In the latest bitcoin news, we can see that the despite the Bitcoin’s price decline and the entire market crash, Bitcoin still ranks as one of the top performing assets in the past several years.
Bitcoin still serves as a speculative financial instrument and users still don’t see it as a store of value. Bitcoin has provided for the long-term holders with some huge returns over the years but it has also proven to be a bad investment for some when compared to gold since Bitcoin is extremely volatile.
The gold price has increased over the fourth quarter despite the concern of the stock market crashing following the ongoing bull run which seems to be running out of steam. The stocks managed to recover on Wednesday but futures declined after the market crashed which means that investors still haven’t seen the end of the downturn.
Google searches for Bitcoin are declining after the recovery Bitcoin made from the yearly low. Over the year the interest in cryptocurrencies, in general, has dropped by 80 percent. Gold, on the other hand, increased in google searches by 15 percent, especially in the United States.
The data shows that the search for the terms ‘’buy gold’’ and ‘’buy bitcoin’’ shows that the US residents typed ‘’buy bitcoin’’ into Google more than six times as ‘’buy gold’’. More than a year later after the bitcoin’s price reached its all-time high, users are now more likely to seek information of buying gold than bitcoin.
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New Crypto Wave Will Focus On Stablecoins: Swiss BTC Association Board Member
“I would say payment and utility tokens are more or less over, sometimes they make sense.”Talking about stablecoins, he explained that their decentralized mechanism is what makes sure that they are legally considered to be payment tokens rather than securities:
“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against U.S. dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”Meisser also pointed out that the banks in Switzerland still don’t attempt to try crypto but local startups do use them as a way to avoid banking difficulties in the country.
Bitfury Enters Music Industry With Blockchain-Based Open Source Platform Launch
“The Surround platform will enable the entire music entertainment industry to streamline operations through secure transfer of copyright assets, streamlined connectivity as well as better monitoring and management systems."The launch of this new service marks the expansion of Bitfury onto various aspects beyond mining. Within the ecosystem, this week also saw the company bringing off-chain payments through the Lightning Network (LN) to their first exchange environment thanks to a partnership with Poland's BTCBIT. As the CEO of Bitfury commented about the Surround project:
"The music entertainment industry has evolved into a complex, competitive, technology-driven environment that suffers from a severe lack of transparency.We want to champion artists and help incentivize the growth of the entire industry through the creation of this open, blockchain-based ecosystem."There are many blockchain entities which are tackling the music industry transparency for several years, with ideas such as blockchain-based streaming service being revealed in 2018.
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- New Crypto Wave Will Focus On Stablecoins: Swiss BTC Association Board Member
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