Lofty Bitcoin valuations are the “stuff dreams are made of.”
So says Michael Cembalest, president of market and investment strategy at JPMorgan Asset & Wealth Management, in a report which is based on “The Maltese Falcon,” the 1941 film about a priceless artifact that comes to symbolize greed, and turns out, in the end, to be fake.
“I won’t buy it even if a part of me wants to, regardless of the consequences. Since that is what some cryptocurrency holders have been counting on from the beginning.” He wrote in the JPMorgan report.
Starting with Bitcoin as a store of value, Cembalest says he understands why people are interested in cryptocurrencies with a fixed supply as a store of value. As the developed world has drowned in debt and fiat money, at a rate that dwarfs anything seen in the aftermath of the 2008 financial crisis.
“Central banks and Treasuries have created a huge confidence vacuum. And it would have been strange if no alternative to fiat money had appeared on the scene.” Says the JPMorgan report.
Bitcoin recovered this Friday
Bitcoin price recovered much of its recent losses on Feb. 4, but concerns remain that it could drop back to $30,000. At the time of writing this article, Bitcoin stands at USD 40,600, registering a growing variation of 8.40% in the last 24 hours. As reported by our internal crypto online tool.
For its part, according to the resource of monitoring on-chain Coinglass, BTC settlements were $50 million during the most recent four-hour period. With cross-settlements of cryptocurrencies exceeding USD 100 million.
Binance CEO warned of SMS phishing scams
Binance CEO Changpeng “CZ” Zhao has alerted the crypto community against a “massive” SMS phishing scam targeting Binance customers.
Tweeting on Friday, CZ alerted users to a phishing scam campaign targeting Binance users via SMS.
“There is a massive phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to collect your credentials as shown in the screenshot below.”
“NEVER click on SMS links!”
The CEO warned Binance users not to click on any links in the SMS messages. He also advised them to always type the URL for the exchange into their browsers manually.
Meta under investigation by Australian authorities for crypto ad fraud
Multinational technology conglomerate Meta is currently under investigation by Australia’s competition regulator, the ‘Australian Competition and Consumer Commission (ACCC)’ for allowing crypto scam products to be advertised on its ‘Facebook’ social media platform.
Businessman claimed that Meta has violated anti-money laundering laws by failing to take adequate measures to combat fraudulent advertisements. Meanwhile, the ACCC wants to keep things different from Forrest’s accusations.