Everyone from the Wall Street Journal to the Queen of England has an eye on Bitcoin in this week’s Bad Crypto podcast.
It’s been another week of ups and downs for the price of Bitcoin, another reason for hodlers to be grateful. The value of Bitcoin remains above $17,000, having reached a three-year high when it topped $19,000 for the second time. People are starting to notice. The Wall Street Journal talked about Bitcoin’s rise on its cover. Bitcoin’s Google searches peaked this year, and the coin is now doing better than after the halving that sent it to nearly $20,000. Even the Queen has expressed her „interest“ in the blockchain.
Bitcoin shortage is a reality and PayPal is the cause, says Pantera Capital
One of the reasons for the increase in Bitcoin is Paypal. Since it offered cryptomoney services a month ago, the payment company has taken 70% of Bitcoin’s new coinage. Add Square’s Cash App, and almost 100% of the new Bitcoins go to the two payment companies. And it’s a good thing those companies are getting into the Bitcoin game because current players are struggling to handle the demand. Coinbase has suffered a significant number of disruptions as demand has increased.
So where could Bitcoin go next? Based on an analysis of previous upsurges, this one could go as high as $160,000, with the minimum being $25,000.
In the code we trust. Is the technology neutral?
Of course, there’s always the government to get in the way. The U.S. Federal Reserve and the Financial Crimes Enforcement Network have proposed a rule to acquire more information about small international transactions, including digital currencies. They have suggested lowering the threshold to $250. President-elect Joe Biden will appoint Janet Yellen as Secretary of the Treasury. Yellen previously chaired the Federal Reserve and has called Bitcoin „anything but helpful. On the other hand, Andrew Yang seems to be in line for the job of Secretary of Commerce. Yang has talked about implementing blockchain voting and has outlined plans to regulate the cryptomoney. Nigeria seems to be getting better. The country’s Ministry of Finance is talking to the securities regulator to create a regulatory framework for crypto.
However, it’s not just Bitcoin that’s having fun. Celsius has given 25,000 ETH to the Ethereum 2.0 platform, allowing researcher Justin Drake to announce that ETH 2.0 has established the Genesis Block of Ethereum 2.0. Genesis Day will be on December 1st. And XRP almost doubled its price in one week, although it is not entirely clear why.
Today the „Formula E“ racing titles of four NFT-powered games were announced
That mystery shows why it is so important to understand and discuss cryptomoney. CNBC’s Ran Neuner has launched a program dedicated exclusively to cryptomoney 24 hours a day, 7 days a week. Crypto Banter, the first program of its kind, aims to be a credible, live source of information about cryptomonics.
Starting on November 30th, motor racing fans can use REVV to load Formula 1 themed NFTs. For people who prefer a slower speed, the Bad Crypto podcast is working with the DIVI Project to support BIKE TO THE FUTURE. The project has raised enough DIVI to buy a new bike for 77 children in South Africa so far, and has already delivered 30. It is looking to fund the purchase of 23 more. Help them to help.