Today's Brief

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This are my opinion or ideas on the current news within the crypto space or even those outside of it but may directly affect the crypto space.

1. El Salvador President Nayib Bukele aims to make his country the first to embrace Bitcoin as legal tender.

 

This was supposed to be a big news for Bitcoin however it was overshadowed by Elon Musk's tweets chiding Bitcoin. The crypto space has not learned from the May crash to never rely on  a single person when it comes to determining the future of the market. Again, it resulted on a domino that crash BTC's price. But Elon Musk's grip starting to wane? I am seeing a lot of users who unfollowed and blocked Elon Musk. Maybe but not for the short term. (https://decrypt.co/72853/el-salvador-president-submits-bill-to-recognize-bitcoin-as-legal-tender)

 

2. Bitcoin will go "to the moon!" said Miami-Dade county commissioner Danielle Cohen Higgins. She wants Miami-Dade to become the launchpad.

 

This is another big news for Bitcoin directly coming from regulators but was also overshadowed by Elon Musk's tweets. In the last bull cycle of 2017, news like this could create ripples which immediately brings Bitcoin price to double digit growth. However this current bull cycle is more reliant on tweets of personalities mentioning Bitcoin and some mainstream news outlets recycling old FUD news. (https://decrypt.co/72840/miami-dade-commissioner-wants-to-turn-county-into-bitcoin-hub)

 

3. Vitalik Buterin and Charles Hoskinson make their differences in design approaches clear to everyone.

 

Ethereum co-founder Vitalik Buterin prefers “heuristic arguments”—practical solutions—in blockchain design. Hoskinson, who also co-founded Ethereum, said Cardano will stick to its “evidence-based software” approach because the stakes—users' money and privacy—are too high. This is supposed to be a good discussion in the crypto space. This is one of the topics that should dominate the crypto space, not some tweets from a personality who did not even research or think of the impact of his post. (https://decrypt.co/72824/vitalik-buterin-takes-swipe-at-cardano-charles-hoskinson-strikes-back)

 

4. Rep. Warren Davidson's co-panelist at Bitcoin 2021, Sen. Cynthia Lummis, referred to trillions of dollars in debt creation as "anti-American."

 

I believe that it is not just anti-American but even bigger than that. The dollar being world's reserve currency affects not just Americans but all people around the world. However the highlight of this news is the intent of the US Congress to provide clarity on the status of cryptocurrencies. But will it be able to hurdle the attacks from big money especially banks who has strong ties with most of the members of US Congress? (https://decrypt.co/72818/federal-reserve-dogecoining-us-dollar-rep-davidson)

 

5. The Square and Twitter CEO again professed his love for Bitcoin, disinterest in altcoins and CBDCs, and expanded on plans for censorship-resistant social media.

 

This is a big problem with Bitcoin maximalist. They see the crypto space as a zero-sum game where Bitcoin is not just the dominant but the only winner although a lot of coins are way ahead than it in all aspects. The fact is innovation requires competition and this statement from a big tech leader is anathema to the innovation that they are advocating as a model of their business. (https://decrypt.co/72797/jack-dorsey-all-in-bitcoin-altcoins-ethereum-dogecoin)

 

(This does not contain any financial or investment advice. First and foremost, I am not a financial or investment advisor. This are just my opinion or ideas on the current news within the crypto space or even those outside of it but may directly affect the crypto space. Image used owned by Markus Winkler.)

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