$1 Billion Worth of Bitcoin Moved For Less Than a Cup of Coffee
Published Nick Chong
newsbtc.com
newsbtc.com
NewsBTC via newsbtc.com
As first spotted by Twitter user “Krisma,” a Bitcoin address recently moved 146,500 Bitcoin in a single transaction, which amounts to approximately $1 billion worth of value. As Yassine Elmandjra, the crypto-asset analyst at ARK Invest, wrote on Twitter in the wake of a previous billion-dollar Bitcoin transaction, “[this is a] beautiful display of Bitcoin as a trust-minimized global settlement system.”.
While this transaction accentuates the power of Bitcoin as a form of money, pundits in the industry aren’t too sure that the cryptocurrency is ready to become a globally-adopted currency in its current form. In an interview published last year, Jack Dorsey, CEO of Twitter and Square and one of the most prominent Bitcoin bulls, was quoted as saying that BTC isn’t “functional as a currency,” seemingly making reference to the base layer processing speed of seven transactions per second, which pales in comparison to the (centralized) PayPal, Visa, and so on.
While this transaction accentuates the power of Bitcoin as a form of money, pundits in the industry aren’t too sure that the cryptocurrency is ready to become a globally-adopted currency in its current form. In an interview published last year, Jack Dorsey, CEO of Twitter and Square and one of the most prominent Bitcoin bulls, was quoted as saying that BTC isn’t “functional as a currency,” seemingly making reference to the base layer processing speed of seven transactions per second, which pales in comparison to the (centralized) PayPal, Visa, and so on.
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