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Bitcoin (BTC), Blockchain, Cryptocurrency-Despite the decline in coin prices that characterized most of 2018, the city of New York did not avoid support for Bitcoin and the technology behind cryptocurrency.
Even in the midst of a bear market, with Bitcoin slipping below $ 4,000 and down 70% from its all-time high in December 2017, investors have reason to pick up the news that New York has gone through with 39. Opening of the Blockchain Center on Thursday, 10 January. While most industry enthusiasts would prefer more encouraging news from the global financial capital, New York has taken the big step in cryptocurrency by approving blockchain and doing its part to promote innovation in space, a technology that they hope will lead to kingdom of banks and fintech.
Second Bloomberg, the New York City Economic Development Corporation said the Blockchain Center opening in Manhattan is "part of a partnership with the affiliates of the venture capital fund Future / Perfect Ventures and the Global Blockchain Business Council, a & rsquo; ". Furthermore, the establishment of the new Blockchain Center has many speculated that the city will try to integrate the technology in a broader context by the end of the year, potentially following other US regions in allowing blockchain for online voting .
Bloomberg points out that the decision to open the Blockchain Center comes at a difficult time for the cryptocurrency, with numerous start-ups in the sector reporting serious layoffs and cuts in the middle of the current bear market until 2019. While Bitcoin managed to overcome the somehow the rest of the market, with the price of BTC dropped by 70% compared to ninety percent or greater losses of the altcoin market, the decline in the price of encryption has transformed much of the foreign market at a disadvantage compared to the blockchain and its derivatives.
However, despite the prices of depressed currencies, the adoption of blockchain and crypto continued to grow in 2018, with many larger companies on the scale of IBM and Walmart developing and integrating the technology. While investors saw their portfolios shrink in response to the fall in market capitalization, they found reasons to look to 2019 and beyond through a positive goal with the industry's growth in the grass.
Ana Arino, chief strategy officer at the New York Economic Development Corporation, reported in a telephone interview with Bloomberg that while their company is interested in promoting the value of the blockchain in contemporary terms, they are looking to future growth to support the their company.
"We are playing the long game, it is a nascent technology, so it is inevitable uncertainty about this evolution from year to year, even if we do not know what the future holds, we want to be sure to have a seat at the table to shape it".
The city of New York has also played its part in promoting blockchain and the opening of the new center, with an initial investment of $ 100,000. Going forward, the center will try to raise funds through membership fees and corporate interests. Bloomberg reports that Microsoft and IBM are already included among Blockchain Center partners.
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