Quantcast

Will Big Tech and Big Banks Conspire to Kill Bitcoin?

(Forbes) The bitcoin and cryptocurrency industry was spooked earlier this year by reports search giant Google had achieved so-called quantum supremacy, something that could potentially break bitcoin’s cryptography (but likely won’t).

Meanwhile, the bitcoin price has climbed this year, largely due to interest in bitcoin and crypto from the world’s biggest technology companies–with others, including the likes of iPhone-maker Apple and online retailer Amazon, branching out into traditional financial services.

Now, Google, in partnership with U.S. banking giant Citigroup, has said it’s planning to launch its own fully-fledged “smart checking” bank accounts via Google Pay–piling pressure on bitcoin developers to improve user experience and adoption or face redundancy.

Google’s planned bank account, code-named Cache and expected to allow users to add Google’s analytic tools to traditional banking products, is due to be launched sometime next year, alongside Facebook’s planned bitcoin rival, libra.

The move by Google follows the launch of Apple’s Goldman Sachs-backed credit card this last summer, ride-hailing app Uber’s offer of bank accounts and credit to its drivers, and Amazon’s plans to introduce personal accounts for its customers.

Bitcoin and other major cryptocurrencies have, meanwhile, struggled to attract new users and retail acceptance with price speculation still the biggest driver of bitcoin interest.

[Read more…]

TRENDING NOW

Who Is Experiencing the Most (and Least) Price Inflation?

(Economic Policy Journal) According to Bloomberg, low-income Americans are getting hit hardest by price increases as the economy starts to open up.

Armed Man Barricaded Inside Honolulu Hotel Room

(Associated Press) An armed man who barricaded himself inside a hotel room at a resort in Honolulu and fired shots through the...

Biden Sees ‘Win’ for US in Electric Vehicle Battery Deal

(Associated Press) Two big South Korean electric vehicle battery makers said Sunday they have settled a long-running trade dispute that will allow...

Marxist BLM Founder Spends Millions on High-End Homes

(Cassandra Fairbanks, Gateway Pundit) Black Lives Matter co-founder and self-described Marxist Patrisse Khan-Cullors has bought not just one, but four high-end homes,...

Feds Charge 3 More in Massive California Unemployment Fraud

(Associated Press) Federal prosecutors said Friday that they have charged three Southern California women with using prison inmates' names to bilk a...