This afternoon BTC has crossed $15,000 mark and it has stayed above $15k for some time now. The uptick has halted just before reaching the $16k mark.
My conviction in Crypto is even stronger. To be very honest out of all the reasons for using crypto, the most I’m excited about is the application for large bank settlements. The short gist of it is with SWIFT, it takes up to 3 days to settle transactions. Blockchain protocols makes it more secure than current protocols and it’s quicker. For settlements, SWIFT also charges a fee to each party for the settlement. Blockchain based applications have the capability to reduce that fee as well on top of all the advantages that it provides. From what I know Ripple is already working on providing a solution to banks.
It’s only the beginning for now. More and more organizations are putting up their dollars in Bitcoin. Square recently put up $50M, accounting to 1% of Square’s asset, into Bitcoin. MicroStrategy, a business intelligence firm, also increased it’s Bitcoin holding to $425 million. If reports are to be believed, they are planning to increase their holdings.
Additionally, I truly believe investing in bitcoins is the only chance us millennial have to gain wealth just as how our parents did with Real Estates.
I’ve moved a little more of my BTC from hardware wallet to Blockfi which provides interest based savings wallet. I’ve also moved some of the altcoins to Celsius Network, not much on this though since I’m not too confident on Celsius.
Since I’m talking about Bitcoins, I’ll use this opportunity to give my crypto update. You can join Blockfi using my referral.
Please note that none of this should be taken as advice to buy. You should contact your financial advisor for such decisions if you’re unsure of it. I’m only sharing my thought process on this blog.