During Consensus 2019, CNBC Crypto Trader, Ran NeuNer interacted with notable names in the crypto-world and spoke about Bitcoin’s recent movements and the ecosystem.
McCormack, the host of ‘What Bitcoin Did’ podcast, pointed out a number of reasons for the recent price rally and said:
“…More buyers, more sellers is the old argument… considering timing of the market and market cycles, we seem to have had a bottom. We didn’t seem to want to go below the kind of 3,200 but we’ve had some interesting announcements. The Microsoft announcement that they are building on Bitcoin and the Walgreens announcements. It can be whole bunch of things…”
Concluding his reasons, McCormack focused on the structure of the market as the main cause for the recent bull wave.
Another prominent figure that NeuNer talked to was the CEO of Blockstrem, Adam Back. Back explained how Blockstream put Bitcoin blockchain on satellites and were sending and confirming transactions up in space. The CEO also added that the company had launched additional coverage on their network, nearly attaining a global coverage of the full population with geosynchronous satellites, after successfully running for a year.
Using Blockstream technology, the Bitcoin transactions and blocks are broadcasted in real time with the purpose of overcoming network disruption for businesses that require redundant internet connection. Blockstream has partnered with Go Channel to enable the broadcasting of the transactions received on the network.
Speaking on Blockstream’s utility, Back said:
“Someone who needs to access money at the time of political turmoil in the country and in extreme circumstances, governments have shut off the internet, in times of coup or in some countries during the Arab Spring and what this allows is for people to continue to transact at a time when it really matters to access their insurance policy of Bitcoins.”
Subscribe to AMBCrypto’s Newsletter
Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
Subscribe to AMBCrypto’s Newsletter