There’s no such thing as a quiet week in crypto, and this week proved to be a smacker. With the focus of the week being the Bitcoin price which has enjoyed a worthwhile rise in value during the middle of the week. Many have been glued to exchanges following every change, on every hour.
Whilst the markets may be in meltdown and limbo at the same time, the development of digital currencies never stops, with dedicated developers and inventors pursuing new and varied opportunities that are available exclusively to crypto developers. This week saw the first major application of biohacking geared towards Bitcoin, as the owner of Mr Bitcoin, Martijn Wismeijer, opted to be the first patient to implant a NFC chip into his body capable of acting as a Bitcoin wallet.
The week started off with the Bitcoin ‘devil’, Benjamin Lawsky, looking to dish out his policies to crypto users essentially trapping them in a position where they can’t use their crypto, or have to go through lengthy legal processes before they can even think about transacting.
But good news always makes its way into the “cryptosphere” as billionaire owner of the Virgin brand (associated with Virgin Atlantic, Virgin Media, Virgin Money), Richard Branson, couldn’t resist voicing his own opinion, before the Global Digital Currency Conversation scheduled for Sunday, on the opportunities Bitcoin can bring.
““I have invested in bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting. It has been obvious to us all for quite some time that people aren’t satisfied with the business as usual approach adopted by the major payment networks.””
Sadly, negative news always plagues the cryptomarkets, as the experimental nature of these developments make them trickier to maintain and safeguard at expected levels. This week saw the devastating breakdown of the Bitpay payment processor which led to deposits being duplicated and incorrect exchange rates being used during transactions.
The Canadian bank has also kept its eyes on Bitcoin, as even though it deems it as nonthreatening to the wide economy, it too has expressed its doubts and fears over the use of crypto coins. It stated how cryptocurrencies were reducing the banks ability to use the Canadian interest rates and other tools to improve and manage the Canadian economy, and “macroeconomic activity” through interest rates, but insisted that it was to keep a “open mind” on any new developments.
Whilst one side of the globe kept a watchful eye on crypto, the other side found cryptocurrencies being fully embraced. Australia has long been known as the global hub of Bitcoin and is one of the most Bitcoin friendly countries on the planet. This week saw one of the many attempts by the country to legitimize the cryptocurrency, as the currency was officially listed as a asset on the form used by the government to let citizens declare their assets.