It’s clear that traditional media isn’t the greatest fan of cryptocurrency, frequently launching sensationalized reports that need page views more than they do realities. That being stated, the Wall Street Journal (WSJ) is now a part of the cryptocurrency market after developing their own crypto– called the WSJCoin.
The U.S.-based news outlet started the journey to produce their own cryptocurrency in order to, as they put it, to much better “comprehend what drives the wild cryptocurrency market– the innovation, buzz and development, integrated with the hacking, market adjustment and increased policy …”
The WSJ’s journey initially started in Japan, a hotbed for cryptocurrency and blockchain development, where the group of reporters discovered a blockchain start-up and worked with among their developers to compose some code making up the structure of a cryptocurrency, and easily, the WSJCoin was born.
Regardless of looking like a simple procedure, the problem is not in developing a cryptocurrency, however rather in developing one that is useful and marketed all right to draw the attention of financiers and exchanges. Without interest from these 2 celebrations, the cryptocurrency is absolutely nothing more than squandered code.
In order to include usefulness to the freshly established WSJCoin, the group travelled through the halls of the Japanese crypto neighborhood, looking for organisations or services that would accept their virtual currency as a type of payment (although it is uncertain regarding why anybody would accept an illiquid cryptocurrency as a type of payment).
Regardless of the truth that no sane individual would accept their cryptocurrency as a type of payment due to its absence of worth and liquidity, the group of reporters associate the absence of interest in their coin to decreasing interest in the market, stating “the mania has actually fizzled.”
Decrease in Cryptocurrency Interest is Based Upon Point Of View
Naturally, there is no rejecting that there exists a basic ridicule for cryptocurrencies among neophyte financiers who lost a substantial quantity of loan over the previous year due to the bull-run, bear-crash, market cycle. Regardless of this, evidence suggests that institutional, retail, and business interest in cryptocurrency and blockchain is at, or nearing, an all-time high.
One such example of institutional interest can be the opening and success of the cryptocurrency futures market, particularly the Cboe Bitcoin Futures market, and the future Cboe Ethereum futures market, that is opening through a collaboration with Cboe and TD Ameritrade.
The opening and trade volume of futures markets likewise increase the possibility of the approval of a Bitcoin ETF, which might modify the trajectory of Bitcoin entirely by permitting an increase of retail and institutional funds.
The Wall Street Journal significantly keeps in mind that regardless of the reduced interest in crypto, individuals in Japan are still ambitiously screening and pursuing the innovation, consisting of a J-pop band called the “Virtual Currency Ladies,” and a university teacher who is establishing a digital currency that can be specifically utilized on and around the school.
Ivan Zasarsky, a Hong Kong-based partner at Deloittes’s monetary criminal activities system (FCU), optimistically informed the WSJ report that crypto is still in its infancy.
” There is still possible for considerable disturbance. This is just the very first centimeter in a kilometer race,” he stated.
Included image from Shutterstock.