Warren Buffett Has No Shorts On, Korean Quagmire and Mastercard Testing in Japan
Today sees little change overnight with Bitcoin and Ethereum prices remaining relatively constant at $8500 and $530 respectively. Mark Carney stating the cryptocurrencies don’t yet pose a threat to the financial world likely contributing to price support and potentially offsetting Twitter announcing they too are joining the other major pay per click advertising networks in banning (or heavily restricting) cryptocurrency related advertising.
South Korea is wading through the legal quagmire of crypto regulation. In an interview conducted by Asia Times with a leading law firm in Seoul it would appear “despite last year’s shock announcement by the Ministry of Justice of a ban on crypto trading, the market is – for now – operating largely as it did”. Obviously the regulatory decisions to be made are complex to say the least and a myriad of different outcomes are possible – quite what measures will be implemented and how long that will take remains of course to be seen.
Mastercard is currently running tests in Japan allowing customers to exchange crypto to FIAT directly on their cards having applied KYC (Know Your Client) controls to comply with regulators. Mastercard has been more pro-blockchain than its main competitor Visa with Mastercard now willing to be more crypto friendly – but only on currencies issued by central banks.
Warren Buffett has gained some friends it would appear – according to members of the CNBC Digital Financial Advisor Council, several concur with Buffetts thoughts on the cryptocurrency markets with comments likening the markets to gambling and the Wild West.
Quite why other industry heads in the financial world continue to side with Buffetts statements on the subject in which he openly admits he knows nothing about cryptocurrencies, doesn’t, hasn’t and won’t own any AND claims he holds no short positions either is astonishing. If Buffett were that convinced by his own words – “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending” – one has to ask if he’s that convinced it’s all going to go wrong, why does he not have short positions?
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Created: Tuesday, March 20, 2018
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