I buy pizza with BTC on the reg  

The Bit

Twice a year the International Data Corporation (IDC) publishes a report on global spending toward blockchain technology solutions in the past six months...and let us tell you, buying material things with crypto is on the up and up.  

The Bigger Picture

IDC is a for profit organization, so the report comes at a fee, but they release a summary with some of the juicy details. The stand out stat is a prediction of over 15 times growth of total crypto spending in 2022 - $.7 billion last year to 11.7 billion. The financial sector is expected to lead spending as regulation continues to be put in place. The United States has spent about $193 million on cross-border payments and settlements already this year. The report will add data from China next year.   Raiden is the wings to Lightning Network  

The Bit

Ethereum’s answer to the Lightning Network, Raiden, is still planned to launch this summer, to facilitate scaling the network.  

The Bigger Picture

The testnet was launched late last year, but a bounty program will soon be announced to incentivize users to find any holes in the system before the final product. The process is just like Bitcoin’s Lightning Network, where transaction times are sped up by incorporating off-chain transactions. As any blockchain network grows, it will inevitably grow slower… until people develop more things like this. One bigger implication of this technology is a long term goal to have people use Raiden from a mobile device, where off-chain token transfers can be made just mobile phones.   5-6 years away from mass adoption  

The Bit

Mike Novogratz has been steeped in the financial industry from Wall Street to Bitcoin over the past several years, but doesn’t predict that his peers will follow.  

The Bigger Picture

Novagratz was ranked one of the richest by Forbes recently. He formerly worked with Goldman Sachs, before starting his own “Fortress Investment Group,” and most recently he launched “Galaxy Digital” a crypto merchant bank. In May the bank partnered with Bloomberg in order to launch the Bloomberg Galaxy Crypto Index (BGCI). Last year his knowledge brought him the underestimate that Bitcoin would reach $10,000 by the end of 2017. It’s safe to say he knows his stuff. He points to three main factors that will delay mass blockchain/cryptocurrency adoption for 5 to 6 years: 1. cost and lack of skilled developers 2. institutional investors’ doubt 3. lack of precedent for the industry in government.   “The decentralized revolution, which Bitcoin has remained the poster child of, is a response to the breakdown of trust.” - Michael Novogratz