Crypto Weekly – 5-14-18

Welcome to the Crypto Weekly Update, where we organize all the most important cryptocurrency news stories from the previous week for your reading pleasure. The Crypto Weekly Update will be released every Monday afternoon. Think we can improve? Let us know in the comments section below!

Blockchain Based Voting App Launched in West Virginia

The first blockchain based voting platform was utilized during West Virginia’s primary election on May 8th. Voters were able to cast their vote using a mobile application. This technology can be especially useful for military personnel and others that qualify to vote using an absentee ballot. The application will be evaluated and if the results are positive the state will continue the roll out of the application in future elections.

Blockchain creates a system that ensures the validity of information stored and transferred on the network. It can be confirmed that a particular vote is associated with a particular voter and we can ensure that each voter only votes once. Technologies like this will help create a more honest governmental system because it can limit voter fraud.

To learn more about this click here.

NYSE Warms Up to Bitcoin

The New York Stock Exchange is working on a trading paltform that will allow institutional investors the ability to buy, sell, and hold Bitcoin. Nothing has been set in stone but all parties involved seem to be excited about the possibilities of the project.

This would be the first time a regulated exchange allowed investors the ability to directly invest in Bitcoin. In December 2017 the Chicago Mercantile Exchange and the Chicago Board of Exchange introduced Bitcoin futures contracts. However, these derivatives do not allow investors to directly invest in the underlying asset.

To learn more about this click here.

Australia Cash Ban Opens Doors For Crypto

The latest budget introduced by Australia calls for the country to limit cash transactions for goods and services. The threshold is currently set at $10,000 AUD (which is about $7,500 USD). Any purchases made above this amount would need to be conducted in an electronic way.

At the same time the budget directs money to blockchain related research initiatives in an effort to go cashless by 2020. It would seem that both of these items from the recent budget are good news for cryptocurrencies.

To learn more about this click here.

Bitcoin Mining Economics Point to $40,000 Price Tag

An analysis of the relationship between Bitcoin mining costs and price by Fundstrat Global Advisors has led the market research firm to predict BTC will fall between $20,000 and $64,000 by 2019 year end.

The executive summary states:

“We expect the mining economy to grow over the next several years, and project a BTC price of ~$36,000 by year end 2019 based on the historical average 1.8x P/BE multiple”

You can find the executive summary by clicking here.

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