Chinese selfie app pours cash into bitcoin and could buy moreBy Laura He, CNN BusinessUpdated 0941 GMT (1741 HKT) March 8, 2021 ‘use strict’;CNN.Videx = CNN.Videx || {};CNN.Videx.mobile = {};CNN.INJECTOR.executeFeature(‘video’).then(function () {CNN.VideoPlayer.handleUnmutePlayer = function handleUnmutePlayer(containerId, dataObj) {‘use strict’;var playerInstance,playerPropertyObj,rememberTime,unmuteCTA,unmuteIdSelector = ‘unmute_’ + containerId,isPlayerMute;dataObj = dataObj || {};if (CNN.VideoPlayer.getLibraryName(containerId) === ‘fave’) {playerInstance = FAVE.player.getInstance(containerId) || null;} else {playerInstance = containerId && window.cnnVideoManager.getPlayerByContainer(containerId).videoInstance.cvp || null;}isPlayerMute = (typeof dataObj.muted === ‘boolean’) ? dataObj.muted : false;if (CNN.VideoPlayer.playerProperties && CNN.VideoPlayer.playerProperties[containerId]) {playerPropertyObj = CNN.VideoPlayer.playerProperties[containerId];}if (playerPropertyObj.mute && playerPropertyObj.contentPlayed) {if (isPlayerMute === false) {unmuteCTA = jQuery(document.getElementById(unmuteIdSelector));playerInstance.unmute();if (unmuteCTA.length > 0) {unmuteCTA.removeClass(‘video__unmute–active’).addClass(‘video__unmute–inactive’);unmuteCTA.off(‘click’);rememberTime = 0;if (rememberTime 0) {$vidEndSlate.find(‘.l-container’).html(‘ ‘);$vidEndSlate.removeClass(‘video__end-slate–inactive’).addClass(‘video__end-slate–active’);}};CNN.autoPlayVideoExist = (CNN.autoPlayVideoExist === true) ? 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Here are the details”,”duration”:”02:08″,”sourceName”:”CNN”,”sourceLink”:”https://crypto247.news/wp-content/uploads/2021/03/trendomatic/190618091058-facebook-libra-large-169.jpg”,”videoUrl”:”/videos/tech/2019/06/18/facebook-libra-cryptocurrency-sebastian-first-move.cnn/video/playlists/business-digital-currency/”,”description”:”Facebook formally unveiled its highly-anticipated digital currency project called Libra.
CNN’s Clare Sebastian looks at what makes this different than other cryptocurrencies.”,”descriptionText”:”Facebook formally unveiled its highly-anticipated digital currency project called Libra.CNN’s Clare Sebastian looks at what makes this different than other cryptocurrencies.”},{“title”:”Winklevoss twins call crypto the ‘ultimate social network'”,”duration”:”01:34″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business/index.xml”,”videoId”:”business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190310213617-cameron-tyler-winklevoss-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business/video/playlists/business-digital-currency/”,”description”:”Cameron and Tyler Winklevoss sat down with CNN Business to discuss their crypto exchange, Gemini, and plans for their recently launched mobile app.”,”descriptionText”:”Cameron and Tyler Winklevoss sat down with CNN Business to discuss their crypto exchange, Gemini, and plans for their recently launched mobile app.”},{“title”:”JPMorgan launches crypto coin”,”duration”:”03:02″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business/index.xml”,”videoId”:”business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190214120156-jamie-dimon-file-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business/video/playlists/business-digital-currency/”,”description”:”JPMorgan’s “JPM Coin” is a prototype designed for institutional clients but executives wouldn’t rule out that it could eventually be used for retail customers.CNN’s Matt Egan reports.”,”descriptionText”:”JPMorgan’s “JPM Coin” is a prototype designed for institutional clients but executives wouldn’t rule out that it could eventually be used for retail customers.CNN’s Matt Egan reports.”},{“title”:”Quadriga assets frozen after founder dies”,”duration”:”01:58″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/05/quadriga-cryptocurrency-exchange-ceo-death.cnn-business/index.xml”,”videoId”:”business/2019/02/05/quadriga-cryptocurrency-exchange-ceo-death.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180927091832-01-bitcoin-illustration-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/05/quadriga-cryptocurrency-exchange-ceo-death.cnn-business/video/playlists/business-digital-currency/”,”description”:”Quadriga, Canada’s biggest cryptocurrency exchange, said it’s unable to gain access to $145 million of bitcoin and other digital assets after Gerald Cotten, its 30-year old CEO and co-founder, died of complications arising from Crohn’s Disease while traveling in India.”,”descriptionText”:”Quadriga, Canada’s biggest cryptocurrency exchange, said it’s unable to gain access to $145 million of bitcoin and other digital assets after Gerald Cotten, its 30-year old CEO and co-founder, died of complications arising from Crohn’s Disease while traveling in India.”},{“title”:”What is blockchain?”,”duration”:”02:08″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business/index.xml”,”videoId”:”business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180925120122-blockchain-dominos-thumbnail-large-169.jpg”,”videoUrl”:”/videos/business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business/video/playlists/business-digital-currency/”,”description”:”While some people are rushing to invest in cryptocurrencies like bitcoin and ethereum, other experts believe that the real value lies in the underlying technology, known as blockchain.CNN’s Ramy Zabarah explains how it works.”,”descriptionText”:”While some people are rushing to invest in cryptocurrencies like bitcoin and ethereum, other experts believe that the real value lies in the underlying technology, known as blockchain.
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CNN’s Paul R.La Monica reports.”},{“title”:”Strategist on bitcoin: Pullback is very expected”,”duration”:”02:54″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness/index.xml”,”videoId”:”business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201124080935-02-bitcoin—stock-large-169.jpg”,”videoUrl”:”/videos/business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”BTIG’s Julian Emanuel says the pause in bitcoin’s rally is a “sentiment readjustment.””,”descriptionText”:”BTIG’s Julian Emanuel says the pause in bitcoin’s rally is a “sentiment readjustment.””},{“title”:”Scaramucci: Bitcoin is due for a correction”,”duration”:”01:02″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business/index.xml”,”videoId”:”business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201216123432-20201216-markets-now-10-large-169.jpg”,”videoUrl”:”/videos/business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business/video/playlists/business-digital-currency/”,”description”:”Just how far can Bitcoin prices rise? Anthony Scaramucci tells CNN’s Alison Kosik that Bitcoin’s best days are ahead, but the ride will be volatile.”,”descriptionText”:”Just how far can Bitcoin prices rise? Anthony Scaramucci tells CNN’s Alison Kosik that Bitcoin’s best days are ahead, but the ride will be volatile.”},{“title”:”Ripple CEO on what’s driving cryptocurrency”,”duration”:”02:26″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness/index.xml”,”videoId”:”business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201202111914-ripple-ceo-brad-garlinghouse-large-169.jpg”,”videoUrl”:”/videos/business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Brad Garlinghouse, CEO of Ripple, says the rally in digital currency is being driven by investors who see it as “an inflationary hedge.” He also says the long-term value of cryptocurrency is in its ability to solve payment problems.”,”descriptionText”:”Brad Garlinghouse, CEO of Ripple, says the rally in digital currency is being driven by investors who see it as “an inflationary hedge.” He also says the long-term value of cryptocurrency is in its ability to solve payment problems.”},{“title”:”PayPal CEO: Our move into cryptocurrencies is to bolster utility”,”duration”:”03:57″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/index.xml”,”videoId”:”business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201123105600-paypal-cryptocurrency-large-169.jpg”,”videoUrl”:”/videos/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”,”descriptionText”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”},{“title”:”He says Facebook’s Libra is the future.Lawmakers aren’t so sure”,”duration”:”03:38″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn/index.xml”,”videoId”:”business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190923125500-20190919-rt-gfx-david-marcus-facebook-large-169.jpg”,”videoUrl”:”/videos/business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn/video/playlists/business-digital-currency/”,”description”:”In the midst of intense regulatory scrutiny, is Facebook the right company to take cryptocurrency mainstream? Facebook executive David Marcus tells CNN Business’ Rachel Crane why the world needs Libra.”,”descriptionText”:”In the midst of intense regulatory scrutiny, is Facebook the right company to take cryptocurrency mainstream? Facebook executive David Marcus tells CNN Business’ Rachel Crane why the world needs Libra.”},{“title”:”Facebook unveils Libra, a new cryptocurrency.
CNN’s Ramy Zabarah explains how it works.”},{“title”:”What is an ICO?”,”duration”:”02:24″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/09/25/ico-initial-coin-offering-bitcoin-ethereum-cnn-business-orig.cnn-business/index.xml”,”videoId”:”business/2018/09/25/ico-initial-coin-offering-bitcoin-ethereum-cnn-business-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180119104456-tokens-ico-explainer-thumbnail-large-169.jpg”,”videoUrl”:”/videos/business/2018/09/25/ico-initial-coin-offering-bitcoin-ethereum-cnn-business-orig.cnn-business/video/playlists/business-digital-currency/”,”description”:”You’ve probably heard of Bitcoin, but new cryptocurrencies get introduced almost every day through a process called an Initial Coin Offering.CNN’s Ramy Zabarah breaks down how an ICO differs from an IPO and whether you should invest in one.
“,”descriptionText”:”You’ve probably heard of Bitcoin, but new cryptocurrencies get introduced almost every day through a process called an Initial Coin Offering.CNN’s Ramy Zabarah breaks down how an ICO differs from an IPO and whether you should invest in one.”},{“title”:”How to buy and sell bitcoin”,”duration”:”02:46″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/cnnmoney/2017/12/14/how-to-buy-and-sell-bitcoin.cnn/index.xml”,”videoId”:”cnnmoney/2017/12/14/how-to-buy-and-sell-bitcoin.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/171214112035-bitcoin-explainer-thumbnail-large-169.jpg”,”videoUrl”:”/videos/cnnmoney/2017/12/14/how-to-buy-and-sell-bitcoin.cnn/video/playlists/business-digital-currency/”,”description”:”As the hype around bitcoin increases, CNN Tech shows you how to buy and sell it …and why you might not want to.”,”descriptionText”:”As the hype around bitcoin increases, CNN Tech shows you how to buy and sell it …
and why you might not want to.”}],’js-video_headline-featured-1wpq29x’,”,”js-video_source-featured-1wpq29x”,true,true,’business-digital-currency’);if (typeof configObj.context !== ‘string’ || configObj.context.length <= 0) {configObj.context = 'investing'.replace(/[()-]/g, '');}configObj.videoCollection = 'business-digital-currency';CNN.VideoPlayer.getLibrary(configObj, videoHandler.getEventCallbackObject(), isLivePlayer, videoHandler.getMediaMetadataCallbacks());videoHandler.getCollectionCarouselElement().on('VIDEO_CAROUSEL_ITEM_CLICKED', CNN.VIDEOCLIENT.triggerSunrise);}});CNN.INJECTOR.scriptComplete('videodemanddust');JUST WATCHEDWhy bitcoin could triple over next yearReplayMore Videos ...MUST WATCH{"@context": "https://schema.org“,”@type”: “VideoObject”,”name”: “Why bitcoin could triple over next year”,”description”: “William Quigley, managing director of Magnetic, explains why he believes that bitcoin’s value can still rise dramatically into 2022.”,”thumbnailURL”: “https://crypto247.news/wp-content/uploads/2021/03/trendomatic/210219081655-02-bitcoin-file-exlarge-169.jpg”,”image”: “https://crypto247.news/wp-content/uploads/2021/03/trendomatic/210219081655-02-bitcoin-file-exlarge-169.jpg”,”duration”: “PT2M11S”,”uploadDate”: “2021-03-03T19:10:57Z”,”contentUrl”: “https://edition.cnn.com/videos/business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business”,”url”: “https://edition.cnn.com/videos/business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business”,”embedUrl”: “https://fave.api.cnn.io/v1/fav/?video=business/2021/03/03/bitcoin-crypto-william-quigley-markets-now.cnn-business&customer=cnn&edition=international&env=prod”} (15 Videos)Why bitcoin could triple over next yearVisa CEO: We see digital currency as a player in global commerceTesla invests $1.5 billion in bitcoinStrategist on bitcoin: Pullback is very expectedScaramucci: Bitcoin is due for a correctionRipple CEO on what’s driving cryptocurrencyPayPal CEO: Our move into cryptocurrencies is to bolster utilityHe says Facebook’s Libra is the future.Lawmakers aren’t so sureFacebook unveils Libra, a new cryptocurrency.Here are the detailsWinklevoss twins call crypto the ‘ultimate social network’JPMorgan launches crypto coinQuadriga assets frozen after founder diesWhat is blockchain?What is an ICO?How to buy and sell bitcoinHong Kong (CNN Business)Tesla turned heads last month when it revealed that it had invested big in bitcoin.Now a Chinese company is jumping on the cryptocurrency bandwagon, too.Meitu, a tech firm known for a popular photo-editing app, said Sunday that it bought some $40 million worth of cryptocurrency.
That includes about $18 million worth of bitcoin and more than $22 million worth of etherium.Bitcoin is surging as an inflation hedge, but don’t count out gold either”Cryptocurrencies have ample room for appreciation in value,” the company said in a filing to the Hong Kong stock exchange.Meitu added that buying the cryptocurrencies helps the company diversify its cash holdings, and said it showed that the firm wants to “embrace technological evolution, and hence prepare its foray into the blockchain industry.” It added that the company’s board has approved it to buy as much as $100 million worth of cryptocurrency.Both currencies rose early Monday, but soon reversed gains.Read MoreBitcoin was last down 2.4% to trade at $49,560 per coin.Ethereum was down 0.3% to $1,676.Meitu’s stock, meanwhile, was volatile in Hong Kong.It surged as much as 14%, but closed down more than 6%, as tech stocks sold off.Meitu, which means “beautiful pictures” in Chinese, makes selfie image-enhancing apps that allow users to make their eyes look wider, skin lighter, and faces slimmer.
It has nearly 300 million monthly active users, according to its most recent financial report.Prices of cryptocurrencies have surged in recent months, benefiting from a weaker US dollar and expectations that a prolonged period of super low interest rates would create inflation.Cryptocurrencies have also been getting validation from big names in Corporate America.Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumblingBitcoin recently saw its market value shoot past $1 trillion — largely thanks to Tesla (TSLA), which said last month that it had bought $1.5 billion worth of bitcoin.Elon Musk’s carmaker also said it was looking at letting consumers use bitcoin to buy its cars and SUVs.
Payments giants Square (SQ) and PayPal (PYPL) recently began allowing customers to trade bitcoin.Credit card processing behemoths Visa (V) and Mastercard (MA) are also embracing cryprocurrencies.But there are some risks.
Bitcoin has pulled back a bit from its February peak, with a current market value of about $930 billion, according to Coinbase.Meitu acknowledged in its company filing Sunday that crypto prices “in general” are “highly volatile,” leading it to focus on just the two market leaders.US Treasury Secretary Janet Yellen, meanwhile, expressed worries last month about bitcoin’s wild price fluctuations.
Bitcoin has fallen 15% in the past two weeks, but is still up more than 70% since start of this year.”It is a highly speculative asset, and I think people should beware.It can be extremely volatile, and I do worry about potential losses that investors in it could suffer,” Yellen said at a conference in New York.— Paul R.La Monica contributed to this report..