USA – Cryptocurrency price drops 10%, affecting most altcoins, while Elon Musk, the CEO of Tesla and SpaceX, shares his thoughts about digital assets, especially Bitcoin. On the other hand, Binance focuses more on helping the coronavirus victims.
In the previous week, the cryptocurrency market didn’t fare well, wherein the market showed some flaw after gaining during the last weeks. In the past weeks, Bitcoin earned, from a price of $6,400 to an all-time high or ATH price of $9,200. The downturn after the bullish bear crypto market rally brought the price of Bitcoin to $8,500, which is down to 8%. Moreover, other altcoins posted similar losses.
Speaking about Bitcoin further, this cryptocurrency was mentioned in a podcast episode where Elon Musk, the CEO of Tesla and SpaceX, participated. In the chapter of the podcast entitled “Third Row Tesla Podcast” this week, Musk shared his opinions regarding the digital asset.
Musk began his thoughts with the words “clever” and “Satoshi’s white paper.” The Tesla CEO also stated that there are Bitcoin transactions that are not established in the “balance of the law.” Moreover, he stated that he sees cryptocurrency as a useful alternative for cash. However, he also said that he doesn’t anticipate cryptocurrency to be a primary database.
Jumping from Bitcoin to another cryptocurrency, the CEO of Ripple Labs named Brad Garlinghouse declared the company’s plan to issue IPO. The announcement took place in Davos, Switzerland, during a conference, wherein executives from different locations around the world gathered to talk about finance. Throughout the event, which was organized by the Wall Street Journal, the executive of Ripple shared what he foresees in the following 12 months. He mentioned that spectators would witness initial public assistance in the blockchain and cryptocurrency chain.
Garlinghouse continued further about the IPO topic, wherein he said that the company would issue stocks on the public crypto market. He also said that the company might not be the first to do it, yet it will also not be the last. Furthermore, the CEO said that the company is expected to be on the leading portion since it’s the natural evolution of Ripple. Also, he shared that he sees Bitcoin as a store of value, but not as a method of exchange.
After Garlinghouse’s announcement on the IPO of Ripple, he’s hoping for it to go live. However, everything can’t happen on time.
A lawyer, Jake Chervinsky, works as a General Counsel. He’s working for Compound, an Ethereum DeFi application, and he stated that the claim of Ripple about the IPO is senseless. He explained that Garlinghouse’s statement is something that he’ll say to reassure the Series C depositors. However, it’s not something that he does when the book value originates mostly from a cryptocurrency that might be an unregistered security. It’s based on the reference to the controlling status of XRP or the lack of its safety. On the other hand, others think it’s a commodity like Ethereum and Bitcoin.
Despite the on-going status of different altcoins in the crypto market, Binance focused on supporting the victims of Coronavirus.
Chanpeng “CZ” Zhao, the CEO of the world’s biggest cryptocurrency exchange, unveiled that Binance has pledged $1.5 million or 10 million RMB to help the victims of the said virus. The news was based on a tweet posted by the company.
Zhao denied any utilization of cryptocurrency. He said that it’s not genuine to do digital assets to end receivers for the outbreak in Wuhan.
Moreover, the company is still working on the logistics for the said move. Zhao said that the company didn’t make declarations. However, the team has been occupied for the past few days. Moreover, he said that they still need assistance in arranging logistics locally.