BTC Will be Successful If It Solve Problems, -Bakkt

Exchange's chier operating officer Adam White also believes that market sentiment is not the main guarantee of the long-term adoption of bitcoin
27 November 2019   182

The Bakkt platform was launched primarily with a focus on institutional investors, but the consumer aspect is becoming an increasingly important component of mass adoption of cryptocurrencies, says Adam White, COO. According to him, when creating its products, Bakkt seeks to avoid contact with market speculation.

In an interview with EJ Insight, which was also attended by Jennifer Ilkiv, vice president of Intercontinental Exchange Asia Pacific, Adam White emphasized that today's Bakkt offer helps users better navigate Bitcoin's market price and also insures them against possible risks.

However, he also believes that market sentiment is not the main guarantee of the long-term adoption of bitcoin.

People actually have to use digital assets like Bitcoins to solve real problems; that’s what we call: the adoption and utility.
 

Adam White

Chief operating officer, Bakkt

He also said that Bakkt has a separate unit that works to create new products and services designed to scale the adoption of cryptocurrencies, but refused to disclose further details, including potential partnerships.

Separately, Adam White dwelled on such a question as a growing interest in the stablecoins sector. Stating that he is fairly neutral about their functionality, Bakkt's operations director admitted that he is watching with great interest the events that occur around such assets.

At the moment, White said, Bakkt does not have any one stableloin, which the company would prefer as a custodial solution, but he did not rule out that in the future the platform may consider such a possibility.

Chinese Bitcoin Miners Share to Reach 66%

Such superiority of Chinese miners may be due to a large number of farms or more advanced equipment for mining cryptocurrency, expert believes
12 December 2019   86

Miners based in China currently control two-thirds of the total processing power of the bitcoin network. It is reported by Reuters, citing a fresh report by CoinShares.

In June, this value was 60%, reaching the highest level in December over the past two years, during which CoinShares tracks this data. According to the chief researcher of the company Chris Bendiksen, such superiority of Chinese miners may be due to a large number of farms or more advanced equipment for mining cryptocurrency.

This is beneficial to the Chinese mining industry. If you are the first to increase your proportion of the hashrate, and you can do that before your competitors, that’s generally good.
 

Chris Bendiksen

Head of Research at CoinShares

As the publication recalls, such major mining equipment manufacturers as Bitmain, MicroBT and Canaan are also based in China.

CoinShares representatives also noted that since June, the bitcoin hash rate has increased by 80%, which was partially possible due to the high profitability of this activity and more powerful equipment.

Bitcoin Difficulty Chart
Bitcoin Difficulty Chart

Despite the harsh rhetoric of the Chinese authorities regarding cryptocurrencies, in November, the National Development and Reform Commission (NDRC) did not include mining in the list of “undesirable industries” that are subject to ban.