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The Curious Case Of Jeff Bezos And Bitcoin Adoption

December 13, 2018

Binance CEO, Changpeng Zhao (CZ), jested on Twitter that the current crypto-winter can come to an end; and a bull run can start if and only if Amazon CEO Jeff Bezos considers crypto/bitcoin payments.

Crypto talk

The world’s largest crypto exchange’s CEO was engaged in banter with the crypto community on Twitter to explore the next likely trigger for bitcoin Bull Run so as to bring the sad November bear market to an end. One of the members suggested that the Binance Chief should himself buy up all bitcoin in circulation, thereby triggering the bull run. CZ responded,

“Easier to bring crypto to [Bezos]…Waiting for the day Amazon accepts (or issues) crypto,”

CZ had shared that “I get asked [what will trigger the next bull run] often, and honestly, I don’t know the answer, other than keep building.”

Last Bull run in 2017

The unexpected bull run in 2017 for bitcoin had been a game changer in the cryptosphere. The high prices of roughly $20,000 caught retail and professional investors by the horns since the year had opened with prices of $1,000 for a bitcoin. Thus, there was a spate of activity in 2018 on the hopes that the non-virtual currencies would head upwards further.

Instead, 2018 has thus far been a year of extreme disappointment in terms of bitcoin prices, with cryptocurrency market eventually ending in a bear market and prices ranging at $3,000 for a bitcoin.

After the initial few months, when bitcoin prices failed, then holders of this big coin as well as the multiple altcoins which were launched began to bail out.

The markets were in a storm of high volatility and investors were always caught on the back foot with several Initial Coin Offerings or ICOs defrauding the crypto curious investors. The result of the mayhem in cryptocurrency markets eventually compelled the governments to interfere and many countries began to adopt varying levels of control and monitoring standards in order to reign in illegal activities by using these anonymous and decentralized ledger currencies. Apart from frauds, there were a series of threats in some of the more prolific cryptomarkets such as South Korea and the United States leading to further mistrust by government regulators with regard to the use and adoption of cryptocurrencies.

Additionally, the ‘anonymity’ coupled with the security that these coins possessed that there were rampant instances of Money laundering leading to further censure by regional governments. However, the final trigger to the great fall in bitcoin prices by the month of November was the bitcoin fall out as the developers of the Free Software platform failed to agree on the next fork of the non-fiat.

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