Crypto cynics are relentless. Day in, day out, they bash Bitcoin (BTC) and other digital assets with a fiery passion. Just last week, Warren “the Oracle of Omaha” Buffet, one of the world’s most wealthy and respected stock investors, explained that in his eyes, while blockchain technologies have “importance,” Bitcoin has no “unique value at all.”
Buffett’s quip, which comes after he infamously called the flagship cryptocurrency “rat poison squared,” is likely in reference to common Joes and Jills’ belief that nothing tangible is backing the value of BTC, as it is ‘printed’ out of ‘thin air’. The Berkshire Hathaway CEO, who is reported to still own a flip phone that might make many reminisce about the turn of the millennium, referenced this, but in a clear misunderstanding of the way Proof of Work-based blockchains operate, when he stated:
“It doesn’t produce anything. You stare at it all day and the little Bitcoins come out or something like that. It is a delusion, basically.”
Yet, a leading analyst has come out to lay out a number of reasonings as to why cryptocurrencies are succeeding, even against all the odds. Here are the reasonings, as explained and elaborated on by us at BlockGeeks.
How to shut up a #Bitcoin Bear
• @DigitalAssets on the way
• @Bakkt coming up @Starbucks
• @jack is buying $10k a week
• Argentina investing
• $BTC usually reverses ~85% from ATH
• Volume up across the board
• Everything @binance is doing— The Crypto Dog (@TheCryptoDog) March 7, 2019
Bakkt May Push Starbucks To Accept Bitcoin
Per previous reports from this outlet, The Block, which cited sources familiar with Bakkt’s dealings, reports that Starbucks may be launching support for digital asset payments in the coming months. Industry commentator Mike Dudas took to Twitter to divulge the news, remarking that the Seattle-based company received a significant stake in Bakkt, a Wall Street-backed crypto startup, in exchange for “commitment to allow Bitcoin payments in store in 2019.”
Fidelity To Launch Crypto Divison Any Day Now
Fidelity Investments, a Boston-based investment giant, will be launching its crypto subsidiary, Digital Assets Services (FDAS), any time now. In a statement, the institution’s cryptocurrency team noted that it has continued to toil away, even as the falling BTC price has squeezed startups en-masse. Representatives wrote:
“We have continued to build the technical and operational capabilities needed for securing, trading and supporting digital assets with the exacting oversight required by institutional investors.”
It was added that over the next several months, FDAS will begin to roll out its products — the first being institutional-grade, regulated custodial services for cryptocurrencies.
Argentina Delves Into Blockchain
In collaboration with Binance, the government of Argentina’s Ministry of Production and Labour will be co-investing in blockchain projects alongside the aforementioned exchange. In an announcement, Binance remarked that the entity will match any investment of up to $50,000 for any Argentine blockchain-centric project backed by venture arm Labs and Founders Lab, a local accelerator. The Ministry has purportedly agreed to such investments for a four-year period. In a comment, Ella Zhang of Binance Labs remarked on how this accentuates Argentina’s enamorment with blockchain technologies:
“Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there.”
Binance Still Going All Out
The aforementioned comes after BlockGeeks reported that Binance has been booming amid a bear market. Over recent weeks, the Malta-registered company has sought to “BUIDL” amid a bear market, embarking on the following ventures (and many more): an over-the-counter desk for high-volume traders, native fiat-to-crypto support through Simplex’s credit card processing, Binance’s fiat exchange in Jersey, the reintroduction of ICO jumpstarter Launchpad, and Binance Chain.
Twitter’s Dorsey Is Stacking Sats
Twitter’s Jack Dorsey is purportedly #stackingsats (Stacking Satoshis). Just last week, he took to Twitter to reveal that he, along with many others in this industry, are stacking fractions of Bitcoin in preparation of further adoption. He then took to Marty Bent’s podcast to claim that he had maxed on Square Cash’s Bitcoin limit, set at $10,000.
It is clear that fundamentals for this industry are looking up. But this doesn’t mean that the value of BTC will follow.
Photo by Chris Liverani on Unsplash
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