In Echo of Bitcoin's Genesis, Mining Pool Embeds Reuters Headline on the Blockchain
Slush Pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
Dec 3, 2020 at 1:36 p.m. UTCUpdated Aug 19, 2021 at 5:57 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/QWR5Z44NNRHOVCT26ONCRDYKWU.png)
A cryptocurrency mining pool has immortalized a potentially iconic Reuters headline on the Bitcoin blockchain.
- Slush Pool, which recorded block 659678 on the chain on Wednesday, included the headline: “Dollar plummets on U.S. stimulus hopes; Bitcoin hits all-time peak” in one of the data fields.
- Reuters' article, juxtaposing ailing cash alongside the surging bitcoin cryptocurrency, is being seen as an echo of pseudonymous Bitcoin inventor Satoshi Nakamoto's famous inclusion in the cryptocurrency's genesis block.
- The very first block mined for bitcoin was embedded with the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," in a presumed reflection of Satoshi's view on the risks of fractional-reserve banking.
- Bitcoin and the U.S. dollar have been moving in opposite directions since March this year, with USD today having hit its lowest value since April 2018.
- The dropping dollar and expectations of rising inflation as central banks undertake unprecedented money-supply boosting policies amid the pandemic are seen as a growing reason to adopt bitcoin as a hedge like gold.
- Amid this scenario, bitcoin reached a new record high of $19,920 on Dec. 1, helped along by listed firms starting to invest in the cryptocurrency as a treasury asset.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)