BANKING BILLIONAIRE FEARS FUTURE OF BITCOIN VS. BANKS

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Imagine life as a the patriarchal head of a fiat currency banking empire. Life is good, with the ability to create fiat currency out of thin air, thanks to fractional reserve banking practices which effectively legalizes counterfeiting money. You compare notes with other billionaires. Your donations and campaign influence have politicians wrapped around your finger when it is time regulate new competitors or new technologies. With effective control of politicians, regulators, and consumers sending you multiple streams of income, life couldn’t be better. With one exception. What if there was something, like Bitcoin, which the establishment’s bankers couldn’t wish into the corn fields? Controlling politicians, regulators, the general public, and national economies is pretty sweet, but can all that power protect you from new technologies? What if people had an option where they didn’t have to cut the banks in on every loan, transaction, or new economic measure passed through government? What if people start to figure out you don’t need a bank to live a prosperous life? What if a new technology removed the banks from the equation, leaving people to manage their own money, without a corporate middleman with their hand in your pocket? If you were a …

Circle Internet Financial Raises $50 Million With Goldman Sachs Support

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Bitcoin financial services startup Circle Internet Financial has closed a $50m funding round. The Boston-based company drew support from  and China-based IDG Capital Partners, as well as all of Circle’s pool of existing investors, including Breyer Capital, General Catalyst Partners, and Accel Partners. Tom Jessop, managing director at Goldman Sachs’ Principal Strategic Investments Group, said the bank recognizes the need to invest in companies that “have the promise to transform global markets through technical innovation.” Jessop added: “We think that Circle’s product vision and exceptional management team present a compelling opportunity in the digital payments space.” Quan Zhou, managing director of IDG Capital Partners and Circle board member, said that China in particular, will be a major focus for the company as it looks to further internationalize its services. “We are very excited about our investment and look forward to helping launch the company in the Chinese market where consumer adoption of innovative digital payment products is growing at a tremendous rate,” he said. Circle has also announced the launch of new account features that enable customers to hold, send and receive US dollars. Those funds, according to the company, will be insured by the Federal Deposit Insurance Corporation. The news follows reports from earlier this week that Circle was …