Are Cryptocurrencies the Evolution of Money?

For many people, cryptocurrencies do not make sense, while for others they are considered the evolution of money.

So you are probably asking yourself, what is the future of cryptocurrencies? At this time, we really don’t believe anyone can really answer this question with certainty.

However, what we can answer is that Google Trends for cryptocurrencies overall are showing some unbelievable growth rates.

The growth rates for the main cryptocurrencies as presented by Google Trends are as follows:

Bitcoin: 300% Growth in Bitcoin related searches (year over year)
Ethereum: 1100% Growth in Ethereum related searches (year over year)
Litecoin: 1300% growth in litecoin related searches (year over year)
Dash: 500% growth in dash related searches (year over year)
Ripple: 2200% growth in Ripple related searches (year over year)

Interest, understanding and demand for cryptocurrencies are breaking new records every day, with the developed economies of the world showing the biggest growth rates.
XM article

Market Update

Sunday began with Bitcoin trading at just under $7,800 and kept trading at that price for most of the day. At 17:15 (UTC), the Bitcoin price jumped above $7,900 in a 15-minute trading period. The swell turned to a spike which ended with Bitcoin striking the $8,100 levels at 18:15, a new all-time high for the cryptocurrency.

At the time of writing, the Bitcoin price is sitting at $8,049, representing a gain of 4% in the last 24 hours. With more than $560 M worth of BTC were exchanged in the BTC/USD market, representing a 24.5% share of daily volume, second to the JPY at 58%.

Currently sitting at $357.22, the Ethereum price has dropped 1% in the last 24 hours. Over $170M worth of Ether were exchanged in the past 24 hours on the ETH/USD pair which has a 28% market share of the daily trading volume.

Coinbase Custody Targets $10 Billion in Institutional Funds for Bitcoin Investment

Last Thursday, Coinbase CEO, Brian Armstrong, officially introduced Coinbase Custody, a platform targeted at institutional investors. The new product is intended to be ultra-secure. According to Armstrong, Coinbase currently holds $9 billion in user funds in various cryptocurrencies including Bitcoin. Coinbase Custody is exclusively for institutional investors with at least $10 mln on deposit.

Armstrong further emphasized that the finance market currently has over $10 billion in institutional money that has been sitting on the sidelines. Coinbase believes these investors want to purchase digital currency but have been waiting for a safe way to buy and hold it. Armstrong wrote:

“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets (including family offices, sovereign wealth funds, traditional hedge funds, and more). By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today.”

European Central Bank Considering Bitcoin Regulation

According to Reuters, the European Central Bank (ECB) is considering regulating the use of cryptocurrencies. Governing council member Ewald Nowotny commented:

“We’re asking ourselves if legislators or central banks should intervene, as happened in China where they banned (the use of cryptocurrencies) because they consider them fraudulent.”

Ethereum Could Soon Launch Its First Casper Testnet

During a core developer meeting last week, Ethereum founder Vitalik Buterin said that not only is Casper ready to be tested, but that it could provide a security boost when testing code across clients.

And while Casper itself isn't ready for widespread adoption, let alone integration on the main Ethereum chain, it might be the prime time to start testing it out, some suggested in the meeting. Developer Peter Szilagyi stated:

"If we realistically want to roll out Casper in whatever hard fork, then eventually people need to start implementing it."

Mark Karpeles Floats Token Sale to Revive Mt Gox

In a blog post published last week, Mark Karpeles detailed possible avenues for reviving Mt Gox, the once-dominant Japanese Bitcoin exchange that collapsed amid allegations of fraud and mismanagement in early 2014. Hundreds of millions of dollars worth of Bitcoin were feared lost, though ultimately 202,000 BTC were retained as assets, under the custody of a trustee.

One possible avenue around the issue: reviving Mt Gox, with a price tag of $245 million. This could be accomplished either through a recapitalization by way of an equity sale or an ICO, according to Karpeles. He wrote:

"Launch an ICO to raise money to hypothetically revive MtGox. This sounds more challenging, both legally and because there is no guarantee of raising enough to revive MtGox. In case there is not enough raised it could still be locked to be distributed to creditors, which would be better than nothing."

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