Intelligence Analyst George Friedman: Eventually Government...
TechnologyBit News Today2 min read
The geopolitical analyst George Friedman has predicted that blockchain technology could become obsolete in the future.
Skepticism amidst Strong Executive Endorsement
Friedman stated, "I doubt between Russia, China, U.S. intelligence services that blockchain can't be decrypted."
Meanwhile, top banking executives have expressed strong conviction in the utility of blockchain. UBS Group AG Chief Executive Officer Sergio Ermotti said blockchain technology is almost a necessity for business, with UBS and IBM Blockchain working alongside other banks on Batavia, a trade finance platform that completed live cross-border transactions involving corporate clients in April.
These contrasting views highlight the diverse perspectives around blockchain's future.
Market Correction and Regulatory Scrutiny Intensify
Cryptocurrencies face a weak end to the trading week, plummeting on Friday after Japan's regulator ordered six exchanges to tighten controls. Bitcoin was down 3.56% at $6,175.70 and Ethereum shed 2.55% to $475.20, slashing the total market cap to $260.48 billion.
On Friday, Japan's Financial Services Agency required six registered exchanges, including bitFlyer and Quoine, to improve screening measures, particularly those aimed at preventing money laundering. The Nikkei Asian Review noted that it was unusual for the regulator to penalize so many registered exchanges simultaneously, while South Korea's Bithumb temporarily suspended trading after losing about $30 million in coins to a hack. Fundstrat's Tom Lee attributed the sharp pullback to the expiry of Bitcoin futures.
The Bank for International Settlements cautioned that cryptocurrencies like Bitcoin face fundamental flaws that could upend the internet. Bitcoin was mentioned for the first time in a US Supreme Court opinion in Justice Breyer's dissent in Wisconsin Central Ltd. v. United States, while the US Office of Government Ethics issued an advisory urging executive branch employees to disclose their cryptocurrency holdings.
Nasdaq Settles Margin Calls on Blockchain - Russian Banks Move to Crypto Products - Paris to Boost Blockchain Ecosystem
Along with blockchain applications in trade clearing and gaming royalties, Kommersant reported that Russia's Sberbank and Alfa Bank plan to test cryptocurrency-based private banking products in a regulatory sandbox hosted by the Russian central bank. France launched Europe's first blockchain accelerator, Chain Accelerator, based at Station F in Paris to support new international blockchain startups.
