Bitcoin is labelled a "fraud" as price falters, North Korea using it to boost income
Bitcoin is some way off its record high of $4,950 as it continues to falter amid concerns that the Chinese government is launching an anti-cryptocurrency movement to crack down on digital currencies.
JPMorgan's CEO Jamie Dimon didn't help matters when he launched an attack on bitcoin, calling it a "fraud that will eventually blow up" - investment banks have made it clear that they disapprove of the cryptocurrency market.
"Anyone JPMorgan trading in bitcoin would be fired in a second - it's against our rules, and it's stupid," said Dimon at the Delivering Alpha conference.
Bitcoin fell 2%, down to a session low of $4,106, in the aftermath of the comments.
Meanwhile, a recent report by Recorded Future says that North Korea appears to be funding its projects with bitcoin.
The intelligence research firm reported that North Korea began mining on May 17th, and potentially could be supplementing its income with the currency.
"We could not determine the volume of bitcoin being generated," said Director of Strategic Threat Development at Recorded Future, Priscilla Moriuchi.
"There was just activity being seen. The first theory is that this is state-sponsored, but another could be that it is simply an individual user who is one of the few who has access to the internet."
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson