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Bitcoin price LIVE: BTC climbs back above $9k as British MP's debate crypto 'fad'
Bitcoin price LIVE: BTC climbs back above $9k as British MP's debate crypto 'fad'
BITCOIN has shrugged off yesterday's negativity to rise back above the $9k mark. Bitcoin started April down at $6,816, but started May at $9,067 - a rise of $2,251 making it the best month of 2018 for crypto.
Bitcoin price live: April was BTC's best month of 2018
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British MPs told blockchain has ‘very little obvious benefit'
Hello and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
is currently up on the day at $9,148, a rise of $81 on the day so far.
Yesterday marked the start of the UK's executive inquiry into cryptocurrencies and the technology behind them.
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BITCOIN LATEST: MPs told blockchain has ‘very little obvious benefit to society’
The MPs will cover the role of digital currencies in the UK, including the impact on consumers and businesses.
There was a good balance of positivity and cynicism in the room with Ryan Zagone, director of regulatory relations at Ripple, told the debate that although “there’s a lot of hype around the technology right now” blockchain allows us to “validate, store and synchronise information across many different parties more securely and efficiently than we have done before”.
However, Martin Walker, director of the Centre for Evidence Based Management, argued much of the hype around the technology emerged from a “list” circulated on social media and copied from “consultancy paper to consultancy paper”.
He said: "In terms of demonstrable benefits there’s a big problem in the blockchain world with confusing 'could' for 'is.'
"All that it takes to make a credible idea into a fad is people just switch off their brains and stop thinking. Over 20 years in and around the banking industry — blockchain is a fad but I have seen many fads in my career."
Nick Cawley, analyst at financial markets news and analysis site DailyFX, told Express.co.uk that when in comes to crypto, a lot of firms are "readying themselves for the next step."
He said: "I’m not sure if institutions have been hostile towards the cryptocurrency space; hesitant maybe, cautious definitely. It will take regulatory oversight to really unleash the next wave of cryptocurrency adoption by financial institutions, giving them the credibility and security most institutions demand.
"I would imagine that most of these companies are already looking at the cryptocurrency space – no one wants to be left behind or find themselves unprepared on this asset class - and are readying themselves for the next step.
"However, being fully prepared and actually investing in or trading cryptocurrencies is a different matter and financial markets should not run ahead of themselves in anticipation."
Bitcoin has now fallen on the day so far, down $0.76 to $9,069.
Blockchain, blockchain, blockchain. Blockchain, blockchain, blockchain.
Bitcoin hasn't really moved today with the price flat at $9,161.
Ethereum is up at $680 on the day so far with Ripple at $0.85.
As British MPs debate the potential future use of blockchain for the Bank of England, here's the latest smash hit from DRJACKSON 360.
The song's lyrics suggest that DRJACKSON is a fan of distributed ledger technology.
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