Bitcoin falls back below $4k today as Venezuela increases petro prices. Interviews find crypto to be a hot topic among mainstream financial traders, while GM files a blockchain patent. Ohio also reveals its plans for blockchain investment. Catch up on today’s action.
Maduro Raises The Price Of ‘El Petro’ Despite No Functioning Wallet
Venezuela made headlines once again as its president (Nicolas Maduro) recently ordered a price increase for the Petro. Venezuela’s government runs the Petro cryptocurrency.
Last Thursday, Maduro “ordered that the price of one petro be increased from 3,600 sovereign bolivars to 9,000″, reported Crypto Insider.
Venezuela also recently raised wages again, this time by 150%. This marks the sixth payment increase for this year alone.
To make matters worse, the Petro wallet reportedly does not function. The crypto asset also apparently lacks normal market activity and price discovery.
Crypto Still A Hot Topic Among Mainstream Traders
After a tough year in the crypto markets, it would make sense to conclude waning interest. However, mainstream traditional financial traders reportedly cannot get enough of the action in crypto.
Abacus Journal recently interviewed a few of Morgan Stanley’s traders on their feelings about crypto.
One of the traders talks about the prospect of more involvement in the crypto space – “[t]he volatility in Bitcoin alone would be better than sex for us! Movements of 10%-20% over the course of 24 hours. Huge!”
GM Patent Touts Blockchain As Data Solution For Self-Driving Cars
Vehicle giant GM recently applied for a patent involving blockchain. The patent includes technology for cars to drive themselves, using blockchain for data storage in the process.
The patent describes a “method and system using a blockchain database for data exchange between vehicles and entities”.
“Sharing data between different independent platforms is also proposed in the filing”, reported CoinDesk today.
The technology would apply to data storage and access for information such as permits, licenses, and ticket information, for example.
Ohio: Seven Funds Plan $300 Million Investment For Blockchain Startups Through 2021
The state of Ohio made crypto headlines once again today. Over the next several years, certain organizations in Ohio plan to invest more than $300 million into startup blockchain companies.
Ray Leach – CEO for the JumpStart nonprofit organization, relayed these blockchain investments would go toward solutions for things like government blockchain incorporation, and possibly welfare involvement, among others.
Ohio also made a big announcement last week with its plans of accepting Bitcoin for tax purposes.
Crypto Assets See Losses Across The Board As BTC Falls Below $4000
Over the past 24 hours, BTC has fallen from about $4135, down to $3846, finding slight support there for the time being.
“monthly losses are at a stark 39.6 percent, according to Cointelegraph’s Bitcoin Price Index“, reported CoinTelegraph today.