Happy April Bulls Day, Blockchain-Based Vaccine Passports Emerging, Cryptocurrencies Replacing Banks, Scams on the Rise
In this edition:
- April Bulls Day for BTC – How High Can It Go?
- South Korea Announces Blockchain-Based COVID-19 Vaccine Passports
- Russians See Crypto As Replacement for Bank Deposits
- Beware of Scammers – NFT Edition
My fellow Anchorians, welcome! For all of you who have been patiently waiting – the 83rd edition of your favorite Crypto Roundup is here.
BTC is once again very close to surpassing the $60k line, and no, it is not a joke. Bulls are running wild while countries around the world are looking for adequate blockchain solutions to fight COVID-19, people choose crypto transactions over banks more and more, and scams are unfortunately not going anywhere, either.
Well, as always, our crypto world is booming, and here we are to discuss its latest developments. Before we begin, let me just wish good health to you and your loved ones! And now, let’s dive right into the 83rd Roundup!
April Bulls Day for BTC – How High Can It Go?
There are no bears in this ecosystem! Well, not yet anyway. Q1 has been very fruitful for BTC hodlers, and as we welcomed April Fools Day, BTC price just went up to $59,000.
As I said, we witnessed an amazing quarter for the bitcoin market with the latest price record of $61,700. Wow. Not so long ago, we were anxious to see if this cryptocurrency will surpass $10k once more. It did, alright.
Naturally, crypto enthusiasts are speculating about possible price movements in the Q2 of 2021 – how high can bitcoin go? In the previous edition of our Roundup, we talked about six-figured prices and how to predict them.
So, the combined quarterly rise for 2021’s Q1 was 103.1%. As Q2 is traditionally the strongest quarter for BTC (with only two years seeing negative returns, both less than 10%), one can only imagine what’s coming next – new all-time highs. Q2 of 2019 holds the record with 159% gains.
If you skipped the previous paragraph due to its complexity, listen – bulls aren’t going anywhere.
When it comes to bitcoin, I love to use that ‘’plant a tree’’ quote: “The best time to plant a tree was 20 years ago. The second best time is now.” So, yeah, the best time to invest in BTC was over a decade ago, but surely the second-best time is now.
The market has its ups and downs, bears are just as usual as the bulls, but every once in a while, BTC legit skyrockets. Do your research, develop hedging strategies, and enjoy the ride!
South Korea Announces Blockchain-Based COVID-19 Vaccine Passports
Countries around the globe have been implementing blockchain-based solutions for some time now in the fight against the COVID-19 pandemic. South Korea joined the team by announcing the launch of their vaccine passports on the blockchain.
“The introduction of a vaccine passport or ‘Green Pass’ will only allow those who have been vaccinated to experience the recovery to their daily lives,” said Prime Minister Chung Sye-Kyun.
Of course, the app won’t store personal information, but it will allow the verification of vaccination statuses, according to Sye-Kyun.
On the other side of the Earth, Brazil is also utilizing blockchain technology to track vaccination, while New York is deploying blockchain for information security, China is also building a system, and so is the EU.
Nonetheless, with the good comes the bad, and while vaccine passports can be a great tool in reviving the global economy and letting people move freely again, some utilize this fact for personal gain.
As BBC had earlier reported, there are over 1,200 ads for vaccines and vaccine passports on the dark web: “Check Point investigators found many sellers offering forged documents, including one supposedly from the UK, with a vaccination card for $150 using the hard-to-trace cryptocurrency Bitcoin as the payment method.”
Russians See Crypto As Replacement for Bank Deposits
Binance users in Russia have spoken – cryptocurrencies could replace the traditional banking system in the future.
The recently conducted survey by a major crypto exchange suggests that 58.2% of the Russian users believe that, at some point in the future, crypto will replace bank deposits as a way to save money, and 77.5% of them think cryptocurrencies are good for the economy in general.
A vast majority (71.5%) said it’s very important to have the opportunity to use cryptocurrencies as a means of settlement. We already know about the latest crypto law in Russia, the one which is trying to suppress the crypto transaction while allowing people to hold cryptocurrencies.
Despite the fact above, 72% of Russian crypto enthusiasts are certain they will buy more cryptocurrencies in 2021.
As for the reasons why people are choosing crypto over fiat, there are two worth noting – 37.7% were attracted by the price appreciation in 2020, and 25.3% don’t trust the traditional financial system and use crypto as a hedge (against inflation and price depreciation in general).
These percentages are very informative and insightful in terms of seeing where is the mass crypto adoption story headed – while BTC is attracting the eye of the public with its price surges, national economies also struggle to keep up with the global events and it shows.
Beware of Scammers – NFT Edition
Non-fungible token (NFT) is a rising global trend – but, as we know, with great attention, comes great responsibility.
According to the research from Bolster, a fraud prevention platform, there are five infamous areas of fraud surrounding the NFTs: replica NFT stores, fake NFT stores, counterfeit or fraud NFTs, fake airdrops & NFT giveaways, and social media scams.
‘’A quick peek into the future: These scams will get more complex and sophisticated. Scammers will keep innovating to make sure users fall for these. Not just NFTs, when buying anything online, a buyer needs to be aware of where and to whom they are giving away their credit card or banking information,’’ was concluded in the report.
Bolster CTO and co-founder, Shashi Prakash, additionally warns that crypto and NFT enthusiasts ‘’must be super vigilant because there are very few protections for people who get scammed’’.
We, as fellow members of the global crypto community, feel a responsibility to call out scammers and support the fight against crypto frauds. Always be vigilant and aware of the landscape around you.
Hey, you! Well done, you are now wiser than you were 10 minutes ago. This world of crypto is constantly changing and buzzing with new ideas and projects. The ecosystem is growing, so make sure to stay well-informed.
BTC flies high, blockchain is going down its own path, the industry is scaling up, but the risks are inevitably still there.
I will see you again in two weeks and, in the meantime, stay safe and take care. You know I always wish you fair winds and the following seas, my fellow Anchorians!
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.