10.51am – UPDATE – Bitcoin falls
Bitcoin’s price is down $132 on the day so far at $11,259.
9.54am – UPDATE – Hammond ‘cautious but interested’ in Bitcoin
UK chancellor Philip Hammond has told Bloomberg TV that Bitcoin is “a very interesting new development”.
However, as world leaders get read to discuss the technology, he said “we should be cautious” about the cryptocurrency.
It needs regulating before it becomes “systemically important”, which could be soon, he said.
9.25am – UPDATE – As Swiss banks decline, the Alpine nation looks to Crypto
Johann Schneider-Ammann, economics minister, told journalists as he arrived for a private crypto finance conference in St Moritz last week that Switzerland wants, “to be the crypto-nation”.
The FT report this morning that the burgeoning Initial Coin Offering (ICO) industry is flourishing thanks to Switzerland’s “business friendly reputation and sometimes buccaneering spirit”.
A nice way of saying that Switzerland is a safe-haven for the world’s most wealthy looking to evade tax bills.
Jörg Gasser, state secretary at the Swiss finance ministry told the event: “We think there is huge potential — but the market is not as disciplined as we want.
“We want it [the ICO market] to prosper but without compromising standards or the integrity of our financial markets.”
8.42am – UPDATE – Bitcoin waits on Davos verdict
Price of BTC at the time of press is $11,300, $98 fall on the day so far.
Ethereum is at $1,073 and ripple is at $1.37.
The crypto community will be watching on as world leaders discuss ‘The Crypto-Asset Bubble’ at Davos today. The Speakers are expected to tell the audience that regulation is needed to stop money laundering, terrorism and cyber-crime.
The speakers are Jennifer Zhu Scott, Neil Rimer, Cecilia Skingsley, Yang Yanqing and, Nobel-prize winning economist Robert J. Shiller, who has made his position quite clear in the past.
US Rapper 50 Cent woke up one morning and found out that he’s a bitcoin millionaire after remembering that in 2014, the ‘In Da Club’ hitmaker let people buy his album ‘Animal Ambition’ using bitcoin.
As reported by TMZ, like so many coin holders Mr Cent then let his account lie dormant for years, and only just recently discovered that he’s now a bitcoin millionaire.
Mr Cent took to Instagram to comment, “I’m so proud of me,” after the coin – worth only $662 at the time – brought home takings now worth between $7 million to $8.5 million, based on the current fluctuating bitcoin valuation.
Mr Cent said: “Not bad for a kid from South Side,” later adding, “Ima keep it real, I forgot I did that s**t lol.”