Last week Bitcoin reached its early high of $9000 and quickly dropped 12% below $8000 within 24 hours. Currently Bitcoin is recovering and sitting around $8750. The overall crypto market capitalization fell back to $250 billion. A new research from Chainalysis, a blockchain analytics firm claimed that only 1.3% of economic transactions came from merchants in the first four months of 2019. The remaining 98.7% of volume represents trades on crypto exchanges. The research is suggesting that nobody is using Bitcoin for everyday purchase, instead they hold Bitcoin for speculation.
While a major media CNN Business posted an article by the chief strategy officer at the Human Rights Foundation, Alex Gladstein that Bitcoin could revolutionize foreign aid delivery. Foreign aids system today is corruptible, inefficient and slow. It goes through various intermediary, which can delay, censor and steal funds. Bitcoin can make it possible to easily track the flow of funds and make sure the funds reach directly from donor to the right people. In order to receive Bitcoin you just need a smartphone and don't need a passport, an ID or a bank account or permission from a government or a company to accept the funds.