The most important crypto news of the week

Bitcoin hits all-time high; Skepticism towards Bitcoin in Germany; Federal Cabinet Adopts Blockchain Securities Act; IOTA 2.0 update is getting closer and Trump is allegedly considering pardoning the Silk Road founder.

Bitcoin reaches new all-time high

Bitcoin has hit a new record . The digital store of value broke through the wall almost overnight on Wednesday at US $ 20,000 and reached an interim high of US $ 23,600. A huge leap, considering that a week ago the price was sometimes below 17,600 US dollars. Specifically, the BitQT courseTurn up over 18 percent on a 24-hour view and even over 37 percent on a monthly basis. The price increase is no accident. Large investors such as MicroStrategy, Square or MassMutual are gradually advancing into the crypto sector and making previous private investors look old. So it is mainly large stock exchange groups or asset management companies that want to participate in the market. But hedge funds like that of the Ruffer Investment Company (USD 700 million in Bitcoin) are jumping on the Bitcoin bandwagon. Billions are added every day, which have increased the Bitcoin market capitalization to over 420 billion US dollars.

Skepticism towards Bitcoin in Germany

Despite the all-time highs, many people are in Germany and Bitcoin Co. skeptical over. Like the latest representative surveyof the German digital association Bitkom shows, only two percent of those over 16 years of age said they had invested in cryptocurrencies. In principle, 18 percent could imagine an investment in this area. The remaining participants expressed skepticism about the digital investments. Specifically, 66 percent of those surveyed found digital means of payment to be too complicated. 55 percent said that cryptocurrencies were more suitable for speculators. 47 percent of 16 to 29 year olds see Bitcoin and Co. as safe alternatives to the traditional monetary system. The survey shows that the younger generation in particular can get excited about the topic of cryptocurrencies. Should Bitcoin’s upswing continue, however, it is quite conceivable that

Federal cabinet adopts law on blockchain securities

However, skepticism towards Bitcoin and Co. in Germany could decrease after the Federal Cabinet passed a law on the issue of electronic securities on December 16has decided. This marks an important milestone in the federal government’s blockchain strategy that can give Germany an important locational advantage. As a result, digitally securitized securities could have the same status as their analogue, documented counterpart. The chances that the law for electronic securities will also be passed by the Bundestag at the beginning of next year are generally to be regarded as high. The law relates to the issuance of electronic bonds. Accordingly, there will be two different types of registers. In addition to the well-known central securities depositories, the crypto securities register is now also being added. According to the law, the register should be „kept on a forgery-proof recording system, in which data is logged in the time sequence and saved in a way that is protected against unauthorized deletion and subsequent changes „. A claim that is tailor-made for blockchain technology.

IOTA 2.0 update is getting closer

The next milestone for cryptocurrencies is approaching. The IOTA Foundation on December 14 announcedthat the Chrysalis 1.5 Public Testnet is live. The update is an intermediate stage of IOTA 2.0, which should be released in 2021. The full implementation of IOTA 2.0 is the biggest upgrade that the MIOTA network has ever experienced. It is even a completely new version of the protocol. The current plan is to put Chrysalis 1.5 through its paces with a series of alpha tests. If everything goes smoothly, Chrysalis‘ mainnet will start in the first two quarters of 2021. After that, it will be possible to use smart contracts on the Tangle network. This results in various application scenarios that could also make Decentalized Finance (DeFi) possible on the Tangle network. In addition, the IOTA Foundation recently separated from David Sønstebø, one of the founding members.

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