Crypto Updates: Bitcoin

Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

There have been a couple of noteworthy updates in the Crypto world we have to take a look at!

Bitcoin prices have hit an all time high of $68,530.34 as of November 9th (Bitcoin and Ethereum prices jump to new records). Despite the highly volatile nature of cryptocurrency and the fact we all know it is in fact a speculative investment, this massive increase demonstrates the major influence Cryptocurrency plays in the foregoing future. As Wilfred Daye the head of the trading platform Securitize Capital, states “Inflation is a major consideration for investors today, and the younger generation of investors often favours cryptocurrency as a hedge over gold. In fact, while gold has slid throughout the year, Bitcoin and Ethereum have more than doubled. Retail investors have played a major role in fuelling this shift and institutional investors are increasingly following suit. (Bitcoin price surges to record high of more than $68,000)

Another significant upward shift for Bitcoin has been the major upgrade that took place November 14th. This ‘game changing’ upgrade means that complex operations like ‘smart contracts’ can move smoothly. In this case, it is closer to competing cryptocurrency Ethereum.

Bitcoin underwent a major upgrade on 14 November enabling it to execute complex operations such as smart contracts more seamlessly.

The development, a first in four years, brings the oldest cryptocurrency in closer competition to Ethereum and could push it into mainstream finance!