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Inflation figures support Bitcoin recovery — info

Crypto bears may want to go back to hibernation.Inflation news today, display Consumer prices rise 5% Compared to 2020, Bitcoin’s bull market should strengthen as a hedge against inflation.Followed by new numbers Data from China is the Producer Price Index, A global barometer of inflation, it rose 9% in May, the largest year-over-year rise since September 2008. It’s almost no surprise that Bitcoin prices have continued to rise today, recovering from the plunge earlier this week.

For me, these developments have further strengthened Bitcoin’s position as a means of storing value, rather than a free-flowing payment method. Companies such as Square, PayPal, and Overstock have already accepted or are moving towards Bitcoin payments, but they are still ahead of the “hodl” cult. Born from a “hold” typo, this crypto slang has become a war chant for those who are convinced that: Bitcoin price soars to $ 500,000..

There are other signs that cryptocurrencies are attracting attention as an investment rather than a payment method. ForUsAll Inc., 401 (k) Provider, In partnership with Coinbase Employees covered by the plan can invest up to 5% in Bitcoin, Ether, Litecoin and other digital currencies. Depending on how many people take advantage of 401 (k) cryptocurrency opportunities, it may be possible to meaningfully expand cryptocurrency holdings among the general public over time.

Victory in Crypto

Cryptographic trading platform Coinseed was subsequently closed Fight fraud proceedings From New York State Attorney General Leticia James, but before offering this NSFW token..

Such a recession has not diminished the desire for venture capital blockchain and cryptocurrency startups, As our scoop We’ve shown BlockFi funding this week. VCs focus more on the potential for home runs, like Coinbase, than the potential for losers. Cryptocurrency companies have already raised more than $ 4 billion in the US this year, well above the $ 4.3 billion seen in 2018 overall, according to the Pitchbook.

However, many crypto companies seem to offer the same thing, marketing storage services, exchanges and protocols with promises that include the same jargon. So how do you know the actual winner? And what can start-ups do to stand out and survive?

Matt Walsh, general partner of Castle Island Ventures, focuses on early-stage blockchain companies, but his team avoids areas with “regulatory ambiguity” such as selling public tokens. It states that it tends. They also focus on company leadership.

“If you can attract other talented people to your tribe, you can succeed. These things won’t work with just three people who have the idea that they can’t do it, they can’t hire talent.” He said.

Vault12 co-founder and COO Blake Commagere said part of the reason it attracted early investors to digital asset management companies was their leadership track record. Commagere and his co-founder have successfully established and sold the company in the past.

According to Commagere, Vault 12, founded in 2014, survived in part because it didn’t try to launch the cryptocurrency Moonshot.

“We started with the basic problem: key management. We didn’t try to replace the New York Stock Exchange,” he said.

Redefinition of decentralization

Liemon Baird.Photo: Hedera Hash Graph

Hedera hash graph

Headquarters: Richardson, Texas

Investors: Blockchange, Blockwall, CMCC, DHVC, Digital Currency Group, Eterna Capital, Fenbushi Digital, Mind Fund, Multicoin Capital, Struck Capital

Funds Raised: $ 140 Million

Features: Hedera Hashgraph, a public decentralized ledger founded in 2018, is about to add a new twist to the hot topic of cryptocurrencies, decentralization.

Unlike Bitcoin blockchain, where miners vote for upgrades and have voting rights proportional to mining power, Hedera decides to change software and the governing council that manages the nodes that make up the blockchain network. there is.

The council is made up of companies and organizations from different industries around the world. Current members include Boeing, Google, IBM, Tata Communications, Standard Bank Group and University College London.

Each member owns shares in the company to be waived at the end of the term and can be extended for up to three years. You can also serve up to two consecutive terms.

According to Dr. Leemon Baird, co-founder and chief scientist of Hedera, management by a reputable and well-established organization to protect is preferable to managing other blockchains.

“Running your mining pool entirely with 12 people in China isn’t exactly what you want for decentralization,” he said.

Hedera will eventually move to a permissionless model where anyone can run the node.

The network is currently capable of processing 10,000 transactions per second and has completed 1.3 billion transactions to date. Faster rate And Higher count According to Baird, there are also HBAR cryptocurrency and token services that can be used to create NFTs, rather than Ethereum measures.

Coinbase finger points

The meat processor JBS paid $ 11 million in Bitcoin after the ransomware attack.

After paying $ 4.4 million in Bitcoin, JBS was worse than the Colonial Pipeline, more than half of which was recovered by the FBI. The ransom collection caused some dramas, Theory disseminated online Coinbase supported the authorities. Philip Martin, Coinbase CSO, denied that this was the case. twitter. He said the exchange had not received the ransom and there was no evidence that the payment was via a coinbase wallet.

This point shows how these cyberattacks have shaken the crypto community. In addition to strengthening the relationship between Bitcoin and ransomware, they raised the question of how secure wallets and exchanges are.

Deal

What you are reading

  • “I have a reason why cryptocurrencies finally exist” (Bloomberg)
  • “In everyday trading, the future of money is stable coins” (BI)
  • “Pipeline research overturns the idea that Bitcoin is untraceable” (New York Times)



https://www.theinformation.com/articles/inflation-numbers-support-bitcoin-recovery Inflation figures support Bitcoin recovery — info

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