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Hedge Fund Billionaire Marc Lasry Wishes More Bitcoins To Accumulate

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In an interview with CNBC on Tuesday, June 8, Marc Lasry, the founder of Avenue Capital Management and owner of the Milwaukee Bucks, acknowledged that Bitcoin had grown much faster than he thought it could. He stated that he should have purchased a lot more coins earlier.

“I think the probability, as more and more people start using Bitcoin, is that it’s going to keep going up. It’s happened a lot quicker than I thought it would. I should have bought a lot more. That was my mistake.” he said.

In the past, Lasry had predicted that the price of Bitcoin could surge past the $40,000 level.  

When asked about his past prediction and commenting on where the leading cryptocurrency currently stands, Lasry stated that once the market is built, it is there and unlikely to go away.

“Once a market is created…That, to me, was the reason why I thought it was interesting on Bitcoin. And I thought that as soon as you add institutional investors (are) coming at, the price would move up,” Lasry said.

The US billionaire investor is bullish on Bitcoin’s long-term situation because of its established market.   

In July 2018, Lasry had an interview with CNBC where he successfully predicted that Bitcoin would climb to the $40,000 level within a few years as it becomes easier to trade and more acceptable. He also indicated that individuals who invested in the digital asset would accumulate “5 to 10 times their money in 3 to 5 years.” During this time, the leading cryptocurrency was trading below $7,500.

In 2018, Lasry regretted not purchasing Bitcoin a few years ago, stating that he should have bought the digital currency when it was at $300 just a few years ago.

Bitcoin to Continue Its Uptrend

The extreme volatility in the price of Bitcoin makes several investors wary of investing in digital asset. However, others see it as owning a venture capital-backed asset since the cryptocurrency has obtained more acceptance as an alternative asset.

Marc Lasry is bullish on Bitcoin and believes that the crypto price will continue to rise together with its usability. He is optimistic about the increasing number of institutional investors adopting cryptocurrency.

Lasry’s day job involves running Avenue Capital Group debt investment company he helped to start and operate. The firm currently has about $9.6 billion in assets under management.

Lasry also has Bitcoin investments that he said he has made with his personal money.  

Besides running Avenue Capital as CEO and chairman, Lasry owns a stake in the NBA’s Milwaukee Bucks.   

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/hedge-fund-billionaire-marc-lasry-wishes-more-bitcoins-to-accumulate

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India Consults Stakeholders Related to Cryptocurrency Ban

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Indian central government and its monetary authority, the Reserve Bank of India (RBI), is reportedly taking steps to analyse the clause of the previous plans to ban digital currencies in the country.

According to BloombergQuint, the central government talks to key stakeholders to review the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

Under the ongoing review, the authority considers three key aspects cited by the BloombergQuint report. The first two around whether new rules can be enacted to accommodate cryptocurrencies. The authorities are trying to explore which areas or types of crypto-related activities to permit or ban entirely.

The new approach to tackling cryptocurrencies comes after several bans that have not been implemented. Meanwhile, the threat of clamping down on cryptocurrencies persists in Asia; cryptocurrency-related activities have not really toned down. Perhaps, the new approach to tack cryptocurrencies is based on the fact that the government is not oblivious to the many local crypto dependents that the ban will impact.

Recently, when the ban on crypto surfaces, the Indian Supreme Court always revert the prohibitions. The crypto regulatory terrain in India is somewhat confusing when the government recently clarified its stance about the latest ban, pointing out that old circulars been cited by financial institutions for not providing services to crypto exchanges no longer holds.

Although other nations are also notably anti-crypto, India embraces crypto with an open mind attitude than other nations do, exploring with a welcome progression for the growth of the digital currency ecosystem in the country.

However, the clause-by-clause analysis of the crypto bill and the proposal for a new one may not be ready during the upcoming Monsoon Session of the Parliament. Nevertheless, scraping the plans to ban crypto officially will mark a new paradigm shift for the growth of crypto in India and the global ecosystem at large.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/india-consults-stakeholders-related-cryptocurrency-ban

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DeFi Derivatives Platform SynFutures Raises $14M in Series A Funding Led by Polychain

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Singapore-based Decentralized finance (DeFi) derivatives exchange-SynFutures announced Wednesday completed a Series A funding with a total value of $14 million.

It is reported that Polychain Capital led the financing, a company specialising in investing in cryptocurrency protocols and companies, and other companies included Framework, Pantera Capital, Bybit, Wintermute, CMS, Woo, IOSG Ventures followed up.

Previously, SynFutures has obtained a total of $1.4 million backed by Dragonfly Capital and Standard Crypto through seed round financing in January. The additional $14 million raised in the A round of financing will bring the total project funds up to $15.4 million.

According to the announcement, this funding will help launch the main network and lower the threshold for investors to trade DeFi derivatives, financial instruments such as futures contracts or options. In addition, the fund also aims at improving the trading tools of various products, such as large-cap cryptocurrencies, altcoins, traditional stocks, gold, and indexes, etc., to ensure that the power of smart contracts provides users with the most complete and stable trading experience.

SynFutures CEO Rachel Lin said that:

“We’re aiming to level the playing field for the average investor by cultivating a free and open market for derivatives trading.”

The funds will endorse SynFutures to create new products and add new features to its derivatives trading platform.

SynFutures is currently preparing an auto-one-click solution called “Auto-Hedger”, which will help users hedge the impermanent loss risk they face when taking on different DeFi AMM trading platforms. More functions will be added, including computing power derivatives and cross margining.

SynFutures revealed that:

“Through this funding, we can now keep developing our systems for the growth of the derivatives market and introduce functions that will improve user experiences. More importantly, we look forward to working with our investors to help in accelerating our development process.”

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/defi-derivatives-platform-synfutures-raises-14m-in-series-a-funding-led-polychain

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U.S. SEC Postpones VanEck’s Bitcoin ETF Application Again

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U.S. Securities and Exchange Commission (SEC) Wednesday once again postponed to decide the application of VanEck Bitcoin Trust’s proposed Bitcoin ETF.

This move is the second time delay to extend the review period on the application of Bitcoin ETF since April. According to Bloomberg’s coverage, the regulator disclosed in a filing that it would look for more public opinion in response to the proposal which product intends to list on Cboe Global Markets.

In the same filing, the authority also asked the public for comments if the proposed Trust and Shares associated with the ETF would be susceptible to manipulation.

Other questions include its ability to prevent fraudulent acts and the sustainability of the regulation in the Bitcoin market. The deadline has set to July and may extend to August, if necessary.

Some analysts believe SEC concerns lack proper surveillance over the crypto exchanges to protect stakeholders’ interest in investments.

VanEck filed its ETF proposal at the end of last year, which it considers the first Bitcoin ETF. Cboe BZX agreed to act as VanEck’s exchange partner earlier this year.

Yet, relative applicants are needed to review within 45 days. The finical agency has the authority to postpone the review process up to 240 days, which means the uncertainty can last until mid-November before the administration making decisions.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/u.s.-sec-postpones-vaneck-bitcoin-etf-application-again

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Blockchain News

U.S. SEC Postpones VanEck’s Bitcoin ETF Application Again

Published

on

U.S. Securities and Exchange Commission (SEC) Wednesday once again postponed to decide the application of VanEck Bitcoin Trust’s proposed Bitcoin ETF.

This move is the second time delay to extend the review period on the application of Bitcoin ETF since April. According to Bloomberg’s coverage, the regulator disclosed in a filing that it would look for more public opinion in response to the proposal which product intends to list on Cboe Global Markets.

In the same filing, the authority also asked the public for comments if the proposed Trust and Shares associated with the ETF would be susceptible to manipulation.

Other questions include its ability to prevent fraudulent acts and the sustainability of the regulation in the Bitcoin market. The deadline has set to July and may extend to August, if necessary.

Some analysts believe SEC concerns lack proper surveillance over the crypto exchanges to protect stakeholders’ interest in investments.

VanEck filed its ETF proposal at the end of last year, which it considers the first Bitcoin ETF. Cboe BZX agreed to act as VanEck’s exchange partner earlier this year.

Yet, relative applicants are needed to review within 45 days. The finical agency has the authority to postpone the review process up to 240 days, which means the uncertainty can last until mid-November before the administration making decisions.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/u.s.-sec-postpones-vaneck-bitcoin-etf-application-again

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