There are tons of news that surround cryptocurrency every day. Most of the information is about Bitcoin; however, other crypto assets are mentioned as well. Here, we will present to you, the most important crypto news that occurred this week. Keep reading to find out more information on the subject.
In this article, we will talk about several events that occurred this week in the crypto world. First we will mention how PayPal’s CEO claimed he only uses Bitcoin. Additionally, we will talk about how Google and Facebook want to enter the financial world. Last but not least, we will cover the news about how people in Argentina want to use BTC instead of their Peso. As always, more information about crypto can always be found on this website.
Only Bitcoin for PayPal CEO?!
Dan Schulman, the CEO of PayPal recently claimed in an interview that he owns Bitcoin. In the same interview where he explained why he decided to withdraw his company from the Libra Association, Schulman was asked if he was the proud owner of any cryptocurrency. He claimed that he owns Bitcoin and only Bitcoin. Regarding cryptocurrencies, the CEO said that it is still very volatile, and that they do not have much demand for it by merchants because merchants operate on very small margins. However, he also claimed that he believes in the blockchain technology. He said:
“We think there’s a lot of promise to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.”
Google & Facebook enter the financial world
Decades ago, a lot of people around the world believed that the financial system needs a change. Confinity, now known as PayPal were among the first ones to lead a coup against traditional financial institutions. They offered a different way of making payments as they wanted to disrupt the banking system and force it to change. However, with time PayPal started working together with the institutions it hoped to oppose and their plan failed. Today, blockchain technology and cryto assets want to accomplish the same thing. They want to change the way financial institutions work.
Nevertheless, internet tycoons are now interested in joining the financial world with their ideas. Google and Facebook have been working on their own payment methods. Facebook started Faceebook Pay which for now is localized in the USA. Additionally, they have their own crypto asset Libra. With time, they hope to improve these services. With that, Facebook hopes to battle the financial world. However, they are not the only ones with such ideas. There are reports claiming that Google are also planning their own banking enterprise.
However, rather than fight a losing battle and compete with existing financial institutions, Google is aiming to get them onside — a tactic that will likely work in the company’s favor. At the moment, reports claim their financial tool will be called “cache”. Although nothing is actually set in place right now.
Backfire in Argentina!
Starting on the 1st of November, Argentina banned consumers from buying Bitcoin. Additionally, other crypto assets were banned as well. However, things didn’t go as the government there predicted. Over the past two weeks, the country traded the highest amount of Bitcoins on peer-to-peer platforms. The reason for this is the volatility of the Argentine Peso. In the last 5 years it went down a lot. The value of the peso against the United States dollar has fallen by over 85%
Now, this shouldn’t affect people because they pay with Pesos. However, it’s the price of the US dollar that actually defines the value of goods and services. Because of this, Argentinians are better off with using BTC instead of their own currency. Even though crypto is also volatile, people prefer it because it can’t be manipulated by the government.
