In this week’s cryptocurrency round up: The CEO of Binance believes that Amazon, one of the world’s most influential companies, will eventually issue its own cryptocurrency. In addition, Binance has been busy allowing more users than ever to jump into the cryptocurrency markets - this time with credit cards. India continues to hesitate about how it should regulate cryptocurrency, although more information is available as to why that might be the case. Jack Dorsey joins podcaster Joe Rogan, and they discuss Bitcoin and blockchain.
Amazon Coin Coming?
It is extremely difficult to deny the power of Amazon, the multinational technological company that is considered one of the “Big Four”, along with Google, Facebook, and Apple. It is quite simply the most valuable public company in the world, and the world’s largest Internet marketplace, as well. It is the second-largest employer in the United States and the largest Internet company by revenue, as well. For some context about its immense growth throughout the years, if one was to have invested $1000 at its IPO price - it would be worth over $1 million now.
The CEO of Amazon, Jeff Bezos, is the world’s richest man, and he has recently been in the news because of the fact that he is getting a divorce. There are rumors that Bezos was actually having an affair with his friend’s wife, as well.
Either way, there are many that have speculated about the fact that Amazon has not launched its own cryptocurrency. While it might seem strange for most companies, Amazon’s sheer status and revenue could be a huge step towards mass adoption.
Changpeng Zhao has mentioned Amazon before, last year, when he suggested that Bezos could purchase all of the Bitcoin in circulation, and that he could see Bezos being a catalyst for the next cryptocurrency bull run.
Binance’s CEO, Changpeng Zhao, apparently has not let up with regards to Amazon, as he recently tweeted again about the company. This time, he boldly stated that Amazon would have to “issue a currency sooner or later”. He stated this on Twitter in response to a user who suggested that he discuss the issue with Bezos.
Zhao is one of the most important figures in the cryptocurrency sector, as Binance, the cryptocurrency exchange is the world’s leader with regards to volume, and has been steadily expanding over the years. The company most recently expanded to Jersey in an attempt to gain ground in European markets, as well.
Amazon has been tight-lipped about cryptocurrency in general, although many have speculated about the fact that the company would eventually begin accepting them. However, none of this has actually ever been confirmed with the company whatsoever. Either way, in late 2017, the cryptocurrency community certainly became excited as the company appeared to be obtaining various cryptocurrency-related domains. Amazon didn’t issue a statement with regards to this move.
One of the reasons why Zhao might have stated that Amazon developing a cryptocurrency is inevitable is because Facebook is reportedly developing a cryptocurrency in an attempt to step into the global remittance sector. One of the reasons for this is because Whatsapp is huge in India, boasting hundreds of millions of users. In addition, India is a leading country in terms of receiving foreign remittances.
India Worried About Crypto
It’s no secret that India has been concerned about cryptocurrency for a while, which is probably why it has had so much indecision with regards to the sector. Many have suggested that the subcontinent, which is the second most-populous country in the world, might embrace cryptocurrency as a way to attract investment away from China, which has taken quite a harsh stance against cryptocurrency and initial coin offerings (ICOs). However, a new report suggests that the country is worried about how embracing cryptocurrency would affect the stability of the rupee.
As a result, China and India, the two main superpowers in Asia, seem to have taken an anti-cryptocurrency stance, which many worry will have repercussions for surrounding countries. However, many believe that blockchain and cryptocurrency would be embraced by Prime Minister Modi, as he has been vocal about hoping to transform India into a cashless society, believing that it would help to reduce overall corruption and crime.
However, it should be noted that the rupee has not been doing well recently. The currency hit an all-time low last year, and the country apparently believes that if it were to establish pro-cryptocurrency regulations, that it could drive the rupee lower.
Timothy Draper, one of the most famous venture capitalists in the world, has criticized India for its lack of forward-thinking, even suggesting that Bitcoin should replace the rupee.
India appears to be constantly going back and forth, as there was news recently that an Indian government committee would actually finally legalize cryptocurrency. At the time, a senior official apparently recognized that “there is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”
Although time will tell whether India will create some kind of regulatory framework for the sector, at least there is new context about why the country is hesitant about cryptocurrency.
Dorsey Talks Bitcoin On Rogan
Joe Rogan is considered a pioneer of the podcasting space, and has one of the most popular podcasts in the world. Many praise his podcast due to the fact that he interviews a wide range of individuals, from intellectuals such as Jordan Peterson, to boxers such as Mike Tyson, to comedians such as Joey Diaz, entrepreneurs such as Elon Musk, and many more. Recently, the CEO and founder of Twitter, Jack Dorsey, went on Rogan’s podcast, and they discussed blockchain and cryptocurrency during a portion of the interview.
The comments come during a time where Bitcoin has lost a majority of its value, and Dorsey is considered one of the most influential figures in Silicon Valley. During the same interview, he also spoke extensively about Twitter, and its future, as well.
Although it isn’t the first time that Dorsey has spoken highly about Bitcoin, he reiterated his belief that Bitcoin could end up becoming the native currency of the Internet. Dorsey is also the CEO of Square, which now allows users to buy and sell Bitcoin, although he stated he was not yet considering adding new cryptocurrencies to the Cash App, which has been growing in popularity for some time now. He believes specifically that Bitcoin will “probably” become the Internet’s native currency, due to the fact that it was created and developed on the Internet.
He also elaborated that he enabled users to purchase Bitcoin on Square’s Cash App to learn more about the technology, and also pointed out that Square was the first publicly-traded company to discuss cryptocurrency with the SEC. While he originally thought that most individuals would be interested in trading Bitcoin, he was surprised to find that many were treating it like an asset.
Another revelation was that the social media platform was finally exploring an “edit” feature, which users have been requesting for years. He suggested that there might be a certain time window for users to edit their tweets before sending them.
Binance Allows Credit Card Purchases
It’s hard to deny how much Binance, the world’s largest cryptocurrency exchange by daily volume, has been able to grow and succeed, no matter what the cryptocurrency markets are doing. For example, the company has been able to expand all over the world. The exchange recently launched “Binance Jersey”, a fiat-crypto platform based on the Jersey island, which is a Crown dependency, and has embraced blockchain and crypto for some time now. The company also made immense progress in Africa, as well, with thousands of traders signing up for Binance in Uganda, where 3 out of 4 do not have access to traditional bank accounts.
Now, the cryptocurrency exchange allows purchases from Visa and Mastercard accounts, which is huge news for those who might want to purchase using a credit card rather than a bank account or other payment methods. This is possible through a partnership with Israeli payment processing firm Simplex, which charges 3.5% of each transaction.
Binance CEO Changpeng Zhao pointed out that this was an important way to grow the overall cryptocurrency community. He stated: “The crypto industry is still in its early stages, and most of the world’s money is still in fiat. Building fiat gateways are what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
It should be noted that many media outlets feared that the fact that so many individuals were purchasing Bitcoin with a credit card during late 2017, indicating that a bubble might be near. While it might be proven that long-term, Bitcoin will rise to new highs, there is no denying that selling in late 2017 would have been a smart move. Bitcoin is hovering at around $3420 as of press time, with its all-time high in late 2017 was over $19,000.