Bitcoin News Summary – July 15, 2019

Here’s what happened this week in Bitcoin in 99 seconds.

The Fold mobile app, which allowed discounted Starbucks purchases for Bitcoin is now back with Lightning Network support. Fold now allows for almost-feeless purchases at Amazon, Starbucks, Uber, Home Depot, Target, and more. 

Bitcoin got its first mention by a sitting US president. Trump tweeted that he is “not a fan” of Bitcoin, claiming that it’s volatile, un-backed, and can enable crime. He then bashed Facebook’s forthcoming “Libra” coin, saying the company will have to seek a banking charter and comply with banking regulations to operate. Trump ended his Tweet-storm by praising the US Dollar.

American football team the Miami Dolphins will accept cryptocurrency payments. The partnership with the Litecoin Foundation will kick off at the start of the 2019 NFL season and fans will be able to pay with litecoin and bitcoin when buying tickets for the team’s home games.

During his testimony before the U.S. Senate, FED Chairman Jerome Powell said that “almost no one is using Bitcoin for payments” but it’s used as an “alternative to gold” and that “it’s a store of value.” US lawmakers expressed concern during the session that BTC might replace the US Dollar as the world reserve currency.  

And finally, Japan’s Bitpoint crypto exchange halted operations after reporting a hack. $32 million was stolen of which about 2/3 belonged to clients. The exchange’s parent company lost nearly 20% from its share price following the news.   

That’s what happened this week in Bitcoin. See you next week.   

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I laughed when I read Trump’s comments about BTC. I’m not a Donald-hater, but what that man knows about crypto wouldn’t fill a mouse condom. This points up, in a half-funny/half-scary way, the basic problem with US politics today; the people making the big decisions are still living in a 1950’s black-and-white “Leave it to Beaver” world. They are so out of touch with modern reality that it’s pathetic. And it doesn’t matter which party they belong to, both are equally hopeless.