RATE Group | Crypto start-up looks to solve bitcoin’s volatility problem
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Crypto start-up looks to solve bitcoin’s volatility problem

04 May Crypto start-up looks to solve bitcoin’s volatility problem

Posted at 21:45h in Bitcoin News by

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A cryptocurrency project backed by billionaire Stanley Druckenmiller and Federal Reserve chair runner-up Kevin Warsh is looking to rid the market of one massive problem: volatility.

Bitcoin has a fixed supply, so, when demand for it rises, bitcoin’s price goes up, and the opposite is true when demand drops. The cryptocurrency project, called Basis, aims to keep a stable value around $1 by increasing and shrinking supply, the company’s founder told CNBC Friday.

“It does it in a way that’s actually analogous to how central banks grow and shrink the money supply to also maintain price stability,” Nader Al-Naji, Basis co-founder and CEO, told CNBC’s “Power Lunch.” “What we’re trying to do is make cryptocurrency useful.”

Bitcoin prices fluctuated dramatically in the past 12…

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