BTC as a legal tender, becoming the first-ever country to do so.

BTC as a legal tender, becoming the first-ever country to do so.

How Did BTC Become Legal Tender?

How Did BTC Become Legal Tender?

UK Investor Who Lost a Million Still Has Faith in Bitcoin

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It’s a familiar story, but it still hurts for those who have had the same experience as investor Peter McCormack who lost $1 million in the recent bear market. But he has faith.

McCormack claims that he got himself too “caught up in the hype’ during the buoyant and heady cryptocurrency market in 2017. The ex-London advertising agency manager decided that after losing his job in 2016 he’d try investing GBP 5000 (USD 6,400) in Bitcoin.

By the spring of 2017 his modest BTC investment with some extra purchases swelled to $300,000 and like many other investors at this time decided that he was in for the long ride. What happened next in the market is history, of course.

By the end of the year, his portfolio was worth GBP 1.2 million but crashed in January of 2018 wiping out his investments, having traveled and splurged money on dining out, travel, and extravagant family gifts, meanwhile dipping into his BTC throughout 2017.

“I wish I had taken everything out before the bubble burst, I have earned money in the past through hard work and enjoyed it more,” he reflected, adding “Much of my spending was quite frivolous.”

Today McCormack still podcasts and is surprisingly upbeat about Bitcoin, but warns others to be more careful with their money than he was. To him, cryptocurrency remains a “force for good” despite his up and down relationship with the market, particularly, in some undeveloped or war-torn countries where bitcoin and other digital currencies are empowering communities and minorities, he argues.

New Blockchain Center Backed by Microsoft and IBM Opens in New York City

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A long-lasting bearish trend that holds its grip over the crypto-market does not seem to scare away the technology major fans. Thus the NYC Economic Development Corp. backed by IBM and Microsoft is opening a new business centre devoted to the blockchain.



Some may say that the time of Bitcoin and other top cryptocurrencies has passed. The crypto-market is shattering under an onslaught of major price swings and ubiquitous capital outflow. Lots of crypto-startups that stemmed from a vivid dream of widespread Bitcoin adoption are forced to shut down their offices and downshift their personnel. The newspapers frequently use a term Crypto Winter to describe a current trend rolling out in the industry.

Nevertheless, while digital assets empowered by the blockchain technology are undergoing hard times, the technology itself is almost at the peak. Blockchain-based systems of a distributed digital ledger are successfully implemented in many first-class companies including American retail giant Walmart Inc. Moreover, the blockchain technology has been a keynote address of large tech companies like Blue Big and Microsoft Corp. that have been exploiting the technology to test numerous user applications.

No wonder that while naysayers get sharp and vocal in their claims of crypto-frenzy, some companies stay loyal to the blockchain technology and consider a nascent decline as an explicit opportunity.

Blockchain Centre

For example, the NYC Economic Development Corp. refuses to drive the last nail in the coffin of cryptos and the blockchain saying that the market plunge is temporary and it is very common for such a robust technology. As a part of a partnership with affiliates of venture-capital fund Future\Perfect Ventures and the Global Blockchain Business Council, the corporation does not think of better time to build a brand-new Blockchain Centre located in downtown Manhattan.

The EDC spokesman commented on the opening saying that the corporation is playing a long game and it is not going to give up on the blockchain. The chief strategy officer at the EDC, Ana Arino was cited as saying: “While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”

The location chosen for Blockchain Centre is quite trendy. The Flatiron district hosts many innovative tech companies and it is also called a New York alternative of Silicon Valley.

The 4,000-square-foot centre will offer everything from coding classes to lunch lectures for software developers to the general public. Tenants of the 12-story building include data aggregator Quovo Inc., startup investor Palm Drive Capital LLC and beauty services outfit Glamsquad Inc.

The city of New York is providing the one-time initial investment of $100,000. Further, the operators are expecting to raise funds via membership dues and corporate partnerships. It is worth mentioning that IBM and Microsoft Corp. have reportedly joined a list of the project’s strategic partners as Jalak Jobanputra, managing partner at Future\Perfect Ventures, reveals.

Speaking of the Blockchain Centre Jobanputra said: “This is a neutral spot, there’s no one platform or company that has undue influence over programming. What we want entrepreneurs to have is a choice.”

New York and the Blockchain
Being at the frontier of the financial world, New York is ready to embrace every initiative. The blockchain is no exception. According to Bloomberg, last year New York’s blockchain startups received more than $500 million in venture capital funding that is up 500% compared to the previous year. The same surge was observed at the job market offering more than 2,200 blockchain-related job postings.

Considering the sheer blockchain demand, the State of New York is officially launching a cryptocurrency task force in a genuine attempt to understand cryptocurrency markets and all their underlying blockchain technology.

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