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IF BITCOIN GOES BELLY-UP, BUY THE DOW
Bitcoin’s future is uncertain: it could continue to climb to $20,000, $50,000 and beyond, or it could fall just as quickly as it rises. And if the latter happens, here’s why you might want to make a quick move into stocks.
But despite this uncertain future, bitcoin’s market dominance—a measure of its value compared to the wider cryptocurrency market—may be more than 90%, according to new research.
“Every day bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as a money,” said Bendik Norheim Schei, analyst at Arcane Research, who carried out the study.
Even so, bitcoin traded sideways this week, falling to lows below $10,000 in the middle of the week.
HOW LIBRA ‘SUPERCHARGED’ INTEREST IN THIS CRYPTO STARTUP
In the summer of 2016, when bitcoin was beginning its ascendance to a $20,000 all-time-high, Bitt, a Barbados-based startup, did something that at the time seemed rather bizarre. It issued a cryptocurrency backed by the Barbadian dollar, and many wondered why a crypto startup would want to introduce a central authority into the ecosystem. Then Facebook announced plans to issue libra, a cryptocurrency backed by a basket of currencies issued by central banks, and now, central banks are knocking at Bitt’s door.
Counterpoint: Facebook is still hard at work on its brand new cryptocurrency system, but how does it compare to established services like Venmo and Cash App?
Telecom giant Vodafone has joined a group of mainstream players—including Nokia, Cisco and Lenovo—in IBM’s Trust Your Supplier blockchain project. The project aims to make the arduous process of bringing on suppliers more efficient by eliminating redundancies in background checks.
Cryptocurrency companies have played various roles in the ongoing protests in Hong Kong, even handing out cryptocurrency-financed supplies to protestors. Genesis Block is one such firm, and has provided Hong Kong protestors with water bottles and umbrellasfunded by international bitcoin cash donations.
Members of Facebook’s ‘Crypto Mafia’ Reportedly Getting Cold Feet About Libra Currency. [Gizmodo]
Ethereum Poised to Be First Public Blockchain in Hyperledger Consortium. [CoinDesk]
2020 Presidential candidate Andrew Yang is in favor of blockchain voting. [The Block Crypto]