Posted on

As Bitcoin Prices Swing, Millionaires Lose Sleep Over Lost Keys

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000. The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for …

Read More

Posted on

China’s Stronger Currency Could Be a Fig Leaf for Biden

HONG KONG — China’s economy has come roaring back from the depths of the coronavirus pandemic, and its currency has joined the ride.The currency, known variously as the yuan or the renminbi, has surged in strength in recent months against the American dollar and other major currencies. Through Monday, the U.S. dollar was worth 6.47 renminbi, compared with 7.16 renminbi in late May and close to its strongest level in two and half years.Many currencies tend to jump around in value even more, but Beijing has long kept a leash on China’s, so the renminbi’s leap looks …

Read More

Posted on

Bitcoin Climbs to Record High

Bitcoin is back. Again.Nearly three years after it went on a hair-bending rise and hit a peak of $19,783, the price of a single Bitcoin rose above that for the first time on Monday, according to the data and news provider CoinDesk. The cryptocurrency has soared since March, after sinking below $4,000 at the outset of the coronavirus pandemic.Bitcoin’s latest climb is different from its last spike in 2017, which was driven largely by investors in Asia who had just learned about cryptocurrencies. Back then, the digital token soon lost momentum as people questioned what it could do other than …

Read More