Google is applying pressure to Bitcoin and other cryptocurrencies, with its new project Cache.
It was rumored recently that Google would begin offering its own checking accounts, in a new project that is being named "Cache". This would be done in partnership with Citigroup, which should reassure many people, seeing as it's not just Google going into this alone. But a trusted banking company.
According to Caesar Sengupta, a Google executive, the approach with Cache is "going to be to partner deeply with banks and the financial system."
With Google looking to get into the banking industry as well, it's putting more pressure on Bitcoin and other cryptocurrencies to either adapt or face redundancy. There's also competition, specifically with Bitcoin. Considering most companies are looking to create their own cryptocurrency, Bitcoin needs to make some changes, or it could be left in the dust.
Bitcoin evangelicals have been pointing towards a need for a decentralized, user-controlled alternative to the current currency system. But most of the technology giants are now moving fast to implement some of Bitcoin's most popular features to the existing system that is already in place.
This comes months after Google announced that its new quantum computer has reached quantum supremacy. It can do things in about 200 seconds that would take current computers nearly 10,000 years to complete. Meaning that it could break the encryption that is used to keep cryptocurrency safe. However, it's unlikely that it would happen. But it did frighten quite a few people. As that could mean that their Bitcoin could be stolen.
Google might be looking at making Bitcoin irrelevant, but as for now it is still very relevant. However, with Google looking to get into the financial industry, it could be looking at a lot more regulation and scrutiny from the government. More than it is already facing.