Fed President Talks Up Blockchain; Bitcoin Spikes

Bitcoin

Yeah, bitcoin is now above $1700 and may be higher tomorrow (or lower), BUT it seems that the Fed’s Minneapolis Bank President Neel Kashkari has recently said some friendly things about blockchain technology and the ‘coin’. We at FintekNews have been “all over” touting bitcoin for a long time so it is not surprising to see acceptance growing. Remember, a lot of tech types and bitcoin proponents are in the new Presidential administration. Just saying.
(Bill Taylor/CEO)

“Bitcoin jumped Tuesday to a fresh record above $1,700 after a Federal Reserve official talked up the potential of the blockchain technology that supports the digital currency.

Bitcoin rose more than 6 percent to hit an all-time high of $1,747.06, according to CoinDesk. Prices then gave up some gains.

“I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself,” Minneapolis Federal Reserve Bank President Neel Kashkari said in a Reuters report. He was speaking at a technology conference in Minneapolis, Minnesota.

Blockchain is a record of transactions and historical value categorized into blocks by a network of computers. The technology has spurred the recent creation of other digital currencies.

“I think sentiment has shifted in the markets, in the Fed,” Kashkari also said in the report…”

Source: CNBC