Embracing For An Upcoming Crypto Bum

Oct 30,2019

After the recent lost in confidence towards blockchain technology and the cryptocurrency market, bitcoin managed to rebound from its
low levels, gaining more than $1,000 on Friday, while another $1,000 gain
during Monday market. Supporting the major price hike for bitcoin was comments
from Chinese Premier, Xi Jinping towards blockchain development. China is
already pursuing the use of blockchain in finance, education, and government,
however, President Xi stated that greater effort should be made to speed up
basic research and development towards the blockchain technology, according to
South China Morning Post. Xi’s comments came right after Facebook’s founder,
Mark Zuckerberg proposed the plans for his Libra cryptocurrency. Xi also urged
investment to be focus in blockchain sector, which in turn would provide China
significant competitive advantage against its rivals.

Furthermore, recent reports stated that Bakkt, a bitcoin futures
exchange and digital assets platform is launching its very own consumer
application. With the app being completed by June 2020, the largest coffee
chain, Starbucks is reported to be Bakkt’s choice as the first launching
partner to accept bitcoin payments via their platform. If progress are all
going along as planned, the ability to purchase coffee with bitcoin will be a
major breakthrough for the cryptomarket and blockchain technology.

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Embracing For An Upcoming Crypto Bum

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