This past week closed in the most dreadful way for cryptocurrency owners. Coincheck’s $400 million loss reminded everyone of the increased risk involved with trading these digital tokens. Despite a continue fall in prices through Friday, the market bounced back on the weekend. Crypto-coins, both brand name and altcoins, are finding more practice usage each day.
Dallas Mavericks’ owner Mark Cuban was one of the first this year to offer new life for turned-pessimist crypto-investors. The Texas-based basketball (NBA) franchise will host a cryptocurrency avenue where fans can purchase their tickets with tokens serving as valid tender. Cuban is one of technology’s more progressive thinkers, and his support offers plenty of hope moving forward.
When Dallas rolls out their starting five on week nights, they are promoting the faces of a $1.4 billion franchise (ninth in the league). However, the team fails in comparison to one of the world’s hottest companies, Starbucks. The international coffee sensation produces revenues of over $20 billion and holds assets of just under $15 billion.
Corporate chairman Howard Schultz pushed Captain Ahab’s chief mate into conversation late in the week following a statement with optimistic tones for cryptocurrency. Schultz, while keeping any potential claims at an arm’s length, mentioned the potential for this digital currency and the bright future it brings. Many investors leapt internally following his statement, and Schultz made it clear that while he sees tangible utility in the idea, but Bitcoin may not be the right coin for the job.
Two of the United States’ most recognizable companies have publicly praised the potential for cryptocurrency in both the short- and long-term future. Investors target the retail market as the ultimate goal for digital currency. An alternative to credit cards, customers would be able to transfer their own tokens at a lower rate than present third-party entities. Wall Street brokers struggle to back such a large mindset, but it is hardly necessary.
An Oakland house listing made its own headlines as the seller made the house available in exchange for cryptocurrency. The idea is not a new one. Bitcoin-RealEstate.com is an online listing with properties ranging from condominiums to bulk lot purchases, with prices between $50,000 and $6 million. Oakland’s current property may have been elevated by the lack of crypto-relevancy in the Bay Area. Should sales follow this procedure, the area would be forced to adapt to social trends.
The idea of trading for cryptocurrency is partially misleading. Buyers will agree on a flat US dollar price, then lock in an exchange rate for the token. With token prices shifting drastically, certain measures would need to be made. Most important, is that the crypto—market is displaying an ever-increasing amount of utility in everyday life. Whether investors will be able to stop in for a cup of coffee before work, or purchase their dream house, there is a bountiful parallel between opportunity and capability.