Bob Iaccino Claims Lightning Network Adoption May Be Reason for BTC Rally
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.
Iaccino during an interview on May 15th, 2019 on CNBC’s Futures Now said:
“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.