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5 “low” signals on crypto planet n°1

If there is one place where there is no curfew, it is in the land of crypto-currencies. Here’s a little preview of this week’s news in this fast-moving field:

  1. Tesla, the company of multi-entrepreneur Elon MUSK, announced that it has invested 8% of its cash in BTC (Bitcoin), the equivalent of 1.5 billion dollars. Already in a great surge following the multiple media releases of the leader briefly evoking Bitcoin, this is undoubtedly the first sign of a wider adoption. Elon MUSK’s approach will probably be imitated by many entrepreneurs as the man is an influential figure in this field.
  2. After a nice peak, the BTC seems to be stabilising slightly below the symbolic level of $50,000, which he has touched on several times in recent days. The prognosis on this subject is going well at the moment between those who favour a price adjustment to a lower but stable level and those who think that this is a take-off towards much higher values in the months to come.
  3. According to its 2020 business report, PayPal has experienced the highest transaction volume in its history. This would be due to its services authorising the purchase, sale and storage of various crypto-actives. Since the acceptance of the Bitcoin currency, the platform has been supporting its adoption by the general public. It can also be expected that their decision regarding the various tokens will have a definite effect on the value of the tokens. A double benefit therefore for widespread adoption and the value of the assets of those who already own them.
  4. The latest report from the BIS (Bank for International Settlements) indicates that 86% of the central banks surveyed are working on a digital currency. Even before this report came out, information had leaked out into the corridors of the ECB (European Central Bank) in recent months. The frenzy of monetary printing following the various containment measures and the surge in discussions about active cryptos would encourage the ECB to open bank accounts for individuals. So this would be a future crypto-euro?
  5. Facebook’s crypto currency project is currently in the test phase, the one that was initially supposed to be called “Libra” will be named “Diem” and will look more like a tool such as PayPal rather than a real active crypto. During testing, Diem has reached more than 50 million transactions. These tests allow developers to detect and correct possible failures in the network before its official launch. The official launch is scheduled for the end of 2021 at the latest. There is every reason to believe that the various changes to the “Facebook currency” project are reducing its anticipated impact on the ecosystem and the market.

See you next week!

Marianne COURTECUISSE