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Wall Street unveiling “Bitcoin Bonus” for Bankers and Traders

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Wall Street

Wall Street is about to unveil Bitcoin bonus for traders and bankers in the street and will pay bonuses by the end of the year.

Bitcoin has been on the dream run this year with appreciating more than 1500% in 2017, reached its all time high of $19000 in previous week but now facing a little bit of correction and currently price stands at $13000.

Wall Street is looking for commission hungry employees, and this step is towards attracting more talent by offering them bonuses in the form of crypto currency bitcoin.

Banks and brokerages will show them the money, wads and wallets of bitcoins and cryptocurrencies to digitally juice big year-end payouts of hard cash and deferred stock awards to traders and bankers, Wall Street insiders claim.

“The bitcoin bonus could be one of the methodologies in recruiting better talent into your organization,” said Bob Graham, a digital currency expert at accounting and advisory firm Friedman.

The idea of bitcoin bonuses isn’t far-fetched, according to securities attorney Aaron Kaplan, at Gusrae Kaplan Nusbaum.

Partners in some venture funds, as part of their packages, are already accepting “virtual tokens” tied to initial coin offerings now that the rising value of cryptocurrencies has been demonstrated, Kaplan told The Post. “Sure, it is definitely a possibility,” he said of the bitcoin bonus on Wall Street.

The bonus possibility ratcheted up with the Chicago Board Options Exchange (CBOE) and the CME Group launching bitcoin futures contracts. The CBOE contract under ticker symbol XBT begins Sunday evening, and will be equal one bitcoin; and five bitcoins will trade at the CME under ticker symbol BTC beginning next Sunday night.

“We saw a tremendous boost in the bitcoin price once the CME came out and said it was opening up the futures contract,” New York-area commodities trader Dmitry Pichkar said. “It was really kind of endorsing bitcoin as a type of commodity that people, including the institutions, will be able to participate in.”

Crypto currency prices are vulnerable and price can move 20% in either direction on any given day easily, that is the big issue that investors will face in future

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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