Bitcoin Weekly Recap 11-18-2016
India Withdraws Large Notes; Bitcoin Interest Rises
Last week, Narendra Modi’s Indian government announced its intent to no longer recognize the nation’s 500 and 1000-rupee notes as legal tender. That decision has apparently motivated more Indian citizens to show interest in Bitcoin. A number of exchanges were reporting increased sales volumes in the wake of the announcement and Google Trends data indicates that there was an increase in internet searches relating to the keywords “buy Bitcoin.” There has also been a reported increased of Bitcoin queries using the Zebpay exchange smartphone app in the last several days. As a result, the value of one Bitcoin on the Unocoin exchange topped 55,400 rupees mid-week – or about $818 USD.
CNBC speculated in a report from earlier this week that “one reason for the increased demand may be due to Indians who are frustrated by the government's decision and are now looking for a way to store their wealth that is (theoretically) out of Dehli's reach.” As of now, there seems to be no reason to doubt that assumption. The war on cash continues...
Dubai Authorities to Discuss Legal Framework for Bitcoin Regulation
Authorities in Dubai will be meeting on the 20th of November to discuss various legislative and legal policy matters involving Bitcoin. Dubai’s Supreme Legislation Committee (SLC) is conducting a workshop on that date that will bring together federal and local officials to discuss a variety of legal issues as part of its ongoing mission to provide a future-focused legislative foundation that can help Dubai achieve its goal of becoming a haven for FinTech innovation. Some are already speculating that Dubai may adopt policies that effectively endorse Bitcoin technology, since any positive legal acknowledgment of its existence and usefulness would be a major break from the actions and attitudes of other governments around the world.
As the Executive Director of the Dubai Electronic Security Center (DESC) noted,
“This reflects our belief that the emirate of Dubai and the United Arab Emirates should be among the first in the region and the world to establish a legislative framework and a financial and organizational structure for this technology, with the participation of all competent authorities in the emirate and the UAE.”
CME Group Launches Price Indexes for Bitcoin
In a move that has been in the works for months, CME Group this week announced the official launch of price indexes for Bitcoin. This comes after a month of beta testing in which CME worked in concert with London’s Crypto Facilities to put the CME CF Bitcoin Reference Rate and the CME CF Bitcoin Real Time Index through their paces. Together, the two new indexes will provide price data leveraged from exchanges located around the goal. As the Wall Street Journal opined earlier this week, this announcement moves seems to move Bitcoin “one step closer to mainstream credibility.”
Who Wants to Be a Millionaire? Buy One Bitcoin
Everyone ready to be millionaires? In an interesting Youtube video interview published last weekend, one of China’s largest Bitcoin miners expressed his belief that the value of Bitcoin could rise to as much as $10,000. While that might sound fanciful to some, Chandler Guo’s more optimistic suggestion might seem even more incredible – as he suggested that the world’s most famous cryptocurrency could eventually be as valuable as $1 million per Bitcoin. He says that all we need to do to achieve that goal is get everyone to buy just one Bitcoin.
“I suggest that everyone go back to buy one Bitcoin. Not too much. Only one is enough. If everyone in this world of people were to just go back and buy one Bitcoin, the Bitcoin value would go to $1 million. When Bitcoin have $1 million, all around the world would be crazy and everyone would be to follow and all the other digital currencies would just be the grandson of Bitcoin.”
Regardless of whether you agree with all of his conclusions, Guo’s interview is certainly worth your time.