Blockchain was, in some sense, designed to connect the world. The creator saw how the world was shifting its attention to the digital sphere, rather than the offline one. Pretty much any industry you can imagine currently, has a foothold online and therefore, is subject to influence from blockchain.
Currently, blockchain is seen as a place to make money through trading cryptocurrency. But it needs to be considered that the technology is an amazing way to connect people to knowledge they never had. But no matter how one may look at it, blockchain is a way to provide people with means of payment that is decentralized and accessible.
Healthcare in developed countries is much better than developing countries, that argument cannot be debated. Sure you can bring the USA as an example, but this argument is focusing on quality rather than price.
Developing countries sometimes suffer from a lack of experienced individuals or general funding for various medical fields. Therefore, the population is forced to either spend their entire life’s savings abroad or gamble with their health locally. Blockchain is probably the best solution here as it is able to provide various options for these countries.
A coin for healthcare?
There may have been several coins that came out specifically designed to be used in the healthcare industry. However, having a country back one single coin designed for healthcare would be advantageous.
This project would not be successful without significant subsidies, unfortunately. Offering healthcare services for these coins would need to have special prices that are lower, but offer the same advantages.
So why is this coin better than just normal money? Inflation. Inflation is the best answer to this question, as the coin will become immune to it. Inflation usually happens due to governments constantly printing more and more money to cover debt and various other bills. This devalues the already existing currency and before long makes it obsolete. However, according to experts at ForexNewsNow, cryptocurrencies are never “printed additionally”. The only change that the inflation ratio of a cryptocurrency can suffer is the “burning of coins” when the creators destroy a significant percentage of the coin to adjust the price.
How this helps developing countries
Developing countries would benefit from this immensely as their currency issue would be put on hold. For example, look at Eastern European countries and their currencies, there are 2 completely different pictures within just a couple of years. The country of Ukraine had its currency depreciate relative to the dollar by no less than 4 times. Same for the Republic of Georgia, where they saw their currency depreciate by more than 2 times over a period of 4 years. It can be easily seen that a Ukrainian who used to have $2,000 salary was able to utilize healthcare in Western Europe without too many problems, but right now, it would be impossible with their $500 salary.
Cryptocurrency would be an amazing way to subsidize this matter. But guarantees about the stability of the coin need to be enforced. Well, it can just be made into a stablecoin. This guarantees that these coins, no matter what happens to the currency, remain equal to $1.
This would most likely find a largely positive reaction from the international community, which will further popularize the coin and make it even more useful in various segments of the healthcare industry.
Future prospects and potential problems
However, this is just one option that could benefit everybody. There are numerous other ways cryptocurrencies and blockchain can be used to develop healthcare. One of which is the utilization of blockchain for storing relative data for the industry professionals. But no matter what is done to reinforce the idea of blockchain in healthcare, the technology needs to be given an ample regulatory framework. However, these regulatory frameworks may damage the whole essence of blockchain. The stablecoins may be able to avoid any serious ramifications, but given the fact that governments are terrified of cryptos, it is just empty hope.
Governments have their own reasons why they are scrambling to regulate cryptocurrency. The healthcare industry also plays a large role in these fears as governments try to avoid any unlicensed entities to provide healthcare services. In order to solve the problem of mass centralization, the core issues with the fear towards cryptocurrencies need to be addressed. Fortunately for the crypto community, most of those fears are currently disclosed.
Giorgi has been a staunch supporter of the Blockchain industry for 3 years now. He has been heavily involved in popularizing and trading cryptocurrencies in the Republic of Georgia. He is currently a financial news reporter and analyst at Forex News Now.
Bitcoin is Sucking Liquidity Out of Every Major Market, Charts Show
On Wednesday, Bitcoin evangelist and Wall Street investor Raoul Pal published a series of charts that pitted the cryptocurrency against major financial markets.
Every graph appeared identical to one another, for they showed how the mainstream assets/indexes were trending lower against Bitcoin, to a point where they all tested a medium-term support trendline. They included gold, the Nasdaq Composite, and its sub-indexes/stocks, which include KBW Bank Index, Treasury Bond ETF Fund, silver, Amazon stock, and others.
Mr. Pal noted that every index/asset was looking to break bearish on the support trendline. The prediction pointed towards more strength for Bitcoin as it compared the crypto with a “supermassive black hole that is sucking in everything around it and destroying it.”
“You see, gold is breaking down versus bitcoin,” Mr. Pal added. “And gold investors will flip to BTC. The Nasdaq is next. Retail specs are going to flip to bitcoin as it eats techs lunch.”
Some of the Nasdaq’s sub-indexes already broke below the Ascending Trendline support. The KBW Bank Index (NASDAQ: BKX), a benchmark stock index of the banking sector, fell to its lowest levels against Bitcoin as worries over an increase in loan defaults stressed the financial corporations.
Read Further: 3 Biggest Bitcoin Takeaways from JPMorgan’s Q3 Earnings
Furthermore, the iShares 20+ Year Treasury Bond (NASDAQ: TLT) depreciated against the rising Bitcoin prices, adding to the speculation that the US economy is heading for a prolonged period of lower interest rates. The Federal Reserve has already committed to keeping them near-zero up until 2023.
The analogy was the same for the G4 Central Bank Balance sheet, the Refinitiv/CoreCommodity CRB Index, and Apple. Everything fell against Bitcoin.
“The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is Bitcoin,” wrote Mr. Pal. “I get this sounds a little evangelical but I’m struggling to see it any other way right now.”
Bitcoin to $20,000
As money keeps flowing into the Bitcoin market, Mr. Pal also indicated that the cryptocurrency could soon swell back to its previous record high of $20,000.
As per Mr. Pal, there is not any historically concrete resistance level above $14,000.
Earlier in 2017, it took BTC/USD only a week to pump from lower $13,000s to as high as $19,891 on Coinbase exchange. While the rally mostly took its cues from the infamous ICO boom, it left little hints for technical chartists to pick their ideal long targets on the next breakout above $14,000.
“I fully expect new all-time highs by early next year at the latest,” Mr. Pal predicted, nevertheless.
5 Reasons For Bitcoin’s Price Surge To New 15-Month High
At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.
Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.
With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.
PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum
Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for cryptocurrencies.
Now, PayPal is the world’s largest online payment processor. Data from Statista shows that for the second quarter of 2020, the company has processed over $221 billion. Moreover, the company has a network of over 26 million vendors, and it plans to enable users to spend their BTC at all of them, starting in early 2021.
Additionally, it’s worth noting that PayPal is a widely-accepted payment method, and most of the banks allow transfers from and to the platform. On the contrary, not a lot of banks support Bitcoin transactions, meaning that they would either have to reconsider their policy, or they would have to drop PayPal as a client altogether.
At this point, it’s unclear how this will be resolved, but it’s exciting to see how the situation develops. If one thing is certain, though, it would put Bitcoin and other cryptos at the forefront of an important discussion.
Major Banks Starting to Change Their Attitude Toward Bitcoin
There’s no clearer example here than JP Morgan – one of the world’s largest multinational investment banks.
The relationship between the bank’s CEO, Jamie Dimon, and Bitcoin is one worth following. In 2017, the high-ranked executive said that BTC is afraid and that if he saw any of his traders dealing with it, he would “fire them in a second.”
Well, fast forward a few years, and now the bank is posting bullish predictions on that very same cryptocurrency that Dimon labeled a fraud.
Just a few days ago, JP Morgan said that even a modest switch in capital from gold to Bitcoin could see its price triple.
Number of Publicly-Listed Companies Which Buy Bitcoin Increases
Perhaps as a direct consequence of the above, we can already see an increased involvement from publicly-listed companies.
The biggest buyer who put Bitcoin on its balance sheet became MicroStrategy, with its massive $425 million investment. Its CEO, Micael Saylor, has been particularly vocal about BTC’s merits.
Jack Dorsey’s Square also jumped on the bandwagon, purchasing $50 million worth of Bitcoin earlier this month.
Below is a list of all the publicly-listed companies and their holdings in BTC.
Publicly-listed companies putting BTC on their balance sheet is a huge deal for the nascent cryptocurrency, and industry experts have it that this effect will only snowball.
Singapore’s Biggest Bank Reportedly Launches a Bitcoin Exchange
As CryptoPotato reported just today, DBS Bank, a Singaporean multinational banking and financial services corporation and the city-state’s largest bank, has reportedly launched an exchange that offers fiat-to-cryptocurrency trading pairs.
Purportedly, the new exchange would support the “top digital currencies in circulation,” namely Bitcoin, Bitcoin Cash, Ethereum, and Ripple’s XRP. Traders would be able to exchange them against SGD, HKD, JPY, and USD.
More interestingly, the exchange would supposedly only accept financial institutions and professional market makers, as its users. The venue would be regulated by the Monetary Authority of Singapore, which is also its de-facto central bank.
Needless to say, a central bank-backed and regulated exchange aimed at institutional investors should, in theory, facilitate the involvement of larger players in the field.
Uncertainty Around the Upcoming 2020 US Presidential Elections
Undoubtedly one of the most important moments for the global macroeconomic outlook is the upcoming US Presidential Elections, set to take place on November 3rd.
CryptoPotato did a survey, and it turned out that the elections are the biggest concern for Bitcoin investors in 2020.
It is, perhaps, no surprise that billionaire Paul Tudor Jones III came up with a statement, saying that he likes “Bitcoin even more now than then [when he bought BTC in May].” He also said that it’s going to be the best inflation trade.
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Miners begin offloading Ethereum holdings as it continues underperforming BTC
Ethereum has been severely underperforming Bitcoin throughout the past few days and weeks, with the second-largest cryptocurrency by market capitalization currently trading far below its yearly highs.
Meanwhile, Bitcoin’s price is currently trading at the highest price seen in well over a year, with bulls vying to break the $13,800 level and bring the crypto to fresh post-2017 highs.
Its current strength has only created a slight tailwind for ETH and other major altcoins, with investors currently shifting all of their focus onto the benchmark cryptocurrency.
Many analysts have speculated that there will, at some point, be a rotation of capital away from BTC and into altcoins like Ethereum, but it remains unclear how high it may climb before this takes place.
One reason why Ethereum could be underperforming its larger counterpart at the moment is due to a single on-chain trend.
An analytics platform noted in a recent tweet that Ethereum miners have been selling their ETH holdings rapidly, which could be why it has been severely lagging behind Bitcoin.
Ethereum struggles to match Bitcoin’s momentum
Ethereum has been hovering within the lower-$400 region for the past few days as Bitcoin slowly continues to push higher.
Yesterday, a sharp selloff seen by BTC sent Ethereum plunging to lows of $380, but the buying pressure seen at this region allowed bulls to quickly revert its downtrend and send it rocketing back up past $400.
Ethereum still needs to climb roughly 20 percent before reaching its 2020 highs of $490 that were set at the peak of the DeFi hype cycle.
Unless Phase 0 of ETH 2.0 is released shortly, it remains unclear what could catalyze any shift in its waning momentum.
ETH miners begin offloading holdings as technical strength degrades
One reason why Ethereum has been underperforming Bitcoin is due to miners offloading their holdings over the past few days.
“The Ethereum miners have been dumping, and it appears that last week’s increased on-chain activity and trader FOMO has slowed.”
Until miners stop offloading their balances, Ethereum may continue lagging behind the benchmark cryptocurrency.
This could have far-reaching implications for the aggregated market, as most major altcoins have been taking Ethereum’s lead as of late. Until ETH can gain some momentum, other altcoins will likely stagnate.
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