So how high is Bitcoin going to go? Analyst Willy Woo thinks it will hit $ 135,000. It’s a “common sense prediction,” he told the Keizer report from RT. Tim Draper bets even more. Venture capital has withdrawn its money from the stock market (too “sparkling”) and put it in Bitcoin and other cryptocurrencies (a “safe haven”). It expects the BTC to reach 250,000 $ in 2022 or early 2023. It’s not I wonder if so many Bitcoin whales continue to hodl. According to a study, only 41.6% of the BTC supply has been moved in the past twelve months. Some 42% of Bitcoin has not moved in two years.
India is not discouraged. The country has now lifted its ban on cryptocurrency trading, while Germany has made a decision: cryptocurrencies are “digital representations of value.”
But what exactly is Bitcoin? Is it a currency? Security? Merchandise? Is it a bird or a plane? It’s an old question but it still counts. The definition of BTC may well influence how it is regulated and taxed. A witness at a congressional meeting recently noted that tax preparation for digital assets is already a nightmare. We feel your pain.
At least defining your currency is a problem that Mark Zuckerberg may no longer have to struggle with. His Libra project seeks a new direction after the withdrawal of a number of partners and the resistance of regulators. Libra is now planning to create digital versions of fiat currencies, so more captive coins. But he is still considering his own Libra piece. At least for now.
One coin we could all do without is the new CoronaCoin. Created by developers on 4Chan, it starts with 7.6 billion tokens that burn as the coronavirus spreads. The theory is that the more people infected, the more the supply decreases and the more the price increases. It’s just creepy, and the digital coins could even help reduce the spread of the virus. The World Health Organization has suggested that dirty tickets could help spread the disease.
In better news, Kaspersky has developed a new type of blockchain-based voting machine. Hopefully they will do better than Voatz. West Virginia abandoned the company’s blockchain-based voting platform during the primaries in favor of paper ballots. The high-tech option, the state said, presented vulnerabilities.
Steem also reveals vulnerabilities. The Steem community is now in a pitched battle with Justin Sun, who recently bought Steemit, fearing that the founder of TRON may have too much power over the community. Steem users responded with a flexible fork. Everything gets very hot there.
KPMG is also concerned about the vulnerabilities. The accounting firm claims that $ 9.8 billion of digital assets have been stolen since 2017. As institutional investors want to find a place for cryptocurrencies in wallets, the market needs better security to grow. HTC may have a solution. The company’s new 5G blockchain router can run a full Bitcoin node, but it also includes social recovery of private keys. Users can split their recovery phrase into parts, encrypt them, and share them with friends if the key is lost or stolen.
Check the audio version here:
Joel Comm is an Internet pioneer, best-selling author of The New York Times, futuristic speaker and co-host of The Bad Crypto Podcast. It’s an elegant way of saying that he writes words, says things and enjoys playing with cryptos.
The views, thoughts and opinions expressed herein are those of the author only and do not necessarily reflect or represent the views and opinions of Cointelegraph.