This Week in Crypto, July 26
Investors Express Interest in cryptocurrency
A recent survey showed 83% of investors were interested in “dipping their toe” into crypto investments with a small investment in Bitcoin. The survey, conducted by Grayscale Investments, also found that the average age of crypto investors was 42 years old. A majority of respondents (89%) said they were looking for quality educational resources about Bitcoin before they invested.
Iran officially recognizes cryptocurrency
Iran officially recognized cryptocurrency as an official currency this week and is now allowing crypto mining in the country. Previously, Iran tried to suppress mining when Bitcoin mining surged due to the low price of electricity in the country. Officials say despite the country’s embrace of cryptocurrency, it’s unclear if the government will allow the currency to be used for domestic payments.
European Central Bank Voices Concerns Over Libra
The President of the European Central Bank, Mario Draghi, recently expressed his concerns about Facebook’s proposed digital currency, Libra. Facebook needed to address a long list of concerns such as cybersecurity, money laundering, and privacy before regulators could begin to look at the digital currency, said Draghi. He is just one of many regulators speaking out about the new currency. US lawmakers have been holding hearings about Facebook’s plan, and the Federal Reserve and the Bank of England have all voiced their concerns.