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Probability of the US state cryptocurrency occurrence is growing. MicroBT has released 600,000 devices. Cryptocurrency funds were able to show a profit of 21.5%.

Fed Acknowledges Launching of Digital Dollar Creating Process

Speaking to Congressmen, Jerome Powell, the US Fed Chair, acknowledged the prospect of digital financial assets. He stated that his department is actively working on cryptocurrency dollar creation. At the same time, the official said that the Federal Reserve will not accelerate the transition to new tools. There is still no final decision and the authorities need to weigh all the pros and cons of such a step.

According to the Head of the Federal Reserve, its main task is to preserve the dollar as a global reserve asset. It is quite possible that in order to fulfill this mission, it will be necessary to switch to new settlement mechanisms. It was also said that almost all of the key central banks are now considering the potential of state cryptocurrencies and are exploring their possibilities.

According to Jerome Powell, Facebook initiative was the trigger for the process. The announcement of the Libra project showed that society expresses strong interest in information solutions in the field of finance. The trend of recent times is the rejection of cash. However, this transition to cashless payments may turn out to be only one element on the way to a completely different scheme of financial relations.

Barry Silbert, Grayscale Investments and Digital Currency Group (DCG) founder, is sure that state cryptocurrencies will appear in the near future. This is unlikely to happen in 2020, but such projects are already developing by more than 80 countries. So, as soon as the first major Central Bank will initiate this process, it will be impossible to stop it. He also said that such a process will lead to a sharp increase in bitcoin price.

These words are confirmed by Steven Mnuchin, the US Treasury Secretary. According to him, we should not expect the emergence of digital dollar in the near future; however, the development prospects are being discussed at the highest level. In mid-spring, a meeting of central bank governors of six countries will be held in Washington. The key topic will be the issue of creating state cryptocurrencies. There is no doubt that in the next 2-3 years, blockchain will become an important link in the financial chain.

Fed Acknowledges Launching of Digital Dollar Creating Process

MicroBT Whatsminer Fights with Bitmain for Leadership

In 2019, MicroBT was able to set its own record by putting 600 thousand ASIC miners on the market. This allows it to declare that now up to 50% of the added Bitcoin network hashrate falls on its equipment. Over the year, BTC miners’ capacity increased from 40 to 100 EH/s and 30 EH/s of them accounted for MicroBT ASICs from WhatsMiner M20 series.

All manufacturers somewhat overestimate their own contribution to the mining of cryptocurrency No. 1. For instance, Bitmain says about the supply of 65% of all capacity, Canaan Creative says about a share of 20%, and MicroBT says about more than 30%. In total, a figure that far exceeds 100% is obtained, while there are also smaller manufacturers. However, experts agree that the leader is losing its share. At the best of times, Bitmain held up to 75% of the market.

Despite the contradictions, the last month has become very positive for the industry. For example, Canaan Creative shares gained 80% in one trading session. In November 2019, the mining company conducted IPO, which turned out to be very successful. Shares were sold for $ 9, but after that a period of serious decline began. The price dropped to $ 4.31. Now the shares again showed growth, rising to $ 8.91. However, the correction did not allow the asset to gain a foothold for a long time.

The beginning of 2020 was fairly successful for manufacturers of mining equipment. Over the past week, Bitfarms rose 90%, Hut 8 and Argo Blockchain added 76% and 28% respectively. Such dynamics is observed despite the hype around the Chinese coronavirus. A number of companies announced possible difficulties with the supply of their products. Bitmain, MicroBT and Innosilicon have already announced deadlines. It is likely that mining equipment may turn out to be a scarce commodity in the coming months.

MicroBT Whatsminer Fights with Bitmain for Leadership

Cryptocurrency Funds Show Record Profit For Recent Years

For the first time in three years, cryptocurrency hedge funds were able to report revenue in January. Moreover, while in the first month of 2017 they earned an average of 4.85%, now the question is about the figure of 21.15%. It is possible that such start will improve the indicator of 2017, when investors received 1,708.5% over the year. In any case, these figures indicate a sharp change in market sentiment. Bitcoin completed 2019 at around $ 7,000 and in a month and a half it was able to rise to $ 10,000.

Experts name at once several reasons for rise in bitcoin price. Most often in this regard, the general instability of the market and the loss of confidence in traditional financial assets are mentioned. However, stock indices do not show weakness. Particularly, NASDAQ has grown from 9,370 to 9,730 points over the past month. The German DAX rose from 13,500 to 13,800. Precious metals are breaking records: fine troy ounce costs more than $ 1,600 and is in an uptrend.

Even this movement on public markets does not explain the situation around cryptocurrencies. The increased demand for bitcoin once again shows its potential as an alternative financial instrument. Rumors about ongoing work on the creation of state cryptocurrencies also add fuel to the fire.

Even Peter Schiff, the ardent skeptic always criticizing digital financial assets, now acknowledged their profitability. This investor being an enthusiast of investments in gold was forced to agree with the obvious fact.

Brad Garlinghouse, Ripple CEO, said that his company in the next five years will follow the path of Amazon. He believes that putting things in order to regulate the circulation of cryptocurrencies will make them to be more valuable asset. Peter Zimmerman, the Bank of England economist, stated that constant bitcoin appreciation makes it an effective means of accumulation. It is not surprising that in connection with this, the profitability of cryptocurrency funds continues to grow against this background.

Cryptocurrency Funds Show Record Profit For Recent Years

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