Top investor Paul Tudor Jones said today that Bitcoin is a good option during today's current "threatening geopolitical environment." The billionaire hedge fund manager said in an interview with CNBC Tuesday that we are living in a "really difficult time" with the Israel-Gaza war, Russia's invasion of Ukraine and China and U.S. tensions. He also noted that the U.S. was probably in its "weakest fiscal position since certainly World War II," and that China, Russia and North Korea were run by "sociopaths." And for that reason Bitcoin is a good choice for investors—along with traditional safe haven asset gold, he claimed. "I like Bitcoin and I like gold right here," Jones said, adding that both assets should "probably take on a larger percentage of your portfolio than historically they would." Hong Kong’s iFinex Inc., the parent company of cryptocurrency exchange Bitfinex, has proposed a $150 million share buyback, Bloomberg News reported Oct. 10. The move is seen as an effort to consolidate its private operations amidst increasing regulatory oversight in the cryptocurrency industry. iFinex, which has shared board members with the well-known stablecoin issuer Tether Holdings Ltd., made an offer to its shareholders last month. The proposal offers to buy back shares at $10 each for a total of 15 million shares. The amount represents around 9% of iFinex’s total outstanding capital and sets the company’s valuation at approximately $1.7 billion. However, the proposal has a prerequisite: iFinex must first receive a significant cash inflow from one or more of its subsidiary businesses. In 2016, iFinex shareholders acquired its stocks through a swap deal with the investment platform BnkToTheFuture. That same year, Bitfinex lost around $71 million in Bitcoin due to a security breach. The current valuation of that amount stands at about $3.3 billion. As the adoption of blockchain and the concept of tokenization expand into areas historically controlled by legacy financial institutions, a new breed of companies is arising to fill the gap and help institutional investors navigate the complexities of distributed ledger technology. One such non-profit is the Provenance Blockchain Foundation (PBF), the Foundation supporting the Provenance blockchain, a sovereign layer-one (L1) protocol that is built specifically and solely for financial services. To gain more insight into the world of institutional blockchain adoption and tokenization, Kitco Crypto interviewed Anthony Moro, acting CEO and managing director of the PBF. “We think financial services is one of the largest use cases for blockchain technology going forward,” Moro said. “And we thought the world needed a blockchain that was not focused on some of the crypto activities that have gotten so many headlines but focused more on the tried and true back office needs of regulated financial services in an effort to make them cheaper, faster and safer.” A Brazilian congressional committee has asked for Binance CEO Changpeng Zhao and three other company executives to be indicted, Bloomberg said on Oct. 10. Following the committee’s recommendations, the decision to indict Zhao and the other company executives now lies with the Brazilian police. The committee alleged that Zhao and the other executives have engaged in fraudulent management, offering or trading of securities without previous authorization, and operation of a financial institution without authorization. You can find the full stories and more at the link below:
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