Coinbase’s user base has exploded in the last few days, most probably due to the prevalence of bitcoin news in the mainstream news media. There has been over a hundred thousand new coin base accounts opened just in the last two days. The total number of coin base accounts that exist is 10,500,000 which is a huge number when comparing to just a couple years ago. It looks like the easy user interface on Coinbase is attracting a lot of new bitcoin investors. Coinbase also recently added live phone support which should increase its attractiveness to potential users.
Update: Chase Bank
While their fearless CEO keeps bashing bitcoin, it seems JPMorgan Chase traders have been busy making money off selling bitcoin. According to some sources, it seems Chase traders have been bragging about the amount of wealth they have mad off bitcoin in bars. Not only is this the opposite of what their CEO said, it is pure hypocrisy on the part of the bank to make money from someone it despises. Banks still haven’t figured why blockchain technology is the future when it can only handle a few transactions per second, compared to hundreds of thousands for credit cards. The major banks reluctance to embrace bitcoin validates its purpose as to replace the worldwide banking system. Investors should take the advice of banks such as Chase with a grain of salt; the banks are the reason for the financial crisis of 2008 and have taken trillions in money to fix mistakes they made.
Venezuelans Survive off of Bitcoin
As most people know, Venezuela has been in turmoil for the last few months. There have been major protests and the government has been accused of being a dictatorship all while the economy collapsed with huge inflation. Venezuelans have barely been able to find food and money. Not so for a group of entrepreneurs; they have been mining on unescape and transferring all their earning to Bitcoin. This has occurred in a country that has deemed Bitcoin illegal. This story goes to show the value Bitcoin as there is no way to truly censor it like fiat.
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