- Bitcoin is becoming increasingly popular, having already been adopted as legal tender by El Salvador in 2021, and being bartered for incentives in other areas, such as Rio offering a 10% discount when taxes are paid in Bitcoin
- Instead of spending, some crypto owners (HODLers) are holding crypto in high-yield savings accounts, collecting up to 12% APY interest – benefiting despite the volatility of the coin
- LQwD has seen exponential growth since its completed acquisition in June 2021, with a current Bitcoin holding of almost 150 tokens
- Lightning Network has also grown significantly over the past year in terms of number of nodes, Bitcoin capacity and payment channels
Since the beginning of 2020, Bitcoin has appreciated in value by over 700%, helping hedge against inflation. While fiat currencies are printing more and more money to keep up with spending, Bitcoin is limited to 21 million BTC. Even with Bitcoin having a high value, it is possible to purchase partial amounts of the coin, as it is divisible by 1 million. Although considered rather volatile, Bitcoin is one currency that (in the long-term) could stand up against the inflation rates created by the mass production of other fiat currencies, like euros and the U.S. dollar (https://ibn.fm/yhrTb).
With the volatility of Bitcoin in question, some people who have purchased the coin have decided to do nothing with it except hold it. These people have been given the name HODLers, meaning they hold crypto, often choosing to use a high-yield savings account. These accounts have almost a negligible bank deposit interest rate (0.5%), but the high-yield crypto savings accounts produce interest rates of up to 12% annual percentage yield (“APY”).
Even so, Bitcoin is growing in popularity, with more countries worldwide considering the use of cryptocurrency as legal tender. In 2021, El Salvador was the first to implement Bitcoin as legal tender across the country. Even the U.S. administration made it clear that it would not ban cryptocurrency. Some states or townships have openly embraced Bitcoin, such as the city of Rio that is offering taxpayers a 10% discount when paying their taxes with the cryptocurrency.
Uniquely positioned to further drive Bitcoin adoption is LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a fintech company that has focused on creating enterprise-grade infrastructure for Bitcoin adoption, making it easier to complete transactions with the crypto coin on the Lightning Network. The Lightning Network is a second-layer protocol that sits above the bitcoin blockchain. LQwD’s proprietary platform as a service (“PaaS”), which leverages Lighting Network technology, was introduced to the public on November 17, 2021, and offers users lower transaction fees and faster transaction settlement times.
Formerly known as Interlapse Technologies Corp., LQwD’s acquisition was completed in June 2021 and since then, the company has seen exceptional growth – a trend expected to continue into 2022. The company grew alongside the Lightning Network, which also achieved several major milestones since January 2021: node growth of 105% for node establishment from 770 to over 15,000, increased Bitcoin capacity from 1,125 BTC to almost 3,000 BTC – up 160% to September 30, 2021, and a 92% increase in the number of payment channels, totaling more than 73,000 up from the initial 38,000.
“The remarkable growth of the Lightning Network has validated LQwD’s reason to be hyper-focused on Lightning, and I look forward to continuing to expand our business on this rapidly growing global payment network,” LQwD CEO Shone Anstey said (https://ibn.fm/bC3NA).
The company’s highlights for the last six months of 2021 include:
- A non-brokered private placement with proceeds of CAN $5 million in June 2021
- An offering of 23 million units which produced proceeds of C$8,050,000 (US$6.4 million) at the end of October 2021
- The cumulative acquisition of 150 Bitcoin as an operating asset for the company
LQwD plans to continue leveraging its position as a public company, enhancing trust in its products and services, and leveraging its shares to attract and retain top industry talent – bringing vast opportunities and marketing segments for digital payments and financial services at a global scale.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ibn.fm/LQWDF
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