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‘I Want Bitcoin to Be Successful’

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A series of significant price jumps have made Bitcoin dominance to escalate steadily over the last six weeks.

Brad Garlinghouse reportedly revealed that during Fortune’s “Brainstorm” podcast held on November 19, Bitcoin is not competing with Ripple. He also said that he would continue holding a portion of the most popular cryptocurrency.

“I don’t view what Ripple is doing as somehow competitive with Bitcoin. I hold Bitcoin. I want Bitcoin to be successful. […] I do think all boats will rise,” Ripple’s executive said.

Bitcoin rally is usually beneficial for other cryptocurrencies in the bull market. Bitcoin’s sheer market dominance and wider appeal among investors make it an immense gravitational pull on other digital assets. In terms of the dominance rate, Bitcoin has a rate of 67.01%, implying that it occupies nearly two-thirds of the total cryptocurrency market cap.

CoinMarketCap data showed that Bitcoin’s dominance rate fell to a low of almost 32.8% during the January 2018 boom peak. BTC dominance can stay the same or go up even if the price of the altcoin declines. Ethereum (ETH) became the first rival of BTC, then, Litecoin (LTC) and XRP followed much later.

A series of significant price jumps have made Bitcoin dominance to escalate steadily over the last six weeks. XRP has also not been left behind as it also broke out this week, to the point that it registered a high of almost $0.3075, as per data from TradingView.

Regulations in Environmentally-Conscious Biden Administration

Garlinghouse’s shift of Bitcoin outlook to a positive one comes less than two weeks after warning corporations not to hold the digital currency. Coinspeaker reported that Ripple CEO thought it would be a costly mistake for corporations to convert cash to BTC with the incoming Biden administration. The new presidency seems to take a much stronger stance on environmental protection.

Publicly-traded companies will need to disclose all greenhouse-gas producing activities they undertake under Biden’s leadership. Square and MicroStrategy are some of the companies that would face the additional reporting requirements since they converted part of their balance sheet into Bitcoin. The reason for that is Bitcoin has a resource-draining proof-of-work consensus that continues to damage the environment.

Ripple CEO Says US Could Lose Crypto Race to China

For the past few months, Ripple was projecting a particular narrative that the two topmost crypto coins, Bitcoin and Ethereum, were under China’s control. He also reiterated that China is going ahead of other countries by coming up with its own central bank digital currency (CBDC). The chief executive explained that the fear-mongering Chinese Communist Party didn’t astonish him, but he was rather impressed with China knowing where the world is heading to and, therefore, making the right investments.

Garlinghouse said that the US has become “out of sync” with other major economies like the UK and Japan, which support various cryptocurrency innovations. Ripple’s boss suggests that the US is about to lose the crypto race to China.

‘Level Playing Field’ Is Necessary

Regarding performance, Brad stated that Ripple had exceeded its expectations for 2020, considering this had been a challenging year. The increase in XRP liquidity has been much higher than BTC on some days this year. Due to the current regulatory climate, Ripple CEO explained that there lacks a “level playing field” for all digital assets.

“Bitcoin was the only one with the hall pass, Ripple is [just] “fighting with one hand tied behind our back,” Brad Garlinghouse said on this week’s episode.

Bitcoin is a digital currency that facilitates payments for goods and services, while XRP is mainly known for its digital payment network and protocol.

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!



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Bitcoin Tuesday to Raise $1M Today and Give to Charities

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As the holiday season approaches, charities are getting ready to receive donations of various cryptocurrencies. One such worldwide crypto-focused charity event started on December 1.

Started from December 1, the crypto-based charity event, dubbed Bitcoin Tuesday, looks to raise donations amounting to at least $1 million beginning today and through the month of December. The Giving Block, a crypto donations platform, spearhead the donation drive again this year, only that the fundraising target this month places it as one of the largest crypto-based charity events ever.

To make the charity drive successful, the donations platform has attracted 30 blockchain companies and over 120 nonprofits to partner with it. Gemini, Flexa, Ledger, Celsius Network, Blockfolio, 0x, and Maker are a couple of the biggest names featuring in the crypto donation drive. The companies, alongside several other blockchain companies, will help step up Bitcoin (BTC) and other cryptocurrency collection efforts during the holiday season.

Last year, at the time when The Giving Block was one month old, around $100,000 was raised from 12 charities.

Bitcoin Tuesday: Donations Help Participating Charities to Fund Various Activities

After collecting the donations, Bitcoin Tuesday will distribute it to various charities, including; Save The Children, No Kid Hungry, American Cancer Society, Center for Policing Equity, Foundation for Economic Education, WaterAid America, and Stack Up. Besides disrupting the financial system, Bitcoiners are focused on contributing to the social good whenever an opportunity to make a practical difference arises. Whether for promotion of justice via the Center for Policing Equity or helping Save The Children.

Diane Clifford, No Kid Hungry’s constituency development managing director, explained how his organization would participate in the Bitcoin Tuesday campaign. He said that the organization would swap gifted crypto, like the way non-profit Hope for Haiti does, into U.S. dollars fiat currency immediately upon receipt and channel it to child hunger tackling efforts.

President & Founder of The Water Project Peter Chasse also praised the noble causes that crypto donation goes towards. The leader of the non-profit that facilitates clean water to disadvantaged sub-Saharan African communities had this to say:

“Cryptocurrency donations have played an absolutely pivotal role this year in The Water Project’s response to the pandemic in Kenya, Sierra Leone, and Uganda.”

From the over 100 charities participating, some are just working to help find homes for pets or even merely to provide meals for senior citizens residing in rural America.

Donate, if You Want to Support

The Giving Block encourages nonprofits themselves to offer users the opportunity to donate through various cryptocurrencies. They called for Nonprofits to add crypto donation options across their various website platforms to allow their mainstream audiences to participate fully in the crypto scene.

If you are willing to donate crypto to any of your favorite charities, you can visit The Giving Block website, choose the desired organization to support, and make your crypto pledge.

“All our charities accept more than just Bitcoin. Bitcoin is front and center, but you can donate every crypto currently supported on Gemini,” The Giving Block stated while alluding that non-profits can also accept donations in Ether (ETH) and Litecoin (LTC), and others.

Alex Wilson, the Giving Block co-founder, explained that a lot more donations are collected when the price of digital assets, especially BTC, goes up. According to him, at that time, people are looking to offset their tax liability amid rising crypto assets prices as it is considered a ‘more tax-efficient’ of making donations. Some tax experts also noted that users are able to avoid some capital gains taxes.

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BlackRock CEO Backs Bitcoin to Become Global Asset

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The BlackRock CEO in the interview revealed that the global possession of Bitcoin affects the US dollar in real-time.

The CEO of BlackRock Larry Fink in an interview with Mark Carney, the former governor of the Bank of England declared that Bitcoin may evolve to become a global market asset. Fink made it clear in a statement that the Bitcoin market is relatively smaller compared to the others, and the fact that it moves almost everyday places it in a key position to be globally recognized as such.

Fink stated:

“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”

The leading cryptocurrency defied all odds to bounce back to trade near its all-time high in the last few weeks.

BlackRock is currently the leading asset manager in the world controlling about $7 trillion. Recently, its Chief Investment Officer in fixed income, Rick Rieder in a statement claimed that the position of Bitcoin could make it a bit uncomfortable for gold by overshadowing it. He believes that Bitcoin may in the long run be the popular choice as a store of value and hedge against inflation, something gold has been known for all these years.

The BlackRock CEO in the interview revealed that the global possession of Bitcoin affects the US dollar in real-time. On the global scale for the international holders of dollar-based assets, the USD becomes less relevant. Fink has not always supported the adoption and global acceptance of Bitcoin. 

It is on record that in 2017, he criticized the digital asset by labeling it “an index of money laundering.” He said in an interview that the demand for Bitcoin shows the extent of demand for money laundering in the world. Though his statement relatively contributed to the largest perception that the regulation of Bitcoin makes room for crime, he has in the past couple of years announced his belief in the potential of Bitcoin. 

Bitcoin is currently getting the attention it deserves. Recently, it found its way on the front page of the Wall Street Journal. Considering that Bitcoin has a lot of space ahead in terms of the number of investors and market, it can take the world by storm despite its crime concerns. 

The adoption of Bitcoin is spreading like wildfire with nearly 20 institutions investing in Grayscale Bitcoin Trust as of June 2020 according to an article published by Forbes. The likes of Ark Invest and Horizon Kinetic all having over $4 billion assets under management have invested in the digital asset. 

Bitcoin is currently on the verge of breaking its all-time high and setting a new record price height, and just like the situation about three years ago, its run could expand its attention among the mainstream media and get more retail and institutional investors on board as it marches to become a global market asset as predicted by the BlackRock CEO. 

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Libra Association Rebrands to Diem Ahead of 2021 Launch

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Before now, the Diem association already selected some of its members to serve in different positions.

The Libra Association has announced a name change to the Diem Association in a press release. As noted by Cointelegraph, the association hopes that the restructuring will help the newly-named Diem Association separate itself from Libra’s original vision led by Facebook Inc (NASDAQ: FB).

Libra Rebrands to Diem Association

The association announced the rebranding to Diem, the Latin word for ‘day,’ on the 1st of December. In the announcement, the Diem Association said:

“Now transitioning to the name ‘Diem,’ which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”

Also, the association has revealed the new logo for Diem. The purple-themed Diem logo with ‘diem’ in the lower case has similar features with the original Libra logo.

In addition, the 27-member group has elected new members to lead the Diem Association. The newly-elected members are additions to the other executives that were already appointed.

According to a CoinDesk report, the new leaders include Dahlia Malkhi as chief technology officer and Steve Bunnell as the chief legal officer. Also, Christy Clark was appointed as the chief of staff and Kiran Raj will serve as the deputy general counsel. Raj was also appointed as the executive vice president.

Before now, the Diem association had selected some of its members to serve in different positions. The leaders include Stuart Levey as the association CEO, Ian Jenkins as the chief financial officer, James Emmett as the managing director, and Saumya Bhavsar as the general counsel. Bhavsar was formerly the managing director, global head of regulatory affairs at the Credit Suisse Group.

The Diem Association CEO commented on the change of name. He said:

“We like the connotation of it kind of being a new say for the project. We wanted a new start.”

The Diem Association Plans to Roll Out Coin In 2021

The association is planning a “new start” ahead of the launch of its single-dollar backed stablecoin in 2021. According to a report by Financial Times, three familiar sources revealed the launch plan. Initially, the association planned to peg the stablecoin to multiple fiat currencies.

The new plan to back the coin with a 1:1 US dollar came after the initial plan faced legal criticisms within and outside the US. The major regulatory scrutiny led to the departure of some of the project’s founding members. Some of the original members that left the initiative are PayPal Holdings Inc (NASDAQ: PYPL), MasterCard Inc (NYSE: MA), eBay Inc (NASDAQ: EBAY), and Vodafone Group Plc (NASDAQ: VOD).

Also, the association hopes to add more fiat currencies to back the coin in the future. Originally, the Libra association planned to be back the stablecoin by a basket of fiat currencies like the pound, Singapore dollar, yen, and the US dollar.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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