Cryptocurrency News

Roy Sebag exits cryptocurrency market


The Israeli-Canadian manufacturer says that he now has no contact to cryptocurrency holdings other than his stake in Bitfarms. The cryptocurrency market has lost quite a few depositors over the past year subsequent the slide in the values of digital currencies and last week it lost another of its known supporters – says 33 years old Israeli-Canadian businessman Roy Sebag,

“I have sold my bitcoin today from the prior trade. I have no crypto exposure currently other than my stake in Bitfarms,” Sebag tweeted on Twitter last Wednesday. He holds 22.5% of the shares in Bitfarms (TASE: BLLCF), a Bitcoin mining company that will soon be delisted from the Tel Aviv Stock Exchange (TASE), as reported in “Globes” in January.

Bitfarms today reported that it would report a $19.1 million write-off in its 2018 financial statements “attributable mostly to the value of the property, equipment, and intangible assets relating to cryptocurrencies mining.”

Goldmoney last week enabled its customers to shop for and sell Bitcoin, Ether, and Bitcoin money, and to stay them safe in cold storage, that isn’t connected to the net. On the weekday, however, the corporate notified its customers that they might have to be compelled to “liquify” their digital currencies into standard cash (fiat money) or withdraw them to their non-public wallets. on it day, Sebag tweeted on Twitter, “As AN businessperson, I conjointly perpetually fail. What I am smart at is cutting my losses and assessing the data ensuing from a failure into order to alter the position and maintain momentum.”

“A section of boom and bust can come”

In addition to his holdings in Goldmoney and Bitfarms, Sebag is additionally a partner in Mene, a web jewelry commerce company listed on the TSX Venture exchange in Toronto. He began his activity on the TASE in 2009 with the acquisition of package company Cidev, an exchange shell, for NIS 5.5 million, modified its name to natural resources Holdings (TASE: NRH), and place into it the activity of 2 gold and iron mines he noninheritable.

In Gregorian calendar month 2017, 2 months when National Resource proclaimed its intention of the switch to digital currencies activity, Bitcoin soared to a peak of $20,000. Sebag told “Globes” that month, “Do i believe that Bitcoin is overpriced? completely. I agree that it is a bubble, however, you cannot ignore the trade that is developing around it. it is a very little like Silicon Valley in 1996; a boom and bust section can return. it is a method of growing trade.” The deflating of the bubble punctually came; the worth of Bitcoin plummeted by over seventieth, and presently stands at $3,960, per figures from the CoinMarketCap web site.

Bitfarms’ share worth has soared 215% this year, pushing the company’s market cap up to NIS 127 million and therefore the worth of Sebag’s holdings within the company up to NIS twenty eight.7 million. At the identical time, the company’s worth is but its worth before the merger with Blockchain Mining in Apr 2018, once it absolutely was listed at a peak market cap of NIS 850 million.

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