Coinbase Offers Cloud Back Up For Private Keys

The U.S. Cryptocurrency Exchange giant, Coinbase will offer services that will allow users to back up their private key recovery phrases on the cloud.

This was revealed via a blog-post by Siddarth Coelho-Prabhu.

Generally speaking, new features for cryptocurrency exchanges is always welcome, but it seems that the community is divided with this new features as some say it is a bad idea.

According the blog-post Coinbase Wallet users can back up encrypted version of their private key recovery phrases using Google Drive or iCloud.

The new feature is meant to be a safeguard for users.

This would mean that anyone that may have lost their device and was not able to store their 12-word recovery phrase will be able to gain access via the backup which is only accessible via Coinbase Wallet App.

Some in the crypto community criticize the move saying that it incentivizes hackers to attack Google Drive and iCloud.

Others say that users tend to forget complicated passwords or reuse passwords from other accounts.

However, it must be noted that the feature is optional.

Those who wants to use the feature are always welcome to use it.

Nasdaq To Start BTC And ETH Indices

The second largest stock exchange in the world, Nasdaq will start offering information on two crypto indices.

These are Bitcoin and Ethereum.

Starting this February 25, 2019, the said indices will be included on the exchange’s existing platform.

The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) will provide real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively.

They will be quoted in USD and will be based in the most liquid markets in the ecosystem.

The two indices work by getting data from multiple exchanges to provide a single price point for BTC and ETH that would help traders to take up position in the said digital assets.

According to Nasdaq, their methodology has been verified by independent auditors.

The move of Nasdaq is widely seen as an effort to introduce cryptocurrency to traditional stock market investors on Wall Street and elsewhere.

The inclusion of the indices could also be seen as a nod of approval from one of the most well respected institution in Wall Street.

California Governor Bullish On Blockchain

In a speech called “State of the State” the governor of California, Gavin Newsom shares his very positive views about emerging technologies such as Artificial Intelligence, Blockchain and Big Data.

He calls for a comprehensive statewide strategy to uplift and upskill workers to ensure that the aforementioned technology does not destroy jobs but create them.

He reveals the creation of a new Commission on California’s Workforce & Future of Work.

This will be a multi-sector organization that will include members from both the labor and business sector.

It will be tasked to develop innovative technologies that are primarily aimed to ensure opportunities for workers.

Newsome is also a firm believer that data of every person has value and it belongs to that person.

He says that state citizens should be able to benefit from sharing their personal information on online sites and services.

With that, he asked his team to develop a Data Dividend platform that will benefit Californians.

The Californian state governor is known for his proactive approach to developing technologies and digital currencies.

He is among the first one to accept Bitcoins as a form of donations.

Institutional Money Coming In the Next 6-12 Months

It is no secret that Mike Novogratz is a Bitcoin bull.

Despite prevailing market condition he has always been positive on the new asset class at least in the long term.

He is so bullish that he has increased his stake of his company Galaxy Digital as a demonstration of his supreme confidence that the ecosystem will soon recover.

In an interview with Bloomberg the CEO shared his view on what the future holds for the emerging asset class.

He states that weak hands are already leaving the space and the ecosystem is in a transition in which retail investors are handing over ownership of crypto assets to institutional players.

He adds that institutional investors need to feel comfortable in the space.

Initiatives from Bakkt and Fidelity are important steps in providing trusted custody solution that will quell some fears from investors that are concerned about this aspect.

Recently, the bicoin bull have suggested that all hedge funds should at least take 1% of their portfolio to Bitcoin and has described the digital asset as digital gold.

Financial Historian Believes Bitcoin An Option To Digital Gold

According to a famous financial historian and British economist, Nieal Ferguson, he believes that Bitcoin (BTC) is an option to digital gold.

Ferguson is a famous historian author that has earlier said that the number cryptocurrency in the world in terms of market capitalization is incapable of being money due to massive volatility.

The esteemed writer said that Bitcoin may in the future serve as a type of insurance that is hard to confiscate and a mechanism of holding wealth, the same manner as Europeans used to hoard wealth by keeping gold jewelry and precious stones.

While Ferguson believes that that the future of money will be digital he has skepticism about stablecoins as fiat has performed very well since their inception and building something to replace something that has been doing well is not a winning strategy.

He hopes that in the future the global community will be able to develop or adopt a universal payment system that treats everyone equally.

Although this is exactly what Bitcoin is trying to achieve it seems that the financial historian does not believe bitcoin at its current iteration could be the universal payment system he is hoping for.

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