The world of cryptocurrency is a wild one, with new coins launching and token value crashing every day. The Binance CEO’s net worth hit $96B this week after he sold his entire stake in the exchange. Jack Dorsey launched BTC defense fund to protect Bitcoin from Wall St. Bill Miller has invested into Bitcoin as well as other cryptocurrencies like Ripple, Ethereum Classic and Litecoin during market downturns.
The “bitcoin price” is the most popular cryptocurrency in the world. It has seen a massive increase in its value over the past few weeks and it’s expected to continue to grow. The Bitcoin Cash hard fork happened on August 1st and it resulted in a split of Bitcoin into two cryptocurrencies, Bitcoin and Bitcoin Cash.
Hodler’s Digest, which is published every Saturday, will assist you in keeping track of every significant news article that occurred this week. The week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top coins, forecasts, and much more.
The Week’s Top Stories
The CEO of Binance, CZ, has a net worth of $96 billion, according to Bloomberg.
According to Bloomberg, Binance CEO Changpeng Zhao, popularly known as “CZ,” has a net worth of almost $96 billion, ranking him as the 11th richest person in the world and the biggest billionaire in the cryptocurrency industry.
The $96 billion might eventually grow to be considerably higher since CZ’s personal holdings of crypto assets like Bitcoin and Binance Coin were not included in Bloomberg’s calculation.
CZ will need to go around beneath his couch and locate an extra $11 billion to overcome Oracle co-founder Larry Ellison in order to rank among the top 10 wealthiest individuals. Elon Musk, a bad boy from South Africa and co-founder of Tesla, is at the top of the list, having amassed $263 billion thanks to the success of his massively subsidized electric car business.
Disney files a patent for a metaverse theme park technology.
Disney has acquired a patent that would allow the development of interactive, customized attractions for guests of its theme parks.
According to reports, the technology might be used to create authorized, headset-free augmented reality attractions, including elements like customized 3D effects shown on actual areas around its parks that match with guests’ trips to various destinations.
The “Virtual-world Simulator” patent was submitted in the United States. Disney’s CEO, Bob Chapek, said in a Q4 conference call last year that the action looks to be a part of the company’s larger effort to penetrate the metaverse market:
We’ll be able to link the real and virtual worlds even more intimately, opening up our own Disney metaverse to limitless creativity.
Bill Miller, a billionaire investor, invests 50% of his net worth in Bitcoin.
Major industry players including Michael Saylor’s MicroStrategy and the BTC mining company Stronghold Digital Mining, as well as renowned investor Bill Miller, have now invested 50% of their net worth in Bitcoin.
Miller believes that virtually all of the remaining assets in his portfolio still belong to Amazon, which he says he invested in early on. Since the price of Bitcoin reached $30,000 in the middle of 2021, he claimed to have been steadily acquiring it.
The investor said that he is now a true Bitcoin bull and no longer simply a “Bitcoin watcher.” When BTC was selling at roughly $200 in 2014, Miller bought his first Bitcoin. He then bought “a little bit more overtime” when BTC reached $500.
According to a former MP, Tonga will adopt El Salvador’s measure making bitcoin legal money.
Lord Fusitu’a, a former member of the Tongan parliament, has proposed legislation that would make bitcoin legal cash in the country. The country’s Bitcoin legislation, according to Fusitu’a, is practically “similar” to the one that was adopted in El Salvador.
The bill will likely pass in parliament around September or October and, if all goes according to plan, could become law by the end of 2022, according to Fusitu’a, who is also the chairman of the Oceania chapter of the Global Organization of Parliamentarians Against Corruption. Fusitu’a outlined five points in the roadmap for the bill’s adoption.
It was generally believed in 2021 that Tonga will be among the next nations to accept BTC as legal cash, and hope among Tongans in 2022 seems to be strong.
Introducing the Bitcoin Legal Defense Fund, Jack Dorsey
In conjunction with Chaincode Labs co-founder Alex Morcos and University of Sussex professor Martin White, former CEO of Twitter, Bitcoin maxi, and Block creator Jack Dorsey, plans to establish a “Bitcoin Legal Defense Fund” were revealed.
The fund will aid in providing legal defense for Bitcoin developers, who are “now the target of multi-front litigation,” according to the statement, which was sent through Dorsey’s mailing list.
According to the statement, “the primary goal of this Fund is to defend developers against lawsuits relating to their activity in the Bitcoin ecosystem, including locating and hiring defense counsel, planning litigation strategy, and paying legal fees.”
Losers and Winners
Bitcoin (BTC) is worth $43,121 at the end of the week, ETH is worth $3,292, and XRP is worth At the end of the week, Bitcoin (BTC) is at $43,121, Ether (ETH) at $3,292 and XRP at $0.77. The total market cap is at $2.05 trillion, according to CoinMarketCap..77. According to CoinMarketCap, the market capitalization as a whole is $2.05 trillion.
The top three altcoin gainers of the week among the top 100 cryptocurrencies are Oasis Network (ROSE) (47.27%), Secret (SCRT), (32.23%), and NEAR Protocol (NEAR) (25.73%).
Loopring (LRC) at -14.23 percent, yearn.finance (YFI) at -13.52 percent, and Ravencoin (RVN) at -13.01 percent are the top three altcoin losses of the week.
Make sure to read Cointelegraph’s market analysis for more information on cryptocurrency pricing.
Most Prominent Quotes
“Even while we do take stances on certain problems, it’s more going to be an exercise in asking questions and collecting feedback from the public than taking many opinions on many subjects.”
On the impending Federal Reserve study on digital currencies, Jerome Powell, chairman of the U.S. Federal Reserve
“Centralization is incompatible with the DeFi ethos and raises significant security threats. Single points of failure may be used by both hostile insiders and devoted hackers.
We’ve now reached 25% of that total, which means that 24% of Americans already possess Bitcoin. The distance required to reach a third won’t be all that great. The use of bitcoin is spreading across society. It isn’t going away; people are hearing about it everywhere.
Edelman Financial Engines’ founder, Ric Edelman
“Putting NFTs, art or not, on their own list makes things a lot easier,” says the author. “Wikipedia really can’t be in the business of choosing what qualifies as art or not.”
Wikipedia editor Jonas
“Solana emphasizes scalability, but a blockchain that is somewhat less decentralized and safe has drawbacks, as evidenced by various network performance concerns since creation,” says the company.
Alkesh Shah, a Bank of America digital asset strategist
“In contrast to the number of whales, the number of addresses with the smallest amount of Bitcoin is actually increasing. I believe there is a significant retail trend occurring all around the globe as more and more people use Bitcoin and grow to trust it. The ones driving up the cost are the individuals.
Pascal Gauthier, Ledger’s CEO
Employee polls after that made it quite clear: recharge weeks work.
L.J. Brock, Coinbase’s chief human resources officer
The majority of bitcoin investors are prepared to pay taxes but are unsure whether their actions will be in violation of the Revenue Code.
President of the Thai Digital Asset Association Suppakrit Boonsat
Forecast for the Week
The run up to $44,000 in Bitcoin, according to traders, may represent a relief bounce after the ‘nuke’ of December.
According to Cointelegraph’s BTC price index, the leading cryptocurrency plummeted to a price of $39,675 on Monday, signaling a relatively choppy trading week for Bitcoin. By Wednesday, BTC was trading at $44,315. On Thursday, the asset reached $44,448 before declining later in the week.
Bitcoin’s price surged on Tuesday, but its Wednesday gain coincided with news that U.S. inflation soared at its highest annual rate in 40 years, 7 percent, in December.
Even if the price of Bitcoin rose after it fell below $40,000 on Monday, there is still a chance for more declines as of Wednesday, according to widely-followed Twitter user Material Scientist.
One of the tweets said, “Remainder of bids just withdrawn.” “We either see the same situation as in late November (drawn bids + stacked requests a few days later) or they’re through stockpiling and using liquidity to pursue now.”
Bought demand as displayed on exchange order books is referred to as a bid in the context of Bitcoin trading. After reaching a high of $68,969 in November 2021, BTC saw a sharp dip for the remainder of the month until dropping to $41,614 in early December.
The Week’s FUD
Hot wallet hack using the Ethereum blockchain costs LCX $6.8 million.
The platform that runs the Liechtenstein-based cryptocurrency exchange LCX momentarily froze all deposits and withdrawals on Sunday, but later acknowledged that one of its hot wallets had been hacked.
Blockchain security company PeckShield discovered a suspicious movement of ERC-20 tokens from LCX to an unidentified Ethereum wallet, which led it to discover the breach. The hack was then swiftly verified by LCX, which disclosed that a number of crypto tokens, including Ether, USD Coin (USDC), Sandbox (SAND), and its own LCX token, were also affected.
PeckShield’s research revealed that LCX lost around $6.8 million overall as a result of the hot wallet breach.
FTC warns the public about a new cryptocurrency ATM scam
This week, the U.S. Federal Trade Commission (FTC) published a warning about a new crypto ATM fraud using dubious QR codes.
According to the FTC, the con begins with con artists posing as individuals, such as public figures, law enforcement personnel, or possible romantic interests on dating apps, who all concoct different tall tales to convince the victim to pay cryptocurrency.
If the victim believes the hoax, they are instructed to withdraw money before going to a cryptocurrency ATM to buy some cryptocurrency. After buying the cryptocurrency, the con artist gives the victim a QR code that, when scanned, sends the money back to the con artist.
The most important thing to understand is that no representative of the government, law enforcement, utility provider, or prize sponsor would ever advise you to pay them in bitcoin. If someone does, it’s always a fraud, according to the FTC.
Apparently, Pakistan’s central bank wants to outlaw cryptocurrency.
The State Bank of Pakistan (SBP), according to reports from regional media sites, intends to outlaw all cryptocurrency trades in Pakistan, claiming that digital assets like Bitcoin are forbidden and shouldn’t be utilized for commerce.
According to reports, the Sindh High Court of Pakistan convened a hearing on the legal status of cryptocurrency in the nation. Several Pakistani agencies, including the SBP, requested a ban on the industry in a document that was sent to the court.
The document urged the court to follow the example of nations like China, whose government has suppressed the local cryptocurrency sector to make way for a spawn of Satan central bank digital currency, in addition to the usual arguments for investor protection, money laundering, and terrorism concerns (CBDC).
Cointelegraph’s Best Features
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The crypto initiatives preserving the environment in green and gold
These initiatives improved the world in 2021 while people debated the morality of cryptocurrencies.
A Tongan nobleman prepares for financial stability with plans for volcanoes, Bitcoin, and remittances
The island nation’s ex-lawmaker wants to utilize Bitcoin to safeguard the financial stability of his nation.