Mainstream media had a busy week discussing cryptocurrency and blockchain this week, touching on Warren Buffett’s unfortunate lunch date, CryptoMom fighting for a Bitcoin ETF, former Mt. Gox CEO Mark Karpelès starting again, and much more. Let’s see what they had to say.
Justin’s Expensive Buffett Lunch
Justin Sun’s forthcoming lunch with Warren Buffett made the news this week, with some outlets laughably calling him a “crypto pioneer”. Unless they mean the pioneer of fake announcements and dodgy code then they really have no idea. Sun’s winning bid of $4.57 million of investor money at a charity auction would, he hoped, “benefit everyone”, which is as obscure as it is insincere. The Wall Street Journal labelled Sun a “crypto promoter” which is more accurate, seeing as using the word ‘charlatan’ might have been a step too far towards a lawsuit.
Sun told reporters that while he wanted to learn from Buffett during the lunch that “…when you listen to younger people you hear things that you might not normally hear from your close circle of friends and advisors.” This might be the only sensible thing he’s said in the last two years.
Karpelès Starts Again
The New York Times covered the new business venture by former Mt. Gox chief Mark Karpelès, stating that he has “started a business around the same computer technology that led to his legal troubles”. If that isn’t a thinly veiled warning then we don’t know what is. Karpelès, who against all odds was found not guilty of embezzling Mt. Gox customers in March, has started a company that aims to build a blockchain-based operating system that will be faster than those currently in use. Interestingly, Karpelès said that he no longer held cryptocurrencies because they carried high risks, which the Times presumably agreed with.
Hester Peirce Fights for Bitcoin ETF
Hester Peirce, the Securities and Exchange (SEC) regulator affectionately known as ‘CryptoMom’ for her positive attitude towards cryptocurrencies, was featured in the Financial Times after calling for more experimental ETFs. The FT records her stating that it could be “a long time” before the SEC agreed to permit a Bitcoin ETF, citing the regulator’s historically cautious approach, something she is battling to change.
She faces an uphill battle however, as evidenced by a CEO of a financial advisory body who was said to be worried about the “potential reputational damage for the ETF industry if regulators adopted a more liberal attitude.” We could be here some time.
And There’s More…
Mainstream media also covered the announcement from French retailer Carrefour SA that implementing blockchain tracking boosted their sales, Kik being charged on three counts by the SEC, Divyesh Darji going on the run from another crypto scam, and the return of the $50,000 Bitcoin predictions after its recent rise. No doubt if it corrects further as everyone expects the doom and gloom talk will come out again. Ho hum.
That’s it for this week – come back next week to see how far behind the times the traditional press is once again!