Bitcoinâs volatility misses the main game
While bitcoin bounces up and down in value like a yo-yo, there are real-world applications being used by business and government that utilise the crypto worldâs underlying blockchain technology.
May 21, 2021 â 12.00am
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Volatility in the price of bitcoin obscures sensible discussion about the looming transformation of the global economy from the use of its underlying blockchain technology.
Constant focus on the speculative side of bitcoin distracts from the paradigm shift in thinking required when everything is decentralised, thanks to the use of bitcoinâs proof-of-work consensus algorithm, or variations of it.
Coinbase IPO sparks rush for âpicks and shovelsâ crypto assets
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The $110 billion US initial public offering of cryptocurrency exchange Coinbase has yielded an estimated $500 million windfall for Westpacâs venture capital fund and poured fuel on the demand from Australian institutional and retail investors for the digital asset gold rush.
Coinbase signage during the companyâs IPO at the Nasdaq MarketSite in New York.Â
Bloomberg
That looming profit is a timely boost for the bank, which also scored big on its investment in buy now, pay later juggernaut Zip Co that it exited for $366 million in October 2020, for a profit of $317 million.