Coinbase, pointed out that Cryptocurrencies while battling with the bear market from the beginning of the year, have still managed to enter the tech mainstream. 2018 has been a tough year for the Crypto coins in terms of their price points, the tokens have almost lost $600 billion and have observed over 70 percent correction. Despite that, the generic awareness and institutional incline towards cryptocurrencies and the blockchain have been on a steady and significant rise.
Balaji Srinivasan stated his assertions in a Tweet along with some supportive recent facts, reacting to a news that Sundar Pichai’s 11-year-old son is interested in mining.
Great piece. Just to summarize:
– Sundar Pichai & Sergey Brin’s sons are both mining crypto
– Facebook is doing blockchain
– Square open sourced some nice cold storage code
– Microsoft, Amazon, Google Cloud all have blockchain efforts
Crypto is entering the tech mainstream. https://t.co/ew2k3k7YG7
— Balaji S. Srinivasan (@balajis) November 4, 2018
Blockchain technology, in particular, has been gaining much trust from the tech companies, who entrust the online distributed ledger system to streamline, secure their process while making a cost-effective and fairly transparent use case of it.
On the other hand, the most prominent use case of the blockchain, the cryptocurrencies are also attracting institutional interest towards them. In a bid to understand this nascent technology, tech companies, and tech enthusiasts are starting to mine crypto-coins that support major blockchain networks.
Fidelity Investments, the fourth largest asset manager in the world has been reportedly engaged in mining the top two cryptocurrencies since last year. It was done to understand the concept of mining as well as the integrities of cryptocurrencies. Currently, the firm’s crypto arm, Fidelity Digital Assets, offers custody services for crypto assets and helps institutional investors get into the crypto market.
While tech giant Google manages to delve with cryptocurrency at an arm’s length, the son’s of the CEO, Sundar Pichai and the co-founder, Sergey Brin, respectively are mining Ether. Pichai said in an interview that, he was surprised by his 11-year old son with his understanding of Ethereum:
“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was Ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it. I had [to] explain to him how paper money actually works. I realized he understood Ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”