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Category: Economy

Bitcoin billionaires: The digital currency is no bubble

“Money is a network. People believe in the U.S. dollar, it has more value. People believe in bitcoin, it has value. People believe in gold, it has value. And that’s not a linear increase. By definition, the more people that get into bitcoin, it makes it more valuable, and when we try and take like equities or stock bubble-type frameworks to bitcoin, it’s really — it’s misguided, because it’s a network, it’s not a company,” Cameron said during an interview on FOX Business’ “Wall Street Week.”

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Bitcoin Futures Trading Opening Brings Crypto to Wall Street

Cboe Global Markets Inc. started letting traders buy and sell bitcoin futures Sunday evening. Though the exchange operator warned volume might be low — new futures typically take time to build a following — almost 600 contracts traded in the first hour. As of 7:36 p.m. New York time, contracts expiring in January were priced at $15,800, or about 3 percent higher than bitcoin itself, according to data compiled by Bloomberg. The cryptocurrency spiked by more than $1,000 before paring the gain.

GE to cut 12,000 jobs worldwide

The company said the headcount cuts, which will affect both professional and production employees mostly outside the United States, will position GE Power to reach its announced target of $1 billion in structural cost reductions in 2018. The move aligns with GE’s effort to reduce overall structural costs by $3.5 billion in 2017 and 2018.