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According to a report today (May 9) from CoinDesk.com, the brothers were awarded a patent for a system that executes transfers of exchange-traded products (ETPs). The price of ETPs derives from other investment instruments they are tied to, like cryptocurrencies.
The duo has also tried to bring a Bitcoin-tied ETF to the markets, but the Securities and Exchange Commission rejected their last bid in March 2017.
In other cryptocurrency news, the price of Bitcoin pushed back above $9,300 as crypto enthusiasts thrashed Warren Buffett over his comparison of the world's largest coin to "rat poison."
Mark Wright, a Bitcoin investor and well-known businessman in London, argued that Buffett has a history of failing to understand both technology and innovation.
Meanwhile, notable Bitcoin bull and billionaire Mike Novogratz announced plans to launch his own cryptocurrency index. The former hedge fund manager will team with Bloomberg to create the Bloomberg Galaxy Crypto Index.
The new index will track the aggregate returns of the largest cryptocurrencies by market capitalization.
Here is a recap of the top five cryptocurrencies by market cap as of 1:30 p.m. EDT:
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$28,335,666,103||$1,655.25||+4.61%|
Now, here's a closer look at today's Money Morning cryptocurrency insight, the most important cryptocurrency updates you need to know…
Money Morning Cryptocurrency Insight of the Day
"Do I have to buy one whole bitcoin?"
That's a question a lot of our readers who are just starting to buy cryptocurrencies have been asking us.
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The answer is no, and it's actually much easier than you think to eventually own a full bitcoin through an accumulation strategy.
The Top Cryptocurrency Stories for May 9
- Markets are still keeping a close eye on reports out of New York, where the NYSE is exploring its own online trading platform. The NYSE Bitcoin development is the latest in a string of news that signals the "institutionalization" of the world's largest cryptocurrency. Recently, Goldman Sachs Group (NYSE: GS) announced plans to launch its own Bitcoin trading desk.
- Are the super wealthy hoarding billions of dollars in Bitcoin across Silicon Valley? According to a Bloomberg report, the answer is yes. Argentine entrepreneur Wences Cesares has been able to persuade the elite of Silicon Valley that Bitcoin is the future of money. His startup, Xapo, acts as a Bitcoin custodian. It reportedly is protecting 7% of the global Bitcoin supply.
- China's second-largest Bitcoin mining hardware manufacturer, Canaan Creative, plans to raise $1 billion through an IPO on the Hong Kong Stock Exchange (SEHK), according to CCN. Canaan says it produces 20% of the Bitcoin mining rigs sold across the globe.
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