This has been another strong week for Bitcoin. The dollar is up about 2.5 percent over the week, although this still represents a drop from a recent high above $ 13,400. At one point, bitcoin fell 4 percent in 24 hours. But bulls are still bullish and see the price approaching $ 20,000, possibly as early as March. Future price changes will depend on a number of factors, including whether banks follow Paypal when accepting cryptocurrencies. The size of the expected incentive to meet the outbreak of the new corona virus; And the hash rate pattern, among other factors. One point of volatility can emerge at the end of the month: then the BTC options market will reach $ 750 million. Meanwhile, large volumes of bitcoins are coming in. Keith recently converted $ 1 billion into Bitcoin. It cost them $ 3.58.
Despite this volatility, Anthony Pompigliano, co-founder of Morgan Creek Digital, believes that Bitcoin has disconnected from its stock market and is now a safe haven for investors. Mike Novogratz agrees. He sees Bitcoin as a kind of digital gold: a good way to store value, but not something that will serve as currency for the next five years. However, this option is only available for Bitcoin. Alternative currencies are less valid; For example, Ethereum looked relatively weak despite Bitcoin’s growing strength.
Some companies have capitalized on this strength. Business intelligence firm MicroStrategy has made over $ 100 million in Bitcoin investments. It is more than just business analysis. Visa can have a hard time following them. The US Department of Justice is currently investigating the acquisition of the fintech company Plaid.
The government also conducted a social media investigation. A Senate committee hearing asked the leaders of Google, Facebook and Twitter a biased question. However, one solution to the problem of business content ambiguity in your company can be open source algorithms.
Senators weren’t the only ones involved in party piracy. A group of hackers hijacked President Trump’s campaign website. The hackers said they had evidence of “the criminal president’s involvement in cooperation with foreign parties” (sic) … and asked for money.
In Japan, a group of companies teamed up to create a blockchain-based trade data management system. In Siberia, a new bitcoin mine will create 100 jobs. Singapore’s largest bank DBS launches cryptocurrency exchange. And in China, charities are using blockchain to gain the trust of donors when raising money for people in Wuhan, the epicenter of the coronavirus outbreak. In the US, while Nasdaq CEO Adina Friedman said machine learning and cloud technology will drive capital markets, blockchain adoption is “difficult” and “will take longer.”
At least the art world is moving forward. From blockchain-inspired art to cryptography and digital markets, artists and auction houses have found new opportunities in blockchain technology. Another reason for optimism.