Bitcoin price did not take the road to recovery yesterday, as continued profit taking and selling pressure prevented it from making ground on last week’s highs. On the bright side, any attempt by sellers to put further losses on it also failed, with a daily low of USD 8,214 the minimum price achieved.
An earlier dip in early morning trading in the Far East was quickly staved off and price currently trades just before London has lunch at USD 8,285 (11:00 am London, CoinDesk). Another mixed day for altcoins as well, with a handful of alts like BTG (2.39%) and NEO (2.25%) making good gains but others like Litecoin (-1%) and ETC (-4%) slipping on Monday.
The bulls looking for fundamental signs of strength have received a boost in adoption news, with the UN agency UNICEF announcing yesterday that it would start accepting Bitcoin and Ether as crypto donations. According to UNICEF’s press release, the children’s agency will become the “first UN Organization to hold and make transactions in cryptocurrency“.
Its newly-established UNICEF Cryptocurrency Fund is supposedly goind to be used to fund open source technology that aims at helping children all over the world. UNICEF Executive Director Henrietta Fore explained:
“This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”
Much unlike other adoption news for crypto, however, UNICEF will actually accept crypto in its true form and keep it as such. The difference here is quite stark: what normally happens with merchants is that they don’t actually own a crypto wallet and will never see a single satoshi from people who pay Bitcoin to them. They actually use a third-party crypto payment processor such as BitPay, who will accept crypto payments on their behalf, and then settle with the merchant in fiat.
This kind of second-tier adoption is what mainly drives crypto adoption when it comes to online commerce, and has been criticized by true believers of crypto, since it actually does not involve crypto settlements at all, and still relies on an intermediary to settle payments (like BitPay), very much against the original intention of Bitcoin, which is to be a peer-to-peer digital payment and currency.
So is UNICEF going to pave the way for “true” crypto adoption? We certainly hope so!
But meanwhile, talking about crypto adoption, we already talked yesterday about how Facebook’s Libra project was getting the snub from former friends Visa, Mastercard, PayPal and more. And now, to ensure no more partners leave their sinking ship, Facebook is now getting all the remaining friends to sign a charter.
And to make them feel special, this new charter will give existing members a single vote in governance related decision-making — so much for trying to make for less centralization! A five-member board that includes Calibra (the Facebook division in charge of Libra) chief David Marcus now includes representatives from Xapo Holdings, PayU, Kiva Microfunds, alongside Andreeseen Horowitz. An official statement appears to defy recent headlines tolling Libra’s death knell, saying:
“Today marks an important step in our journey. It is time for change and we are committed to seeing this through.”
They are also saying that some 1,500 players are now interested to fill the seats left vacant by the financial heavyweights who pulled out this week, but it remains to be seen if any will have the same influence as the likes of PayPal and Stripe, or even unique abilities like Visa and Mastercard.
Will they pull through or will they simply end up forming a crypto project no one will use? Time will tell.
And now, we end our sentiment analysis with a rebuttal from Litecoin founder Charlie Lee, who has hit back at his critics who have brought back old claims during Litecoin’s 8th anniversary. Apparently, some users online have accused Lee of dumping his share of holdings at the time of Litecoin’s ATH. Lee did in fact sell his holdings, which he publicly admitted, but had promised to remain developing the altcoin, claiming that doing so would free him from any personal vested interest.
Something for the Charlie Lee fans out there:
Here is an interesting piece of information to look at:
— C3|Nik (@C3_Nik) January 9, 2019
Lee insists, however, that he is not guilty of market manipulation and could have chosen to leave development work but instead is doing it voluntarily:
“I could retire early without any of the money I made from Litecoin. Yet I’m spending all my time working on Litecoin, despite not invested in LTC.”
Mere words or otherwise, he has also promised before to at least bring back his creation to its ATH price, so watch out!
Image Courtesy: Pixabay