Blockchain Blog

Bitcoin News for the week of 8/8/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week we saw news from The New York Times about how the World Economic Forum predicts that blockchain technology will eventually play a significant role in the global financial system. There are also a few bitcoin-related events coming up, like Bitcoin.com’s conference in London, plus we reported on the bitcoin price and how it’s rebounding despite the recent Bitfinex hack. Read about all this and more, in our weekly recap.

Bitcoin is disrupting the world
![World Economic Forum image via The New York Times](https://blog.blockchain.com/content/images/2016/08/wef-blockchain.jpg)
World Economic Forum image via The New York Times
[Envisioning Bitcoin’s Technology at the Heart of Global Finance](http://www.nytimes.com/2016/08/13/business/dealbook/bitcoin-blockchain-banking-finance.html)

A new report from the World Economic Forum predicts that the underlying technology introduced by the virtual currency bitcoin will come to occupy a central place in the global financial system. The World Economic Forum report notes that most developments are likely to happen behind the scenes. Consumers won’t see the changes to infrastructure, but the changes could lead to cheaper and faster financial services.

The report says the technology could help improve both mainstream transactions, like global payments and stock trading, and lesser-known areas like trade finance and contingent convertible bonds.

As Forbes writer Laura Shin put it, blockchain technology will “unleash a tsunami of adaptation across a variety of industries ranging from energy to intellectual property to government affairs to international trade.” Bitcoin’s use case isn’t just for helping to develop FinTech, but is also as a store of value. As seen in places such as Venezuela, demand for alternatives is rising due to economic uncertainty in the country, which we have discussed in past weekly news coverage.

Upcoming events
![Blockchain: Money conference image via Bitcoin.com](https://blog.blockchain.com/content/images/2016/08/blockchain-money-conf.png)
Blockchain: Money conference image via Bitcoin.com
[Bitcoin.com’s ‘Blockchain: Money’ Conference is Coming to London](https://news.bitcoin.com/bitcoin-com-blockchain-money-london/)

Bitcoin.com is proud to announce a new financial technology conference will be taking place in London on November 6-7, 2016. The event Blockchain: Money will incorporate some of the most well-known innovators and executives in the digital currency and blockchain industry.

Set to launch this fall in New York City is a new four-week “hacker residency” program, which will be aimed at helping participants to master the complexity of bitcoin-related software in an environment that is designed to be more interactive and supportive than just learning online. Also, Blockchain Co-Founder and Chief Innovation Officer Nic Cary joins the speaker lineup at EmTech France this October hosted by MIT.

Bitcoin price is rebounding
![Bitcoin Price via markets.blockchain.info](https://blog.blockchain.com/content/images/2016/08/bitcoin-price-8-12-16.png)
Bitcoin Price via [markets.blockchain.info](https://markets.blockchain.info/)
[Bitcoin Price Eyes $600 as Trader Optimism Returns](http://www.coindesk.com/bitcoin-price-eyes-600-trader-optimism-returns/)

The price of bitcoin has begun to test $600 following a high-profile exchange hack that left a wake of uncertainty for traders last week. These figures are much improved over the low of $480 observed last week and come amid new transparency from Bitfinex, the troubled exchange that lost 120,000 BTC (worth more than $60m) in a theft that has to date attracted ample mainstream media attention. Bloomberg writer Yuji Nakamura reported that Bitfinex is beginning to bring its system back online, after telling users they will lose 36 percent of their deposits. In addition, Bitfinex has offered a $3.5 million bounty for the stolen bitcoin.

Not all is lost in bitcoin exchange security, says Bitcoin Magazine writer Aaron van Wirdum. The exchange hack has served to be a wake-up call. Moving forward, several technical solutions are being proposed to increase security of bitcoin exchanges, to hopefully prevent similar scenarios in the future.

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