Coinbase Announce Expansion into Japan, Microsoft Acquires GitHub & CNBC Statistical FUD
A slight dip in the cryptocurrency world overnight, the global cryptocurrency market cap down $12 billion to $333 billion, Bitcoin fell $156 to $7453 and Ethereum also taking a downward turn by $13 to $591. Some interesting announcements in the news over the past 24 hours, some more outrageous than others of course – but little of sufficient substance to keep the market suppressed.
Coinbase have announced the launch of their presence in Japan with fintech leader Nao Kitazawa at the helm of the operation as CEO. Nao has an impressive background in the fintech space having previously served as COO for Money Design, as an investment banker for Morgan Stanley managing mergers and acquisitions and has extensive experience handling legal cases for an international law firm. Currently Nao is also a board member of the Fintech Association of Japan. The announcement is perhaps a little early given Coinbase still need to complete their registration with the Japanese FSA – at which point they intend to provide their services fully translated into Japanese.
Coders around the world appear less than amused at the purchase of GitHub by Microsoft for $7.5 billion after reports from competitor GitLab showing a significant rise in new projects on their platform:
Along with an equally impressive rise in GitHub projects migrated to them from GitHub:
Whilst coders and developers might not be amused at Microsoft (in fairness very few devs are ever amused with Microsoft), the apparent mass-migration of code is likely more a knee-jerk reaction, although Microsoft are yet to detail in any depth what their long term plan is for the platform. As pointed out by Peter Bright at Ars Technica – Github desperately needed a buyer to continue what they’re doing – and there aren’t very many companies with the capital, the infrastructure, capacity, or knowledge to be able to pull that off. The only other real potential buyers might have been Amazon or Google – Amazon might have been a favourable choice in some respects, Google on the other hand I personally doubt were even in contention as potential buyers given their almost complete lack of presence in the blockchain code space and somewhat comical half-assed attempt recently to hire Ethereum co-founder Vitalik Buterin.
CNBC are rolling out more misleading FUD again with “selective data” – this time running the headline “Google searches for 'bitcoin' nosedive 75% this year as interest in struggling cryptocurrency wanes”. In the first instance, I’d hardly call anything with a $125+ billion market “struggling”. Aside from that, sure, if you only look at the data over such a short time span the statistic is accurate:
However, when you add some common sense and set the chart over the past 12 months – the search volume when compared to the price of Bitcoin we can see the last time the search volume matched the current volume (July 23rd 2017) Bitcoin was $2756 – as opposed to today's $7453.
If anything this illustrates the public are now more educated on the subject and no longer need to constantly Google it. The fact the price is vastly higher now for the same search volume suggests, if anything, adoption and understanding IS happening, and at a significant rate. It certainly doesn’t support the claim that interest is waning.
Finally, on the crazy side of the cryptocommunity – John McAfee has announced his intent to run as a US Presidential Candidate for 2020. Not his first attempt, and probably not his last, but nonetheless a timely announcement given his recent statements covering his creation of a somewhat confusing crypto-backed FIAT currency.
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Created: Tuesday, June 5, 2018
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