Here’s what happened this week in Bitcoin in 99 seconds.
Square announced support for the buying and selling of Bitcoin within their popular Cash app. The company operates in the USA, Canada, and Japan so its support for Bitcoin is likely to lead to greater adoption in these countries.
Over 1 million clients have already signed up for early access to Robinhood’s zero-fee crypto trading platform. Robinhood’s crypto-trading platform launch, expected later this month, is expected to bring a fresh wave of investors to cryptocurrency markets, potentially raising prices.
The messaging app, Line, announced its intention to launch a cryptocurrency exchange on its chat service, which has 200 million users per month. Although the company’s plan is currently awaiting approval from Japanese authorities, it certainly has the potential to bring in a great many new users, which would be a price-positive development.
Samsung confirmed that it will begin fabrication of ASIC mining chips for Bitcoin and other cryptos this year. Samsung will be collaborating with an as-yet unknown Chinese distributor. If all goes well, this is likely to lead to greater decentralization of mining hardware production, which is currently monopolized by China’s Bitmain.
Finally, despite all the positive news which came out, Bitcoin’s price fell dramatically this week reaching just below $8000 on February 2nd. However, given all the positive economic, industrial and technical developments in the Bitcoin space it’s likely that optimistic bargain hunters will soon be entering this market.
That’s what happened this week in Bitcoin. See you next week.
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