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In Echo of Bitcoin's Genesis, Mining Pool Embeds Reuters Headline on the Blockchain
Slush Pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
A cryptocurrency mining pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
STORY CONTINUES BELOW
- Slush Pool, which recorded block 659678 on the chain on Wednesday, included the headline: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” in one of the data fields.
- Reuters' article, juxtaposing ailing cash alongside the surging bitcoin cryptocurrency, is being seen as an echo of pseudonymous Bitcoin inventor Satoshi Nakamoto's famous inclusion in the cryptocurrency's genesis block.
- The very first block mined for bitcoin was embedded with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," in a presumed reflection of Satoshi's view on the risks of fractional-reserve banking.
- Bitcoin and the U.S. dollar have been moving in opposite directions since March this year, with USD today having hit its lowest value since April 2018.
- The dropping dollar and expectations of rising inflation as central banks undertake unprecedented money-supply boosting policies amid the pandemic are seen as a growing reason to adopt bitcoin as a hedge like gold.
- Amid this scenario, bitcoin reached a new record high of $19,920 on Dec. 1, helped along by listed firms starting to invest in the cryptocurrency as a treasury asset.
See also: First Mover: Bitcoin’s Failure to Break $20K Shows Big Investors Only Just Arriving
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
