- Bitcoin has been trading above USD 7,200 on Sunday so far, looking to test USD 7,500
- UN urges an embrace of blockchain technology to meet its sustainable development goals
- P2P Bitcoin trading on Localbitcoins.com has hit record highs in Argentina and Venezuela
Bitcoin is enjoying a minor resurgence over the weekend as it plants a foot firmly in front of USD 7,200 to trade mainly in a range above USD 7,300 (CoinDesk), with sights set on the USD 7,500 resistance. It is, however, still in a very narrow range of less than USD 100 as most traders remain in holiday mode.
— Alert Shark (@Alert_Shark) December 29, 2019
If you’re looking for some festive cheer for crypto, take note that the United Nations (UN) secretary-general António Guterres has urged his global organization to embrace blockchain technology. Reported in Forbes, Guterres has gone on record to say that he believes that blockchain should be among the technologies used by the UN. He was quoted as saying:
“For the United Nations to deliver better on our mandate in the digital age, we need to embrace technologies like blockchain that can help accelerate the achievement of Sustainable Development Goals.”
Guterres touted the technology, acknowledging that it was popularized by Bitcoin, and sees it as a critical part of the UN, especially with significant portions of its annual budget’s goals put towards “building a more sustainable world”.
Those familiar with the UN will know this is not the first time that Guterres spoke well of the potential of blockchain technology. It does seem like a recurring theme for the UN, of course, since Guterres has been a known advocate of blockchain technology. Earlier in July, the same man had been the brains behind a High-Level Panel on Digital Cooperation that put blockchain firmly on the UN’s agenda. A year earlier, during his 78th address to the UN General Assembly, he was acknowledging that the levels of trust in national institutions and among states has declined, as well as with public trust in organizations like the UN at an all-time low. In response, he had fingered blockchain technology as one possible mitigating factor. He had been less friendly about crypto at the time, however, saying:
“Organized criminal networks lurk on the dark web, profiting from encryption and near-anonymous cryptocurrency payments to traffic in people and illegal goods.”
The unfavorable tune seems to have changed more recently, of course, with UN organizations like the fund for children (Unicef) now happy to accept donations in cryptocurrency.
Meanwhile, Bitcoin demand continues to rise in parts of South America, especially where some developing economies continue to experience the effects of hyperinflation amid joblessness and economic sanctions. In Venezuela and Argentina, Bitcoin weekly trading volumes have hit new all-time highs, calculated in their respective national currencies.
According to crypto data website CoinDance, peer-to-peer trading platform LocalBitcoins has seen a trading volume on the week ending 21 December hit more than ARS 32.6 million (Argentine pesos) or about USD 544,905. This was a jump of over 34% than the amount registered a fortnight before that. In Venezuela, it was a similar case with more than VES 248 billion (Venezuelan bolivars) or USD 24.8 million changing hands in the same period.
BitcoinNews.com frequently reports on record-setting Bitcoin volume in such countries. In Venezuela, once capital controls were imposed by the central bank, preventing citizens from buying up US dollars and foreign currency, locals have instead gone peer to peer to get Bitcoin to store monetary value. In Argentina, since September, the central bank has been increasing the peso’s monetary base by 2.5% per month, further increasing inflationary pressure.
While both bolivar in Venezuela and peso in Argentina have been steadily losing value over the past year, Bitcoin has in fact risen to over 100% of its value from March 2019.
Image Courtesy: Pixabay