Adoption

China turns up pace on CBDC release, tests infrastructure prior to adoption

The COVID-19 crisis has done little to dampen China’s interest in becoming the first major economy to distribute a central bank digital currency. Quite the contrary, its digital currency/electronic payment project appears to be picking up speed.  In the Shenzhen region, for example, 100,000 local citizens this month received for free a total of $31 …

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GBTC has a new a competitor in the OTC Bitcoin trust market

A firm called Osprey Funds is offering an over-the-counter, or OTC, Bitcoin (BTC) trust under the ticker symbol OBTC. The trust is similar to Grayscale’s Bitcoin Trust, known as GBTC. “The Osprey Bitcoin Trust provides easy access to bitcoin,” the firm’s website says. “With a 0.49% management fee, it is the lowest cost solution.” Osprey …

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Africa to bring 100 million users to DeFi in three years from now, says founder of Cardano

Charles Hoskinson predicts that the Decentralized Finance sector will acquire 100 million users within the next three years by tapping into the developing world’s market potential. “Who’s actually going to do peer-to-peer loans? Who’s actually going to do peer-to-peer insurance? Who’s actually gonna do peer-to-peer payments? I got news for you, not a guy living …

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Goldman Sachs says Bitcoin is on the path to maturity

In an interview with CNBC, Currie said Bitcoin’s remarkable run has attracted greater institutional interest, but noted that smart-money investors are still a tiny fraction of the overall market. They will need to come in droves for Bitcoin to become a stable asset and avoid a flash crash like we saw earlier this week, he …

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Chamath Palihapitiya sees Bitcoin as insurance against uncertainty

Bitcoin’s (BTC) price has risen dramatically over the past days and weeks, recently wheeling past $40,000. An asset largely untied to governmental authority, Bitcoin is a hedge against global uncertainty, according to venture capitalist and billionaire Chamath Palihapitiya. Citing a possible five or 10-year time horizon, Palihapitiya said he thinks Bitcoin will likely reach $200,000 …

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Social networks and the digital economy: A preview of IMVU’s VCOIN

When the Securities and Exchange Commission gave its blessing to social media platform IMVU to launch VCOIN, it was a major leap forward for acceptable scope of crypto applications.  The implications for what sorts of projects the SEC considers a security are, in and of themselves, huge. But part of the appeal of VCOIN to …

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Financial analyst agrees Bitcoin could be ‘rat poison,’ but not in the way you think

Famous investor and Berkshire Hathaway CEO Warren Buffet called Bitcoin “probably rat poison squared” back in 2018. In his 2020 fourth-quarter market letter, financial analyst Bill Miller agreed with Buffett’s description of the asset — but not without his own addendum. “Warren Buffett famously called bitcoin ‘rat poison,’” Miller said in his Saturday letter, adding: “He may …

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Institutions are thrilled that you’re selling, suggests OKCoin COO

A number of mainstream companies have picked up massive piles of Bitcoin (BTC) since summer 2020. Meanwhile, the asset surged past its 2017 record high near $20,000, recently cracking $34,000 before pulling back toward $27,700. The dip, however, has created some serious buying pressure, according to OKCoin’s chief operating officer, Jason Lau. “Over the weekend, …

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Selected Shenzhen residents to get lottery ‘red envelopes’ with digital yuan

Programs to pilot and encourage widespread adoption of China’s central bank digital currency, known as DC/EP or the digital yuan, are continuing apace.  As a New Year’s offering, the city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of Jan. 1, with registrations closing this …

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Crypto transactions must be easier. That’s it. That’s the headline

As Bitcoin’s (BTC) price continues to climb ever higher, more and more people are beginning to educate themselves on how they can enter the cryptocurrency market. However, the realities of cryptocurrency ownership (long complicated addresses, passphrases and security risks) all remain barriers to adoption for new users. Programmers and technologists generally assume a level of …

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