Blockchain Gaining Ground: BTCMANAGER’s Week in Review for July 17
This week’s stories covered the bitcoin and the blockchain’s ongoing challenge to the status quo, taking on real estate, big media and the banking sector. As people around the world look for alternatives, blockchain startups are finding solutions to problems and empowering people.
Compiled from contributions by Jamie Holmes and Joseph Young
Bad debts held by Italian banks total around €360 million which is equal to roughly 20 percent of the country’s GDP. As a result of their bad debt, Italian bank stocks have slumped and the government is now considering a ‘bail-in’, which is where banks’ creditors take a ‘haircut’ before taxpayers money is used to recapitalize the banks.
The potential for a “bail-in” by the Italian authorities could also encourage citizens of other high-debt European countries, namely Spain, Portugal and Greece, to seek safety in Bitcoin. A worsening situation will see the Euro slump and increasing buying interest in XBT-EUR, which looks to test recent highs of around €680. Also, the weakening of European integration may casts doubts over the future of the Euro.
Investing in cryptocurrencies, with their incumbent wild price fluctuations, carries the potential for high returns but also comes with high risk. Instead of directly holding currencies like Bitcoin or Ether, for example, a different strategy is to invest in companies that are at the forefront of utilizing blockchain technology. Moreover, upcoming ETF’s (Exchange-Traded Funds) also provide a regulated and safer way of investing in Bitcoin without having to worry about cold storage, wallets and other technical aspects blockchain-based currencies.
BTCMANAGER looks at a few blockchain stocks and ETF options.
The prospect of innovative technology moving into different forms of media could offer many new opportunities for content creators and consumers alike. BTCMANAGER took a look into places such as file-sharing site MegaUpload, which is looking to incorporate Bitcoin in its re-release, and many other blockchain-centered media possibilities.
Jeff Garzik, a respected developer in the Bitcoin industry and founder of Bloq, recently stated during his keynote presentation at the International Blockchain Real Estate Association Conference that the Bitcoin blockchain and real estate have a synergistic relationship. He describes four applications of bitcoin blockchain usage for real estate platforms.
ETH-USD benefited from higher volumes across exchanges and seen gains, trading above $12.00 on July 15th. Meanwhile, Coinbase is looking to add Ether direct purchases and its GDAX already trades in Ether. The timing of this announcement is being received well by the Ethereum community as it will reinforce potentially positive news. Kraken also announced that all ETH on its exchange will be tokens of the winning chain, which could further increase confidence in Ethereum.