Cryptocurrency is the new gold rush. To say this is not an exaggeration or a mirage as billionaire Warren Buffett has called it is not in any way a lie.
Many people know of the Dot-com bubble of the 2000’s and the gold rush of the hundreds of years back. Who knows? Cryptocurrencies may be another step in that direction. The area is witnessing a boom that is likely to continue as so many innovations are taking their roots in the blockchain technology.
Media website, Barrons describes cryptocurrency as the new gold in an article. The share of Bitcoin has also risen by more than 30% since December 2017.
Countries have also been tightening their regulation on cryptocurrencies. The reason for this is that it is difficult to track cryptocurrency activities even though it is important to government especially, for statutory and macroeconomic purposes. China, for example, holds a large share in the cryptocurrency space. Lately, in China, some companies started to express denial about their involvement in the blockchain to the dismay of speculators. Some of these companies named in a Bloomberg report include Hangzhou Sunyard System Engineering Co. and Shenzhen forms Syntron Information Co.
When South Korean regulators threatened to curb the trade of cryptocurrencies in the country, bitcoin and ripple dropped by up to 13%. The authorities in these countries were also been reported to have issue orders for mining operations to exit.
Leading investment firms like Goldman Sachs describe bitcoin as money and a possible replacement of fiat currency. The reason for this is an observation that people often adopt digital currency a result of dissatisfaction with authority controlled fiat currencies.
Currently, the cryptocurrency market is experiencing lows. Although there are a lot of predictions and possibilities too. For example, there are speculations that Ethereum will pass Bitcoin in 2018. Selfkey, a token for digital identity founded on the blockchain technology is due to launch. Designed to give its owners control over their personal data is this ERC-20 end-to-end token.
Aside these, you may also want to look at some interesting starters in the crypto space. Chris Larsen, co-founder and former Chief Executive Officer of Ripple became king of cryptocurrency and the 5th richest man in the world on paper. This was a result of the meteoric rise of the dollar value of XRP, marked by a growth of more than 500% from $0.25 to $3.16. Forbes stated in a report that Larssen became $37.3 billion in net worth immediately.
Coinbase also became the NO1 most downloaded app in the United States when Bitcoin reached $18,000 in December 2017—an increase of more than 500% from $1,000 at the start of the year.
Binance, the Hong-Kong based cryptocurrency giants also recorded a massive 240,000 new users in an hour, a number that goes up to millions weekly. Demand for cryptocurrency on the platform according to its Chief Executive Office is so high that the company is limiting its customers.
There are clearly so many trends in the cryptocurrency space that talking about all the news and new stuff would form a database. Everything keeps changing like an information superhighway. It almost seems like impossible to keep track of all the trends. In a world where technology as we know it is experiencing the fastest turnaround, the only way to keep up with one of the most important areas—cryptocurrency is to follow up.