Bitcoin Rallies Above $11,000 At the beginning of the week, Bitcoin briefly fell below the $10,000 mark. But then it rallied by 20%, to rise above $11,000. It even surpassed $12,000 for a short time before falling back a little. Analysts are very bullish on Bitcoin right now, but at the same time they are worried that the currency's current market dominance could adversely affect the leading alternative cryptocurrencies, such as Ethereum.
- Members of Congress Urge the Suspension of Libra In the United States, some members of the Committee on Financial Services in the House of Representatives asked Facebook to suspend the launch of the company's digital currency, which is called Libra and is scheduled to go live sometime next year. They believe that the currency could cause havoc around the world and hurt the U.S. economy.
- Cuba Considering Using a Digital Currency to Dodge U.S. Sanctions The communist government in Cuba is considering launching their own digital currency, which would be used as a means to avoid the long-running U.S. embargo against the country. Some believe that implementing the currency could also help raise wages in the country, which average only $25 per month.
- The Bank of International Settlements (BIS) Changes Its View of Cryptocurrencies A year ago, Augustin Carstens, who is the head of BIS, called digital currencies a whole slew of negative things, including a Ponzi scheme and a bubble. But he now supports the development of digital currencies based on the leading fiat ones. He believes that a market for them will soon exist.
- Nestlé Initiates a Blockchain-based Pilot Program Nestlé, which is one of the largest food companies in the world, announced this week the launch of a blockchain-based pilot program that will track their supply chains. They are launching the pilot in cooperation with a company called OpenSC, and it will allow consumers to see how the company responsibly sources its products, such as milk.
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