The Latest News - European Central Bakers Say Bitcoin Value Is Zero
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The latest in financial news: two European Central Bankers believe that the value of Bitcoin is zero, Nvidia exceeded their earning report this week, and is the future of infrastructure decentralized.
European Central Bankers Says Bitcoin Is Worthless
In recent weeks, two officials from the European Central Bank, Ulrich Bindseil and Jürgen Schaaf, have expressed their belief that Bitcoin holds no intrinsic value. Their argument revolves around Bitcoin's failure to achieve its original goal of becoming a decentralized currency, citing its comparatively sluggish transaction speeds, criminal use, and fraud. Its transaction speed is much slower in contrast to centralized entities like Visa and Mastercard. The officials have further contended that Bitcoin is frequently exploited for fraudulent activities. Criminals have always used the latest technology in schemes. They were able to counterfeit the US dollar for years but that didn’t prevent the people from using the US dollar. Technological advancements have only expanded criminals' capabilities over time. To avoid going down the rabbit hole that is all we will say about criminals using crypto. It is noteworthy that central bankers take a skeptical stance towards Bitcoin, despite its foundation on blockchain technology, which maintains a public ledger for transparent transaction verification.
Interestingly, the argument against Bitcoin coincides with a global trend among central banks exploring the implementation of Central Bank Digital Currencies (CBDCs). As previously discussed, CBDCs promise swift transactions and confirmations, surpassing current banking standards. Yet, they also grant governments greater control over money transfers, enabling them to monitor transactions effectively and even intervene to block or prevent specific financial activities. History has shown many examples when people or governments are given too much power.
Nvidia Surpasses Earnings Expectations
In the recent week, Nvidia unveiled its quarterly earnings report, revealing a substantial revenue of $22.1 billion, surpassing the anticipated figure of approximately $20.62 billion. This report was made public after the market closed on February 21, 2024. While Nvidia has consistently made headlines for its remarkable growth throughout the past year, the significance of graphic processing units (GPUs) has become increasingly evident. GPUs, instrumental in various applications such as gaming, cryptocurrency, and artificial intelligence (AI), are playing a pivotal role in shaping Nvidia's trajectory. The surge in Nvidia's sales and interest is closely tied to the expanding utilization of AI.
The integration of AI into diverse sectors, including call centers, data analysis, predictive modeling, and design, necessitates more robust AI models. Companies are turning to GPUs to facilitate the training and development of these advanced AI models. As AI continues to be incorporated into everyday activities and gain widespread adoption, the demand for GPUs for the creation and training of AI models is expected to rise correspondingly.
Is The Future Decentralized
Emerging within the crypto space is the concept of Decentralized Physical Infrastructure (DePIN), which involves distributing specific infrastructure among its users and participants in a decentralized manner. A standout example in this realm is the Helium project, renowned for its efforts to establish decentralized mobile and internet connections. Helium engages participants to operate nodes, contributing to the provision of internet or mobile services for users around the world.
Helium represents just one facet of the expanding landscape of DePIN projects. This business model capitalizes on the principles of decentralization and blockchain technology inherent in cryptocurrencies. It serves as a compelling demonstration that cryptocurrencies extend beyond mere financial applications, showcasing their versatility across various use cases. The comparison of DePIN projects to their centralized counterparts will be intriguing, especially in terms of operational costs, integration processes, and cybersecurity measures.
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