Bitcoin News Summary – March 23, 2020

Coinbase Visa debit card now supports Google Pay across 14 countries in Europe. Android users can indirectly make payments via crypto using Google Pay. This service is expected to launch in further European countries later this year.

Popular cryptocurrency exchange Huobi is launching a feature that resembles Wall Street’s circuit breakers to hedge against volatility. The new feature aims to decrease traders’ positions gradually in times of high volatility rather than liquidating them right off the bat.

Square, the crypto-supporting payment app run by Twitter founder, Jack Dorsey, is proving to be an increasingly popular way to trade crypto in the USA.  Square’s deposit insurance application has been approved by the Federal Deposit Insurance Corporation this week, meaning that the Federal agency will guarantee Square client’s funds in the same way it guarantees bank deposits. 

Hawaii has long been one of the most difficult states in the US in which to buy Bitcoin but this is set to change. The State of Hawaii announced that it will waive the requirement for a money transmitter license to operate a crypto-based business in the state, at least for the next two years. 

Similarly, Zimbabwe, infamous for its disastrous monetary policy, is drafting crypto legislation. Crypto is currently banned in the country, as it continues to experience monetary instability and economic weakness. The Reserve Bank of Zimbabwe’s deputy director discussed the proposed framework for crypto-based services at a recent economic conference.

Before we conclude, this week’s “Bitcoin quick question” is why is Bitcoin going down these days? Shouldn’t it be a hedge against dropping markets?

Bitcoin was built as an alternative to our banking system. As a means of keeping control of our money in our own hands. As long as the banking system remains stable and people have unlimited access to their funds Bitcoin’s true value remains irrelevant in a sense.

However, if the Coronavirus crisis continues, banks may begin to collapse and may resort to denying depositors access to their funds among other extreme measures. If this happens, people will look for alternative ways to store their wealth, and Bitcoin may see a new wave of users propping up its price. For now, banks still remain intact, but this may soon change.

Keep in mind that this is all speculation and definitely NOT investment advice. During uncertain times like these, I urge you to do your own research and never invest in something you don’t fully understand. If you want to learn more about why Bitcoin was created and its intrinsic value visit the link in the description.

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

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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