Private Companies and CBDCs, Another Big Industry Welcomes Blockchain, the Richest in Crypto, New BTC Price Gives Hope

In this edition:

  • BoE: Private Companies Will Have a Role in the Future of Money
  • Blockchain Embraced in the Cargo Industry
  • Who Are the Crypto People on Forbes List of Billionaires? 
  • BTC Price and the Half-Full Glass

For a few weeks now we’ve only been hearing that ‘situation is only going to be worse’. Is it maybe time to look at the bright side when it comes to our immediate future? Unfortunately, many countries are still fighting the pandemic and we wish them fast recovery! Nonetheless, rumor has it, many sporting events will be back on track in May and we are delighted to see that the world is ready to start spinning again. 

My fellow Anchorians, you still need to be careful and responsible as you have been during all these tough weeks. Soon we will be able to hug our loved ones, go out whenever and wherever we want, and enjoy the little things once more. All the good things come to those who wait! In the meantime, it seems as if the cryptocurrency industry finally rose above the current hurdles – and we are ready to be proactive! So, if you are wondering what’s new in the world of crypto, then you’ve come to the right place! The 35th edition of Anchor’s Weekly Crypto Roundup is ready for you, guys. Come on board!

BoE: Private Companies Will Have a Role in the Future of Money

The Bank of England admits that private companies have a role in shaping the future of money in terms of currencies’ digitization. In a webinar held earlier this week, the analysts in charge of the UK’s central bank-issued digital currency (CBDC) initiative said that private companies at the moment are the party of great significance when it comes to issuance and distribution of money.

By Andrea Danti, Shutterstock

Though BTC and some other cryptocurrencies are still not seen as ‘money’ in the world of traditional finance, due to their high volatility, the technology behind them is much more interesting to the official bodies. 

“We’ve seen proposals over the last year from large technology firms, for example, to build payments systems and crypto-assets that could function more as stable money,” said Ben Dyson, a CBDC analyst. Dyson also added that there is definitely space for the coexistence of national digital currencies and ‘private’ digital currencies. What a fine change in the narrative! 

Once enemies, now bedmates! Well, moneymates. Currencymates. Walletmates. Okay, you get it!

Blockchain technology has been the ‘most desired girl in the school’ for some time now, but the first ones to welcome it were the companies from the private sector that wanted to modernize their industry. Now, the governments and central banks want to jump on the wagon, too!

Still, let’s not delude ourselves – in the eyes of sovereign countries, means of payment issued by a private company represent a serious threat. This is probably why the governments were so against the launch of Facebook’s Libra. However, no one is almighty and technological progress has always associated various entities into co-operating. 

Toning the rhetoric down is the first step towards a resolution and we are glad to see the central bank representatives are accepting financial solutions from the crypto industry. Way to go! 

Blockchain Embraced in the Cargo Industry

Blockchain is on a roll in this Roundup! CargoSmart, Tesla, and Cosco announced they are piloting the blockchain technology in the cargo release process along with the Shanghai International Port Group. So, what does it mean exactly?

The main motive is, of course, efficiency. The ‘old way’ of documenting in the shipping industry lasts too long and costs money. Additionally, in this manner, data is very susceptible to loss in which case the expenses would be huge. So, blockchain comes to the rescue once more! Also, if you watched The Wire then you know what hell can break loose if those containers get lost. Just saying!

To Tesla, this is only the first step in accelerating the cargo process. This company also plans to improve its application and expand the project on other vital ports in Asia, mainly in China and Thailand. Well, we wish them good luck!

I can’t help but wonder – could Satoshi Nakamoto imagine that technology behind BTC would come this far? I mean, from the early beginnings as the bitcoin network to be the first tool in the modernization of entire industries… If someone knows who he is, please ask him and let me know! (I won’t tell!)  

Who Are the Crypto People on Forbes List of Billionaires? 

By Sharon McCutcheon, Unsplash

So, we all know that being on Forbes’ list of the richest people in the world is very prestigious.  ‘The Richest in 2020’ list was published but the first notable thing about it is the fact that there are only four crypto representatives among 2,095 billionaires! Who are they?

I bet some of you firstly thought of CZ, CEO of Binance exchange. I hate to disappoint you, guys, but Changpeng Zhao was not enlisted! Tyler and Cameron Winklevoss, Gemini founders, were also excluded from the list. Who’s the richest person in crypto then? The answer is Micree Zhan, a co-founder of Bitmain with a net worth of $3.2 billion. Another Bitmain co-founder, Jihan Wu, is on the list as well with his $1.8 billion. 

Chris Larsen, former CEO of Ripple also has a reason to celebrate since he’s officially the second wealthiest person in the world of crypto with his net worth of $2.6 billion. A ‘newbie’ in the billionaire community is Brian Armstrong, Coinbase CEO with a jubilee amount of $1 billion. 

When it comes to people who are traditionally known as ‘crypto-bashers’, Warren Buffett is said to be worth around $67.5 billion which makes him the 4th one on the list. Perhaps he gets a dollar every time he says BTC will fail, eh?

All jokes aside, some industries exist for decades, even centuries and it’s only logical that they have more representatives on this reputable list. Crypto is still a relatively new occurrence in the world and we can’t wait to see who will be the next-generation leaders in this sphere!

BTC Price and the Half-Full Glass

Bull and bear markets are a real thing but I’m thinking we should create a quiz to determine if we are a bull or a bear. An optimist or a pessimist, I mean. (Okay, I just made a mental note on that, stay tuned.)

The bitcoin price movement is once again in the color of green and currently (don’t jinx it!) safely above $7k. There are some that indeed are optimistic regarding the BTC price in the post-corona scenario. One of them is a well-known VC Tim Draper who recently commented on the future of fiat and cryptocurrencies.

“They are gonna be printing all this money to try to get the economy back after they’ve basically tanked it and are going to flood it with a bunch of money, and that money is going to be worth less, and less, and less.” A sound logic, don’t you think?

On the other hand, BTC has a limited supply, we all know that. In theory, this characteristic should make it far more valuable than fiat currencies in the future. Naturally, there are many variables influencing this possible occurrence but Mr. Draper could actually be right. With BTC halving around the corner, the situation on the market will inevitably change. And you know very well who will keep you posted!

Final Thoughts

Huh! You are at the end of another Weekly Crypto Roundup and we thank you for your support, fellow Anchorian. I hope I managed to share this whiff of optimism with you successfully. You know, better days are coming for real and we’ll sail into them together. Now, enough ‘fluffiness’, go grab something to eat, I promise you deserved it!

After that, we would love to see you in the Anchor Telegram Community, too! Until next week – only fair winds and the following seas for you, guys!

Disclaimer: The information provided in this post is not legal, accounting, or financial advice. I am not a lawyer, accountant, or financial advisor. I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies.