The new week has started with a minor market correction, with most coins trading in the red zone—the only exception to the norm is Bitcoin (BTC).Here’s an outlook of the market today:
$31 billion.
That’s how much value was settled on the Bitcoin blockchain in a single day this week.
It’s a new all-time high for Bitcoin, and a 40x jump in settlement value since 2020 began.
🚀 pic.twitter.com/sLroW28kwg
— Kevin Rooke (@kerooke) October 10, 2021
As a result of several mainstream and institutional adoptions, Bitcoin has grown increasingly mainstream.
A famous crypto market analyst, Willy Woo, noted that Bitcoin’s rise has been spectacular because, according to its settlement data, the currency is “now doing $190k per second.” Compare this to Visa’s $130k per second for US consumers and Mastercard’s $55k per second.”
Money moving on Bitcoin’s blockchain is back near all time highs.
It’s presently doing ~$190k per second.Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.
Lightning Network not included.pic.twitter.com/J3Baop3LXE
— Willy Woo (@woonomic) October 9 , 2021
During an interview with Kitco News, the Executive Chairman of HIBE Blockchain, Frank Holmes, equated the desire for BTC and ETH to the market demand for gold and silver.When gold “goes to a 50-day moving average, and it goes up 15–20%, silver all of a sudden surges 30%.”
When “bitcoin makes the huge charge, then all of a sudden Ethereum erupts to the upside,” he remarked; Ethereum is like silver to BTC’s hold.He also pointed out that, while gold is historically considered a haven asset, silver has had a broader use uses.Similarly, Bitcoin is a store of value; however, Ethereum has more general applications due to its blockchain’s smart contracts.
According to Holmes:
Ethereum has many more uses than Bitcoin does, the same way silver does…20% of demand for silver is for solar energy.It has a green footprint; viruses can’t live on silver, it has many medical uses.The same thing with Ethereum; it is used for DeFi, for NFTs.
Despite this, Holmes supported Bitcoin’s utility as a store of value, claiming that its most valuable feature is “its ability to transfer immediately and cheaply versus traditional transfers of money like Western Union.
So, remittance between developed nations and developing nations is a classic reason why Bitcoin is a superior way of moving money.”
On Monday, October 11, during an Institute of International Finance event, Dimon warned that governments will come to regulate crypto assets and that he believes Bitcoin is worthless.He stated that:
“No matter what anyone thinks about it, the government is going to regulate it.They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.”
Although he believes that Bitcoin will exist in the long run, he believes that the cryptocurrency will be rendered illegal in some countries, such as China, and thus believes that the asset is a piece of fool’s gold.
While JPMorgan started offering crypto funds to its wealth management clients in June, Dimon noted that his views differ from those of the bank and its board.He stated the following:
“I personally think that Bitcoin is worthless.”
“Our clients are adults.They disagree.If they want to have access to buy or sell bitcoin — we can’t custody it — but we can give them legitimate, as clean as possible access.”
Charles Hoskinson, the CEO of Input-Output Global and the creator of Cardano, has returned from a two-week vacation in Wyoming and tells crypto fans that his Cardano tour of Africa will begin soon.
On September 30, Cardano’s founder announced that he would take a two-week vacation now that the Alonzo hard fork had taken place and everything was running correctly.
He issued a tweet today stating that he is back and ready to work.
He reminded the community that the Cardano Africa tour would begin soon and that he would be a part of it.
Just got back from Wyoming and I’m ready for this upcoming week.Heading to Africa soon- starting in South Africa all the way up to Egypt.Let’s go change the world together pic.twitter.com/a0qVd2wPd1
— Charles Hoskinson (@IOHK_Charles) October 10 , 2021
The trip will begin in South Africa and then travel to Egypt, according to the tweet.IOHK has previously announced cooperation with an unnamed venture capital fund, according to U.Today.
The fund has put $6 million into African blockchain start-ups that wanted to use Cardano as their platform.
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