Bitcoin crushing gold in 2021, Jack Dorsey helps Bitcoiners lawyer and Kim Kardashian accused of token pump and dump. These stories and more this week in crypto.
2021 has seen bitcoin outperform major asset classes such as the S&P 500, crude oil, and NASDAQ, as reported by CoinGecko. Bitcoin’s 60% price increase made it the clear winner of these major asset classes for the second year in a row. Gold, Bitcoin’s traditional rival as a hedging asset during financial instability, saw its price fall by 6% in 2021.
Twitter founder Jack Dorsey wrote an open letter promising to provide legal assistance to developers working on Bitcoin or related projects. The letter is addressed to promoters who find themselves under pressure to cease their activity under penalty of prosecution. Dorsey, along with two other industry leaders, have formed what they call the Bitcoin Legal Defense Fund.
Billionaire investor Bill Miller is so bullish on Bitcoin that crypto and related investments now make up 50% of his personal assets. Miller is famous for beating the S&P 500 Index for a record 15 consecutive years from 1991 to 2005 as a fund manager. Miller started buying Bitcoin at around $200 following a technical conference he attended in 2014.
According to a Visa survey, up to 24% of small businesses surveyed are focused on enabling cryptocurrency payments to drive their growth in 2022. Meanwhile, Visa itself is partnering with the blockchain company , ConsenSys, to help bridge central bank digital currency networks. with existing fiat payment rails.
The Central Bank of Bahrain has officially announced a successful 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 company Mozilla, famous for its Firefox web browser, has suspended its acceptance of crypto donations. Concerns about energy consumption and the environmental impact of cryptocurrency have intensified in recent years. Mozilla started accepting bitcoin for donations in 2014.
Mining pools dominate the Bitcoin network hashrate, so when a solo Bitcoin miner defies the odds and successfully adds a new block to the Bitcoin network, that’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 odds of it happening twice in such a short time 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 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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