Bitcoin crushing Gold in 2021,
Jack Dorsey helps Bitcoiners lawyer up
and Kim Kardashian accused of a token pump and dump.
These stories and more this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
2021 saw bitcoin outperforming major asset classes such the S&P 500,
Crude Oil and the NASDAQ, as reported by CoinGecko.
Bitcoin’s 60% price increase made it the clear winner
over these major asset classes for the second year in a row.
Gold, Bitcoin’s traditional rival as a hedge asset
during financial instability, saw its price decline by 6% in 2021.
Twitter founder, Jack Dorsey, has written an open letter
promising to provide legal assistance to developers working on Bitcoin
or related projects.
The letter is addressed to developers who find themselves under pressure
to cease activity under threat of litigation.
Dorsey, along with two other industry heads,
have formed what they are calling the Bitcoin Legal Defense Fund.
Billionaire investor, Bill Miller, is so bullish on Bitcoin
that crypto and related investments now represent 50% of his personal assets.
Miller is famous for beating the S&P 500 index
for a record-breaking 15 years in a row from 1991-2005 as a fund manager.
Miller started buying Bitcoin at around $200
following a tech talk he attended in 2014.
According to a survey by Visa,
as many as 24% of surveyed small businesses
are focused on enabling cryptocurrency payments
to aid their growth in 2022.
Meanwhile, Visa itself is teaming up with blockchain company, ConsenSys,
to help bridge central bank digital currency networks
with existing fiat payment rails.
The Central Bank of Bahrain
has officially announced the successful completion of a payment test
in collaboration with JP Morgan’s blockchain and cryptocurrency unit, Onyx.
The test enabled real-time payment settlements
between two counterparties using JPM Coin,
a blockchain-based stablecoin pegged to the value of the US dollar.
With increasing complaints
about the environmental impact of the Bitcoin network,
the Mozilla company, famous for their Firefox web browser,
has paused their acceptance of crypto donations.
Concerns around cryptocurrency's energy use and environmental impact
have grown louder in recent years.
Mozilla began accepting bitcoin for donations in 2014.
Mining pools dominate the hashrate of the Bitcoin network,
so when a solo Bitcoin miner defies the odds
and successfully adds a new block to the Bitcoin network,
it’s big news.
But this week, not one, but two solo miners accomplished the feat,
each of them being rewarded with 6.25 BTC for mining a block.
For just one of the miners to have mined a block,
the odds were 1 in 1.4 million,
so the chances that it would happen twice in such a short period,
are almost unimaginable.
Reality TV star, Kim Kardashian, and boxing champ, Floyd Mayweather,
are among a number of celebrities being sued
for allegedly leading investors into a cryptocurrency “pump and dump” scam.
The celebrities and other defendants are accused of making
“false or misleading statements to investors about EthereumMax
through social media advertisements and other promotional activities.”
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That’s what’s happened this week in crypto,
see you next week.
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