Chris Larsen, co-founder and CEO of Ripple, wrote an op-ed for The Hill, where he argued that the United States is currently losing the “technology cold war” against China. Why?
United States vs. China
Basically, the Ripple co-founder explains in his op-ed that, China’s digital currency leadership could be a “unique opportunity in a century”To replace the United States dollar. However, that would imply that the yuan could become a world reserve currency.
Therefore, the clear dominance that China has managed to achieve in cryptocurrencies, Blockchain technology and finance, could be an important front in future battles between the two countries.
And it is that, for those who do not know, China has managed to advance giant steps in the adoption of digital payments through giants such as Alipay and WeChat. Meanwhile, the United States is stuck on Blockchain technology and cryptocurrencies.
However, the United States is not the only one in danger from the advances of China, also, cryptocurrencies, especially Bitcoin. Whereas, according to the Cambridge University Center for Alternative Finance, at least 65% of cryptocurrency mining occurs in China.
Accordingly, the co-founder of Ripple is concerned that China could take advantage of the accumulation of hashing power to meddle in transactions.
But, the Ripple co-founder writes that “unfortunately, the United States lags behind”, when it comes to technology. Arguing that “US domestic digital payments are still catching up – cash and debit cards continue to dominate.”
Difficulty of mining Bitcoin hits new record
The difficulty of mining Bitcoin has risen to an all-time high following an adjustment. However, the news may not be to the liking of smaller miners.
A very important fact to keep in mind is that the difficulty of Bitcoin mining is adjusted approximately every two weeks. Therefore, when the blocks are extracted too fast, or too slow, the difficulty adjusts accordingly.
However, the increase brought the total difficulty of the Bitcoin network to an all-time high of 17.35 billion (T). But, according to BTC.com, the estimates suggest that for the next adjustment we could see a new milestone for the Bitcoin network.
BIS reports on the growth of CBDCs around the world
As we well know, the birth of Bitcoin has caused various changes in the world. In particular, the rise of CBDCs, or central bank digital currencies, is one of them.
Earlier today, the Bank for International Settlements (BIS), the bank for the world’s central banks, released a report on CBDCs.
In this sense, the main finding is that most CBDCs have been originating in innovative countries and their aim is to offer a digital alternative to cash rather than a replacement.
Bitcoin a Ponzi scheme?
Michael O’Leary, CEO of the airline Ryanair, is the new celebrity who even today claims that Bitcoin itself is a scam, “equivalent to a Ponzi scheme”, in his words.
This was reported to The Sunday Times by clarifying an apparent fraudulent advertisement, where it was said that O’Leary had claimed to have made money with Bitcoin.
O’Leary was one of the latest victims of a criminal scheme that uses celebrity names to encourage investors to invest money in its schemes.
However, despite the fact that Bitcoin itself had nothing to do with it, it paid for the broken dishes once again.
“I would never invest a penny in Bitcoin, I think it is equivalent to a Ponzi scheme”, he pointed. “I would highly recommend to everyone with a little common sense to ignore this false story and avoid Bitcoin like the plague”added.
In a few lines …
- Cosmos (ATOM) managed to exceed its all-time high and reaches $ 8 after gaining 10% during the last 24 hours.
- Binance will conduct the first DeFi-focused hackathon in India, with the aim of accelerating innovation in the country.
- The wallet Gnosis Safe now it has over $ 1 billion in assets in ETH and ERC20 tokens.