Bitcoin and Ethereum are “Formidable” Collateral Economies
Placeholder Partner and cryptocurrency influence Christopher Burniske tweeted earlier this week that Bitcoin and Ethereum are already formidable collateral economies. Mr. Burniske even goes as far to claim that Bitcoin could morph into an off-chain collateral for the world, and that Ethereum has created a burgeoning collateral economy.
In the third quarter, Bitcoin remained the best collateral for cryptocurrencies. However, a group of Wall Street traders made a dire warning that the breakneck speed by which crypto lending is growing could potentially result in another crypto bubble.
China’s Cracking Down on Individuals Providing Cryptocurrencies to Locals
Dovey Wan, Founding Partner of Primitive Ventures, recently shared that China is cracking down on individuals that provide crypto transactions for local users. This also applies to crypto exchanges that are headquartered overseas. China imposed a ban on initial coin offerings (ICOs) back in September 2017, and later extended this ban towards crypto exchanges.
This comes as a shock to many in the crypto community, especially after China’s President Xi Jinping announced that the country would legalize distributed ledger technology (DLT) and utilize it for every opportunity. The Shanghai Head Office for the People’s Bank of China has also issued a regulatory update that will clamp down on cryptocurrency trading, as well as on any foreign crypto exchanges that allow the Chinese to trade on them. Read More...