Someone Dropped $172,000 On A Digital Cat Because Blockchain Mania Is Out Of Control
Welcome to BroBible’s regular roundup of the biggest news in the world of cryptocurrencies. We’ll be providing you with the biggest news and stories concerning Bitcoin and major altcoins to help you keep your finger on the pulse of the crypto market.
After a rally last week, some of the biggest cryptocurrencies fell off a cliff on Wednesday morning, with Bitcoin, Ethereum, Ripple, and Litecoin taking some heavy blows.
Here’s how the major coins and tokens are looking at noon today.
- Bitcoin (BTC): $7052.00 (down .12% in the past week)
- Ethereum (ETH): $260.77 (down 10.85% in the past week)
- Ripple (XRP): $.3084 (down 11.05% in the past week)
- Bitcoin Cash (BCH): $567.65 (up 1.65% in the past week)
- EOS: $5.85 (down 5% in the past week)
- Litecoin (LTC): $63.20 (up 1.7% in the past week)
- Tether (USDT): $1.00 (up .37% in the past week)
- IOTA: $.6445 (down 15.4% in the past week)
- Tron (TRX): $.023 (down 11.36% in the past week)
Someone Spent $172,000 On A Blockchain-Based Digital Cat Because Nothing Makes Sense Anymore
I can’t think of a better example to illustrate just how insane people are (or, depending on how you look at it, were) for blockchain better than the iced tea company that threw the buzzword into its name last year and saw its stock skyrocket as a result.
It’s safe to say the hype surrounding the technology has died down a bit— at least with the general public—since the bubble burst shortly after the company in question rebranded.
However, that didn’t stop one person from deciding to drop $172,000 on a blockchain-based digital cat called a “Cryptokitty” because there is no longer any rhyme or reason in this world.
According to CNET, Cryptokitties are the digital equivalent of trading cards, and some of the rarer ones have previously sold for over $100,000.
However, the cat in question was the equivalent of a Bellsprout, which makes the purchase practically inexplicable.
Maybe Satoshi just really likes fake cats.
A Bullish Expert Says There’s A 99% Chance Bitcoin Hits $10,000 By November
Bitcoin has been fairly stagnant since April rolled around, and while some analysts say it’s on the verge of another decline, there’s at least one expert who’s confident it’s only a matter of time until there’s a literal reversal of fortune.
Earlier this week, The Street spoke to Hermann Finnbjörnsson, the CEO of the blockchain-based company Svandis.
Despite its recent struggles, Finnbjörnsson seems to be very confident about Bitcoin’s performance in the short-term, saying:
“[There’s] less than a 1% chance in my mind that bitcoin won’t succeed. I think that there are a lot of reasons to be bullish on bitcoin. Banks are getting into bitcoin.”
He added that he thinks Bitcoin will reach $10,000 by November, and while I like his optimism, this seems like a Cold Take waiting to happen, especially since…
Goldman Sachs Is No Longer Getting Into Bitcoin
Banks might be getting into Bitcoin, but after careful consideration, it appears Goldman Sachs is staying out of the game (at least for now).
According to CoinDesk, Goldman has decided to shelve its plans to open up a crypto desk. Sources say they haven’t totally ruled out the idea but it’s no longer a priority for the company.
I’m sure Hermann Finnbjörnsson will be thrilled to hear this news.
A Canadian Ghost Town Is Going All In On Bitcoin
Ocean Falls is a Candian town situated in Middle of Nowhere, British Columbia with a population of 100 people that saw a mass exodus after the paper mill that powered the local economy shut down a few decades ago.
After falling into disrepair, the dam-powered factory was recently revitalized after an investor named Kevin Day help convert the mill into a Bitcoin mining farm a couple of years ago (back when the coin was trading at $400).
According to Financial Post, the company— creatively dubbed Ocean Falls Blockchain— took a hit (along with basically everyone else) when the crypto bubble burst.
However, Day seems confident in the long-term potential of a project that could serve as a model for other towns in a similar situation.
It’s either that or it goes down in flames and turns Ocean Falls back into a ghost town but I guess there’s no harm in trying.