowed that cryptocurrency’s underlying Blockchain technology “may still prove useful” due to its decentralised nature"

Crypto Phil's Take:

He's not too far off currently. The vast majority of people are not using Bitcoin as a currency due to long wait times and high fees. But with things like Lightning Network coming, we may see Bitcoin become a viable currency long term.

2. Crypto Investment Shows ‘Limitless Ignorance Of Human Race’, Hedge Fund Tells Clients

Source: https://cointelegraph.com/news/crypto-investment-shows-limitless-ignorance-of-human-race-hedge-fund-tells-clients

Key Highlights:

• "One of the world’s largest hedge funds Elliott Management, founded by billionaire Paul Singer in 1977, dedicated three pages to describing its negative view of cryptocurrencies in a fourth-quarter letter to clients, calling cryptocurrencies 'one of the most brilliant scams in history' "

• "The firm does not shy away from hyperbole in the letter, insisting that cryptocurrency is the “equivalent of nothing” and that the desire to invest in it is an 'indication of the limitless ignorance of swaths of the human race' "

Crypto Phil's Take:

More worthless FUD. It will be funny to come back to this in a few years to see just how wrong it is. There's no putting the Crypto genie back in its bottle.

3. South Korea Greenlights Cryptocurrencies

Source: https://verifiedtopics.com/south-korea-greenlights-cryptocurrencies/

Key Highlights:

• "South Korea’s financial regulator said Tuesday the government will support “normal transactions” of cryptocurrencies, about three weeks after it banned their trading through anonymous bank accounts."

• "The remarks by Choe Heung-sik, governor of the Financial Supervisory Service, were seen as being in stark contrast to the government’s previous stance that it could consider shutting down local virtual currency exchanges."

Crypto Phil's Take:

About time! South Korea managed to spread a huge amount of FUD a few weeks ago when there was talk of buying and selling Crypto being banned. It's good to see this most recent wave of FUD quashed.

4. Venezuela’s Own Oil Backed Cryptocurrency Is Available For Presale Today

Source: https://www.theverge.com/2018/2/20/17031720/venezuela-cryptocurrency-petro-oil-reserves-diamonds-inflation

Key Highlights:

• "Venezuela launched the presale of its own cryptocurrency, the petro, today."

• "Venezuelan president Nicolás Maduro’s intention is that the new digital coin will boost the Venezuelan economy and be an alternative national currency to the bolivar, as stated on the virtual coin’s website"

Crypto Phil's Take:

If you decide you want to invest in this brand new cryptocurrency from Venezuela, remember this:

A) You're probably going to lose money.
B) You're supporting a dictatorship.

I would stay away from this one.

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