Cryptocurrency news for the week #8
In today's blog, we will cover a topic that has been exploding recently in the public. That is exactly the news and headlines for cryptocurrencies this week. Much of it is adoption news but alongside some other news for cryptos besides adoption. Make sure you read the whole post to get a good sense of where the market is heading. Personally, if you ask me after today (11/29/2021) I think the market will go back up and you can read more on my reasoning for that in my previous blog using the link I have provided. I also believe that this news will bring the market up as well so now that we've got that stated let's get into the rest of the article.
Crypto news happening in the U.S
In crypto news in the united states the government from local to federal has been adopting crypto at a steady pace recently. Just last week the government passes the infrastructure bill which has some news laws in it surrounding crypto and regulations around it. But besides that even the senators and representatives themselves are starting to get into cryptocurrencies. With news that Senate candidate Katie Britt will now start accepting bitcoin donations for her campaign via BitPay which goes to back my previous statement. But we also have government agencies and institutions starting to be more accepting of crypto. With news coming out that the Fed, FDIC, and OCC plan to share detailed guidelines for US banks interested in engaging with Bitcoin within the next year. The city of Miami will soon also give all of it's residents bitcoin wallets and pay them dividends for holding the city's cryptocurrency which is a first in the U.S. Also the mayor of central city Colorado wants to hold 20% of the city's reserves in bitcoin. Overall the U.S is seeing more adoption by the day further proving that cryptos are the future.
International and global news
In crypto news in the united states, the government from local to federal has been adopting crypto at a steady pace recently. Just last week the government passes the infrastructure bill which has some new laws in it surrounding crypto and regulations around it. But besides that, even the senators and representatives themselves are starting to get into cryptocurrencies. With news that Senate candidate Katie Britt will now start accepting bitcoin donations for her campaign via BitPay which goes to back my previous statement. But we also have government agencies and institutions starting to be more accepting of crypto. With news coming out that the Fed, FDIC, and OCC plan to share detailed guidelines for US banks interested in engaging with Bitcoin within the next year. The city of Miami will soon also give all of its resident's bitcoin wallets and pay them dividends for holding the city's cryptocurrency which is a first in the U.S. Also the mayor of central city Colorado wants to hold 20% of the city's reserves in bitcoin. Overall the U.S is seeing more adoption by the day further proving that cryptos are the future.
On the other side of the world, Thailand is targeting new crypto millionaires to revive its pandemic battered tourism industry. The Tourism Authority is working with regulators and a local crypto exchange to pave the way for the acceptance of digital tokens for travel, according to its Governor Yuthasak Supasorn. Yuthasak stated that "There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,". He then followed that statement up by saying "Crypto is the future, so we must make Thailand a crypto positive society to welcome this group of quality tourists.". Asia also has more adoption news as India's government comes out stating that it won't at all be banning cryptos but will be putting in regulations so that they aren't misused. Then out in the pacific the CEO of Commonwealth Bank of Australia, the country’s largest bank, sees big risks in not participating in Bitcoin. Saying the following “We see risks in participating, but we see bigger risks in not participating,”. It seems that the east is outpacing the west in adoption only time will tell us what the effects of this will be.
Companies and celebrities adopting crypto
NFL star Odell Beckham Jr announced that he will receive his new salary on the Los Angeles Rams entirely in Bitcoin. This could earn him up to $4.5 million in Bitcoin in a year. He is also not the first NFL athlete to do so either. Earlier this year, Aaron Rodgers shared that he would be taking a portion of his salary in Bitcoin as part of a partnership with Cash App. Rodgers reportedly earns a salary of $33.5 million, and his 4-year contract with the Packers is worth $134 million. I believe as we see more NFL stars and athletes adopt crypto that more of the American public will start to invest and want laws around crypto. This is because the NFL is one of the most-watched sports in the country and as more of the American public sees these celebrities adopt and use these cryptos that they will do the same. PayPal stated that it's keeping track of Ethereum, Polkadot, Solana, and Algorand for the blockchain that can best scale its payments technology. The company also wants to support NFTs due to user demand but cites technical difficulties as the reason for the feature not coming. Another company getting into Nfts and cryptos is a sportswear giant called Adidas they have announced plans to partner with America’s leading cryptocurrency exchange, Coinbase. They have also recently been attempting to get into the NFT space by collabing on some NFTS. Adidas competitor Nike revealed a virtual world modeled after its headquarters on video game platform Roblox, becoming one of the first big brands to enter the “metaverse”. The digital space, called “NIKELAND”, allows players to outfit their avatar with special Nike products and is free for anyone to visit on Roblox.
Cryptocurrency news and updates
Over 100 days ago, the Ethereum network implemented the London hard fork upgrade which added a mechanism (EIP-1559) that changed Ethereum’s fee rate to a new scheme that makes the crypto asset deflationary. Since then 1 million ether has been burned or the equivalent of around $3.8 billion worth of Ethereum using today’s exchange rates. The developers were hoping that not only would the upgrade make the network more environmentally friendly but also potentially reduce the gas fees but as anyone who uses Ethereum knows this has yet to happen. However, Polkadot has seen some good news recently with it finishing its first two para chain auctions the last two weeks with the current one ending this Wednesday. With the first two slots going to moonbeam and Acala network. In other news, Collins Dictionary has chosen the term NFT as its word of the year after surging interest in the nonfungible tokens making search results go up 11,000% In 2021. Collins defines it as “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible.” Showing how much crypto has grown just this year just imagine what the years to come have in store for us.