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

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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