TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Crypto industry blacklist being discussed by some firms. Mining gear imports to USA could get pricier. San Francisco bans cashless stores. Blockchain fatigue could kick in due to lack of clear use cases, Gartner suggests, and Novogratz thinks bitcoin will struggle around $6K.
Crypto Entities To Create Industry Blacklist
A group of cryptocurrency firms and trading exchanges are pondering the idea of establishing a blacklist of associations involved with illegal crypto-related activities, according to a report by Bloomberg. The firm group, consisting of Ripple, Galaxy Holdings, and other important startups, also discussed the alternative idea of establishing a good standing identification standard signed by an organization created on their own. The objective is to combat fraud and theft among industry actors.
US Will Hike Import Tariffs on China: Mining Gear Could Get Pricier
The US will raise its import tariff on Chinese goods, according to Reuters. This new tariff increase will reportedly bring more than $100 billion dollars to the US in just one year, president Trump declared. This comes after China backtracked in several key aspects of the proposed trade agreement. The tariff could make mining gear imports very expensive, given most crypto mining hardware is manufactured by Bitmain in China and then imported to the US.
San Francisco Bans Cashless Stores
The City and County of San Francisco has approved legislation pushing businesses to accept cash and will ban cashless stores, cutting a growing trend among stores in the county. Supervisor Vallie Brown of San Francisco stated that while “the future is cashless,” to establish this policy today is highly detrimental to a section of the population not connected with cashless paying methods. A significant number of Americans still have no bank account.
Blockchain Fatigue Could be a Thing: Only 19% Have Invested
A new survey by Gartner identified several problems in the focus enterprises are taking regarding blockchain. Only 19% of the surveyed answered they considered blockchain as an important tech for their business. The report states blockchain firms have failed to introduce key functionality to propel blockchain as a real option in the market, lacking off shelf full-featured products for specific use cases. So the market will begin to experience “blockchain fatigue,” rejecting these kinds of solutions.
Novogratz Thinks Bitcoin Will Struggle at $6K
Mike Novogratz, head at Galaxy Holdings, declared to Bloomberg bitcoin’s price will surely struggle at the $6K level, but it will surpass it surely after that. Novogratz also stated bitcoin was the only store of value in the whole cryptocurrency market, and the social construct around the coin that is giving it its value, with more and more institutions and funds getting into the environment like Fidelity and Bakkt.
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