Tales from the Crypt: 4 Cryptocurrency and Blockchain Stories That Hold a Mirror to Our Culture
Cryptocurrencies have been all over the news in recent years. From Bitcoin’s meteoric rise to new ICOs being announced every day, there’s no shortage of stories to talk about. However, some of these stories are more important than others; they hold a mirror to our culture and ask us how we want the future to be. We will explore 4 cryptocurrency and blockchain stories that we think are worth your time reading:
Cardano-based ADA coin rallies 150% in the last month
A digital token tied to the Cardano blockchain called ADA has become the third-largest virtual currency around the world. While other cryptocurrencies have been falling in the past few weeks, ADA defied a major price crash to rise to an all time high of $2.56. This drive in the value of Cardano-based ADA comes in anticipation of the “Alonzo” upgrade, which is scheduled to be released worldwide on Sept 12. The Alonzo upgrade plans to bring the smart contracts feature to the Cardano blockchain, making it one of the most legitimate players in the DeFi space. After Cordano introduces smart contracts, its prime rival becomes Ethereum, which continues to dominate the growing $100 billion decentralized finance sector.
Iran brings back cryptocurrency to the mainstream; China still adamant
Countries like Iran are softening their stance on adopting cryptocurrencies, while others like China stay adamant over their staunch rejection of blockchain technology. According to Iran’s state-owned company, Iran Power Generation, that’s responsible for power generation and distribution, the ban on cryptocurrencies in the nation will be lifted on September 22. Reliable sources expect the country’s Ministry of Industries, Mining, and Trade to issue an official notice that undoes the restrictions placed on the trade and mining of cryptocurrencies. This will bring Iran back on the map amongst other countries that have made mining completely legal, reducing the global dependence on the US dollar.
Afghans turn to the volatile crypto markets for hedging their bets after the Taliban takeover
CNBC, in a report, explained how some Afghan citizens were turning to the crypto markets to protect their money after the Taliban took over the country’s resources and the government earlier this month. Following this, Bitcoin’s adoption in Afghanistan has shot up over the last month. Afghanistan is currently ranked 20th out of 154 countries featured in the Chainalysis 2021 Global Crypto Adoption Index. Many believe that this is a perfect test case for the decentralization and adoption of cryptocurrencies because of the hostile and strictly regulated environments in which this is being used in Afghanistan. Afghanistan still mostly operates as a cash economy, and safeguarding people’s money during this political turmoil in crypto markets acts as a stabilizer for many.
Galaxy Digital has partnered with Alerian to launch 8 new crypto indices
Galaxy Digital Holdings has teamed up with Alerian and S-Network Global to launch eight new crypto-focused indices. According to a spokesperson, these new indices offer exposure to public companies and select investment vehicles that are actively engaged in the crypto and blockchain sectors. These stakeholders include cryptocurrency miners, companies that institutionally hold crypto, tech developers that rely on crypto and blockchain researchers.
Steve Jruz, Partner and Head of Asset Management at Galaxy Digital, said, “Our goal is to continue to empower investors with seamless, institutional, and innovative access points to the emerging digital assets ecosystem.”