The Crypto Weekly – October 18th, 2019
<Bad News for Telegram and Facebook is Positive for Bitcoin>
Global companies trying to issue digital money are facing an increase in regulatory pressure. Telegram, which raised USD 1.7b through its ICO, hoped to enable mass adoption with its 300 million plus users. The US SEC, however, sued Telegram for attempting to launch TON, which was scheduled for late October, and is now delayed until April of next year. Facebook’s Libra is also having a hard time with its partners. The Financial Stability Board (FSB) told the G20 financial authorities that crypto assets are harmless and innovative but that global stable coins may threaten financial stability. Global companies are having a hard time releasing digital money because they are not able to escape the effects of political interests and regulations. We believe that this situation is good for Bitcoin, which includes: 1) the absence of a legal entity to hold legal liability (such as Satoshi Nakamoto’s); 2) a decentralized global network; 3) political and commercial neutrality. Without any intervention, Bitcoin’s hashrate is going beyond 100 TH / S and network security is higher than ever.
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