Bitcoin This Week: Square’s Cash App Extends BTC Services, Bitcoin Adoption Years Away And More

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Today on Bitcoin This Week we comment on Square’s Cash App recent announcement of extending its Bitcoin services to all Americans, we discuss Coinbase CEO comments on why he thinks Bitcoin adoption is years away and much more.

Saudi Committee Leaves No Doubt About Bitcoin Status

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Saudi Arabia has reminded its citizens that trading in Bitcoin and other digital assets is expressly forbidden in the Kingdom, citing Bitcoin’s “high risk” and, what it terms as “negative consequences” for investors.

There were certainly negative consequences for investors this week, with Bitcoin falling back to within touching distance of its lowest 2018 price, before recovering on Wednesday.  The paternalistic Saudi government, meanwhile issued its warning through the “Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets” pronouncing it was doing so to protect its people from “get rich” schemes and the dangers of transferring funds to unknown recipients.  

Bitcoin Settling More Transactions Than Gold

Bitcoin, as everyone knows, has dropped in price considerably since the start of 2018.  It might surprise investors to learn, therefore, that in terms of settled transfers, the cryptocurrency is outpacing gold.

Nick Carter, a researcher at Coin Metrics, published statistics on Twitter comparing Gold settlement volume so far this year with Bitcoin.  He used the statistics of the London Bullion Market, stating that it represented at least 70% of all gold traded globally.  It would appear that the Gold market is likely to complete under $500 billion transfers this year. Bitcoin, however, has already transacted over $800 billion worth and is well on course to exceed one trillion dollars in settled transfers by the end of the year.

We Are Years Away From Bitcoin Adoption – Coinbase CEO

In crypto adoption terms, the world is roughly where it was with internet adoption back in 1998 according to Coinbase CEO Brian Armstrong.  Speaking to Forbes, Armstrong was bullish about cryptos chances of succeeding in countries that are experiencing turmoil, such as Venezuela and Turkey, but said that we were years away from being able to use Bitcoin and other cryptocurrencies on a day to day basis.

In Armstrong’s opinion, only around 10% of Bitcoin produced is used in real-world settings, citing video games as a specific use case where cryptocurrencies have seen a reasonable level of adoption.  

Square’s Cash App Now Offering Bitcoin To All Americans

Coinbase will see increased competition in the United States with the announcement this week that Square’s Cash App has extended its Bitcoin trading services nationwide.  It had previously only been available in some U.S. states.

Cash App allows users to send money easily through a simple cellphone app.  It received a license to offer Bitcoin services to New Yorkers in June, having recorded a positive response to its crypto services.  Unsurprisingly, the announcement that Square had expanded its services nationwide was made by tweet as Square CEO Jack Dorsey is the co-founder of Twitter.

Markets – Almost Rock Bottom For Bitcoin

There was some relief for Crypto markets on Wednesday after an early week meltdown sent the market spiraling downward.  Bitcoin was far from being the worst affected however, and by Wednesday had largely recouped the losses suffered in the previous couple of days.  But its value, even with this recovery, was almost $2000 down from late July.

On Sunday, Bitcoin opened at $6283, and closed up at $6322.  Monday saw a sharp decline when it hit $6225. But worse was to follow.  On Tuesday, the crypto market was in freefall, Bitcoin trading for under $6000 for the first time since late June, closing the day having recovered to just under $6200.  Wednesday was better, with a steady upward curve sending the coin towards $6500 around noon. To see current prices click here

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