This contains 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’s president wants to propose a bill that would make Bitcoin legal tender alongside the US dollar.
Turning Bitcoin into legal tender would allow debts contracted in Bitcoin to be settled in Bitcoin, and would allow banks to transact in Bitcoin. However, this does not necessarily mean that Bitcoin will be the everyday currency of El Salvador citizens. Aside from economic, I see this move having some grain of politics. This will lessen the reliance of El Salvador from US dollars in case that something bad happens to it, especially with the rising inflation.
Additionally, this will be the first in the world if ever it gets approval. If it materialize should we praise El Salvador’s president, Nayib Bukele? He is an authoritarian with a long record of human rights abuses. While we should not praise him, perhaps we can praise the move for being historic. But can we really deparate the act from its actor? (https://decrypt.co/72892/el-salvadors-president-wants-bitcoin-to-be-legal-tender-heres-what-that-means)
2. Ruffer Exited The Bitcoin Market In April With $1 Billion in Profit
One of the public companies with the largest Bitcoin portfolios cashed out its last investment in April well before the cryptomarket slump. I appreciate Ruffer for not announcing the sale of its Bitcoin holdings on time. If it was announce on time, some news outlets could have easily turned it into FUD news with their 'end of the world' and exaggerated analyses and opinion.
If it was announce on time, could it have made the crash a month earlier instead of May? More probably. The last sale was made close to the end of April. And with BTC Futures expiration by end of April, the FUDding of Elon Musk, recycled China ban news and other FUD news early and mid-May could have brought us to more catastrophic situations. (https://decrypt.co/72900/ruffer-exited-the-bitcoin-market-in-april-with-1-billion-in-profit)
3. Musk’s Crypto Tweets ‘Destroyed Lives,’ Anonymous Says as Hacker Group Targets Tesla CEO
The video released by Anonymous accuses the Tesla CEO of abandoning bitcoin as a form of payment in order to keep government subsidies. I strongly agree with this but I could not blame Elon Musk a hundred percent. The people themselves, especially the greenhorns, who gave Elon Musk the enormous power to move the market are also to blame.
This situation hopefully taught the market to never put their full trust in just a single individual. It is not only an unsound investment move but is also anathema to the very purpose and goal of Bitcoin and crypto which is decentralization.
As CZ of Binance said, it is never fun to play with someone's finances. Elon Musk may need to prepare for possible attacks not only from anonymous but from the United States Securities and Exchange which until now is just on a wait-and-see game. (https://www.coindesk.com/musks-crypto-tweets-destroyed-lives-hacker-group-anonymous-says-taking-aim-at-tesla-ceo)
4. Bitcoin’s Taproot Update Shows How It’s Not Like Gold
Bitcoin’s strongest narrative is “digital gold.” Investors buy it not out of an expectation that it will behave like gold behaves in the market today, but that it will some day take on the historic importance that gold has held across cultures and ages.
I believe that we should stop comparing Bitcoin with gold or labeling Bitcoin as a digital gold. Bitcoin is Bitcoin, gold is gold. Bitcoin should create a path and destiny of its own, not one that's derived from another scarce resource. Volatility is the main difference between Bitcoin and gold but is also a potent factor where riches could be made in a shorter span of time than gold. Or it could also be the other way around. (https://www.coindesk.com/bitcoin-taproot-digital-vs-gold)
5. Two-fifths of Aussie millennials think crypto investments beat real estate
The survey, conducted by cryptocurrency exchange Kraken, found that an increasing number of young Australians are becoming disheartened by traditional investment options. Almost one quarter of those surveyed expressed concern that the value of money in traditional cash savings is decreasing.
While this news is great as it revamps the awareness and preference of Australians to crypto assets, there is more to it. The survey also shows the divergence between how millenials and boomers see crypto and how they deal with dips. Generally, boomers are more worried about volatility than millennials who are filling their crypto bags as much as they can. Boomers are cautious while millenials are more daring when it comes to risk. Which one are you? (https://cointelegraph.com/news/two-fifths-of-aussie-millennials-think-crypto-investments-beat-real-estate)
(This does not contain any financial or investment advice. First and foremost, I am not a financial or investment advisor. This contains 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.)
