It wasn’t all doom and gloom after all, as North American traders changed direction for a while on Friday trading, dragging Bitcoin back up above USD 8,000 after first testing the low of USD 7,723 for a brief half hour.
Right now, at 10:00 am UTC, Bitcoin price is leveling up on Europe markets at USD 8,185 (CoinDesk). Altcoins are also breathing in oxygen and resuscitating their fortunes, with Ethereum trying to claw back losses at USD 175, and Ripple (XRP) seeing if it can reach 25 cents again. Bitcoin fork coins BSV is the only coin in the Top 20 now suffering losses on the weekend.
When we looked at the news to search for sentiment yesterday, it was clear that there was still no significant news that explains the price dumps this week. But fundamentals continued to grow strong, with an all-time high achieved for Bitcoin hash rate, ultimate spelling out a bright future for the Bitcoin network’s security as price marches along in long-term tandem.
And if Venezuela is considering to hold crypto, it looks like private buyers all over the world are no less interested in buying up Bitcoin. So much so, in fact, that they were willing to pay premiums at this week’s first UK police auction for confiscated cryptocurrency.
According to The Next Web, Irish auctioneer Wilson Auctions — who were authorized to put up the seized crypto for an online public auction — fielded some 7,500 international bids, spread across varied locations including Australia, Brazil, Canada, Singapore and the United Arab Emirates. Of course, US bids were also entertained.
While auctions typically put things up on discount prices, and the average Bitcoin sold for GBP 6,798.80 (USD 8,365). The price of Bitcoin at the time of auction was GBP 6,512 (USD 8,012). Of course, it could simply have been a case of bidders getting caught out by the sudden price dip (incidentally, the recent price crash happened on the day of auction), but it does show that people all over the world are still interested in buying up Bitcoin, even if they’re paying a bit more than it was worth on the free market.
We now move to a conflict zone in North Syria — better known as Rojava — where young students are obtaining an education in programming, blockchain, and crypto. 22-year old programming student Mohamed Abdullah has dubbed the new Open Academy as “a first for the Middle East”.
After receiving partial autonomy from the Syrian capital in Damascus, Rojava realized that there was a dire need for education post-civil war, one in which they had fought hard against ISIS, the militant group that until recently held sway over large swathes of Syria and Iraq. Mohamed was one of many who had to trek through ISIS territory just to go to school.
According to CoinDesk reporter Rachel-Rose O’Leary, Rojava implements a form of government it calls “democratic confederalism“, which uses principles of decentralization. As such, blockchain technology is also being studied to complement its societal model. Mohamed, like many his age, see Bitcoin and blockchain as an answer to years of economic and political chaos:
“I don’t trust the Syrian pound, I don’t trust the American dollar, they are just paper. But bitcoin yes, we can trust it.”
Since March, Rojava has established learning centers providing free tech and philosophy tuition to a population of 20 million. Students learn code, read up world history and cultural theory, and the writings of Abdullah Ocalan, the imprisoned Kurd who inspired the revolution in North Syria.
Azad Maxmud, an Open Academy teacher says:
“The main purpose of [our efforts] is to solve the problems of society. The reason they study sociology, history and philosophy is to be aware of the problems and cut them from the root.”
This news from Syria bears great testimony to the true revolutionary potential of blockchain and Bitcoin, far apart from the hype and marketing language of the masses of blockchain projects, closer to practical reality on the ground.
The principles of decentralization, where trust in a central entity is no longer needed, and the independence and individual free will on how money and finance should be, that Bitcoin was all about, will always find more resonance with cases like Rojava.
But as motivating as it is to learn about, it is important to also note that for the majority of people using Bitcoin or who will ever consider using Bitcoin, it is only the ease of use, and practicality of using it, that will determine long-term adoption.
Nevertheless, seeing Bitcoin play the role it envisioned every now and then is every bit a positive sign for the world’s most observed digital asset, as any Bakkt or Libra development.
Image Courtesy: Pixabay