Bitcoin price as increased dramatically since the end of last week after periods of sideways trading. But bitcoin BTC price, as we have seen on countless occasions, is largely affected by speculations and developments around cryptocurrency in general. In bitcoin news now and bitcoin price predictions 2019, we consider the impact of Samsung’s reported plan to launch its own blockchain network and a native cryptocurrency known as Samsung coin. Samsung galaxy already supports cryptocurrency in its blockchain phone the Samsung galaxy s10 but launching a native cryptocurrency may alter btc price and btc price predictions 2019.
Samsung Reportedly Plans to launch its own Blockchain Mainnet
Global electronics and technology giant Samsung may be developing a blockchain network and a cryptocurrency according to a report by local cryptocurrency news outlet Coindesk Korea. Citing anonymous sources, Coindesk Korea wrote on April 24, that the South Korea-based manufacturers of the flagship Samsung Galaxy phone series was developing public-private blockchain.
The blockchain mainnet which is reportedly based on Ethereum [ETH] will include a native cryptocurrency token that will be known as Samsung Coin—named after the company. Samsung has not responded to the reports at the time of writing, but this silence may not last long. The anonymous source with knowledge of the matter was quoted as saying:
“We expect Samsung Coin to come out in the market, but the direction has not yet been decided…”
He explained further:
“Currently, we are thinking of private blockchain, though it is not yet confirmed…It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”
Samsung Galaxy s10 and other Cryptocurrency Efforts by Samsung Group
Samsung’s involvement in the blockchain industry and particularly the cryptocurrency space has increased significantly in the past few months. The cryptocurrency community was gladdened by reports that a recent release of Samsung’s flagship phone, the Samsung Galaxy s10 will come with an in-built cryptocurrency wallet. The joy was tainted by reports that the phone did not support Bitcoin (BTC) on its cryptocurrency wallet although ethereum (ETH) was supported.
Recently Samsung invested in a smartphone-based cryptocurrency wallet startup ZenGo thereby fuelling speculations about its strong interest in cryptocurrencies. Recall that Enjen coin  soared by almost 80 percent following a reported partnership with Samsung earlier this year.
Bitcoin Price Today – BTC to USD
According to BTC price chart from coinmarketcap at the time of writing, 1 BTC to USD is trading at $5,484. This is 1.5 percent lower than the price at the same time yesterday as BTC reached a high of $5,642 before retreating. Bitcoin dominance stands at 54.5%, an increase that shows BTC is leading the altcoins.
How Samsung Coin will Affect Bitcoin Price and BTC Price Prediction 2019
Though not definitive, the introduction of the Samsung Coin will affect BTC price and bitcoin price prediction in 3 main ways:
- By Boosting Cryptocurrency Adoption
- By Attracting More Investors to Cryptocurrency
- By Boosting Ethereum Demand and ETH Price
Samsung Coin will Boost Cryptocurrency Adoption
This will depend, however, on how the Samsung Coin cryptocurrency is deployed and its use cases. If the users of Samsung devices are introduced to Samsung Coin, then this would obviously improve the adoption of cryptocurrency globally. In 2018 alone, Samsung shipped almost 300 million smartphones to end users. These users could use Samsung Coin to pay for purchases within its phone Apps.
Samsung Coin will Attract More investors into Cryptocurrency
In a way similar to the announcement of J.P. Morgan’s cryptocurrency, the JP Morgan Coin (JPM), Samsung Coin could cause a stir in the crypto community, attract investors and drive prices up. This comes down to speculation which drives the yet-to-mature cryptocurrency market.
Samsung Coin will Boost Ethereum Demand and ETH Price
In an earlier report, we explained how the launch of Samsung Coin on Ethereum could change the game for ETH price and market share. If this happens, bitcoin dominance which increased in the last few days may be trimmed.
Ethereum Price Today – ETH to USD
At the time of writing, Ethereum ETH is trading at $164.59 and is more than 3 percent down from the last 24 hours.
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Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.