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Summary:
(PIxabay)
When interest in blockchain peaked three years ago, most companies had a plan (or at least a PR announcement) for force-fitting what Dennis Howlett called "the most over-hyped yet least understood technology shift I've ever seen" into their operations, whether it made sense or not. Little did anyone know that perhaps the most promising corporate blockchain application might be the one that made the technology a household name: digital currency.
Until recently, Bitcoin's immature financial ecosystem, extreme volatility and legal ambiguities made it inappropriate for anyone but speculators. Since falling from its first peak in December 2017, the financial infrastructure for cryptocurrency has significantly matured, however, a recent price spike has seen a return of the volatility that spooked investors three years ago. Nevertheless, the COVID-19 response by central banks and sovereign treasuries is even more worrisome to some, including a small list of companies trading their dollars for Bitcoin.