The R Roundup: Solana Mainnet Suffers Downtime — Issue #7
Over the past few weeks and months, Solana has been one of the best performing assets in the crypto space with an astronomical 27500% growth from its all time lows which were set in May 2020.
Despite the hype and popularity around Solana, earlier this week, we saw the mainnet-beta have issues as it was reported that an influx of transactions “flooded the queue”.
The mainnet downtime which caused the nodes to go offline essentially led to over 20 hours downtime for the Solana network. This had a clear knock on effect as the Solana network token $SOL has taken a correction from it’s prior highs around $213.
The issue seems to be resolved for now and transactions are back running on the network despite the downtime.
ARK Invest CEO Claims $BTC Scheduled For $500,000
We have seen in the past an influx of financial services and investment firms which have expressed their support for $BTC.
Catherine Wood has been known publicly for her support for Bitcoin and this week she expressed how she expects in 5 years time $BTC to be $500,000 which is a 10x from where it is today.
She said the following, “If we are right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into bitcoin, or other crypto, We believe that the price will be tenfold of where it is today, so instead of $45,000, over $500,000.”
Cathie Wood was also asked about her opinions on the recent influx of cryptocurrency regulation and she stated that based on interactions with federal regulators:
“Our working assumption from the beginning was that no regulator wanted to be blamed for preventing the next big technology breakthrough to happen in the U.S”
It is evident that Cathie Wood is extremely bullish on the potential of Bitcoin and where it can be in the future.
Satoshi Nakamoto Statue Unveiled In Hungary
Despite Bitcoin being adopted by institutions and even countries, the creator who goes by “Satoshi Nakamoto” is still anonymous. Many people have attempted to decipher the mystery and there have been many different theories to explain who is the notorious Satoshi Nakamoto.
The pseudonymous creator of Bitcoin had a statue in his honor unveiled in Budapest this week and the initiatives website made the following statement -
“The goal of the statue is to honor Satoshi Nakamoto … his work is truly something to be remembered. Not just because of its significance in the world of IT, but because of its value for humanity in general”
The statue is not a representation of Nakamoto himself (as he is anonymous) but instead the face is made of a specific bronze-aluminium composite, therefore every visitor can see their own face when looking at Satoshi. This indicates that ‘We are all Satoshi”.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached with trading. At no point should this be regarded as financial advice.
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