China to Invest 2 Billion Dollars On Blockchain!!!
Today I will be going over 4 pieces of trending news. Let’s quickly have a look at them! First up it looks like The Chinese Government’s involvement with blockchain is set to increase even further. It looks like President Xi Jinping is keen to invest over $2 billion on blockchain in 2023. Second up, it looks like Bitcoin Mining Difficulty sees its biggest 2019 drop as hash rate spikes, Airbnb is actually now bookable with Bitcoin and lightning network via the Fold App, and finally, it looks like Bakkt’s institutional Bitcoin Custody is now fully licensed by the NYDFS.
The Market Today
As you can see here Bitcoin is currently sitting at $8751 with a 0.06% decrease. Meanwhile, Ether and XRP are also falling by 0.42% and 0.27% respectively.
Bakkt’s Bitcoin custody is approved by the NYDFS
It looks like Bakkt’s institutional Bitcoin Custody is now fully licensed by the NYDFS. According to CryptoPotato, Bakkt, the Bitcoin futures trading platform of the Intercontinental Exchange (ICE), has received authorization from the New York Department of Financial Services to provide BItcoin custody to all institutions. This is great news for Bakkt as it increases the authority of the platform in its path to providing institutions with a well-established and regulated Bitcoin futures trading platform. So now that the platform is warehouse is authorized by the NYDFS as a custody solution, the company’s clients from all over the world can now store their assets in it. This is a significant milestone for the company as the safe storage of digital assets is something that institutions have been lacking so far.
China’s blockchain investments will surpass $2 billion in 2023
According to CryptoPotato, it looks like the Chinese Government’s involvement with blockchain is expected to surpass $2 billion in 2023. While this is a very large amount, the news is not so much of a surprise as the total interest in China rose after President XI’s endorsement a few weeks ago. If you’re not too sure of what President Xi Jinping stated, he spoke of the future Chinese involvement towards blockchain. According to JinPing,
“we must increase investments in the blockchain sector, resolve critical technical problems, and accelerate the development of blockchain and industrial innovations.”
According to IDC, the global market intelligence company noted in a recently published report that China’s take on blockchain technology-based business will increase significantly over the next few years. The rate of more than $2 billion in 2023 yearly spending amount, would mean a compounding growth rate of over 65% per year. While the country is mainly targeting the banking sector when it comes to blockchain technology, it looks like blockchain is also used in a number of other fields like retail, manufacturing, and professional services as well.
Airbnb users can now pay with Bitcoin and Lightning Network
It looks like Airbnb is now bookable with Bitcoin and Lightning Network via the Fold App. According to Cointelegraph, the Bitcoin payments app now supports home-sharing giant Airbnb. Now Fold users can get 3% back in Bitcoin on every stay and experience booked on Airbnb. So how does it work? On Folds rewards program called Fold Kickbacks, Airbnb is now listed in the program. The program supports the Lightning Network, allowing people to buy gift cards for Bitcoin with a 3% cashback. Fold currently offer $25 or $100 cards on its website. The Fold Kickbacks program is pretty young if you ask me. while Fold launched in 2014, the rewards program only just launched in July 2019, but have been already supporting major name retailers like Amazon, Starbucks, and Uber. It currently works in selected countries like the USA, Australia, Canada, Ireland, Mexico, and the UK.
Bitcoin hash rate spikes, mining see biggest downwards in 2019
According to Cointelegraph, it looks like Bitcoin mining difficulty sees the biggest 2019 drop as hash rate spikes. The data shows that Bitcoin mining difficulty adjusted downwards more than at any time since its price low in 2018. Alistair Milne, an entrepreneur and cryptocurrency commentator noted on Monday that difficulty fell by around 7% after the network’s latest readjustment. As you guys can see on this graph, from its recent bottom of 5.1 trillion in December 2019, when Bitcoin traded at $3,100, the difficulty increased incrementally throughout 2019. In late October it even reached an all-time high of 13.7 trillion which has now corrected to 12.7 trillion.
So that’s it for the news today. What are your thoughts on all of these different situations?
First up, do you think it’s a good idea for China to invest too heavily in Blockchain?
Are you excited to see Bitcoin mining difficulty fall?
Are you glad to see many companies offer ways to pay with crypto?
And do you think Bakkt will really form the bridge to help institutional investors hop on the crypto wagon?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.