It's that time of the week! Where we discuss the latest happenings in the crypto sphere. Remember when everyone kept referring to BTC as a 'safe haven'? Well, the term's made a comeback in the headlines this week as corporations turn their backs on the USD and bank on bitcoin for the storing and accumulation of wealth. Banking giant JP Morgan expresses their “strong vote of confidence for the future of bitcoin." A cashless society rears it's head as tech leaders and the second-largest economy in the world China, launches a cryptocurrency lottery, giving away digital coins to promote adoption. BTC market analysis shows resistance around the 12k mark.
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Wake up & Smell the Rise of BTC
Huge news as two more companies in just one week, join the fast-growing list of firms turning their backs on fiat currency and storing their wealth with the digital asset BTC, often described as the digital gold of the 21st century. Perhaps these organisations are putting the USD and BTC side by side and there's enough evidence now on BTC's performance over the last 2 years suggesting their money is better off with the decentralised digital asset . Alongside , who have just invested 50 million in bitcoin, Stone Ridge placed a whopping $115 million of venture capital into BTC. Stone Ridge's cofounder Robert Gutmann put it, that thesis is a belief in “the long-term growth of an open-source monetary system—in assets like bitcoin.”
Vote of Confidence in Crypto
American banking giant JP Morgan praises the recent institutional development in crypto. Reported yesterday, JP Morgan commented on Square's initiative, saying investing 50 million into bitcoin is a “strong vote of confidence for the future of bitcoin” leading on from that, they've predicted “a lot of potential” for the digital asset. In fact, their Q3 report shows they've had a 4% spike in profit gains since last year and analysts suggest their involvement in crypto has paid a huge part in their gains.
We peer into the future of a cashless society here in the west, as tech leaders with the second-largest economy on the planet continue to promote the adoption of cryptocurrency by incentivising citizens with a crypto lottery and by giving away digital coins. However, there is certainly risk around every transaction being recorded on the blockchain and may be a cause for concern around privacy. The anonymity that cash provides might well be missed.
BTC Market Analysis
With institutional money now flowing into crypto, a bullish market is predicted to be on the horizon. A technical perspective of BTC this week shows tension building between the 11 and 12K mark, will BTC break past 12K by next week? We’ll just have to wait and see.