Welcome to our weekly recap of the latest headlines in bitcoin and fintech. This week the price took an exciting leap and Bitcoin Foundation board member Elizabeth McCauley revealed the blockchain’s killer app. Also in the news was Money2020, with thousands in attendance including Blockchain Co-Founder Nicolas Cary. Read about all this and more, in our weekly news recap!
Bitcoin leaps to new highs
Price news is the big story this week, as we saw bitcoin reach a three-month high with the price peaking just under $700USD. This coincides with an increasingly weakening Chinese yuan and a seven-month trading high. Speculators suggest Chinese traders are looking to bitcoin as a way to preserve value.
As the transaction rate spiked along with the price, the bitcoin network’s mempool was packed with over 70,000 pending transactions, which caused a major influx of concern from users. These events have once again raised a pressing question: is bitcoin an investment, a day-to-day currency, or both?
Banking on bitcoin
Bitcoin is the Blockchain’s Killer Application
With new blockchain ideas and applications constantly in development, fintech is always bracing itself for the next big thing. In some ways, bitcoin has taken a backseat to the excitement and promise of the blockchain. In this op-ed piece, Bitcoin Foundation board member Elizabeth McCauley quickly reminds us: bitcoin is the blockchain’s killer app.
And it’s true, bitcoin the currency is what keeps the gears turning on the blockchain, but it’s clear that both have demonstrated significant potential value. Interestingly, companies who base their business on acting as a middleman (what bitcoin was designed to avoid), are even considering how they could benefit from blockchain technology.
Recapping the Money 20/20 conference
Vegas becomes a mega-hub for all things fintech during the annual Money 20/20 conference, and this year was no different. Over 10,000 people were expected to attend this year. Key topics revolved around security implications for new tech, global payment solutions, and the balance between regulation and innovation.
While bitcoin and blockchain technology weren’t a major focus, they were acknowledged by some big industry names, including Square CEO and Twitter Co-Founder Jack Dorsey and Overstock.com CEO Patrick Byrne, who announced the arrival of publicly traded Overstock shares on the T0 blockchain platform. Byrne has been a major bitcoin advocate for several years, and has cleverly referred to bitcoin as “space cash,” and dubbed it “the next best thing.”