Apr 13, 2017

By Brett King

Bitcoin shows no signs of slowing as it adds $1 billion in a single week

Bitcoin shows no signs of slowing as it adds $1 billion in a single week via @BreakingBanks1

Bitcoin shows no signs of slowing as it adds $1 billion in a single week

Just 5 weeks ago I wrote about Bitcoin surpassing the value of Gold, but after the failure of the Winklevii to get their Bitcoin-powered ETF approved by the SEC, many predicted XBT would slow and lose value. This week, as CNBC reported, demand stimulated through moves by Japan and Russia to legitimise the crypto-currency pushed its value up 8% in a single week.

It’s not just Bitcoin that is on fire, however, the entire blockchain-based world can’t do wrong at the moment. In the last week also, the team at Blockchain capital launched the first US-based Initial Coin Offering (ICO) to power their new venture fund based out of California. The $10m raise was expected to be open for many weeks, but was clearly oversubscribed as the complete allocation of alt-coins were invested in within just 6 hours

The need for Distributed Ledger Technologies and alternative treatments to currencies that are better aligned with the realities of a borderless world of commerce based on the IP layer, and with technologies designed to circumvent the friction of the old financial systems, are speeding up investments in blockchain applications. Satoshi has no idea what he started when he wrote on Bitcoin back in 2008.

For now the world of Blockchain and Bitcoin is set to continue to grow inexorably towards some sort of crescendo that puts it at odds with existing regulations and legacy payments rails and systems. If you’d like to know more about what is happening with Bitcoin, check out our Breaking Banks podcast from last month where Brock Pierce from Blockchain Capital talked about their upcoming ICO launch.

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Listen Now: Breaking Banks – Episode # 182 – Bitcoin: ETF and ICO – March 2017

Episode Description:

Bitcoin is soaring. After 18 months of steady growth, it’s value is $1275, and only looks to be growing. As today’s guest, Brock Pierce, puts it – it is GOLD 2.0.

But in 9 days, the SEC will decide whether to approve the Winklevoss twins filing of a Bitcoin ETF (Exchange Traded Fund). Whether it is approved, and others like it can follow, could slow the growth, or send it catapulting. Today, Brock Pierce and Spencer Bogart of Blockchain Capital join to discuss all the elements of the ETF and their new Initial Coin Offering (ICO) which could democratize venture capital in surprising ways.

Also, we have Steve Cocheo from Banking Exchange on to talk about the proposed national Fintech charter, what that could mean for banking, and why there is opposition from state governments in the US.

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