BTC Breaking the Limits, USD Overprinted, Blockchain Could Save Tourism While the Next Tech Leader Race Unfolds
In this edition:
- Did BTC Break the Key Resistance Line?
- USD Is Being Printed More Than Ever
- Blockchain to the Rescue of Tourism
- The PRC-US Tech Race – Why Open-Source Matters
Welcome, my fellow Anchorians! Please, take a seat. How’s your week been? Shoutout to all of you who are still prevailing, despite the fact this 2020 is one of the worst years ever. Our hearts go to Beirut, and all the places still struggling with the COVID-19 pandemic. Stay strong, people!
Our 52nd edition of Weekly Crypto Roundup focuses on the BTC price movements, inflation of the USD, and some major blockchain-related topics. BTC bulls, dollar on its knees, and blockchain conquers the world – sounds like a crypto paradise, right? Well, hold your horses, if the past eight months have taught us something, it’s that everything could change in a single day.
Let’s keep this balance between optimism and pessimism, for it’s good for keeping it real. Now, without further ado, we’re diving into our Roundup!
Did BTC Break the Key Resistance Line?
Hiya, my traders, are you happy with the recent BTC price development? If you remember, in the last Roundup we talked about the importance of $11,500 level, and what could happen if this resistance line was surpassed.
Well, spoiler alert, it has been surpassed. The current BTC price is $11,720 and rising, actually. It would seem that the danger is over and the market will keep the price above this, now support, line. All the good signs are there but are we ready for $15k at some point?
You will always have experts who are claiming this is the year BTC skyrockets… and they tell it every year. And I mean, like quarter mil per coin skyrocketing. This year was strange, nonetheless, so God’s honest truth, anything can happen. Yet, let’s achieve some more realistic milestones first.
The first one would be a $12,100 price level, so BTC doesn’t fall back below 12k anytime soon. Then we can maybe talk about 15k, or something more. Of course, we need to pay attention to the volume, too. And the volume is on the rise in the last couple of days.
Luckily, it’s not 2009 anymore, which means that now you have different options. You are not solely at the mercy of the BTC market itself, left with two simple options – to sell or to hodl. A variety of cryptocurrencies currently available can surely be beneficial concerning this matter.
Be that as it may, I hope you have a hedging tactic in place, just so you can protect the value of your holdings in case of extreme volatility. If not, read this article, it might help you put your new strategy in place. Happy trading and may all of your days be green! For a while, at least.
USD Is Being Printed More Than Ever
Hello, inflation, my old friend. According to the Pantera Capital CEO, Dan Morehead, “the United States printed more money in June than in the first two centuries after its founding’’. This measure is meant to combat the current financial crisis, caused by the pandemic.
If we are being honest and all, it’s not like the USD and the entire American economy was in its most glorious days before the COVID-19 situation happened. But, that’s another story. Anyhow, to illustrate the enormous amount of USD in print, Morehead gave an example of how the same amount of money was being used during the past centuries:
“With that first trillion [USD printed] we defeated British imperialists, bought Alaska and the Louisiana Purchase, defeated fascism, ended the Great Depression, built the Interstate Highway System, and went to the Moon.”
By now, we all know the difference between the finite and the infinite amount of a means of payment. Guess which one is more valuable. The printing caused the USD to lose its value and to continue this negative trend of devaluation. Whether there will be immediate consequences is hard to tell, but these ‘’measures’’ will surely have a vast impact on the global economy as a whole.
Plainly put – the economy is not able to ‘’produce’’ the money itself since everything is still on a pause. To avoid the Great Depression scenario, the Fed is forcefully injecting money into the economy. This strategy is, guess what, not sustainable and potentially very dangerous.
The answer may be in the creation of a digital dollar, but the U.S. is making very slow progress on that front. So, what can you, mere consumers, do to protect the value of your money and assets in this corona era? The world of crypto can definitely help, and here’s how.
Blockchain to the Rescue of Tourism
I don’t know about you, guys, but me being Saggitarius and all… I can only say that a world without traveling is hardly a world worth living in.
We are used to the vast spectrum of the brilliant blockchain technology use cases, but here’s a new one. ShareRing has launched an anonymous e-passport app with contact tracing, to help the fallen industry of tourism rise again.
Via this app, users can upload their documentation, e-visas, insurance, flight and accommodation records, and negative COVID-19 tests. In this manner, hotels can have the necessary data before the guests’ arrival and in one place. This app could also be very beneficial for sovereign countries since they now have to track arrivals and movements more closely to prevent the spreading of the virus.
Of course, not all the data will be available for everyone to see, but only the necessary information to the party involved.
Blockchain proved to be useful in these corona times, e.g. we commented earlier on how the Netherlands used blockchain for tracking the country’s medical supply chain. The WEF also encourages the deployment of blockchain technology, especially in the badly-hit shipping industry. Blockchain reduces costs, enhances efficiency, and enables timely reactions.
The PRC-US Tech Race – Why Open-Source Matters
China is very keen on the blockchain technology, we all know that. According to the Chinanews, a lot of companies in this Asian country are looking for blockchain-related employees, and are willing to pay them very well. The average salary for this type of job jumped from $1,230 to $2,865.
In the meantime, Lex Sokolin from ConsenSys explains the opposite positions of the US and PRC when it comes to open-source technology in general.
‘’Competition in the next century is going to be far more complex than intellectual property ownership. It is going to be waged over multinational open-source networks, reintegrating finances and economies into a digital global superstructure.‘’
And everything on planet Earth is heightened at this moment, due to the economic consequences of the COVID-19 pandemic, and the West seems to have the worst of it. Restrictive measures lead to the fallout of the economy and the fallout of the economy, along with those constant restrictive measures, brings the violence and riots into society.
If you ask Americans, Chinese-owned TikTok is to blame… amidst other things. Yes, this social network is very popular among young people, they’re even making careers out of it. However, President Trump sees it as ‘’a Trojan horse pulling private data’’. I mean, other social networks would never do that… Right? It’s about who owns the horse, I guess.
Inevitably, the world supremacy will be determined on the technological battlefield. While China embraces blockchain and invests so much into the development of technology, the US seems to have different plans. Only time will tell how this story ends.
Sorry if I left you in a coldish war vibe, guys. The future is still bright, though wee uncertain at the moment. The world may currently be in a crazy spin but nothing lasts forever, nor will this crisis.
This is a great time, nevertheless, to focus on crypto. BTC bulls are on the rise, there are plenty of other promising projects, too. Blockchain is slowly, but surely conquering the world. And the Sun still rises on the East and sets on the West. Rest assured, we shall prevail, my fellow Anchorians.
Until next week, I wish you fair winds and following seas!
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.