A news digest of what happened in the crypto world in the past month, December 2018:
Ohio Takes the Mantle of Crypto Advocacy
- Ohio is taking a lead in cryptocurrency and blockchain adoption as executives announce that seven Ohio funds will contribute over $300 million for blockchain startups in the next three years. Meanwhile, in early December, bipartisan bills were introduced in the U.S. Congress to reduce market manipulation and make the United States more competitive in cryptocurrency enterprises worldwide. The Air Force’s graduate school, AFIT, also launched a demo website to help train its students in blockchain, especially for supply chain management.
Price Swings and Perspectives
- The price of Bitcoin ricocheted down and up after the dip last month that ended half a year of relative stability. BTC hit a low in the middle of December near $3,200 but surged back up to over $4,000 later in the month.
- Despite the swings, crypto bulls remain optimistic about virtual currencies’ long-term prospects. The Winklevoss twins, founders of Gemini, remarked that they’re more comfortable in the current crypto market than in the earlier months of frenzied growth. Crypto whales have been significantly increasing their holdings of some digital assets during the bear market. The fundamentals behind Bitcoin remain strong, a new study suggested, and economic commentators continued to make the case that Bitcoin will help make the world more free and equitable.
Tech Adjustment and Innovation
- Technology has been adapting to the new crypto landscape, sometimes even on its own. Bitcoin mining difficulty saw a 15% adjustment in early December, a self-correcting mechanism that works automatically to increase the incentives for mining the cryptocurrency as prices drop. Facebook is also reportedly dabbling in the blockchain space by developing a digital currency that will allow money transfers through WhatsApp, a service that it owns. A historic company, Western Union, likewise sought to take a leap into the future by partnering with Ripple, remarking that the company is “ready to adopt any kind of currency” for its global money transfers service.