Welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week (28 September - 5 October), we saw a huge drop in the bitcoin price, Bill Gates praising Bitcoin technology, a cyberattack against JPMorgan Chase, and more. Keep scrolling for this week's News in Review.
What's Happening to the Bitcoin Price?
At the time of this post, 1 bitcoin is valued at $298, just slightly below $300. This is a substantial drop in price from just a few weeks ago, and our latest price analysis shows the current trend. There are many reasons for why the price may be dropping. First of all, a downwards trend typically causes panic selling, which further pushes the price down. However, some might argue that the low price is a good thing. As the saying goes, "buy low; sell high," and now might be the perfect time to buy for potential investors. Bitcoin adoption has also grown, and many merchants may be cashing in their bitcoin earnings, driving the price down. Bitcoin has always been a highly volatile currency, and it's impossible to know for sure where the price will be in the next few weeks. Have your own theories about the bitcoin price? Feel free to leave them in the comments.
Bill Gates on Bitcoin
In a recent interview with Bloomberg, Bill Gates spoke about financial inequality and the promise of Bitcoin. Gates had already called Bitcoin a "technological tour-de-force" before, and now, the former Microsoft CEO seems to have warmed up to Bitcoin even more.
"Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and of course for large transactions currency can get pretty inconvenient. The customers we’re talking about aren’t trying to be anonymous. You know they’re willing to be known so the Bitcoin technology is key and you could add to it or you could build a similar technology where there’s enough attribution that people feel comfortable this is nothing to do with terrorism or any type of money laundering."
Be sure to check out the video here.
76 Million JPMorgan Chase Accounts Compromised
Until just recently, JPMorgan's executives held that one million accounts had been affected by the cyberattack on JPMorgan Chase this summer. However, on 2 October, JPMorgan revealed that the number of compromised accounts actually totaled 75 million. Interestingly the attacker(s) have not stolen any funds, despite having the means to do so. However, perhaps this incident serves as an example of the risk of centralised banking systems. The Bitcoin network is completely decentralised, and as a result, cannot be affected by these types of cyberattacks.
Reddit Plans to Create its Own Cryptocurrency
Reddit recently revealed plans to establish its own official cryptocurrency backed by Reddit shares. The plan has support from several investors, and Reddit already has a full-time cryptocurrency engineer on its team. The specifics of how the cryptocurrency will work are unknown, and Yishan Wong, Reddit's CEO, stated that it's entirely possible that the plan will fail. However, he also states, "the idea of being able to distribute ownership of reddit back to the community – a long-held dream of many of us, frankly – is important enough to try and do this."
Images credited in their respective articles. Other images from Shutterstock.