Monday, July 26, 2021
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Blockchain is good for hodling, but not for voting

According to cointelegraph, Bitcoin continues to move through the gears. The currency is up more than 12 percent over the week and is now playing with the $18,000 mark. And it’s not just the US dollar that Bitcoin is bashing. It’s also hit all-time highs against the Russian ruble, the Colombian peso, the Brazilian real, the Turkish lira, and the Sudanese pound among others. Its rise, now 375 percent above the point that gold investor Peter Schiff incidentally called as Bitcoin’s bottom, is necessarily causing analysts to ask how high it can go.

One expert is predicting that Bitcoin will soon hit $22,000, citing HODL and funding rates, the fall in Bitcoin reserves, and the growth of institutional accumulation. In a report, Thomas Fitzpatrick, a senior analyst at Citibank, aimed at the bank’s institutional clients and he predicted $318,000 by December 2021.

In China, at least one bank has noticed. The China Construction Bank chose the digital exchange Fusang to issue $3 billion worth of debt securities. The bonds would be tokenized and exchangeable for Bitcoin. But it’s not happening, at least not any time soon. Soon after the announcement, Fusang stated that the issuance would be delayed until further notice at the request of the issuer.

In the US, Jay Clayton, the chairman of the United States Securities and Exchange Commission has declared that he is leaving his post. Clayton already told Bitcoin investors they couldn’t expect to trade on mainstream exchanges without robust regulation.

The blockchain continues to find new uses. For instance, IBM is teaming up with German textile manufacturer Kaya&Kato in order to use the blockchain to track supply chains in the fashion industry. Albany Airport in New York is using the blockchain to track cleanliness, while BitPay is launching a new service to enable businesses to make payments using cryptocurrencies.

But the blockchain might want to steer clear of voting systems for a short while. Security experts at MIT say that using blockchain voting technology might enhance the risk of hackers trying to tamper with elections.

It’s not all good news for cryptocurrency journalists though. Binance is suing Forbes and two of its journalists. The publication had alleged that Binance had a plan to avoid US regulators. The company denies the claim and is demanding compensation and punitive damages.

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