4 recent positive events driving adoption for crypto

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We have seen in recent times the price of Bitcoin drop from over $13,000 to under $10,000. And we have read about IRS sending out letters to more than 10,000 U.S cryptocurrency holders. Warning them about potential owed taxes.

Those events have caused the cryptocurrency community’s sentiment to fall a bit. To counter this we want to highlight 4 recent positive news in the crypto space.

1 ) Walmart wants in with cryptocurrencies

In the aftermath of Libra, the new cryptocurrency from Facebook more global businesses is starting to focus their efforts on creating their own digital currencies.

Walmart (China) has recently been associated with VeChain’s blockchain for creating supply chain solutions for Walmart. But now it looks like Walmart U.S is expanding into the cryptocurrency space. A recent patent request filed on Jan. 29 by Walmart Apollo LLC, the company said it wants to

“Patent a method for creating a coin that runs and records transactions on a blockchain, a digital ledger akin to the one powering Bitcoin. It wants to overlay the transaction information with customer purchase history and savings”.

(In the application, filed on Jan. 29 by Walmart Apollo LLC – Bloomberg)

And this goes in line with recent rumours surfacing about Walmart looking to create their stablecoin similar to Libra. Which could help to facilitate cheaper and faster transactions for Walmart and its customers.

This is another step in the journey for cryptocurrencies and it adds legitimacy to the industry. Who knows which other businesses will follow suit from here on.

2 ) Governments understand that banning Bitcoin and crypto is fruitless

For a long time, we have seen the endless debates and discussions around banning cryptocurrencies. Banks have for a long time been trying to shut down or restrict the adoption of cryptocurrencies because of the threat it poses to their current business models. Similar attempts have been made or discussed in politics. Globally some countries are still working hard to have cryptocurrencies banned or in some ways restrict its usage, see India, China, Thailand, and Vietnam.

Therefore seeing the admission made by U.S Senator Mike Crap that banning Bitcoin or cryptocurrencies is just not plausible is welcoming.

“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”

3 ) The crypto community is extremely positive

Very often we take to social media to complain about the products or services in our lives that don’t meet our expectations. We tend to be more vocal about a negative experience compared to when something is working well and positive experience. Hence you can often find more negative reviews over positive.

But on social media forums and Reddit, the opposite is true.

Analysis of over 48,000 Reddit posts shows that the crypto community is extremely positive. Using machine learning 48,469 posts on cryptocurrency-related subreddits and 7,500 articles from 48 national and international news outlets were analysed to determine the nature of that post. The posts were analysed and segmented into positive or negative posts.

And between January of 2017 and July of 2019 only “14.5% of subreddits about cryptocurrency were scored as having a negative sentiment, a whopping 85.5% were deemed positive”

Read the full report and analysis of Reddit posts.

4 ) Sports teams are welcoming cryptocurrencies

In a recent press release, the NBA announced NBA Top Shot a new digital platform and game from the creator of CryptoKitties. Which will allow fans to purchase, trade and own exclusive digital NBA collectibles on the blockchain? The new platform and collectibles will hopefully go down well with the younger generations and allow for fan memorabilia to enter a more digital age.

“We believe blockchain technology creates a truly unique product that fans can collect, manage and engage within a fun environment, and we are excited to partner with Dapper Labs to introduce these groundbreaking digital assets to the NBA community.”

Said Josh Goodstadt, Executive VP of Licensing for THINK450, the commercial arm of the NBPA.

In recent news, we could learn that the Miami Dolphins are going to let their fans pay for tickets to their 50/50 raffle inside the stadium with Litecoin and Bitcoin. They have recently announced that Litecoin is going to be their official cryptocurrency. Something Charlie Lee, founder of Litecoin was very happy about.

“We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins,”.

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