Bitcoin back above $9k, shrugs off negative comments yesterday

Bitcoin has shrugged off yesterday’s negativity to rise back above the $9k mark.

Yesterday marked the start of the UK’s executive inquiry into cryptocurrencies and the technology behind them.

Bitcoin’s journey to become a part of British life took a blow after MPs were told cryptocurrencies and blockchain technology have “very little obvious benefit to society” during a HM Treasury Select Committee debate in Parliament.

The Treasury Committee said it wants to understand the risks and benefits of digital money following an explosion of interest – and investment – in them.

The MPs will cover the role of digital currencies in the UK, including the impact on consumers and businesses.

There was a good balance of positivity and cynicism in the room with Ryan Zagone, director of regulatory relations at Ripple, told the debate that although “there’s a lot of hype around the technology right now” blockchain allows us to “validate, store and synchronise information across many different parties more securely and efficiently than we have done before”.

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