Bob Iaccino Claims Lightning Network Adoption May Be Reason for BTC Rally

Bob Iaccino

Bob Iaccino Claims Lightning Network Adoption May Be Reason for BTC Rally

Bob Iaccino

Experienced fund manager and veteran trader, Bob Iaccino, has argued that the introduction of the Lightning Network (LN), a layer-two solution for transferring cryptocurrency payments in a quick and cost-effective manner, may have contributed to the recent surge in the Bitcoin (BTC) price.

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Iaccino during an interview on May 15th, 2019 on CNBC’s Futures Now said:

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I am not sure who’s actually doing the buying, but part of the reason why [cryptocurrency prices are increasing] is because of the inception and application of software called the Lightning Network. [It] actually makes [processing] small transactions a lot easier for those who hold Bitcoin.”

“When you look at Visa, which processes 65,000 transactions per second (TPS) [while the] Bitcoin [blockchain] does about seven. [However,] Lightning Network gets smaller transactions off of the blockchain network, making it [more practical] to adopt Bitcoin as a currency.

Data from 1ML.com shows that there are presently 8,369 nodes running the LN protocol, up 4.29% in the past 30 days. 1ML data also shows that there are 37,405 LN-based channels currently available, with a total network capacity of 1,038.63 BTC.

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