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In Echo of Bitcoin's Genesis, Mining Pool Embeds Reuters Headline on the Blockchain
Slush Pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
Updated Sep 14, 2021, 10:37 a.m. Published Dec 3, 2020, 1:36 p.m.
A cryptocurrency mining pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
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- Slush Pool, which recorded block 659678 on the chain on Wednesday, included the headline: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” in one of the data fields.
- Reuters' article, juxtaposing ailing cash alongside the surging bitcoin cryptocurrency, is being seen as an echo of pseudonymous Bitcoin inventor Satoshi Nakamoto's famous inclusion in the cryptocurrency's genesis block.
- The very first block mined for bitcoin was embedded with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," in a presumed reflection of Satoshi's view on the risks of fractional-reserve banking.
- Bitcoin and the U.S. dollar have been moving in opposite directions since March this year, with USD today having hit its lowest value since April 2018.
- The dropping dollar and expectations of rising inflation as central banks undertake unprecedented money-supply boosting policies amid the pandemic are seen as a growing reason to adopt bitcoin as a hedge like gold.
- Amid this scenario, bitcoin reached a new record high of $19,920 on Dec. 1, helped along by listed firms starting to invest in the cryptocurrency as a treasury asset.
See also: First Mover: Bitcoin’s Failure to Break $20K Shows Big Investors Only Just Arriving
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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