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1.Market Observations, 8.Was Sticky

9 Jan 2018 (AFR) – Ripple effect creates rapid riches for some – Bitcoin competitor Ripple value climbs, almost beating Facebook’s Mark Zuckerberg

[COMMENT: Caution!! This news story is simply that – a reporting on some of what has been happening. This is NOT advice nor a recommendation of any sort. For whatever it is worth, in case the reader is wondering, I don’t invest in, or trade in, this type of asset.]

(9 January 2018, AFR, p23, by Nathaniel Popper)

‘The virtual currency boom has gotten so heated that it is throwing the list of the world’s richest people into disarray. Consider what has happened to the founders of an upstart virtual currency known as Ripple, which has seen its value skyrocket in recent weeks. At one point on Thursday, Chris Larsen, a Ripple co-founder who is also the largest holder of Ripple tokens, was worth more than $US59 billion ($75 billion), according to Forbes. That would have briefly vaulted Mr Larsen ahead of Facebook chief executive Mark Zuckerberg into fifth place on the Forbes list of the world’s richest people. Other top Ripple holders would have also zoomed up that list as the value of their tokens soared more than 100 per cent during the last week – and more than 30,000 per cent in the last year. The boom has turned Ripple into the second largest virtual currency, within striking distance of the original behemoth, Bitcoin.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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About robertbrain

Brainy's Share Market Toolbox. Read the honest truth about the sharemarket. Develop or fine tune your investing/trading strategies using share price charts (technical analysis), or learn about the investment strategies of others. Melbourne (Australia) based - supporting share market investors and traders to build wealth through smarter investing using my Share Market Toolbox arsenal of weapons to tackle the market.

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