Venture capital investors have invested in Bitcoin $50 million and lost a pair of socks

In 2014, the Studio Planet Money venture capitalist Ben Horowitz argued about the fate of Bitcoin with financial columnist Felix Salmona.

Ben Horowitz, invested his time in Facebook and Twitter invested $ 50 million in startups related to Bitcoin. He believed that Bitcoin will change the world and will fully conquer the market of online shopping.

Felix salmon, financial blogger and cryptomathic, held the opposite view. He published an essay called “the Bitcoin bubble that will surely burst.” Horowitz wrote a commentary to the essay in which the author proposed to make a bet on the future of Bitcoin.

The two forces met in the Studio of Planet Money (NPR) and made a bet of five years. The confidence of Ben Horowitz was based on the understanding that Bitcoin is a major technological achievement, due to which people will be cheaper and easier to buy and sell things through the Internet.

According to Ben, how do I shop on the Internet — basically, using credit and debit cards — is a problem for many enterprises whose business is based on such sales. First, enterprises have to pay the companies making the credit card a Commission of about 2.5% of everything they sell. For some companies it very much. In addition, according to Ben, the company issuing credit cards deny some law-abiding customers because they are considered potential fraud.

Felix was skeptical about the success of Bitcoin. In particular, he was troubled by the fact that the number of bitcoins is limited. And it should mean that over time Bitcoin will become more valuable. In other words, deflation is inevitable. The rising price of Bitcoin will make it inconvenient for shopping on the Internet.

Ben and Felix agreed to meet after the survey, which will give Planet Money an independent company to find out whether the Americans Bitcoin for online purchases. If more than 10% of respondents answered in the affirmative — Ben will win, otherwise the winner will be Felix. The stakes in this dispute have become socks from Alpaca wool, which in 2014 could be bought for bitcoins.

Planet Money recently announced the winner. According to the results of an independent survey among 900 Americans, only 3% of respondents have used the cryptocurrency for payment of online purchases in the last month. Felix salmon won the dispute and a pair of lovely socks.

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58% of Canadians invested in bitcoin

According to a study by the Bank of Canada (BoC) published on 23 July, the citizens of Canada used bitcoin (BTC) mainly for investment purposes in 2017.

The study is an updated version of Bitcoin Omnibus Survey (BTCOS), held by the Central Bank of Canada during a short period from 12 to 15 December 2017, a few days before 17 December, the price of bitcoin reached its record level at US $ 20,000.

According to the survey, Canadians mostly used the cryptocurrency for investment purposes in 2017, not transactions. In 2016, it transactions bitcoin was the main goal of interaction with cryptocurrency.

58 percent of respondents said the main motivation for them have become “investments”, 12% decided to buy BTC because “my friend already has a bitcoin”, 7 per cent due to interest in new technologies and 6% for the purchase of goods and services on the Internet.

Among those who did not perform regular transaction using bitcoins, the vast majority – 77 percent – said that they consider BTC as an investment.

British Columbians are most knowledgeable about bitcoin compared to 2016 year the number of such people increased from 77% to 93%. Prairie ranks second among canadian provinces in terms of awareness about the BTC and Ontario is in third place.

Earlier in June, the Executive Director of the Bank of Canada James Chapman said that cryptocurrencies do not pose any risk to the monetary system.

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