Bitcoin’s big price push: Two steps away from currency mainstream
Lukman Otunuga, Research Analyst at FXTM said Bitcoin has sharply appreciated this week with prices punching above $7500 during Wednesday’s trading session, though at publishing time, the crypto is trading at $7300.
“What is even more remarkable is how the cryptocurrency remains supported despite the Dollar appreciating across the board,” said Otunuga.
“Taking a look at the technical picture, Bitcoin could challenge $7780 if bulls are able to secure a daily close above $7500.”
The latest price still remains a long way off bitcoin’s all-time high, which reached close to $20,000 in December 2017, or even the May $10,000 levels.
Bitcoin’s recent rise helped its value go up by around $1,300 over the last six days.
Great, but how far are we from crypto adoption as a mainstream currency?
UK going crypto
Zerohedge, a global business intelligence site, quoting the CoinTelegraph.com and UK’s Guardian said a new report stated the UK has the potential to become a leader in blockchain technology and the crypto economy by 2022.
The new report was conducted by the Big Innovation Centre, DAG Global, and Deep Knowledge Analytics and proclaims that Britain has the governmental, technological, and industrial resources to become a leader in the crypto economic ecosystem and a global hub for the development of blockchain technology within the next few years.
The report states that more than $650 million in investments were made into British blockchain companies in 2017-2018.
A recent study conducted by the Imperial College London and U.K. trading platform eToro found that cryptocurrencies have the potential to become a mainstream means of payment in the near future.
Zerohedge said a group of professors from Oxford is looking to create the world’s first “blockchain university,” with the goal of democratizing the traditional structure of higher education, quoting Cointelegraph.
Previously, the National Archives of the UK revealed that it was considering adopting blockchain tech to create immutable entries for digital records.
Crypto is 2 steps away from mainstream
The creator of Ethereum, Vitalik Buterin, told the Daily Hodl, an industry site, that cryptocurrency and blockchain technology have at least two major hurdles left before they can reach mass mainstream adoption.
Buterin says scalability and ease of use are paramount to the success of the emerging technology.
“Ethereum blockchain’s capacity right now is about 15 transactions a second. If you put all Uber rides on the blockchain, that’s 12 transactions per second already. Moving PayPal over gets into the hundreds, etc.,” said Buterin.
“I do feel just raw ability to process more transactions per second is important, and that could happen through sharding and other base-layer scalability upgrades to the system, and ifsuccessful then I do think that blockchains will end up being substantially cheaper and substantially more ready for actual mainstream use.”
He added that user experience in terms of using the blockchain, and experience of security are both crucial.
“How easy is it to set up a wallet that does not allow all of your money to get stolen overnight or lost overnight if your key gets lost or stolen? Those are challenges that I do think we need a lot more innovation in, and I think we will see innovation over the next few years,” he said.
People see Stellar as a major competitor to Ripple in the financial sector. Now the firm received its Islamic finance certification, making it sharia-compliant for Islamic financial products, according to LiveBitoinnews.com.
Without sharia compliance, forging partnerships with companies in the Gulf region, including the UAE, Saudi, and Bahrain, is impossible, but this certification allows the company to expand its presence across the Middle East and Southeast Asia.
This certificate spans Stellar’s blockchain and its native Lumens (XLM) currency.
The sixth-largest cryptocurrency by market capitalization, Stellar, is the first Distributed ledger technology (DLT) protocol to obtain Sharia compliance certification.
The DLT protocol is the first to gain access to the money transfer and asset tokenization space within countries in the Middle East and Southeast Asia.
The side granting the certification was the Shariyah Review Bureau, a leading international Sharia advisory agency licensed by the Central Bank of Bahrain.
Stellar’s officials have been in talks with Bahrain’s Economic Development Board for some time now. This can lead to new business use cases to explore in the coming years.
“Bahrain is quickly positioning itself as an open-minded nation when it comes to cryptocurrencies,” said LiveBitoinnews.com.
The blockchain space is heating up in Saudi as well with interest in Ripple’s technology for domestic and international payments.