Nelson Mandela Golden Hands in Bitcoin Deal Whilst Wall St Parks Blockchain Projects

Today sees both Bitcoin and Ethereum still trading around $8k and $460 respectively – the same as yesterday morning with the market in general appearing to be relatively stable.

Thailand making crypto headlines again with the announcement of a startup aiming to raise some 900 million Bhat via an ICO. The social commerce venture intends to enable low value consumer transactions by essentially being an escrow service. Given the very positive moves by Thai regulators and banking officials recently regarding the crypto space, it will be interesting to see what happens with respect to rate of adoption by the public and the platforms subsequent use.

Major financial institutions on Wall Street have apparently been abandoning early blockchain projects according to a report by Reuters. Works created based on blockchain by the likes of Depository Trust & Clearing Corporation (DTCC), BNP Paribas SA and SIX Group have all shelved earlier projects using the technology citing different reasons for the decisions ranging from costs to the industry not being ready or suitably equipped. Reading between the lines however, it sounds more akin to “trying to run before they can walk” and poorly managed expectations. That, and possibly the fact that blockhain and distributed ledger technology is more than capable replacing significant volumes of staff across the financial sector.

Solid Gold castings of Nelson Mandela’s hands have been sold for $10 million USD worth of Bitcoin according to a press release from Canadian crypto company Arbitrade. The deal is for the Nelson Mandela Golden Hands Collection, made from 20 lbs., 99.999 of pure gold; it includes 3 life size impressions of Mandela’s hands and two others of his palm and fist. At today’s prices the gold alone is worth around $430,000 USD, which appropriates a large percentage of the sale price to the "art and celebrity" factor of the pieces which, at one point, the seller was unable to sell due to provenance and authentication issues after Mandela’s death. Arbitrade have stated the purchase was driven with publicity in mind, stating the company is planning a global “Golden Hands of Nelson Mandela” educational tour.

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Created: Wednesday, March 28, 2018

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