Bitcoin’s $50,000 FOMO Is Overpowering Bankers

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Bitcoin’s $50,000 FOMO Is Overpowering Bankers

Bloomberg2021-02-18

The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk. JPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...

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jamjam
·2021-02-22
Please help comment and below
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2
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- ACEONG77:
  wow
  2021-02-22
  Reply
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jonbeloved
·2021-02-22
Ok..
Reply
1
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xiaobaii
·2021-02-21
Need 1 Comment
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1
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weiliat
·2021-02-19
Bubble soon
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1
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armypanda90
·2021-02-19
FOMO is real!
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不期待一夜暴富
·2021-02-19
Wow
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s33b
·2021-02-19
Very nice
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1
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- s33b:
  huat ah
  2021-02-21
  Reply
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- revilo:
  make more money.
  2021-02-21
  Reply
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Sumei
·2021-02-19
Well, we’ve been told to “invest” on what you can afford to completely lose. Then sit andhope ?
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1
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Revolder
·2021-02-19
Sounds risky to follow..
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独羽
·2021-02-19
Ok to invest a bit but not bet your last penny on it. Its a crazy world at the moment...
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1
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Wallstrtbets
·2021-02-19
I am hodling mine.
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Wallstrtbets
·2021-02-19
Go doge go!
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Gibbie
·2021-02-19
Wow, such an unbelievable uptrend
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4
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- Gibbie:
  btc eth riot blok
  2021-02-19
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Jessemyne
·2021-02-19
Btc fever
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- JeremyKokReplying toJessemyne:
  bitcoin is open to speculation it can drop anytime when speculators take profit.
  2021-02-23
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- Jessemyne:
  Hahaha Dont jinx it. [开心]
  2021-02-19
  Reply
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- JeremyKok:
  yes. when is the bitcoin bubble going to burst?
  2021-02-19
  Reply
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AT2020
·2021-02-18
Keep going
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Darrenwww
·2021-02-18
yooooo cool shiii
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Ivanljh
·2021-02-18
buy buy
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GMJ
·2021-02-18
The more big players are in bitcoin, the value may be more stable going forward. How can an individual retail investor like us participate in this dance cautiously? ?
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Ndus
·2021-02-18
Now it is rare for anyone to have 1 btc
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MyGate
·2021-02-18
Back to few years ago when btc is 5k, same news comimg out..But now it is 50k...when they want to buy this kind of article coming out
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It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"Grayscale Bitcoin Trust","start_time":0,"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","article_id":"1188127819","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","pubTimestamp":1613618258,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","collect":0,"end_time":0,"defaultTopTitle":"bloombergquint.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"translate_title":"比特币5万美元的FOMO正在压倒银行家","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GBTC":0.9},"content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":360520168,"gmtCreate":1613957875254,"gmtModify":1704886118213,"author":{"id":"3559204036277229","authorId":"3559204036277229","name":"jamjam","avatar":"https://static.tigerbbs.com/6542201483b33e63d9036c1e565275b2","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":4,"crmLevelSwitch":1,"idStr":"3559204036277229","authorIdStr":"3559204036277229"},"htmlText":"Please help comment and below","listText":"Please help comment and below","text":"Please help comment and below","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/360520168","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3631867,"gmtCreate":1613999208783,"gmtModify":1680777859577,"authorId":3574923462420975,"author":{"id":3574923462420975,"idStr":"3574923462420975","authorId":3574923462420975,"name":"ACEONG77","avatar":"https://static.tigerbbs.com/1f21e9272dac440520286b3add23ef26","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":360520168,"type":1,"supId":0,"prevId":0,"content":"wow","text":"wow","html":"wow"}],"langContent":"EN"},{"id":360520034,"gmtCreate":1613957847328,"gmtModify":1704886118537,"author":{"id":"3560138341869725","authorId":"3560138341869725","name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3560138341869725","authorIdStr":"3560138341869725"},"htmlText":"Ok..","listText":"Ok..","text":"Ok..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360520034","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":360101059,"gmtCreate":1613863830871,"gmtModify":1704885491695,"author":{"id":"3571345352614779","authorId":"3571345352614779","name":"xiaobaii","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571345352614779","authorIdStr":"3571345352614779"},"htmlText":"Need 1 Comment","listText":"Need 1 Comment","text":"Need 1 Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/360101059","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":387912121,"gmtCreate":1613708562363,"gmtModify":1704883924183,"author":{"id":"3576119800068743","authorId":"3576119800068743","name":"weiliat","avatar":"https://static.tigerbbs.com/1ac8cb0d9a81d56d9e0f2ee477362395","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":1,"crmLevelSwitch":0,"idStr":"3576119800068743","authorIdStr":"3576119800068743"},"htmlText":"Bubble soon&nbsp;","listText":"Bubble soon&nbsp;","text":"Bubble soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387912121","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":387911686,"gmtCreate":1613708253545,"gmtModify":1704883920144,"author":{"id":"3576729415516509","authorId":"3576729415516509","name":"armypanda90","avatar":"https://static.tigerbbs.com/9e4f2e0a614b36c8b5360e771c2deb6c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576729415516509","authorIdStr":"3576729415516509"},"htmlText":"FOMO is real!&nbsp;","listText":"FOMO is real!&nbsp;","text":"FOMO is real!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387911686","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":387061227,"gmtCreate":1613700255369,"gmtModify":1704883812709,"author":{"id":"3576711181846967","authorId":"3576711181846967","name":"不期待一夜暴富","avatar":"https://static.tigerbbs.com/7519eefd649555699f848ab1a1c71306","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576711181846967","authorIdStr":"3576711181846967"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387061227","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":387013905,"gmtCreate":1613698490407,"gmtModify":1704883783002,"author":{"id":"3564224494282146","authorId":"3564224494282146","name":"s33b","avatar":"https://static.tigerbbs.com/b3484419756587d83eb5379844c79371","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3564224494282146","authorIdStr":"3564224494282146"},"htmlText":"Very nice","listText":"Very nice","text":"Very nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/387013905","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3625288,"gmtCreate":1613912136178,"gmtModify":1680777760249,"authorId":3564224494282146,"author":{"id":3564224494282146,"idStr":"3564224494282146","authorId":3564224494282146,"name":"s33b","avatar":"https://static.tigerbbs.com/b3484419756587d83eb5379844c79371","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":387013905,"type":1,"supId":3623427,"prevId":0,"content":"huat <u>ah</u>","text":"huat <u>ah</u>","html":"huat <u>ah</u>"},{"id":3623427,"gmtCreate":1613880951733,"gmtModify":1680777728207,"authorId":3576745346027676,"author":{"id":3576745346027676,"idStr":"3576745346027676","authorId":3576745346027676,"name":"revilo","avatar":"https://static.tigerbbs.com/e8fe4c0f37051ba9e5b6bbb0ad5994d9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":387013905,"type":1,"supId":0,"prevId":0,"content":"make more money.","text":"make more money.","html":"make more money."}],"langContent":"EN"},{"id":387039503,"gmtCreate":1613697743802,"gmtModify":1704883772155,"author":{"id":"3566259831309087","authorId":"3566259831309087","name":"Sumei","avatar":"https://static.tigerbbs.com/ae0a2af1baf6b07a87ffdf41ea17959a","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3566259831309087","authorIdStr":"3566259831309087"},"htmlText":"Well, we’ve been told to “invest” on what you can afford to completely lose. Then sit andhope ?","listText":"Well, we’ve been told to “invest” on what you can afford to completely lose. Then sit andhope ?","text":"Well, we’ve been told to “invest” on what you can afford to completely lose. Then sit andhope ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387039503","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384741328,"gmtCreate":1613694251264,"gmtModify":1704883717878,"author":{"id":"3576128916420277","authorId":"3576128916420277","name":"Revolder","avatar":"https://static.tigerbbs.com/c6d126e3478a20849b3db1e971a43583","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576128916420277","authorIdStr":"3576128916420277"},"htmlText":"Sounds risky to follow..&nbsp;","listText":"Sounds risky to follow..&nbsp;","text":"Sounds risky to follow..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384741328","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384751732,"gmtCreate":1613693410626,"gmtModify":1704883704152,"author":{"id":"3572863493313424","authorId":"3572863493313424","name":"独羽","avatar":"https://static.tigerbbs.com/f5a1f0bf416fab28e8c76100cf08b36a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3572863493313424","authorIdStr":"3572863493313424"},"htmlText":"Ok to invest a bit but not bet your last penny on it. Its a crazy world at the moment...","listText":"Ok to invest a bit but not bet your last penny on it. Its a crazy world at the moment...","text":"Ok to invest a bit but not bet your last penny on it. Its a crazy world at the moment...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384751732","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384723070,"gmtCreate":1613692165690,"gmtModify":1704883687022,"author":{"id":"3566244878628904","authorId":"3566244878628904","name":"Wallstrtbets","avatar":"https://static.tigerbbs.com/6c38bbee1121ea92508ad9508fa15c5e","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3566244878628904","authorIdStr":"3566244878628904"},"htmlText":"I am hodling mine.","listText":"I am hodling mine.","text":"I am hodling mine.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384723070","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384729338,"gmtCreate":1613692120624,"gmtModify":1704883685723,"author":{"id":"3566244878628904","authorId":"3566244878628904","name":"Wallstrtbets","avatar":"https://static.tigerbbs.com/6c38bbee1121ea92508ad9508fa15c5e","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3566244878628904","authorIdStr":"3566244878628904"},"htmlText":"Go doge go!","listText":"Go doge go!","text":"Go doge go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384729338","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384737681,"gmtCreate":1613688195543,"gmtModify":1704883645114,"author":{"id":"3564398446314499","authorId":"3564398446314499","name":"Gibbie","avatar":"https://static.tigerbbs.com/ac29ad2a0a11289a908ae00b770dc0c5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3564398446314499","authorIdStr":"3564398446314499"},"htmlText":"Wow, such an unbelievable uptrend","listText":"Wow, such an unbelievable uptrend","text":"Wow, such an unbelievable uptrend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/384737681","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3604989,"gmtCreate":1613688412980,"gmtModify":1680777444925,"authorId":3564398446314499,"author":{"id":3564398446314499,"idStr":"3564398446314499","authorId":3564398446314499,"name":"Gibbie","avatar":"https://static.tigerbbs.com/ac29ad2a0a11289a908ae00b770dc0c5","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":384737681,"type":1,"supId":0,"prevId":0,"content":"btc eth riot <u>blok</u>","text":"btc eth riot <u>blok</u>","html":"btc eth riot <u>blok</u>"}],"langContent":"EN"},{"id":384446050,"gmtCreate":1613674343470,"gmtModify":1704883588566,"author":{"id":"3572319379588082","authorId":"3572319379588082","name":"Jessemyne","avatar":"https://static.tigerbbs.com/6252e2c2d2486e6000e4f9a349488762","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":8,"crmLevelSwitch":0,"idStr":"3572319379588082","authorIdStr":"3572319379588082"},"htmlText":"Btc fever&nbsp;","listText":"Btc fever&nbsp;","text":"Btc fever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/384446050","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3635072,"gmtCreate":1614029336178,"gmtModify":1680777908766,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3572319379588082,"repliedAuthor":{"id":3572319379588082,"idStr":"3572319379588082","authorId":3572319379588082,"name":"Jessemyne","avatar":"https://static.tigerbbs.com/6252e2c2d2486e6000e4f9a349488762","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.10.27","exceedPercentage":"93.83%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":384446050,"type":1,"supId":3604768,"prevId":3605567,"content":"bitcoin is open to speculation it can drop anytime when speculators take profit.","text":"bitcoin is open to speculation it can drop anytime when speculators take profit.","html":"bitcoin is open to speculation it can drop anytime when speculators take profit."},{"id":3605567,"gmtCreate":1613693856527,"gmtModify":1680777459038,"authorId":3572319379588082,"author":{"id":3572319379588082,"idStr":"3572319379588082","authorId":3572319379588082,"name":"Jessemyne","avatar":"https://static.tigerbbs.com/6252e2c2d2486e6000e4f9a349488762","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.10.27","exceedPercentage":"93.83%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":384446050,"type":1,"supId":3604768,"prevId":0,"content":"Hahaha Dont jinx it. [开心]","text":"Hahaha Dont jinx it. [开心]","html":"Hahaha Dont jinx it. [开心]"},{"id":3604768,"gmtCreate":1613683549816,"gmtModify":1680777446203,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"currentWearingBadge":{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1102},"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":384446050,"type":1,"supId":0,"prevId":0,"content":"yes. when is the bitcoin bubble&nbsp; going to burst?","text":"yes. when is the bitcoin bubble&nbsp; going to burst?","html":"yes. when is the bitcoin bubble&nbsp; going to burst?"}],"langContent":"EN"},{"id":384298745,"gmtCreate":1613653909587,"gmtModify":1704883241772,"author":{"id":"3567830819209184","authorId":"3567830819209184","name":"AT2020","avatar":"https://static.tigerbbs.com/468bfa3dd7cae23eaf245b3c5e1de6ea","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3567830819209184","authorIdStr":"3567830819209184"},"htmlText":"Keep going&nbsp;","listText":"Keep going&nbsp;","text":"Keep going","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384298745","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384674945,"gmtCreate":1613652570387,"gmtModify":1704883218197,"author":{"id":"3574911102784170","authorId":"3574911102784170","name":"Darrenwww","avatar":"https://static.tigerbbs.com/093f349826c19fe9efbe594a8a8880d4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574911102784170","authorIdStr":"3574911102784170"},"htmlText":"yooooo cool shiii","listText":"yooooo cool shiii","text":"yooooo cool shiii","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384674945","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384676383,"gmtCreate":1613652345942,"gmtModify":1704883214767,"author":{"id":"3568455995229881","authorId":"3568455995229881","name":"Ivanljh","avatar":"https://static.tigerbbs.com/237d85ea39e7e38e0642c9d66df805af","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3568455995229881","authorIdStr":"3568455995229881"},"htmlText":"buy buy","listText":"buy buy","text":"buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384676383","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384645266,"gmtCreate":1613651734955,"gmtModify":1704883205152,"author":{"id":"3572410425439543","authorId":"3572410425439543","name":"GMJ","avatar":"https://static.tigerbbs.com/d01f478c3a55fff76ad0c296637f8ea1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3572410425439543","authorIdStr":"3572410425439543"},"htmlText":"The more big players are in bitcoin, the value may be more stable going forward. How can an individual retail investor like us participate in this dance cautiously? ?","listText":"The more big players are in bitcoin, the value may be more stable going forward. How can an individual retail investor like us participate in this dance cautiously? ?","text":"The more big players are in bitcoin, the value may be more stable going forward. How can an individual retail investor like us participate in this dance cautiously? ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384645266","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384665317,"gmtCreate":1613648861639,"gmtModify":1704883163555,"author":{"id":"3554883337622926","authorId":"3554883337622926","name":"Ndus","avatar":"https://static.tigerbbs.com/7a73749b7c39c53b92ecae330a1abe0a","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":7,"crmLevelSwitch":1,"idStr":"3554883337622926","authorIdStr":"3554883337622926"},"htmlText":"Now it is rare for anyone to have 1 btc","listText":"Now it is rare for anyone to have 1 btc","text":"Now it is rare for anyone to have 1 btc","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384665317","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384662103,"gmtCreate":1613648781902,"gmtModify":1704883162261,"author":{"id":"3554940541217211","authorId":"3554940541217211","name":"MyGate","avatar":"https://static.tigerbbs.com/bd5d001d1c51c479c77e8dde6f89d808","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3554940541217211","authorIdStr":"3554940541217211"},"htmlText":"Back to few years ago when btc is 5k, same news comimg out..But now it is 50k...when they want to buy this kind of article coming out","listText":"Back to few years ago when btc is 5k, same news comimg out..But now it is 50k...when they want to buy this kind of article coming out","text":"Back to few years ago when btc is 5k, same news comimg out..But now it is 50k...when they want to buy this kind of article coming out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384662103","repostId":1188127819,"repostType":4,"repost":{"id":"1188127819","pubTimestamp":1613618258,"share":"https://ttm.financial/m/news/1188127819?lang=&edition=fundamental","pubTime":"2021-02-18 11:17","market":"us","language":"en","title":"Bitcoin’s $50,000 FOMO Is Overpowering Bankers","url":"https://stock-news.laohu8.com/highlight/detail?id=1188127819","media":"Bloomberg","summary":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.","content":"<blockquote>\n <b>The Fear Of Missing Out&nbsp;is rippling through&nbsp;business and finance.&nbsp;But not everyone can be Elon Musk.</b>\n</blockquote>\n<p>JPMorgan Chase &amp; Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.</p>\n<p>Never mind that Bitcoin’s persistent&nbsp;flaws, from relatively slow transaction speeds to&nbsp;wild price swings, make it a poor store of value or medium of exchange.&nbsp;The&nbsp;promise of life-changing wealth during lockdown is&nbsp;a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are&nbsp;loudly loading up on digital gold, drowning out any skeptical voices.&nbsp;Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.</p>\n<p>It’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.</p>\n<p>No wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince&nbsp;depicted&nbsp;the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.</p>\n<p>MasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually.&nbsp;Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.</p>\n<p><b>The Bitcoin Aristocracy</b></p>\n<p>There are over 8,000 addresses holding balances worth over $10 million</p>\n<p><img src=\"https://static.tigerbbs.com/8cf7f475e7f3f8487eb55c370a8c6481\" tg-width=\"826\" tg-height=\"512\"></p>\n<p>Hard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais&nbsp;apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.</p>\n<p>Most companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.</p>\n<p>For bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead,&nbsp;reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.</p>\n<p>So while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it.&nbsp;Switzerland, for example, has reportedly guided toward&nbsp;aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.</p>\n<p>While treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.</p>\n<p>Finally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.</p>\n<p>When the music stopped for Citi and others in the 2007-2008&nbsp;financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping&nbsp;spur the creation of Bitcoin itself. It would be&nbsp;a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.</p>\n<p>Bitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.</p>\n<p>This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.</p>\n<p>Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s $50,000 FOMO Is Overpowering Bankers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s $50,000 FOMO Is Overpowering Bankers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The ...</p>\n\n<a href=\"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://www.bloombergquint.com/gadfly/can-bitcoin-and-banks-mix-responsibly-the-dangers-of-taking-elon-musk-s-cue","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188127819","content_text":"The Fear Of Missing Out is rippling through business and finance. But not everyone can be Elon Musk.\n\nJPMorgan Chase & Co. traders are said to be “salivating” over Bitcoin. It’s easy to see why. The cryptocurrency’s price hasshot past $50,000, double where it was on Christmas Day, creating a powerful centrifugal force of excitement — and real money judging by crypto exchange Coinbase Inc.’sreportedprofit margins of 20%.\nNever mind that Bitcoin’s persistent flaws, from relatively slow transaction speeds to wild price swings, make it a poor store of value or medium of exchange. The promise of life-changing wealth during lockdown is a strong draw for eager punters. Beyond the memes, wealthy financiers and billionaires are loudly loading up on digital gold, drowning out any skeptical voices. Elon Musk’s Tesla Inc. hasplowed$1.5 billion into Bitcoin, and wealthy hedge-funders like Paul Tudor Jones and Stanley Druckenmiller are on board.\nIt’s hard to heed “boomer” warningscomparing the craze to 17th-century Dutch tulip maniawhen the likes of ARK Investment Management’s Cathie Wood areegging firms on to buy.\nNo wonder the world of “legacy” corporate finance is salivating. The mood echoes how Citigroup Inc.’s former boss Chuck Prince depicted the peak of the subprime bubble: “As long as the music is playing, you’ve got to get up and dance.” Nowadays it seems everyone is adding crypto to their dance card.\nMasterCard Inc.and Bank of New York Mellon Corp. have announced crypto plans, while JPMorgan Co-President Daniel Pinto says his bank will“get involved” eventually. Some investors say they’ve bought crypto while hating every minute of it — the very definition of the Fear of Missing Out.\nThe Bitcoin Aristocracy\nThere are over 8,000 addresses holding balances worth over $10 million\n\nHard as it is to resist crypto FOMO, it’s still worth thinking about rules of engagement and taking a careful approach. One principle might be to remind companies of their fiduciary duty to shareholders. Simply sticking Bitcoin on the balance sheet like Teslais apoorhedge, as its price tumbles in times of market stress have shown. It’s not a common medium of exchange either, with merchants amounting to an estimated 1% of crypto transactions between mid-2019 and mid-2020.\nMost companies with a dollar cost base selling goods other than luxury cars have no real need to hold a pile of cryptocurrencies. Copying Musk is for the brave — it only works if the price keeps going up. Corporations should stick to their financial lane, not swerve onto Tesla’s. Most investors prefer for excess cash to be reinvested in operations, returned or managed appropriately.\nFor bankers, acting as a broker for crypto clients could certainly fit into their job description. However, some caution is warranted here, too. Jean Dermine, a professor of banking at Insead, reckons Bitcoin touches on several areas of risk: operational risk, such as client identification and the potential for fraud; legal, especially with a decentralized global asset; and regulatory risk, given a history of lawsuits andgovernment crackdownsin the sector. And then there’s the need to protect consumers too.\nSo while trading Bitcoin might make business sense, the risks should make it expensive to do so, with high levels of loss-absorbing capital set aside to back it. Switzerland, for example, has reportedly guided toward aflat bank risk weightof 800% for Bitcoin. That helps explain why banks have so far kept one step removed from the asset, whether via futures or taking on crypto exchanges as clients.\nWhile treading cautiously on Bitcoin, banks would do well to take a more strategic approach tothe whole crypto landscape. The future of money hasn’t been decided yet, and “legacy” finance may be better equipped to co-opt or compete against such assets than people think. Banks have been toiling away at proprietary blockchain projects, such as JPMorgan’s JPM Coin, which could save money on payments. They are natural partners for central banks’ planned digital currencies, like the digital euro.\nFinally, a principle for regulators. They should take a balanced approach to financial innovation without letting systemic risks get out of hand. Crypto exchanges are better regulated than they used to be, and consumer warnings are issued frequently. But if Bitcoin became deeply embedded in the global financial system, the question would inevitably arise over what to do if an asset with no government backer crashed.\nWhen the music stopped for Citi and others in the 2007-2008 financial crisis, central banks joined hands to throw the financial system multiple lifelines — helping spur the creation of Bitcoin itself. It would be a very odd look for the Bitcoin aristocracy to be bailed out by its arch-nemesis, central bank fiat money.\nBitcoin is playing an irresistible tune, but for many in the corporate-finance world, the best dance right now should be baby steps.\nThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.\nLionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":149,"commentSize":76,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}