“We saw $19 billion in liquidations, the worst ever.” – 05:53
Remy Blaire welcomes Gareth Jenkinson, the Head of Multimedia at Cointelegraph, to discuss the latest developments in cryptocurrency payments and market dynamics.
The segment begins with Remy highlighting Steak and Shake’s recent achievement of accepting Bitcoin payments for five months. She emphasizes the significance of this milestone in the broader context of cryptocurrency adoption, noting that many well-known businesses, including Starbucks, Subway, Burger King, Chipotle, and Baskin Robbins, are now accepting digital asset payments. Remy also mentions a new California law that allows original owners to reclaim inactive cryptocurrency, adding an intriguing layer to the conversation about the practical applications of crypto.
Gareth shares his insights on the expanding acceptance of cryptocurrency for everyday transactions. He points out that consumers can now use Bitcoin to purchase coffee at popular chains and book travel through platforms like Travaler. He expresses enthusiasm for the growing trend of using cryptocurrency for general payments, suggesting that this shift represents the future that many in the crypto community have long envisioned.
The discussion then shifts to California’s new legislation, which permits the state to seize idle cryptocurrency on exchanges. Gareth explains the implications of this law, noting that while it may initially seem unfavorable, it allows users to reclaim their Bitcoin rather than receiving a lesser dollar amount if the state were to liquidate the assets. This nuanced perspective highlights the complexities surrounding cryptocurrency ownership and regulation.
As the conversation progresses, Remy and Gareth delve into the recent turmoil in the cryptocurrency market, marked by a significant selloff described as the worst liquidation event in history. Gareth provides context for this downturn, attributing it to a combination of technological issues and cascading liquidations that resulted in an astonishing $19 billion being wiped from the market. Despite a brief recovery, the market faces ongoing challenges, with major cryptocurrencies like Bitcoin and Ethereum experiencing notable declines.