Bitcoin News: Terrorists Using It to ‘Make & Move Money’?

A closeup of a Bitcoin coin on a green background

In Bitcoin news, the cryptocurrency is closing on $5,000 last week and growing speculation that terrorists are using cryptocurrencies to make and move money, governments around the world are beginning to crack down. Over the weekend the People’s Bank of China said initial coin offerings are illegal and fundraising activities in the country must be halted. This is big news as People’s Bank is the central bank in China, equivalent in stature to the Federal Reserve in the US, even if their missions are different.

As you’d expect, this put a crimp in cryptocurrency prices, with BitCoin dropping from $4,944 Friday to $4,396 on Tuesday morning. China’s rejection of new currencies is probably good for gold, as money has to go somewhere and it looked like cryptocurrencies might be luring customers away from the metal. Tuesday’s featured article discusses the factors involved and their impacts on the gold and cryptocurrency markets.

Related: India’s Government to Overhaul Its Fragmented Gold Market? READ for Details

 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

Leave a Comment