CBX Weekly Newsletter // 12 February 2020
- Bitcoin reaches $10K for the first time in 2020
- Justin Sun of TRON meets Warren Buffet for lunch
- The USA might be developing a US Dollar stablecoin
Bitcoin reaches $10K for the first time in 2020
Bitcoin (BTC) reached $10,188 last Sunday on most exchanges including CBX. This is the highest level seen since October 2019 and translates to an over 40% increase in price since the start of 2020.
Although the price retraced to the high $9K region quickly after, many traders quickly pushed the cryptocurrency up to 5 digits again. Some believe that the halving event which only takes once every four years,
Other altcoins such as Litecoin (LTC) and Ethereum (ETH) which are the 7th largest and the 2nd largest cryptocurrency by market capitalization in the industry have also seen even bigger gains compared to Bitcoin surging almost 100% and 80% respectively. This has pushed down Bitcoin’s dominance against the rest of the market which is only seen during bullish momentum.
Justin Sun of TRON meets Warren Buffet for lunch
Justin Sun, Tron’s founder and CEO had his charity lunch with Warren Buffett, Berkshire Hathaway’s chairman.
On Jan. 23, Sun met with Buffett as well as various guests that included the founder of Litecoin Foundation, Charlie Lee, the CFO of Huobi, Chris Lee, the head of the Binance Charity Foundation, Helen Hai, and the CEO of eToro, Yoni Assia.
“It was really an honor and I’m grateful for Mr. Buffett’s dinner, wisdom, and vision. I’ll always remember his kindness and support, and will take Mr. Buffett’s advice and guidance to make Tron a better ecosystem, business with all the partners in the blockchain space and beyond.“ -said Justin Sun during the event.
Sun paid around $4.5 million on an auction on eBay to have lunch with Warren Buffett last June.
The USA might be developing a US Dollar stablecoin
Lael Brainard, a member of the United States Federal Reserve’s board of governors who chairs several Fed committees has signaled the idea of a central bank digital currency. This happened during a speech at a symposium on the future of payments at the Stanford Graduate School of Business on Feb. 5.
During the speech, Brainhard said the Fed was “conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC (central bank digital currency).”
New digital payments, currency, and settlement instruments are now being developed, private projects such as Facebook’s Libra and Government projects like China’s forthcoming digital yuan serve as pivotal developments in the private and public sector worldwide.
Given that the dollar is one of the most important currencies in global markets, Brainhard argued that it is essential for the Fed to remain “on the frontier of research and policy development regarding CBDC.”
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