By Mainstream media often discredit & disrepute cryptocurrency. A reason for this is thought to be lack of understanding. Wall Street Journal (WSJ) has created their own cryptocurrency for this exact reason: to better understand…
WSJ is a news outlet based in the U.S. that has been around since 1889, who began a search to better understand the cryptocurrency market. In order to achieve this, they set out to create their own crypto – called WSJCoin.
How did WSJCoin come about?
A team of WSJ journalists LED by Steven Russolillo, found a blockchain startup in Japan, hired a programmer to write codes and Bam… WSJCoin came to exist.
However, creating a cryptocurrency that has value is a complex and challenging task. Interest from investors and exchanges needs to be generated, as without these parties the cryptocurrency is simply just valueless code.
The team of journalists, therefore, continued their investigation to find services or businesses that would accept WSJCoin as a payment means, pitching it t conferences despite the illiquidity of their cryptocurrency. Understandably, the journalists were unable to find businesses interested in their deal due to the lack of availability and value that their currency held. They did, however, succeed in purchasing two beers with the currency in Japan.
The journalists decided that the industry was deteriorating, and this deterioration was the reason for the non-existent interest in their coin. The WSJ, however, continues to test and peruse the technology, including a university professor developing a digital currency for on-campus use, and a J-pop band named ‘Virtual Currency Girls’.
Perspectives are Key when talking about cryptocurrencies
Due to the ups and downs of the market cycle, there are a number of newcomer investors around who lost big bucks over the past years, and a general distaste cryptocurrency exists amongst these individuals. However, despite this, a substantial amount of interest in blockchain and cryptocurrency seems to now be coming from retail, institutional and corporate bodies.
The opening and success of Cboe Bitcoin Futures can be one example of institutional interest in cryptocurrency. Cboe is joining forces with TD Ameritrade to open Cboa Ethereum futures market, said to be opening soon.
The likelihood of Bitcoin ETF being approved may also be positively influenced by the opening and trade volume of the futures market. This, in turn, could completely change the current path of Bitcoin, as an influx of institutional and retail funds could ensue.
A Hong Kong-based partner at Deloitte’s FCU (financial crimes unit), Ivan Zasarsky, commented that crypto is only just beginning. He was reported saying: “There is still potential for significant disruption. This is only the first centimetre in a kilometre race”.
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