• Bitcoin daily high so far at USD 9,200
  • US financial custodian introduces retirement accounts that can also hold Bitcoin
  • Vodafone has partnered with blockchain firm Energy Web to connect billions of energy-producing IoT devices

Bitcoin bulls, building on from the stubbornness yesterday, have today decided that they will sit above USD 9,000 after all, completely invalidating the bearish sentiment from yesterday and putting the question back once more on everybody’s minds: where are we headed from here? As of now, the daily high so far is USD 9,200 (CoinDesk).

It has really been a confusing week for everyone on either side of the market, with the Bitcoin halving yet to deliver on bull promises, though at the same time, miner capitulation and price pressure downwards have also failed to happen properly.

Whatever the outcome, it looks like some big name players won’t wake for markets to wake up and seize the opportunity on their own.

In the US, South Dakota’s Kingdom Trust, a financial custodian that now manages over USD 13 billion in assets, has offered a new retirement account that includes traditional, alternative and crypto assets. The “Choice” account, following its takeover of Choice Holdings, is a retirement account built by CoinShares that focuses heavily on digital assets. So far, this means 100,000 retirment accounts custodied by Kingdom Trust, of which more than 20,000 include Bitcoin.

The custodian is now looking to encourage even more sign ups, offering Bitcoin worth USD 62.50 to the first 1,000 people to open new Choice accounts. CoinShares founder and CEO of Kingdom Trust, Ryan Radloff, told Cointelegraph that there were more than 7 million Americans who owned some amount of Bitcoin, and who also have retirement accounts, yet were unable to put Bitcoin in those accounts alongside other assets. He explained:

“What we are doing, is we are now opening up the ability to not just trade Bitcoin, but you can do digital assets or legacy assets like your stocks and bonds from one [retirement] account.”

He said Choice fit that precise desire, letting them invest out into alternative assets to escape “the Fed’s rat-trap”. In fact, the CEO says that the state’s decision to tax Bitcoin via the IRS consequently enabled the digital asset to be held by the revenue agent as well as other qualified custodians in retirement accounts. Radloff added:

“Most of the Bitcoin community doesn’t even know that they can hold Bitcoin in their retirement account yet. Right now, most of these Americans’ retirement accounts are sitting at some bank that is telling them that Bitcoin is too risky while at the same time forcing them to only own stocks or mutual funds.”

While Bitcoin might be a premium choice for Americans to hold for retirement, blockchain could see wider adoption beyond US shored, now that telecoms mammoth Vodafone has partnered with blockchain firm Energy Web (EWT) to connect what it claims are “billions” of distributed energy generating assets via internet-of-things (IoT) and distributed ledger technology.

In the Energy Web announcement, the project suggests it will use DLT on SIMs with Vodafone Business’s IoT to “create secure IDs for energy assets”. It added:

“This means that renewable and distributed assets like wind turbines, batteries, heat pumps, and solar panels can be integrated with energy grids safely and efficiently.”

Vodafone has over 100 million connections globally so the announcement seems to have pushed EWT tokens into an all-time high on the market, but the system itself will use the methods telecom operators identify SIM cards in mobile phones to identify and track distributed energy sources. Energy Web CEO Walter Kok explained that the smart grid system is an example of industry convergence to make energy transition happen, while Vodafone Business IoT director Erik Brennei says:

“As the number of decentralized, new-generation, low-carbon devices grows, so does the need for them to be securely connected regardless of their location… This connection needs to be simple and secure, ensuring assets are easily able to be connected to, and managed by, energy and communication networks around the globe.”

 

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay
Comments are closed.

Check Also

Trending Bitcoin News and Market Sentiment, Weekly Edition, 26th September 2020: Bitcoin Traditional Asset Decoupling as MicroStrategy Adopts Bitcoin Standard,

Bitcoin is about to stop its pattern of correlation with traditional assets after a three …