Tag: Mass Adoption

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An Economist Recognizes Massive Crypto Opportunity

There is no doubt that there are many economists that have dismissed the cryptocurrency markets for years. There are those that believed that Bitcoin was going to be nothing more than a fad, and that it would never reach the prices that it has reached, even if it currently is continuing to consolidate under $4,000.

Of course, there is something to be said for perspectives and biases. Our own experiences might account for our own attitudes, which is something that an economist has recently highlighted. Specifically, Anya Nova is a crypto economist with Perth-based Power Ledger, and points out that her own childhood is what helps her truly believe in the potential of the cryptocurrency markets.

Childhood Woes

Nova grew up in 1990s Russia, which experienced hyperinflation, so one might see why she gravitated towards cryptocurrency. She recalls the extreme volatility that occurred during this time period, and the direct effect that it had on her family. She stated: “I remember my mom sent me to buy a loaf of bread from a local store. The day before, one loaf was the equivalent of 60 cents, today it was $3.40. This was not an immaterial change for my single mother and me.”

While others might be hesitant about Bitcoin because it is a digital asset and isn’t used for everyday purchases – Nova views things a little differently. She points out that just because you can physically hold money, it doesn’t guarantee anything, and references her childhood as proof of this. She elaborated: “If you’ve ever held a large bundle of worthless cash in your hand, you’d know the feeling.”

Massive Opportunity

Nova isn’t shy about the potential of blockchain and cryptocurrency, and she believes that there is simply so many sectors that can benefit from tokenization. She specifically mentions these sectors: “$217 trillion dollars in real estate, $55 trillion dollars in equities, $6 trillion dollars in gold.”

She also stressed that she was very optimistic about security tokens, as well. Nova works for Power Ledger, a blockchain energy project, which wants to power communities with reliable and low-cost electricity.

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Crypto Winter Hasn’t Hit Zug Yet

There is one undeniable fact about markets and business – there are ups and downs, and times of growth and prosperity, and times where companies have to figure out how to cut costs as quickly as possible. While more people than ever are aware of blockchain and cryptocurrency, the markets still aren’t off to the best start, as it appears as though Bitcoin still cannot break past the $4000 resistance level (as of press time).

However, that isn’t stopping one area of the world from betting on blockchain in the long-term. That area is none other than Zug, Switzerland, which has been described as the “Silicon Valley” of crypto, and also as “Crypto Valley”. Interestingly enough, there are more companies than ever in the cryptocurrency space, even if their valuations have been adjusted, thanks to the markets.

About Zug

For those who have never heard of Zug – it is a city of about 30,000 residents an hour outside of Zurich, which is the largest city in Switzerland. One of the reasons that it has been able to attract so many blockchain and crypto companies is because it boasts a low corporate tax rate.

Interestingly enough, the city is an affluent one, but is so small that it doesn’t even have its own airport. However, that hasn’t stopped many companies from clustering in the area, eager to come up with the next innovative company as it relates to blockchain technology.

About The Study

While many have called this period of time a “crypto winter”, where cryptocurrency companies are either experiencing layoffs or actually folding – Zug has actually experienced an uptick in terms of entrepreneurs creating cryptocurrency-related companies. Specifically, just in the last quarter (Q4 2018), the region has expanded by 20%, rising from 629 business entities in the sector to 750.

This certainly is curious, considering that the markets still haven’t recovered from 2017, which featured some incredibly bearish price action. For some context, the average cryptocurrency business has a valuation of 27 million. For those wondering about the larger businesses; the average valuation of the top 50 companies hovered at around $400 million.

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Cryptocurrency Discussed On Joe Rogan Podcast

The Joe Rogan Experience is one of the most popular podcasts in the world, and Joe Rogan is widely considered to be a pioneer of the space. Rogan used to host the popular show Fear Factor, but is also widely known as a UFC commentator and comedian, and he has a wide variety of individuals on his guests, from comedians, to conspiracy theorists such as Alex Jones, to some of the most well-known CEOs in the world, such as Elon Musk.

The 51 year-old now has an audience that rivals most TV networks, and has garnered a loyal fanbase of millions. He most recently had Killer Mike on his platform, and they discussed cryptocurrency.

About Killer Mike

For those who are unaware, Killer Mike has been an active rapper for about two decades now, featuring on the iconic duo Outkast’s album Stankonia in 2002. He recently has reached a new level of fame as one-half of Run The Jewels, one of the most critically-acclaimed hip-hop groups in recent years.

 

He is also quite the activist, and is well-known for supporting Bernie Sanders as a presidential candidate, as seen above. He came on Rogan’s podcast to promote a new show titled Trigger Warning, a Netflix documentary series.

About The Conversation

Rogan initiated the conversation, asking Killer Mike if he was paying attention to cryptocurrency. The rapper admitted that he wasn’t too familiar with the space, and had just gotten into stocks.

Rogan then spoke about how he fascinated about the idea of a “decentralized economy”. He elaborated that it was interesting to think about currency that was outside of the control of banks, and how a currency could exist that wasn’t affected by local exchange rates. He concluded that if true decentralization was achieved, “it would be a really different world.”

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Italy Might Pass First Blockchain Law

While there are countries that are still arguing about how exactly to classify or regulate cryptocurrency – it appears as though Italy is busy trying to figure out how to use blockchain technology in ways that could make the world more efficiently.

Specifically, Italy’s Senate is exploring exactly how to allow for “timestamping” with respect to blockchain and validate documents using blockchain. For example, this would allow for there to be a legal precedent for data and documents of all kinds, and the distributed ledger technology would make the verification that much more secure, for example.

Italy Open To Change

While two committees – the committee of Constitutional Affairs, and the committee of Public Works – have approved the amendment – Italian parliament would have to actually turn the regulation into law. There are two important aspects to the amendment, in that it actually defines “smart contract” and “distributed ledger technology”.

While other countries are still ambivalent on how to deal with the sector – Italy, last month, published a list of 30 different experts to come up with a “blockchain strategy” for the nation. The list includes individuals involved in business, law, research, science, and more.

Banks Already Involved

In a growing trend, Italy’s banks are already exploring how to utilize blockchain for increased efficiency. The platform that they decided to use was developed by the startup R3, and is known as “Corda Enterprise”, which has made headway globally. In fact, Italy’s second-largest bank, Intesa Sanpaolo, and thirteen other banks, were involved.

The idea was to improve interbank transactions, and took place over ten months. This also involved over 1.2 million transactions over this period of time, as well. The tests were also conducted in partnership with ABI Lab, which is backed by the Italian Banking Association. The banks also plan on moving forward to utilizing blockchain for everyday transactions in general, during the trial’s next phase, being conducted now.

 

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NASDAQ CEO Praises Crypto

One of the most positive trends with regards to cryptocurrency recently is the fact that more high-profile individuals in the finance world seem to have no problem acknowledging that there is massive potential in the sector. That trend appears to be strengthening, as none other than the CEO of NASDAQ has now openly praised cryptocurrency.

Adena Friedman, the President and CEO of NASDAQ Inc., which owns the Nasdaq stock exchange, made the comments at none other than the World Economic Forum in Davos, Switzerland, one of the most high-profile economic forums in the world.

Specific Comments

Friedman has published an article that outlines some of the main economic issues that she expects will be discussed at the forum. One section is entitled, “Crypto Currencies Could Still Be a Global Currency Of The Future”, where she states plainly that the amount of interest in the sector was “difficult to ignore.”

The most praise can be found within one specific sentence where she stated:  
“The invention itself is a tremendous demonstration of genius and creativity, and it deserves an opportunity to find a sustainable future in our economy.” The statement is quite significant for two reasons – one, because of how high-profile Friedman is in terms of global finance, and two, because it acknowledges creativity where other influential global finance players never have.

Additional Thoughts

Friedman, of course, did not limit her thoughts to just cryptocurrency, as she also elaborated on advancements in artificial intelligence (AI), and space travel, for example. She predicts that AI will be increasingly adopted in 2019 more than it ever has before.

She ended on a positive note, stating that she believes one of the goals at Davos was for economists to find ways to “build a more inclusive world.” Friedman concluded the article by stating that the future holds the potential for “an inclusive, innovative, growing global economy.”

 

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WWF Utilizing Blockchain For Food Tracking

The WWF will be utilizing blockchain technology. For wrestling fans who might be used to the acronym – the WWF does not refer to the “World Wrestling Federation”, but instead refers to World Wildlife Fund. The well-known conservation fund boasts that this will help both businesses and consumers track food “from origin to consumer”.

The announcement was made in a blog post from the Australian arm of the fund. The announcement points out that this will both help consumers eat in a more responsible manner, and help businesses maintain ethical standards, as well.

About The Fund

The World Wide Fund For Nature is an international organization that was founded in 1961. It is easily the world’s largest conservationist organization, and boasts over five million supporters worldwide.

The fund has invested into thousands of organizations, projects, and initiatives, with the hope that the money will help to stop the degradation of Earth’s environment. The organization focuses on six key areas: climate, wildlife, freshwater, forests, oceans, and food.

About OpenSC

The blockchain-based food tracking system is called OpenSc, and was developed through a partnership by WWF-Australia and BCG Digital Ventures. The initiative plans to “add a unique blockchain code at the product’s point of origin”. The idea here would be a consumer who could find out where a fish was caught, and how it traveled across the supply chain.

This is not the first time that blockchain technology has been used to increase transparency in the food sector. Cargill notably incorporated blockchain to increase transparency with their turkeys right before Thanksgiving last year. The largest employer in the United States, Wal-Mart, has also utilized blockchain technology to track its lettuce, as well. This proved to be quite relevant, considering that an E.Coli outbreak related to Romaine lettuce occurred only a few months after the corporation made the announcement.

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Seoul Examining Blockchain Military Applications

In 2019, there is little doubt that blockchain technology will be utilized in a variety of sectors and industries. Over the years, there have been some obvious applications that blockchain is usually associated with, including sectors such as global payments, logistics, and data storage.

Of course, this doesn’t mean that blockchain is limited to these sectors, by any means. In fact, it appears as though South Korea is exploring how blockchain can possibly aid with their military.

Not The First

It should be clarified that South Korea is, by no means, the first country to explore military applications. Superpowers such as the United States and Russia have already been open about the fact that they might utilize blockchain for military purposes, particularly when it comes to making sure that communications are secure.

The Defense Acquisition Program Administration (DAPA) in South Korea is planning on spending over $500,000 for various projects to develop blockchain solutions to military issues. The Defense Advanced Research Projects Agency (DARPA) of the United States has made it clear that they are interested in blockchain, as well.

Fourth Industrial Revolution

South Korea has always been on the cutting edge of technology, and its government has been open about referencing the “Fourth Industrial Revolution”, which would incorporate technological trends such as artificial intelligence, blockchain, and the Internet of Things (IoT).

While some in the Korean government don’t necessarily advocate publicly for blockchain or cryptocurrency markets; there is one high-profile South Korean politician that has always promoted cryptocurrency. This would be Park Won-Soon, the mayor of Seoul. The mayor has even suggested that the city create its own cryptocurrency, the “S Coin”. The city has also set up a 100 billion won (around $88 billion in USD) fund in order to fund blockchain startups, as well.In addition, Korea has already been developing its own blockchain-based voting system since last year.

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Binance Launches Binance Jersey In European Expansion

When it comes to cryptocurrency exchanges that have been able to expand despite the bearish markets of 2018, many point to Binance as an example. The exchange, which is the world’s largest by daily volume, is continuing its expansion plans in the Europe launching a “fiat-to-crypto” trading platform entitled “Binance Jersey”.

The platform will not only allow for traders and investors to invest in Bitcoin (BTC) and Ethereum (ETH) using the euro, but will also allow them to invest using the British pound (GBP). This is interesting timing, considering that many UK politicians are uncertain about “Brexit” and the prime minister, Theresa May, is facing more resistance than ever.

About The Area

For those that are unaware, Jersey is an island in the English channel that is a British self-governing dependency, and is often utilized as an offshore tax haven. It also displayed a remarkable amount of foresight with regards to cryptocurrency markets, as it was the first jurisdiction in the world to greenlight a fully regulated Bitcoin fund five years ago.

It is clear that Binance is viewing the economic controversy around Brexit as an opportunity for more UK citizens to begin adopting and using cryptocurrency instead of the British pound or euro. The CFO (Chief Financial Officer) of Binance, Wei Zhao, also believes in the way that Jersey seems to embrace cryptocurrency, stating: “Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool.”

Uncertainty and Context

Zhao was not shy about the fact that there was an opportunity with cryptocurrency, considering that there is so much controversy about fiat currency in the area as of right now. He mentioned “economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”

Interestingly enough, Binance Jersey will operate independently of its parent company, Binance.com. Binance Jersey is working directly with the government to create jobs for locals, and partnered with its economic development agency back in June 2018.

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Swiss Watchmaking Company Launching $100K Crypto Watch

21865711 - panoramic view of the swiss alps

There are certain countries and regions that simply dominate their industry to the point where they are associated with a certain standard. For example, Belgians are known for some of the best chocolate in the world, Germany is known for its incredible engineering with regards to the auto industry, and Switzerland is known for its excellence with regards to watchmaking.

It appears as though one of the most respected Swiss watchmaking companies, A. Favre & Fils, are looking to appeal to cryptocurrency investors, traders, and investors with their newest product, that will come with a built-in cryptocurrency wallet.

About The Product

For those who are unaware, one of the distinguishing characteristics of A.Favre & Fils is that it can actually trace its genealogy to show how the watchmaking tradition was passed on from generation to generation. The CEO of the company specifically appealed to the cryptocurrency community in a statement, saying: “We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”

The product certainly will be marketed to the affluent, as the watch will cost around $100,000 at the very least. Specifically, a spokeswoman gave the range of $102,000 to $153,000, as a potential price range. This, of course, would depend on the model and features.

Watch Features

26729597 – man with suit and watch on hand

For those who are wondering about the exact features of the watch, the company is noticeably vague. However, it does state that the watch will “guarantee ultimate in-data security and privacy protection”, although how it will do so is unclear.

For those hoping to purchase the product immediately, you might be disappointed. The company announced that the first prototype of the new watch won’t be released until the second quarter of 2019.

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J.M. Bullion Accepts Bitcoin (BTC)

Silver ingot and gold bullion. Finance illustration

One of the leading bullion companies in the United States, J.M. Bullion, a leading authorized bullion dealer based in Dallas, now accepts Bitcoin (BTC) as a form of payment. For those who are unfamiliar with the sector, bullion is gold, silver, or other precious metals in the form of “bars” that are typically used for market trading.

The value of a particular bullion is typically determined by the purity and mass of the material. Some of the base metals that are often traded are metals such as aluminum, copper, nickel, and more. There are various regulatory bodies that determine what is fair in terms of “purity”.

Accepting Crypto

J.M. Bullion’s own website proudly states that the company now accepts BTC. For those interested in the amount of BTC that the company accepts, it can range from a $100 order all the way up to a $250,000 order.

Payments made in Bitcoin might take up to one day to be received, and will immediately be converted to U.S. dollars, as well. For those interested in how the company processes payments, or what exchange rate the company will be using for BTC – they are using Bitpay as a Bitcoin payment processor.

Bigger Trend?

14664946 – the arrow of the diagram shows growth and success 3d render illustration

J.M Bullion acknowledges that the popularity of cryptocurrencies is growing, but emphasizes that at the time, they are only accepting BTC. They mention that they are already exploring adding other cryptocurrencies.

The company also emphasizes that orders cannot be cancelled, and that refunds can be made through Bitpay, which (of course) would depend on the price of BTC at the time that the refund was made.

Interestingly enough, the Winklevoss Twins compared Bitcoin to gold recently, stating that they believe that the market capitalization of the digital asset would eventually surpass the $7 trillion market capitalization of the global gold sector.