“The shadow of crisis has passed, and the State of the Union is strong.”
Those words were uttered by President Barack Obama during his 2015 State of The Union address. And if you’re applying that same concept to the FinTech world and the application of bitcoin, you’d have to flip those comparisons around.
The shadow of crisis seems to be creeping up (with prices teetering around the mid-250s) and the State of Bitcoin is weak.
And yes, in case you’re wondering, there is a State of Bitcoin and Blockchain, and it comes in the form of a quarterly report from CoinDesk. And in that hefty quarterly analysis, what was discovered?
That banks are embracing the blockchain while bitcoin is slumping. A lot. Of course, we already knew these facts, but what the State of Bitcoin report shows is just how much the support for bitcoin is dwindling.
(We’re surprised it’s taken this long, to be frank.)
In fact, for VC investors, that rate dipped 10 percent from 21 percent to 11 percent in Q3. That comes at the same time that many mainstream financial