In the past few months the world was shocked to hear that social media giant Facebook was entering the crypto markets with the release of their cryptocurrency dubbed Libra. Although Libra has been met with mixed opinions from both those within the crypto community and those outside of it, many analysts do believe it will ultimately help the markets.
Additionally, the Libra hype also led to a significant amount of speculation about other major companies releasing similar crypto-themed products, but e-commerce giant Amazon is now squashing these rumors, boldly stating that they don’t deal in speculative technologies.
Amazon Gives a Hard Pass to Crypto Products… For Now…
Many analysts in the crypto industry believed that Amazon would closely follow Facebook with releasing a crypto of their own, and this belief was primarily rooted in the company’s “Amazon Managed Blockchain” product through their web services initiative, which seemed to signal an interest in distributed ledger technology.
Despite this, the vice president of Amazon Pay, Patrick Gaulthier, recently threw a wet towel on these rumors, saying during Fortune’s Brainstorm Finance 2019 event that now is not the right time to focus on utilizing speculative technologies like cryptocurrency.
“It’s fresh, it’s speculative; at Amazon, we don’t really deal with the speculative, [we deal] in the now,” he noted while responding to a question about Libra.
Although for now the Amazon crypto rumors have been put to an end, that doesn’t mean that Amazon won’t ever introduce a product, as Gaulthier said that he would be “happy” to discuss this type of tech further in two or three years.
“At Amazon, we deal with data a lot, so I’ll be happy to have that conversation two or three years from now,” he later said.
If Libra is Successful, Will Other Companies Follow Facebook’s Lead?
Although we likely won’t know for certain whether Libra is met with wild success until it launches in mid-2020, it does already have a plethora of noteworthy partners that clearly see some merit in its purpose.
In the past week, several large financial institutions have offered bullish analyses of Libra, with Bank of America noting that Libra will make a good addition to Facebook’s e-commerce initiatives.
“With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem… We see the launch as an important initiative for the company as it builds out a more private messaging ecosystem with eCommerce capabilities,” they said.
Assuming their assessment is accurate and it does begin significantly enhancing Facebook’s ecosystem, then it is likely that other large companies, like Amazon, that are currently hesitant to adopt this type of technology will begin entering the markets.
Why the Cryptocurrency Bubble is Reminiscent of Hodling Amazon Stock: CoinShares CSO
What a difference a few weeks can make.
Just 21 days ago, the bitcoin price was trading above $8,400, riding what appeared to many to be the first wave of a new bull market. The bottom, the analysts said, was in.
Now, midway through August, bitcoin is fighting just to hold above $6,000. The altcoin markets, meanwhile, have been pummeled to a pulp. The ethereum price is down 18 percent for the day and double that for the week, while the ripple price has now plunged 93 percent from its all-time high.
Speaking with CNBC, Meltem Demirors, chief strategy officer at U.K. cryptocurrency investment firm CoinShares, attributed the sell-off in part to the difficulty that the industry is having presenting a consistent, attractive narrative to investors.
“Really the only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actually utilization look like? That’s the struggle for crypto right now.”
Concurrently, the bear market has presented blockchain startups funded through initial coin offerings (ICOs) with a difficult choice: sell their assets now to preserve whatever runway they have left, or continue to hodl indefinitely in the hope that the market will finally turn a corner.
“What we’re seeing now is that a lot of these ICOs that have raised capital have done so using ether or bitcoin. When the price was $1,200, everyone was feeling really good. They had a long capital runway. Now the price is at $300, they’re not feeling so great,” she said. “I think this is really what our ecosystem is struggling with. How do we allocate out of ETH and into other assets that preserve value long-term, and what should those assets be?”
Demirors compared the fluctuating valuations that bitcoin and ethereum have seen with those experienced by revolutionary tech companies like Amazon, Microsoft, and Intel at the turn of the millennium, explaining that many investors in these companies were forced to wait a decade or more to see the value of their investments break even following the dotcom bubble. Patient investors, however, were richly rewarded.
“New technologies that shift the paradigm take a long time to really understand. I think what we saw in crypto is we saw this massive run-up, where everyone got FOMO,” she said, “and what it caused is the speculative bubble…. But all of that capital is now getting deployed into building real businesses that serve a real purpose.”
Bitcoin (BTC/USD) forecast and analysis on July 31, 2018
Cryptocurrency Bitcoin (BTC/USD) is trading at 8214.99. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 7900.00 is expected, from which one should expect an attempt to continue growth and further development of an upward trend with a target near the level of 9120.00.
Bitcoin (BTC/USD) forecast and analysis on July 31, 2018
The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 7880.00. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 7520.00, indicating a change in the bearish trend for BTC/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
Digibyte (DGB) now accepted in buying Amazon gift cards: Long-term prospects positive
It is increasingly clear that many crypto projects in the market today will not survive in the long-run. That’s because many of them have up this point been riding the bitcoin wave, and have no tangible developments going on. Others are just too ambitious and are trying to solve problems that may not necessarily need blockchain technology. We are at a point where most projects just throw around the word blockchain, while trying to solve problems that are utopian at best. Then there are the well-known ones that along the way have lost steam, and a sense of direction. That’s why as an investor looking to invest in crypto at this point, it is best to go for projects that have a real utility, and some solid tech behind them. One such blockchain is Digibyte (DGB).
Digibyte (DGB) is one of the highest potential blockchains in the market, but also one of the most underrated. This is mainly because Digibyte was always focused on the technical aspects of the project, with minimal focus on marketing. However, after the launch of the Digibyte awareness team, things are looking up. More exchanges are listing Digibyte and businesses are adopting it. One of the latest cases of adoption of Digibyte is in purchasing Amazon gift cards. As per the bookcoin website, it is now possible to buy Amazon gift cards with Digibyte (DGB). This is a big deal because it points to a future where Amazon could possibly adopt Digibyte (DGB) as a payment method. Most of the cryptos in the market today are all hoping for adoption by a major organization such as Amazon. Therefore, if Digibyte were to be adopted by such a company, it could literally take this crypto to the moon. Besides, it could open the doors for other major businesses to adopt Digibyte (DGB) as a payment method, further adding to the intrinsic value of this crypto.
From a tech perspective, Digibyte is one of the best cryptos in the market. It has been in the works for four years, and everything about it is perfect. For instance, Digibyte is one of the most secure cryptos in the market. It is almost impossible to attack Digibyte in the similar manner as happened to Verge (XVG) or Bitcoin Gold. It is also one of the fastest cryptos in the market when compared to bitcoin, Litecoin and many other top 10 cryptos. Given that transaction speeds are a factor in the applicability of crypto in real-world business usage, it then follows that Digibyte’s long-term prospects are quite good, as blockchain technology continues to gain a foothold in business.
That’s why in a scenario where a good number of cryptos fall off the map for lack of utility, Digibyte (DGB) would be one of the projects that would reap big. That’s because in an altcoin apocalypse, investors would pivot towards more liquid and stable coins such as bitcoin (BTC) and a few large and trustworthy altcoins. The future of Digibyte (DGB) looks great.