Bitcoin Continues its Course as the Asset Class of the 21st Century
The bitcoin blockchain has progressively been chugging on as the protocol celebrated it’s 8th birthday this past January 3rd. The anniversary highlights the release of the genesis block and the innovative bitcoin network we all know. Within this historical occasion bitcoin has been doing extremely well over the course of its anniversary becoming a valuable asset for global citizens. Geopolitical and monetary turmoil has pushed bitcoin demand to new levels from countries such as China, Venezuela, India, and more. Bitcoin is steadily becoming a significant financial safe haven, store of value, and innovative disruptor of today’s economy.
This Week’s Hot Topics Within the Cryptocurrency Space
Bitcoin Core 0.13.2 Released
The bitcoin core developers have released a software upgrade to the bitcoin core client this past week. The update contains quite a bit of fixes and changes from the prior 0.13.1 with over fifty plus merged changes into the code. Development has been steady in the bitcoin world and the community awaits for the activation of the Segregated Witness (SegWit) launch. SegWit has been a hot topic over the past few months and the fork hopes to apply malleability fixes and improve transaction throughput. So far into the first week of 2017 only 25-30 percent of miners have signaled for SegWit activation.
One of India’s Largest Banks Goes Blockchain
The Indian bank Yes has announced its experimentation with blockchain technology collaborating with the Hyperledger project. The multi-nodal blockchain protocol will work with the Indian bank, Bajaj Electricals, and Cateina Technologies. The platform will allow for a more transparent and efficient solution to Bajaj customers digitizing the consumer experience. The Linux led Hyperledger project has been working with lots of well-known financial and corporate entities worldwide.
Saxo Bank Exclaims Donald Trump Will Push Bitcoin Price Levels
According to the Danish Saxo Bank the cryptocurrency bitcoin should reach over $2,000 per BTC. The investment bank is betting on the price rising sharply immediately after Donald Trump takes the U.S. presidential office this year. Saxo Bank’s, Kay Van Petersen recently detailed, “Cryptocurrencies are here to stay given the history of booms and busts in fiat money and debt excesses. Bitcoin as the face of cryptocurrencies benefits from this chaos. Emerging market powers eager to move away from being tied to the monetary policy of the US and the banking system as well as to adopt the blockchain as a payment system prove willing adherents as they adjust to zero interest rates and the decrease in systematic risk.”
Fintech and Digital Currency is Growing Popular in Indonesia
The Indonesian government is seeing an exponential rise in fintech, cryptocurrency solutions, and blockchain endeavours. According to regional sources the Indonesian Financial Services Authority is asking financial technology companies to register and pay a minimum fee. Alongside this, bitcoin growth within the country is growing popular amongst the regions unbanked citizens details Suasti Atmastuti Astaman of the bitcoin company Bitcoin.co.id. The Indonesian company’s Business Development Manager explains, “Digital cash such as Bitcoin will allow people to hold their own money without involving any third parties—this surely will make them interested in giving it a chance.”
The U.S. Securities Exchange Commission Delays Two Bitcoin ETFs
The U.S. governmental agency the Securities Exchange Commission (SEC) has once again pushed away the launch of the first bitcoin ETFs. Cameron and Tyler Winklevoss and the SolidX Bitcoin Trust will have to wait until spring for approval. An Exchange Traded Fund (ETF) would make create a new bitcoin security fund which will act as a common stock. The bitcoin community has been waiting patiently for the ETFs approval as it will likely push the price up. This is assuming it follows the same patterns gold did when ETFs were created around the precious metal. Gold had risen to very high values after the launch of ETFs worldwide.
China’s Central Bank Asks Top Chinese Bitcoin Exchanges for Extra Oversight
According to the Chinese news outlet 8BTC.com the People’s Bank of China (PBOC) has released a statement concerning bitcoin’s price volatility. The PBOC has met with the bitcoin exchanges OKcoin, BTCC, and Huobi. “To prevent risks and uphold financial stability, PBOC Shanghai and Financial Office of Beijing have jointly met the major heads of OKcoin and Huobi to know the current status of Bitcoin trading,” explained the central bank. “We have reminded them of possible risks and require it operate strictly in accordance with laws and regulations of China.” This may have been the core reason for this weeks price shake up but BTCC founder Bobby Lee details the announcement was nothing to worry about and the exchange “ regularly meets with the PBOC.”
The new year is here and it most definitely will be an electrifying year for the bitcoin network. The surrounding bitcoin ecosystem has been action-packed since day one and continues to shine as it turns eight years old. The bitcoin protocol is compelling and has created a powerful financial tool for the future as the cryptocurrency truly is the ‘Internet of Money.’ Coinmama will be sure to keep our readers informed of the latest headline within the bitcoin and cryptocurrency space.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.