Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Markets in Australia and Japan looked set to open slightly lower as investors worried over trade tensions between the U.S. and China.Asia Marketsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
"The last thing I want is to put a date out there for lifting the grounding," said Dan Elwell, acting administrator for the FAA.Transportationread more
The charges allege he published secret documents obtained by former Army intelligence analyst Chelsea Manning, some of which included the disclosure of foreigners who were...Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
Sentiment is "not negative enough to trigger a huge rally ... unless we get some kind of real breakthrough with China," Jim Cramer says.Mad Money with Jim Cramerread more
Oracle co-founder Larry Ellison disclosed a $1 billion stake in Tesla in late December. It's now worth about $580 million.Technologyread more
Bitcoin and other digital currencies have, so far, not been formidable competition for cash, checks or credit cards as a payment method in the United States and other major economies, according to two economists at New York Federal Reserve.
Virtual currencies usually thrive as an alternative form of payment during times of suspicion around traditional forms of payment, they said in a blog post published on Friday.
For example, in 2015, as Greece struggled with its debt problem, Greek interest and trading in bitcoin jumped amid worries over capital controls and a possible exit from the euro zone, the New York Fed economists, Michael Lee and Antoine Martin said.
"Cryptocurrencies arguably solve the problem of making payments in a trustless environment, but it is not obvious that this is a problem that needs solving, at least in the United States and other advanced economies," the post said.
Indeed, bitcoin, ethereum, ripple and other digital currencies, while they have grown in use and popularity, have notable drawbacks, the economists said.
With bitcoin, extreme volatility tends to undermine its function of storing value. This is unlike a traditional currency that is managed by a central bank, they said.
Bitcoin transactions also consume a lot of electricity and it takes time to validate transactions, the economists said.
Right now, bitcoin transactions are estimated to use 48 terawatt hours of energy a year, an amount which could power 4.4 million of U.S. homes, according to Digiconomist, a blog about cryptocurrencies that Lee and Martin cited in their post.
Cash and other traditional payment methods also offer convenience, a formidable advantage relative to cryptocurrencies, the economists said.
"Fundamentally, we wonder whether a payment method designed to function where trust in institutions is completely absent can ever be as convenient as one where trust is required, but also already exists," Lee and Martin wrote.
Bitcoin has seen its value tumble as much as 70 percent from a record peak near $20,000 in mid-December. On Friday, it was at $8,414.34 on the Luxembourg-based Bitstamp exchange.
"In a world where all things were priced in bitcoin, this would likely translate into massive swings in inflation and economic activity," they said.