Bitcoin Bull Market
September is starting out with a bull market for Bitcoin (BTC). And when Bitcoin value goes up, most other cryptocurrencies benefit. According to Cointelegraph, the most popular altcoin (meaning not Bitcoin) is Ether (ETH). Ethereum Classic (ETC), Binance Coin (BNB), Bitcoin Cash (BCH) and Bitcoin SV (BSV) are all enjoying a September bump.
Bitcoin Network Hash Rate Nears 90 Quintillion Per Second
In a sign that Bitcoin miners are betting on Bitcoin’s value continuing to increase, Blockchain reports that the hash rate – or overall computing power involved in processing Bitcoin transactions – is setting new highs almost daily. See chart here. Crypto experts believe that a rising hash rate, which is now near 90 quintillion hashes per second, is typically followed by rising price. “The race to mine the last 3 million Bitcoin will keep hashrate growing rapidly for the next few years,” Blockstream CSO, Samson Mow, wrote on Twitter on Monday.
Bitcoin Holders in the Money
Yahoo Finance reports that the number of bitcoin addresses holding at least 10 bitcoins (worth over $105,000 today) has hit an all time high of 157,000 addresses. This represents the top one percent of all Bitcoin holders. The majority of Bitcoin holders are “likely to be in profit” since around 83 percent bought their coins at a lower price than it is worth today.
Marshall Islands Announces Digital Currency
The Marshall Islands, an independent democratic nation since 1979, has used the US dollar as money. They announced on September 4 that they will be issuing a sovereign currency in digital form using blockchain technology. Called the Marshallese sovereign, they will use this along with the USD. This decision was based on the security, stability, and international acceptability of blockchain-based digital currency. Without the need for a central bank, there is no need to print and process paper money. David Paul, Minister In-Assistance to the President and Environment, Marshall Islands said, “It may seem surprising that the Republic of the Marshall Islands would be issuing a currency based on blockchain technology, but actually it’s just the opposite: the Marshallese people have lived with decentralized systems for hundreds of years. For us, a country of just over 50,000 people spread across more than 1,000 Pacific islands, centralized solutions aren’t just inefficient: they’re completely unworkable. Blockchain has given us the opportunity to finally acquire monetary independence in a way that reflects Marshallese values. We intend to grasp that opportunity, innovatively and responsibly.”
Twitter CEO Rejects Twitter Crypto Concept
CCN Markets reports that Jack Dorsey, Twitter CEO and well-documented fan of Bitcoin says he has no plans to launch a Twitter cryptocurrency, unlike Facebook’s Mark Zuckerberg who is facing virulent criticism for his Libra project. There has been a lot of speculation that Dorsey, a tech billionaire and owner of Bitcoin, might consider creating a Twitter-branded cryptocurrency of its own. Perhaps he’s waiting to see how the situation with Libra plays out, but for now, don’t look for a Twitter cryptocurrency project to come up.