• Bitcoin looks to remain in a tight range close to USD 7,400 on Friday trading
  • Brave privacy browser surpasses 10 million monthly active users
  • A Deutsche Bank report suggests crypto could displace fiat by 2030

Bitcoin price looks to be in consolidation mode today as the weekend approaches for most of the world. Volatility is creeping back in but in a narrow range, meaning that price hasn’t moved much in a narrow USD 200 range for the past 24 hours, settling now around USD 7,398 at 3:00 pm London time (CoinDesk).

Altcoins have been in between positive and negative on the day as well, reflecting the tight margins Bitcoin has been trading under on Friday.

With price action seemingly out of the way, for the time being, an emphasis (or a return to emphasis) on privacy looks to be in order. We start with the news that Brave browser, the privacy-oriented web browser, as seen its monthly active users go up almost 100%, from just 5.5 million users last year to its grand total of 10.4 million in 2019. Daily active users are even more promising, reaching 3.3 million this year from just a million in 2018.

The latest version of the browser, a full and stable version 1.0, released last month, is credited for this growth, with a growth of 1.3 million monthly active users in that month alone.

While the boom in active users will be seen as a strong indicator of growth on its own the company will probably be happier to report that as of today, 341,880 Brave publishers have signed up to receive the crypto native to the browser: Basic Attention Tokens (BAT). In essence, Brave is an ad-free browser but gives you the option to enable ads on pages you surf, in return for a share of advertising revenue paid out in BAT crypto.

Introduced in 2016, Brave also lets uses tip BAT on major social media channels like Twitter, Vimeo and Reddit. Some news reports said that Brave even overtook major browser rivals Chrome, Firefox and Opera in Japanese Google Play in September 2019.

Signs of crypto adoption among standard internet users? Perhaps. But if a browser maker’s reports don’t convince you, then pay attention to what a German bank is saying about crypto adoption.

Deutsche Bank Global Head of Fundamental Credit Strategy and Thematic Research Jim Reid, in the Imagine 2030 report, claims that research shows crypto adoption to be in demand, with the new form of money to eventually replace cash by 2030.

In the report, the bank raised awareness of the shortcomings faced by the existing fiat system in the years gone by, with crypto now being a serious, clear and present danger for fiat. It believes that the demand for “dematerialized means of payment and anonymity” will eventually cause people to turn their eyes towards digital assets like Bitcoin.

The prediction was one of several “decade ahead” ones commissioned by the German bank for the report, noting that many past predictions since the 1970s when gold was thought to be on its way to becoming valueless in the era of fiat money, have since not come true.

Nevertheless, the report says the crypto prediction isn’t impossible. But it believes that if mainstream adoption were to happen, crypto must first overcome three major obstacles, including a perceived legitimacy in the view of the state. Reid writes:

“Separately, while critics bemoan cryptocurrencies as constrained by regulatory hurdles, we believe the incentives of governments and card providers are such that digital currencies are inevitable.”

Co-author Marion Laboure notes how digital assets have still yet to take off in a big way as means of payments in spite of their well-known and acknowledged benefits like security, speed, cost, ease of storage and digital relevance. Nevertheless, she believes once a big corporation overcomes regulatory obstacles, things would change. She also says:

“Key is what happens in the world’s two most populous countries. Until now, China and India banned the purchase and the sale of cryptocurrencies. But things are moving quickly… it is likely the Chinese people will move quickly to adopt the digital currency… And recently, a government economic panel pitched for the introduction of an official digital currency with the status of legal tender and regulated by the Reserve Bank of India.”

 

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