On Thursday, bitcoin prices reached an all-time high, trading at $1,820 at this time of writing to beat last week's record of $1,461.
This meteoric rise is likely still being driven by the impetus coming from Japan — trading volumes soared on its bitFlyer bitcoin exchange due to major institutional investment into the platform in February, and the country legalized bitcoin as a currency on April 1. However, as prices continue climbing, prompting more and more people to buy in, questions are starting to arise as to whether the asset is headed for a bubble.
On Tuesday, a board member at the Bundesbank, Germany's central bank, issued a warning to the public not to buy bitcoin, saying the bank did not recognize it as a currency, and the cryptocurrency may be facilitating speculation. Investors could be getting ahead of themselves and ignoring potential risks — like the possibility of new regulations hostile to cryptocurrency. Such developments could spook investors and rattle the asset’s value.
Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies it promises to deliver.
Banks are exploring the technology in a number of ways, including through partnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions.
Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on blockchain in banking that outlines why and in what ways banks are exploring blockchain technology, provides details on three major banks' blockchain efforts based on in-depth interviews, and highlights other notable blockchain-based experiments underway by global banks. It also discusses the likely trends that will emerge in the technology over the next several years, and the factors that will be critical to the success of banks implementing blockchain-based solutions.
Here are some of the key takeaways from the report:
In full, the report:
Interested in getting the full report? Here are two ways to access it:
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