Here’s what’s been happening in the crypto world over the past 7 days.

Cryptocurrency Community and Adoption News

Crypto and China

China pretty much has a love-hate relationship with cryptocurrency. The country is a bit more blockchain-friendly though. Therefore, the mainstream media has been primarily focused on the technology behind Bitcoin, rather than Bitcoin itself.

However, this Monday, the Chinese state news agency Xinhua published an article about the first cryptocurrency. Titled Bitcoin: The first successful application of blockchain technology, the article “marks a significant change in policy towards the cryptocurrency,” according to Decrypt.

Moreover, the Chinese e-commerce giant Alibaba announced its partnership with Lolli, a crypto rewards app. However, since China’s central bank has not authorised cryptocurrency trading yet, Lolli’s Bitcoin rewards are, at least for now, not available for Chinese citizens. This opportunity is actually more for Chinese-Americans, foreign students or travellers.

“This partnership is a great first step to connect the two largest economies, China and the US, through bitcoin and commerce. The opportunity is available for US users only for now but we plan to expand internationally soon, letting everyone in the world easily earn and own bitcoin,” Aubrey Strobel, Lolli’s head of communications, told CoinDesk.

Australian Retirees Considering Bitcoin

According to a recent report, more Aussies in their mid-sixties are starting to consider Bitcoin as a retirement investment. Popular Bitcoin bull, Anthony Pompliano, also thinks that Bitcoin is the solution for the pension problem in the US.

Crypto Jobs on the Rise

A recently-published report states that employer demand for tech roles related to bitcoin, blockchain and cryptocurrency has skyrocketed in the last four years. In fact, between September 2015 and September 2019, the share of these jobs per million grew by 1,457%. The exact tech roles that are in high demand are software engineer, software architect, full-stack developer, as well as front-end developer.

Booking Airplane Tickets with Crypto

Cryptocurrency payment solution Utrust announced yesterday their partnership with the online flight search platform Alternative Airlines. Thanks to the partnership, Alternative Airlines’ customers can now book a flight offered by over 600 airlines – and, of course, pay with crypto. Supported cryptocurrencies include Bitcoin, Ethereum, DASH, DigiByte, as well as Utrust’s own UTK.

Switzerland Gets a Crypto Bank

Cryptocurrency bank SEBA, which launched in April 2018, and received a banking license in August 2019, is now fully operational. According to The Block, Switzerland-based crypto bank said that “Swiss clients, including corporates, asset managers and professional private investors, can now open an account with it.”

Paris Gets a Blockchain Venture Studio

This Tuesday, a new incubator focused on blockchain projects, opened in Paris. According to their website, The Garage is “a venture studio designed to build an infrastructure, ecosystem and practices that enable a decentralized world.” In exchange for 5% equity, The Garage provides education, services and infrastructure to its entrepreneur members.

Australia Gets Another Bitcoin Fund

Yesterday, an Australian blockchain company, DigitalX, announced the launch of its Bitcoin Fund. In order to allow investors to gain exposure to Bitcoin without the “administrative burden” and via “a low-cost and familiar vehicle”, the fund will be available through an unlisted fund structure. The Fund is aimed at family offices and high net worth individuals.

Regulation News

Ukrainians Required to Disclose How Much Crypto They Own

Starting next year, citizens of Ukraine will need to disclose how much cryptocurrency, both they as well as their family, own. As Coinnounce reports, citizens feel that this new amendment to the Corruption Prevention Law is a bit confusing as there is no definition of cryptocurrency in the legal framework of the country.

UAE Getting Ready to Explore Crypto

The United Arab Emirates’ financial regulators have recently started drafting regulations for the implementation and use of crypto. According to Nigel Green, the founder of the DeVere Group, the UAE is at the forefront of crypto adoption. “The demand for cryptocurrencies and digital assets is set to accelerate rapidly in the near future in the UAE and other GCC countries, as global trading volumes for crypto assets continue to soar,” he wrote.

Melbourne Man Arrested for Running An Unregistered Crypto Exchange

Partnering with the AUSTRAC for the investigation, the Victoria police was able to catch a man who was allegedly involved in running an unregistered cryptocurrency exchange.

According to the Tuesday’s media release, police seized a “substantial quantity of cash and false identification documents”, as well as a crypto ATM from a shopping centre in Braybrook. The man is currently under investigation for two Commonwealth offences.

Crypto Market

For the past seven days, the price of Bitcoin ranged between around US$9,352 and US$8,815. Compared to last Thursday, Bitcoin price is down for about 5%.

coincheckup.com - Bitcoin price Nov 7-14
Source: coincheckup.com

However, according to a crypto analyst, Marius Landman, this is normal. He believes that, in order to reach US$1 million, Bitcoin first needs to go through “super hyper inflation”. Since Bitcoin is basically protected from inflation, what Landman is referring to is a major Bitcoin price drop.

The industry veteran, Bobby Lee, also predicts Bitcoin will eventually be worth US$1 million.

On the other hand, Tim Draper still believes that, in the next three or four years, Bitcoin will hit US$250,000.

We closed the day, November 13 at a price of US$8,736 (~ AU$12,779 / £6,801).