Bitcoin leaps to highest since July 2019 after PayPal opens service to cryptocurrencies: Bitcoin soared as much as 8% on Wednesday after PayPal announced it would open its service to cryptocurrency purchases and sales. The world’s largest cryptocurrency is up more than 11% this week alone. Bitcoin broke through the key $12,000 level on Tuesday, and the PayPal news added more fuel to the upswing. PayPal said it would allow its users to buy, hold, and sell cryptocurrencies from their accounts starting in a few weeks. It added that more than 26 million merchants using the platform would also be able to accept cryptocurrencies as a funding source.
JPMorgan creates new unit for blockchain projects: At JPMorgan Chase, the firm’s digital currency JPM Coin is being used commercially for the first time this week by a large technology client to send payments around the world, said Takis Georgakopoulos, the bank’s global head of wholesale payments. That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx, Georgakopoulos said last week in a phone interview. The unit has more than 100 dedicated staffers, he said.
Anheuser-Busch considers integrating blockchain further into its beer production line: Anheuser-Busch InBev, the parent entity of Budweiser, Corona and many other beer brands, recently began to pilot a platform which lets end-customers track their malt beverages on the blockchain. This is not the first instance of the company’s blockchain interest. They have previously unveiled a number of blockchain initiatives, including a vending machine ID verification system and document management protocols based on the technology.
Siemens blockchain project enables local energy trading: Siemens, German electricity utility Allgäu Überlandwerk, and other partners in the Pebbles consortium have launched their blockchain local electricity trading platform in Allgäu, Germany. The companies developed the platform as part of the Pebbles Research Project. Currently still at the demonstration phase, the platform allows private electricity producers to supply electricity directly to local consumers without using intermediaries like electricity suppliers. Blockchain technology allows for transparent end-to-end transactions, garnering trust between participants.
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Forecast: JP Morgan Veteran Daniel Masters explains how blockchain will end commercial banks forbes.com
Logistics: Blockchain prototype developed for real-time monitoring of goods in supply chains logistik-heute.de
Monitoring: Certificate check via blockchain at IHK Munich cio.de
Advice: How to save electricity with blockchain technology inside-digital.de
Development: China’s ex-IT minister sees blockchain still at the beginning de.cointelegraph.com
NUMBER OF THE WEEK
Bitcoin gained almost 30 percent in value in October alone.
Contradictory relationship between central banks and cryptocurrencies: How do European central banks deal with digital currencies? On the one hand, it is announced that they want to ban the creation of money from non-governmental cryptocurrencies, on the other hand, several national central banks are in the process of creating their own digital currencies. The most recent example is the EU Commission’s plan to initiate a digital euro. Apparently the main issue is access: national currencies versus private currencies from companies like Facebook or Apple. There are already international demonstration projects.
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Blockchain in the real estate industry: A pilot project has existed in Sweden since 2016 that aims to explore the benefits and potential of blockchain technology in the real estate industry. The project was created by the consulting company Kairos Future, the telecommunications company Telia and the blockchain start-up Chromaway. Their aim was to simplify the tedious and complicated sales process for real estate. The blockchain could make the sales process up to the land register entry transparent for all parties involved, i.e. banks, the land registry, brokers, buyers and sellers and thus save costs of 100 million euros per year. So far, however, the solution cannot be used nationwide. The project threatens to stagnate.
“For the world’s poor, the current price levels and availability are a unique opportunity to buy hard money that cannot be confiscated before the price jumps 40 to 80 times.”
The US TV presenter and financial market critic Max Keizer currently sees the Bitcoin price at a moderate level and expects a price explosion.
Cryptocurrency movie about onecoin Ponzi scheme: Oscar-winner Kate Winslet will be starring in an upcoming movie about the cryptocurrency Ponzi scheme Onecoin, according to Deadline publication which specializes in entertainment and Hollywood news. The movie is called “Fake!” and it is based on the book by Jen McAdam and Douglas Thompson which tells the true-life story of McAdam’s involvement with the Onecoin Ponzi scheme.