Hodlers thankful as Bitcoin is gainful: Bad Crypto news of the week
Everyone from the Wall Street Journal to the Queen of England has an eye for Bitcoin in this week’s Bad Crypto podcast.
It’s been another bumper week for Bitcoin, another reason for hodlers to feel grateful. The dollar value remains over $17,000 having reached a three-year high when it topped $19,000 for only the second time. People are starting to notice. The Wall Street Journal talked about Bitcoin’s rise on its front page. Google searches for Bitcoin reached their highest this year, and the coin is now doing better than the halving that sent it to nearly $20,000. Even the Queen has expressed her “interest” in the blockchain.
One reason for Bitcoin’s rise is Paypal. Since offering cryptocurrency services a month ago, the payments company has taken 70% of newly minted Bitcoin. Add in Square’s Cash App, and more than 100% of new Bitcoins are going to the two payment companies. And it’s just as well that those companies are getting into the Bitcoin game because current players are struggling to handle the demand. Coinbase has suffered a number of outages as demand has risen.
So where could Bitcoin go next? According to one analysis of previous bull runs, this one could go as high as $160,000 with a $25,000 bottom.
Of course, there’s always the government to get in the way. The US Federal Reserve and the Financial Crimes Enforcement Network have proposed a rule to acquire more information about small, international transactions—including digital currencies. They’ve suggested lowering the threshold to $250. President-elect Joe Biden will appoint Janet Yellen to serve as Treasury Secretary. Yellen previously chaired the Federal Reserve and has called Bitcoin “anything but useful.” On the other hand, Andrew Yang appears to be in line for the job of Secretary of Commerce. Yang has talked of implementing blockchain-based voting and laid out plans to regulate cryptocurrency. Nigeria appears to be doing better. The country’s Ministry of Finance is talking to the securities regulator to create a crypto framework.
It’s not just Bitcoin that’s having a good time, though. Celsius has given 25,000 ETH to the Ethereum 2.0 platform, allowing researcher Justin Drake to announce that ETH 2.0 has set the Ethereum 2.0 genesis block. The Genesis Day will be December 1. And XRP almost doubled over the space of a week, though it’s not entirely clear why.
That mystery shows why understanding and discussing crypto is so important. CNBC’s Ran Neuner has launched a 24/7 crypto call-in show. Crypto Banter, the first show of its kind, aims to be a source of live, credible information about cryptocurrencies.
From November 30, motor racing fans can use REVV to load up on Formula 1-themed NFTs. For people who prefer a more sedate 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 77 kids in South Africa a new bike so far, and has already delivered 30. It’s looking to fund the purchase of 23 more. Give them a push.
Check out the podcast here.
