El Salvador Takes ‘First Steps' Towards Bitcoin Mining Using Volcanoes

A tweet from the country's president seems to demonstrate the first steps toward mining Bitcoin using volcanic geothermal energy. El Salvador's president announced through Twitter video that the nation has begun a project to mine Bitcoin using geothermal energy derived from volcanoes.


President Nayib Bukele, a frequent Twitter user, shared the video with the phrase "First steps" and a volcano emoji yesterday.

The brief video, which has already received 1.8 million views, depicted a data center in the middle of a forest. The camera then focused on a worker inside the facility, who was connecting a cable to a Bitcoin mining equipment. The energy-intensive practice of utilizing powerful computers to validate transactions on the blockchain is known as bitcoin mining.

Bitcoin mining has recently come under fire because to the massive amount of energy it consumes. More and more mining firms are turning to renewable energy to power their operations.

El Salvador's state-owned power provider, LaGeo, announced in June that it will mine Bitcoin using "extremely inexpensive, 100 percent pure, 100 percent renewable, 0 emissions energy from our volcanos."


The concept was conceived by the country's millennial president, who took office in 2019. Despite Bukele's popularity in the nation (latest polls show he has an approval rating of over 80%), the president's Bitcoin Law has been attacked by the World Bank—as well as other Salvadorans.

El Salvador's President Introduces a Bill to Make Bitcoin Legal Tender

On Saturday afternoon, El Salvador made a big impact during the closing hours of the Bitcoin 2021 conference in Miami. El Salvador's President, Nayib Bukele, stated in a pre-recorded video that he...

Businesses in El Salvador must accept Bitcoin payments if they have the technology, according to the country's Bitcoin Law.

Citizens are not required to use it, but the government encourages them to do so: a state wallet called Chivo is available, and those who download it on their smartphone are rewarded with $30 in Bitcoin. Since utilizing the wallet, Salvadorans have posted pictures of their bitcoin presents on Twitter.

The wallet had some technological difficulties at initially, but Bukele says that it is currently used by more people than any other bank in the nation.

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Cardano ($ADA) is now available on a Swiss cryptocurrency exchange.


Lykke Corp, a Switzerland-based FinTech firm that owns and runs the Lykke Wallet cryptocurrency exchange, announced the listing of Cardano's $ADA token on Tuesday (September 28).

Lykke Wallet, according to the company's press release, is "a commission-free cryptocurrency exchange combined with a cryptocurrency wallet" that "allows users to purchase and sell cryptocurrencies, such as ADA, with no trading costs and low spreads." Lykke Wallet is accessible on both the web and mobile platforms (with apps for both Android and iOS).


Cardano-based trade pairings ADA / BTC, ADA / CHF, ADA / ETH, ADA / EUR, ADA / GBP, and ADA / USD seem to be accessible.

Lykke's CEO, Richard Olsen, had this to say:

“The ADA listing is a significant step forward for our community, since we can now exchange ADA for free. Cardano's dedication to scientific rigor and excellence inspires us. The listing lays the groundwork for a broader collaboration that will benefit the larger community by allowing blockchain and smart contracts to fully realize their promise to democratize finance.“


The Cardano Foundation's CEO, Frederik Gregaard, added:

“This listing on Lykke, which will provide its user base access to ADA for the first time, is a major step forward in Cardano's growth. Users may leverage liquidity and move easily between fiat and crypto ecosystems thanks to capital bridges and the entrance of conventional market makers into the crypto sector. It also helps to strengthen our fledgling ecosystem while also enriching the larger blockchain community.“


The news release goes on to describe how consumers may purchase $ADA for free:

“To trade Cardano's ADA for free at Lykke Wallet, customers must register and complete a short KYC-verification procedure. A free crypto app, an online trading terminal, and a fiat gateway for Euro, CHF, and GBP are all available on the platform. Lykke will pay the deposit charge (but not the correspondent bank's costs, if any) if you deposit fiat through bank transfer. You may swap your money to ADA without incurring any trading costs after they have been deposited to your Lykke Wallet account.“

$ADA is now trading at $2.0419 on crypto market Kraken, according to TradingView data (as of 18:45 UTC on September 29).

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Avalanche's AVAX cryptocurrency will be supported by Coinbase Pro.

Coinbase Pro account users will soon be able to trade Avalanche (AVAX) tokens on the platform, the exchange said in a blog post on Sept. 29.

Users of Coinbase Pro may immediately deposit C-Chain AVAX tokens into their accounts, and AVAX trading will commence “on or after” 9 a.m. Pacific time on Sept. 30, if the platform's liquidity criteria are fulfilled. The asset is not yet accessible on Coinbase's regular platform or consumer applications, according to the firm.



Coinbase explains on its blog that “C-chain Avalanche addresses begin with ‘0x'.” “Sending Avalanche on P-chain or X-chain, as well as any other asset, to a Coinbase Pro wallet will result in irreversible loss.”

Ava Labs created Avalanche, a proof-of-stake blockchain. Polychain and Three Arrows Capital sponsored a token sale that generated $230 million for Avalanche.

AVAX tokens will be listed on Coinbase Pro, as well as other exchanges such as Binance and BitPanda.

In a Twitter post, Avalanche stated, "This listing improves the accessibility of #Avalanche to a wider group of users, including those in the US."

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Thanks to DeFi, Europe has become the world's largest crypto economy.

According to a recent Chainalysis study, Central, Northern, and Western Europe (CNWE) has surpassed the United States as the world's largest crypto economy. Over the past year, the area has received more than $1 trillion in cryptocurrencies, accounting for 25% of all worldwide activity. In previous year's poll, CNWE came in second. However, Europe's phenomenal growth, which began in July 2020, has propelled it to the top this year.


Although retail activity grew, institutional investors drove the majority of the transactions, with DeFi accounting for half of all transactions.

The number of transactions on CNWE increased dramatically across all cryptocurrencies and service kinds, but particularly on DeFi protocols. The increase, according to Chainalysis, was mostly due to an infusion of institutional investment, as shown by big transactions. Since July 2020, there has been an upsurge in crypto transactions totaling more than $10 million.


Institutional cryptocurrency transactions increased in value from $1.4 billion in July 2020 to $46.3 billion in June 2021. During this time, the United Kingdom had the highest value of crypto transactions in Europe, totaling $170 billion. DeFi protocols got 49 percent of the total. Henry Updegrave, senior content marketing manager at Chainalysis, remarked on the increase. “The United Kingdom's development is mostly driven by increasing institutional investment, with large-scale transfers accounting for the majority of the country's transaction volume,” he told Cointelegraph.

The majority of big institutional-sized transactions moved to DeFi platforms in the past 12 months, according to Chainalysis statistics. The majority of those big institutional transactions were done in Ethereum, and they were wrapped in Ethereum (wETH). The wETH token is an ERC-20 token with the same value as Ethereum, which is frequently used in DeFi protocols.

“In most months, DeFi protocols make up three to four of the top five services, with Uniswap, Instadapp, and dydx making regular appearances. Meanwhile, the most popular centralized exchanges are Binance and Coinbase,” the analysts said.

The business of decentralized finance has grown to be worth billions of dollars. Institutional developments in Europe show the popularity of the DeFi market, and a similar tendency can be observed in the United States.

Traded Currencies in European Countries, The United Kingdom led by a large margin among European nations, followed by France and Germany.

In nearly every nation, Ethereum and wETH are the most popular cryptocurrency. Bitcoin accounts for 27% of transaction value in the United Kingdom, while Ethereum and wETH account for 40%. Bitcoin accounts for 28% of transaction volume in Germany, while Ethereum and wETH account for 36%. In France, however, Bitcoin accounts for just 20% of transaction volume, while Ethereum and wETH account for 45%.

In most nations, stablecoin use is constantly between 25% and 30% of total transaction volume. Stablecoins, on the other hand, account for 39 percent of all crypto activity in outliers like Monaco. In most areas, altcoin use is likewise consistent, ranging from 8% to 11%.

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The developers have scheduled an Altair update for October, bringing ETH 2.0 closer to reality.

The shift to proof-of-stake for Ethereum continues, with Beacon Chain's first mainnet upgrade set for late October. The long-awaited upgrade to a scalable, proof-of-stake consensus mechanism for the Ethereum network is getting closer as engineers set a date for the Altair update.


According to Ethereum Foundation researcher Danny Ryan, the first mainnet update to the Beacon Chain, Altair, is set to take place around epoch 74240, or around Oct. 27.


The technological improvement was characterized as such by Ryan:

“As per EIP-2982, this update adds light-client support to the core consensus, cleans up beacon state incentive accounting, solves certain validator incentive problems, and increases the punitive params.”

To guarantee that the proof-of-stake protocol is economically secure, EIP-2982 adds "punitive parameters." The two suggested punishments under the improvement suggestion are "inactivity leak" and "slashing."

On August 5, Ethereum's London hard fork came nearly on time, bringing in the much-anticipated EIP 1559 proposal. EIP-1559 was dubbed the "deflationary switch" by supporters since it required burning base fees, which reduced the amount of ETH in circulation.

London puts Ethereum on track to become "ultrasound money," according to Joseph Lubin, who co-founded Ethereum before moving on to ConsenSys. The Bitcoin (BTC) community popularized the idea of "sound" or "ultrasound" money, which refers to an asset that is not vulnerable to a rapid loss of value or buying power.

On Tuesday, the price of ETH fell significantly as cryptocurrencies and other risk assets, such as equities, fell in value. The price of ETH was last seen trading at $2,822, down 6.5 percent on the day.

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The Sale of Crypto Miners Has Been Prohibited on Alibaba.

Along with cryptocurrencies, the selling of associated accessories has been prohibited. Alibaba, a Chinese e-commerce giant, has prohibited the selling of bitcoin miners on its platform. Alibaba is discontinuing two product categories.


According to Alibaba, two categories will be discontinued: blockchain miners and blockchain miner accessories.

Sellers will be banned from selling technology and software, as well as lessons and tactics, as a result of the restriction.

Alibaba would also prohibit the selling of cryptocurrencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, despite the fact that no cryptocurrency seems to be offered on the site at the moment.

The business cited a number of laws as the basis for its restrictions, including the Notice Concerning the Prevention of Risks Associated with Bitcoin issued in 2015 and the Announcement on Preventing Financial Risks from Initial Coin Offerings issued in 2017.


The incident is the latest in a slew of Chinese crackdowns, which include the country's decision to prohibit most bitcoin transactions and access to cryptocurrency exchanges.

The Enforcement Process Will Begin In the month of October,

The new regulation, according to Alibaba, will go into effect on October 8. Several mining goods are still featured on the site right now.

Delistings, point deductions, website limitations, and account cancellations will all be used to implement the policy.

Despite Alibaba's decision to stop selling bitcoin miners, the company may invest in cryptocurrencies. It was reported in May that it will invest $20 million in Bitcoin, although this was never verified.

In June, its subsidiary, Alipay, started coordinating the sale of non-fungible tokens (NFTs).

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A Cardano-based DEX joins forces with China's most popular public blockchain.

SundaeSwap Labs, the development company behind Cardano-based decentralized exchange SundaeSwap, has partnered with Nervos, China's largest public blockchain. The DEX will be able to utilize Nervos' Force Bridge to provide additional liquidity as a result of the partnership.


The interoperability solution was first released in December with the intention of connecting to Ethereum. In June, Cardano creator Input Output teamed up with Nervos to create a cross-chain bridge that would link the two ecosystems and enable assets to flow freely between them.

SundaeSwap Labs CEO Mateen Motavaf says his firm is "pleased" to be among the Force Bridge solution's early adopters: "SundaeSwap Labs is delighted to engage into a strategic relationship with Nervos," he says. We are dedicated to delivering solutions that enhance the Cardano ecosystem as a whole, while also supporting its fundamental goal of interoperability with other blockchains, as a decentralized exchange on Cardano.

One of the most well-known DeFi initiatives on the Cardano blockchain, SundaeSwap, is set to launch in the fourth quarter of 2021. 

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After releasing smart contracts, Cardano has announced the launch of a custom DeFi platform.

After completing a critical mainnet upgrade last week, blockchain network Cardano (ADA) has announced that it is ready to establish its own decentralized finance (DeFi) platform.

The Alonzo hard fork added smart contract capability to the blockchain, allowing Cardano developers to construct DeFi platforms, decentralized apps (DApps), and non-fungible tokens (NFTs) on the network for the first time.

EMURGO, the altcoin's commercial arm, is teaming up with Shenzhen-based tech firm Blockchain 4A to launch Astarter, a new business aimed at helping the financially disadvantaged.


Ken Kodama, EMURGO's chief executive officer, says,

“Over the last year, DeFi has gained a lot of popularity because it can give more accessible financial services to a lot of people who have been underserved by the current banking system.

Financial inclusion and social cohesiveness are aided by a broader range of services, particularly in places where traditional financial services are missing.

Astarter is a first step in utilizing Cardano's research-driven blockchain as a platform for developing crucial decentralized financial infrastructure that everyone can use.”

By the end of the year, Asarter expects to launch its initial decentralized exchange offering (IDO), followed by the integration of decentralized borrowing and lending.

At the time of writing, Cardano was trading at $2.39, down 13% from its seven-day high of $2.76, according to CoinGecko.

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PayPal customers in the United Kingdom can now buy, sell, and hold bitcoin.

PayPal's cryptocurrency services are now available to consumers in the United Kingdom, marking the company's first international expansion.

PayPal customers in the United Kingdom can now purchase, trade, and store numerous cryptocurrencies, including bitcoin and ether, directly from their accounts, according to the company.

PayPal's Crypto Services Are Now Available In The United Kingdom

“We're excited to announce that all qualified PayPal users in the United Kingdom can now buy, hold, and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash, and #Litecoin using their PayPal accounts. Look for it in the PayPal app,” according to the statement.

PayPal said it will continue to employ Paxos, a New York-licensed crypto firm, to enable the purchasing, selling, and holding of the supported assets, much as it does with its digital asset offerings in the United States.

Customers in the United Kingdom can purchase or trade the aforementioned cryptocurrencies for as little as £1, according to a statement released last month when the firm originally revealed its plans to extend to the United Kingdom.

The debut of the offering in the United Kingdom marks the firm's first worldwide extension of its cryptocurrency goods, which were first released in the United States in October of last year.


a huge success

PayPal has witnessed substantial interaction on its platform as well as a large boost in income since launching its cryptocurrency services.

The firm launched a Crypto Checkout Service in March of this year to allow users to pay for goods and services using digital currency at any of its 29 million online merchants around the world.

PayPal's crypto project was a huge success in the United States, so the corporation is certain that its offers will be successful in the United Kingdom.

In an interview with CNBC last month, Jose Fernandez da Ponte, PayPal's general manager for blockchain, crypto, and digital currencies, said, "It has been doing incredibly well in the United States, and we expect it to do well in the United Kingdom."


PayPal Is Dedicated to Growing Cryptocurrency Services

Despite the success of its cryptocurrency products, the company continues to work around the clock to guarantee that its customers have a pleasant experience with the service.

In the United States, PayPal wants to introduce a Super App Wallet for digital assets. In Ireland, the company is also forming a cryptocurrency team that will focus on several tasks like as anti-money laundering (AML), regulatory compliance, and business development.

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0xMaki, a Cult DeFi Builder, Bows Out of Sushi

0xMaki is said to be staying on as a consultant. Sushi's co-founder and project head, 0xMaki, is apparently stepping down from his position in the company.


0xMaki, a sushi chef, is stepping down.

Sushi, the premier DeFi project best known for its permissionless decentralized exchange SushiSwap, has lost one of its first contributors.

According to various reports, 0xMaki, a pseudonymous core contributor and founder member, is stepping down from his post.

The reason behind 0xMaki's resignation is unknown; however, an anonymous insider told The Defiant that the Sushi co-founder would remain in an advising role rather than leaving totally. 0xMaki is anticipated to provide a complete statement later today.

While the announcement caught the crypto community off guard, spectators had previously noticed signals that the Sushi leader was losing ground. As can be observed in this transaction on Etherscan, 0xMaki's address was removed from SushiSwap's operations multisig wallet on September 14.

After the project's founder, Chef Nomi, left in September of last year, 0xMaki took over at SushiSwap. Chef Nomi earned the wrath of the DeFi community for removing $13 million in dev shares from the project's coffers, effectively "pulling the rug" out from under the project's users. Despite the fact that Nomi later returned the cash, the SUSHI token dropped by more than 50%, and the protocol's reputation suffered a huge blow.

Following the incident, 0xMaki became Sushi's de facto leader, and is often credited with most of the project's current success. Following word of 0xMaki's resignation, many crypto fans flocked to Twitter to pay tribute to him.

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According to Binance CEO Changpeng Zhao, the company is looking for a location to officially open shop in the wake of global regulatory backlash.

In order to meet worldwide regulatory concerns, Binance is apparently seeking for a site to establish an official headquarters. The prominent bitcoin trading website is being investigated for possibly operating without a license and engaging in regulated operations without legal clearance.

Binance CEO Changpeng Zhao claims the company is moving away from its decentralized structure, which has a physical headquarters, in order to gain licensing permissions in the face of regulatory crackdowns in the United States, Hong Kong, Japan, and Singapore.


Zhao remarks in an interview with the South China Morning Post,

“As we run a centralized exchange, we've realized that in order to work well with regulators, we need a single body.

Clear records of stakeholder ownership, transparency, and risk controls are required. We must prepare ourselves for the shift as the industry's largest player. We're implementing adjustments to make working with regulators easier.”

Binance's US arm, according to the tech news website The Information, is contemplating an initial public offering (IPO) within the next three years.

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In Budapest, a statue of Satoshi Nakamoto has been erected.

András Gyrfi stated, “Whoever he or she was, Bitcoin creates value, and especially the technology underpinning Bitcoin, blockchain, creates value.” Visitors to Budapest's Graphisoft Park may now see a bronze representation of famed Bitcoin developer Satoshi Nakamoto.

András Gyrfi, co-founder of the statue project and editor of crypto news site Kripto Akademia, addressed to a crowd of journalists and Hungarian locals before unveiling Satoshi's dazzling visage at an unveiling ceremony on Sept. 16. The artwork depicts the upper part of a humanoid with a featureless face wearing a Bitcoin (BTC) logo hoodie.



“Whoever he or she was, Bitcoin, and particularly the technology that underpins Bitcoin, blockchain, creates value,” Gyrfi added.


At the ceremony, Debreczeni Barnabás, CEO of the Hungarian crypto exchange Shinrai, also spoke, saying:

“Satoshi Nakamoto established an autonomous currency that gave people financial autonomy [...] This statue was created to remind us that bravery is a virtue. We must continue to have huge dreams.”

The statue, which was first revealed in May and was sculpted by sculptors Gergely Réka and Tamás Gilly, was purposefully made with a mirrored visage, implying that “we are all Satoshi” to observers. The ‘Statue of Satoshi' project was backed by Mr. Coin, Kripto Akademia, Blockchain Hungary Association, and Bitcoin and Blockchain Budapest.

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As supply shock tightens its grip on Bitcoin and Ethereum exchange reserves, they continue to fall.

The supply shock continues to tighten its hold on Bitcoin and Ethereum exchange balances, according to data.


Exchange Reserves of Bitcoin and Ethereum Are Declining

Both Bitcoin and Ethereum continue to see declines in their exchange reserves, as a crypto trader pointed out in a tweet.

The exchange reserve of an asset is a metric that displays the total number of coins in controlled exchange wallets.

Investors are sending more of their assets to exchanges to withdraw cash or purchase altcoins as the metric's value rises. A trend like this could point to market selling pressure.

A decline, on the other side, would indicate that investors are withdrawing their coins for hodling or OTC trading. Bitcoin and Ethereum exchange reserves have fallen by 1.2 percent and 1.5 percent, respectively, over the last month.


Supply Shocks in BTC and ETH

Both Bitcoin and Ethereum, according to the prevailing narrative, are experiencing a supply shock that is only getting worse. As the exchange reserves have already proven, on-chain data supports the theory.

The short-term supply, which has fallen to levels not seen since 2015, is another important signal. This indicator counts how many coins have been used in recent transactions. As a result, the statistic suggests that there has been some accumulation.

Supply shocks are typically bullish for cryptocurrency prices. Bitcoin's price is hovering at $48k at the time of writing, up 2% in the last week. The coin has gained 2.5 percent in the previous month.

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To appease regulators, Binance is dropping its decentralized HQ.

Changpeng Zhao, the CEO of Binance, has revealed many new efforts to attain greater legal compliance. Binance, the world's largest cryptocurrency exchange, has announced that it will abandon its decentralized operational model in favor of a central headquarters.


Binance is relocating its headquarters to a more central location.

Binance's founder and CEO, Changpeng "CZ" Zhao, has announced the exchange's plans to establish a consolidated headquarters in a specific area.

Binance will abandon its decentralized operating architecture in order to be more legally compliant, Zhao confirmed in a Wednesday interview with the South China Morning Post.


The CEO, on the other hand, did not reveal where the exchange will be based.

Despite being a centralized company, Binance began in 2017 and has followed a decentralized business strategy for years. It has a number of locations all around the world.

The exchange stayed outside the authority of any single country due to its decentralized style and lack of a set headquarters. However, new plans to operate from a consolidated headquarters are likely to necessitate complete legal registration.

Zhao explained why the exchange has chosen to operate from a single location:

“Regulators inquire, 'Where is your headquarters?' and we reply, "Well, we don't have a headquarters." Regulators aren't happy about that. They have no idea how to collaborate with us. They even think we're shady at times.”

Binance had already registered in the Cayman Islands and opened a branch in Malta, but neither government has granted it a license to operate.

Binance has come under fire from banking regulators all over the world in the previous year. Various nations have issued warnings to the exchange for providing trading services without a license, including the United Kingdom, Poland, Italy, Japan, Malaysia, Singapore, and Thailand. Furthermore, earlier this year, the US Department of Justice and the Internal Revenue Service were said to be looking into the exchange.

While operating from an official site exposes the company to new regulatory restrictions, it should also increase compliance. Zhao explained how the upgrade will make working with regulators easier:

“We need to be centralized for the centralized exchange business. We need a consolidated company with clear investors, good board governance, transparent KYC/AML procedures, and robust risk controls behind it.”

Binance is demonstrating its commitment to cooperate with regulators by establishing a centralized legal organization. As it has come under scrutiny in recent weeks, the exchange has taken a number of other efforts to comply, including lowering leverage limits, requiring new users to complete a mandated KYC process, and employing a former IRS inspector to combat money laundering. The most recent action is another step in appeasing regulators and obtaining the requisite licensing to serve its clients globally.

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Shiba Inu, a Dogecoin competitor, has launched a Coinbase exchange.

Shiba Inu is now accessible for trade on Coinbase, America's largest cryptocurrency exchange. On June 17, Shiba Inu, along with Chiliz (CHZ) and Keep Network, was intended to be admitted to Coinbase Pro, the exchange's professional arm (KEEP). Due to technical difficulties, the listing was postponed indefinitely.


On September 9, the canine coin arrived on Coinbase Pro. The much-anticipated IPO triggered a 30% price increase. Shiba Inu became a multi-millionaire overnight success story in May, riding on the coattails of the Dogecoin craze.

The cryptocurrency is remarkable for its one-quintillion-token maximum supply. In May, Vitalik Buterin, the co-founder of Ethereum and the recipient of half of the entire supply from the developers, burnt 410 trillion SHIB tokens after donating 50 trillion tokens to charity.

SHIB is currently trading at a discount to its all-time high of 81 percent, with recent listings providing a minor price bump.

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Here's how Bitcoin investors feel three days after the crash on September 7th.

Following the events on September 7, the majority of the market's cryptos recovered fast and returned to their prior price levels. With the exception of Bitcoin, most. On the price charts, there has been some resistance recently, which is why the king coin has yet to reach $52k. The bigger concern, though, is what will happen to the investors. Because they suffered big losses during the downturn.


Was this a factor in their decision to sell, and if so, how is the sluggish recovery influencing investor sentiment?

Bitcoin investors are still optimistic.

While selling was prevalent on the day of the crash, the market is currently witnessing purchasing as the dominant pattern. At the time of publication, Bitcoin appeared to be battling to break the $47k barrier. Investors, on the other hand, have become substantially more bullish than they were previously, so this hasn't demotivated them.

Its repercussions can also be seen on the market, as the exchange balance has dropped to its lowest level in three years.

At the same time, withdrawals from exchanges reached their greatest level in a month. Over 2,500 BTCs have been removed from exchanges in the previous week.

The social trend of "buying the dip" played a significant role in this. This trend primarily prompted investors to enter the market, as the number of social tools tracked for this phrase reached a four-month high. In reality, at the time of writing, the indicator had returned to its May levels.

Was it a good idea to buy?

In truth, it was the best decision I could have made. This turned out to be a wise decision on their part. After falling into losses yesterday, the market has recovered back into profit. There were those who sold at a loss, but there were also those who bought at a discount and are now profiting.

Furthermore, as it touched its monthly bottom, the Price DAA Divergence identified this as a strong buy signal. This was the ideal time to buy BTC off the market as the price dropped and the number of active addresses surged.

In addition, the majority of the addresses are still profitable. The 4 million addresses that accounted for the 10% drop (the ones that suffered the largest losses) are steadily returning to profitability.

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The Chinese Communist Party has issued a warning about the NFT hype bubble.

The party's spokeswoman, a local news source, predicted a significant drop in the value of NFT assets after the bubble bursts. Despite the fact that two of China's top IT businesses are pursuing the technology, the Chinese government has issued a series of remarks decrying the value of the nonfungible token, or NFT, market, according to local sources.

The Securities Times — a news publication service that acts as a spokesperson for the official Chinese Communist Party magazine People's Daily — broke the story first, and the South Morning China Post reported on it.

According to the remarks, “it is common sense that there is a massive bubble in NFT transactions,” and that most NFT buyers who buy for a financial reason are only interested in the asset value rather than the piece's visual attributes.


Wang Junhui, an SMCP staff reporter, writes:

“As market enthusiasm fades and the hype subsides, the value of these numerous weird NFTs will plummet.”

This echoed People's Daily's rhetoric from June, which said that the NFT market "may be pumped up, leading to instability," and that "decentralization may lead to security issues."

Earlier this year, the Chinese government dealt a devastating blow to cryptocurrency mining operations in an effort to drive unfavorable activities out of the country.

Tencent Holdings and Alibaba Group Holdings, two of China's largest internet companies, have advanced with NFT-focused research and development activities and are now active participants in the area.

Tencent launched its NFT trading platform Huanhe last month with the goal of integrating NFT assets into its QQ Music music streaming platform.

Similarly, Ant Group, Alibaba's fintech partner, recently posted two NFT photos for sale in its Alipay wallet application.

Despite this, Chinese proponents of the NFT face restrictions in their trading activity. For example, only the Renminbi, the country's official currency, can be used in transactions. Furthermore, NFTs cannot be resold after purchase because doing so would be a violation of the country's financial regulations.

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For $7, you may become a Shiba Inu (SHIB) millionaire.

Shiba Inu (SHIB) was launched in August 2020 as a direct competitor to Dogecoin (DOGE). For as low as $7, investors can own over 1 million Shiba Inu (SHIB) coins, with $1 fetching 146,000 coins at the time of writing.

Despite the fact that the Shiba Inu coin is on the fall, the crypto exchange Coinbase Pro stated on September 9, 2021 that it has added it on its platform. Coinbase Pro's Twitter account tweeted on Thursday that trading had begun:


“Inbound SHIB transfers are now available in all regions that support trading.”


SHIB, on the other hand, is not available on the Coinbase.com platform or through Coinbase's consumer apps, according to Coinbase Pro. Coinbase Pro stated on Twitter that it would make a separate announcement on the addition of this capability.

When Coinbase added support for the Shib coin token to Coinbase Custody, which allows users to deposit and withdraw crypto assets, the Shiba Inu currency was expected to join.

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When Will Bitcoin's Bull Run Come To An End? Here's How To Recognize The Best

Highs and lows have a season, just like anything else, and the crypto market is no exception. There will undoubtedly be bullish seasons, but there will also be bearish periods. At the time of writing, Bitcoin is fighting to recoup $50,000.

Bears are likely to stifle price moves in the short term, while Bitcoin is expected to double in price in the long run. This would imply that the bull market's second leg would begin in the next months, and that after this phase is over, the bear market will follow; but when and how?


When will Bitcoin reach its peak, and what will happen next?

Lark Davis, a Bitcoiner, has taken it upon himself to answer the question that many curious Bitcoin investors have been asking: when will the bulls ultimately pack up and give way to the bears? According to Davis, the bull market is far from done. He goes on to discuss how the Moving Average Multiplier might help determine how near the peak is to being reached.

Another crucial indication to keep an eye on is the net unrealized profit loss chart. All tops have traditionally been marked with a cross into Euphoria. While the indicator is a "shorter blow-off indicator," it signals the arrival of the bears. The investor and analyst added, "When this happens, it simply screams time to get out!" The Puell Multiple and the BTC Rainbow log charts are two further indicators that could signal to the market's direction.

Certainly, the market will experience another bad market cycle, but it may not be as severe as the one that occurred a few years ago. In other words, fresh bear cycles will have lower volatility than previous bear cycles.

“Yes, there will be another bear cycle. However, this does not imply a repeat of 2018. The cryptocurrency market has progressed. During the early years of technology stocks, we observed a similar pattern of enormous volatility. Market corrections were less severe over time.”

Keep in mind that institutional funds, as well as DeFi and NFTs, are driving the market. Davis' feelings towards cashing out immediately become stronger as a result of this. In compared to prior cycles, he believes that more money will stay in the market longer and finally form a high low, while bear markets would become shorter and shallower.

“However, keep in mind that the market can remain crazy for longer than you can stay solvent.

That said, don't forget about Metcalfe's law and the quick growth of the crypto market's user base.

The year 2020, in my opinion, will be the best financial opportunity of your life. The bear is for purchasing.” In conclusion, he advises.

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On September 12th, Binance will support Cardano's hard fork.

Binance, the world's largest cryptocurrency exchange, has declared that it will support the Cardano hard fork.

Binance has stated that it will support the long-awaited Cardano network update and hard fork, which is only a few days away. This comes as more than 80% of Cardano pools have upgraded to Alonzo 1.29.0 successfully.

The largest digital asset exchange confirmed its intentions to support the impending Cardano network upgrade in a statement on September 9th. On September 12th, about 21:45 (UTC) – during epoch 290 – the event is scheduled to occur. Around 30 minutes before the hard fork, Binance will halt deposits and withdrawals of Cardano's native coin, ADA.

The exchange, on the other hand, will not halt ADA trade. “Leave ample time for deposits to be processed prior to the above cut-off period,” the statement advised. It also stated that no new tokens will be issued as a result of the network upgrade and hard fork.

Binance will restart deposits and withdrawals once "we judge the enhanced network to be reliable," and "we will not notify users in a subsequent announcement," according to the company.

The team behind the famous blockchain project introduced smart contracts capability on the Alonzo testnet, according to CryptoPotato.

However, soon after, complaints surfaced, showing a concurrency issue on Minswap, a Cardano-based decentralized exchange (DEX).

Despite the difficulties, on September 6th, most Cardano pools upgraded to Alonzo 1.29.0. According to Pooltool, a network monitoring site, the number was 64 percent at the time, but it has already risen to over 82 percent three days later.

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INVESTMENT OF $500 BILLION BY THE GERMAN UNION TO INCREASE BITCOIN EXPOSURE

According to Bloomberg, Frankfurt-based asset management Union Investment is experimenting with Bitcoin exposure certificates as part of a trial program. If the program is successful, other funds will be able to invest in Bitcoin.


"We are considering adding bitcoins in small amounts of 1% to 2% maximum to a couple of other funds for private investors," portfolio manager Daniel Bathe told Bloomberg.

The certificates will be accessible in the fourth quarter of 2021, although no specific date has yet been set.

For the first time, Union Investment included Bitcoin in a mixed portfolio at the beginning of this year. These were Delta 1 certificates held by Flexibel Pro, a private fund. These funds are permitted to invest up to 1% of their assets in Bitcoin, and according to Bathe, they are now slightly below that threshold.

DekaBank, one of Union Investment's biggest competitors, has yet to provide any Bitcoin-related funds.

“We are seeing a rising interest in crypto assets among mixed fund managers,” said Kamil Kaczmarski, a financial services expert at Oliver Wyman in Frankfurt.

Initially, many typically conservative German investment managers are expected to offer Bitcoin exposure via certificates and other derivatives.

According to Bloomberg, Sparkassen just made Bitcoin and cryptocurrency investments available to its customers via certificates, ETFs, and individual stocks.

The news comes after a new German regulation went into force in August, allowing Spezialfonds to invest up to 20% of their assets in Bitcoin.

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The IOTA Foundation has been selected to lead the development of a European blockchain network.

The IOTA Foundation was one of seven companies chosen to build distributed ledger technology (DLT) for a European blockchain network.


As a result, the IOTA Foundation will take part in the EU blockchain pre-commercial procurement process in its first phase. Participants will create new distributed ledger technologies (DLTs) to improve the European Blockchain Services Infrastructure's scalability, energy efficiency, and security (EBSI).

What is the EBSI acronym?

The European Blockchain Partnership founded EBSI in 2019 with the goal of becoming Europe's blockchain. This would be accomplished by establishing a network of nodes across Europe. These would make it possible for governments, businesses, and citizens to provide cross-border services.

This would, in theory, improve the efficiency and trustworthiness of EU-wide transactions. It would also improve the mobility of citizens, businesses, and goods. Digital management of school certificates, audit trails, and SME finance are only a few of the project's application cases. Data sharing among authorities, digital identity, and document traceability are some examples.


Because EBSI aims to be Europe's blockchain, the European Commission will oversee the network's nodes. Meanwhile, the European Blockchain Partnership's members work on a national level. According to a recent EuroNews poll, 60 percent of Europeans would rather their individual governments create cryptocurrency legislation than the EU.

What is the significance of IOTA?

Because it could best serve the concept of ledger-based secure transactions for an EU digital single market, IOTA was picked as the perfect technology to build on. IOTA technology, in particular, can help EBSI achieve its stated goals of scalability, openness, decentralization, and interoperability.

IOTA's lack of fees also allows for micropayments, which broadens the network's appeal. IOTA's environmental credentials help it scale, and it supports the EU's goal of having Europe climate neutral by 2050. Each Member State can run its own nodes because the network supports high-throughput and a large number of nodes.

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EDWARD SNOWDEN: THE THEORY OF THE GLOBAL BITCOIN GAME IS READY TO BE PLAYED OUT

El Salvador's "pawn to e4" move, according to the whistleblower, will put pressure on other countries to adopt bitcoin. The game-theoretic aspect of Bitcoin acceptance may soon begin to manifest itself in global geopolitics. Edward Snowden, a well-known whistleblower, tweeted about it yesterday, emphasizing that Bitcoin rewards those who adopt it first, putting pressure on countries who are lagging behind.


On September 7, Snowden tweeted, "Today Bitcoin was formally accepted as legal tender in its first country." "Beyond the headlines, there is now pressure on competing countries to buy Bitcoin—even if only as a reserve asset—due to its design's tremendous early adoption incentives."

Snowden's tweet referenced another from Aaron van Wirdum of Bitcoin Magazine, who is now in El Salvador, and revealed that the journalist could use the Lightning Network to pay for his McDonald's breakfast using bitcoin. When Bitcoin became legal tender in the Central American country, Van Wirdum said he wanted to see if he could buy ordinary items with bitcoin at a mainstream, global chain.

"But lo and behold, [McDonald's] printed a ticket with QR [code], which directed me to a webpage with Lightning invoice, and now I'm enjoying my typical desayuno," van Wirdum tweeted.

When compared to well-established monetary products, a young form of money's purchasing power grows steadily as its adoption grows in society. The ability of a new currency to assume different and more practical use cases is strongly tied to its adoption. A monetary good with limited acceptance has limited power and hence lacks the attributes of full-fledged money.

New money has always started out as a collectable object. Even yet, when more people accept and use it, the new monetary product becomes a store of value, then a medium of exchange, and finally a unit of account. In principle, the last stage requires that the money be widely accepted over the world — with such a high degree of adoption and monetary preference that its volatility is reduced and it is suited for that use case.

Bitcoin was first viewed by the general public as mostly a gimmicky collectible, but the narrative has since shifted to include use cases such as a store of value and digital gold. El Salvador, on the other hand, has already aided Bitcoin's transition from a store of value to a medium of exchange by recognizing it as legal tender. Although widespread use of Bitcoin as a medium of trade will require a significantly greater global acceptance rate, the groundwork is being laid.

As the Salvadoran population and economy benefit from Bitcoin's increasing purchasing power as a store of wealth and begin to demonstrate genuine use as a medium of exchange, game theory predicts that other countries will follow suit in the long term. Fear of being left behind, as well as the obvious opportunity cost, will push competing countries to store Bitcoin as a reserve asset or embrace it as a legal tender.

It's unclear where Bitcoin stands in the adoption cycle right now, but it's evident that the vast majority of the globe still doesn't know what it is or how to use it. The action by El Salvador legitimizes Bitcoin's usage as a medium of trade, as well as providing the currency with the geopolitical push it needs to become a global player. El Salvador's successful implementation paves the way for Bitcoin acceptance to rise as other countries follow suit, scared of being left behind. "Latecomers may regret hesitating," Snowden said in his post.

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A legislator from Panama has introduced a bill to regulate cryptocurrency.

In Panama, an independent legislator has submitted a measure in the National Assembly that, if passed, will govern crypto assets and promote blockchain usage.


Panama's new bill intends to make the country "compatible with blockchain, crypto assets, and the internet," according to congressman Gabriel Silva, whose profile photo depicts the red laser beam eyes that are famous among bitcoin enthusiasts. Silva, who announced the suggestion on Twitter on September 6, is urging people to submit feedback and comments on his website.

In a video detailing the possible law, Silva says, "Our proposal is basic and seeks, first, to guarantee legal certainty and safety to digital assets in Panama—for example, cryptocurrencies." Furthermore, the law aspires to attract digitally-focused entrepreneurs, businesses, and investments that could lead to local job creation and lower-cost financial services. The idea also aims to allow citizens to pay taxes and fees using cryptocurrency.

Bitcoin and Ethereum are clearly mentioned as categories of crypto assets in the draft "crypto law."

The bill states that “natural persons residing in the Republic of Panama or legal entities organized in the Republic of Panama may freely agree to use crypto assets, including without limitation Bitcoin and Ethereum, as a means of payment for any civil or commercial operation not prohibited by the Republic of Panama's legal system,” according to the bill.

The launch of El Salvador's own bitcoin law and wallet, Chivo, has been a busy week for cryptocurrency advancements in Latin America and around the world. That country was the first to legalize bitcoin as a form of payment. While Panama is situated in Central America and uses the US dollar, the country's crypto law differs significantly.

For starters, Panama's law would include crypto assets and blockchain more widely, whereas El Salvador's is created just for bitcoin.

Panama's new law, according to explanatory materials Silva released on Twitter, will not oblige businesses to accept bitcoin or other cryptocurrencies. El Salvador's law, on the other hand, stipulates that businesses must accept bitcoin as a form of payment, however it is unclear how broadly this would be enforced (those without access to the necessary technologies would be excluded from the mandate).

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Solana Flips XRP, Outpacing Bitcoin and Ethereum Recovery

While the rest of the market is reeling from this morning's sharp drop, SOL has climbed another notch into the Top 10. After a morning fall that wiped off 13% of the entire cryptocurrency market cap and stifled most of the gains made by top cryptocurrencies over the previous week, the market is slowly regaining ground—albeit with some ups and downs in recent hours. Solana (SOL), the fastest-recovering top coin, has reclaimed a new rank in the Top 10.

According to CoinGecko data, the price of Solana has increased by 12% in the previous 24 hours to $177 per coin. It's the only non-stablecoin in the top ten cryptocurrencies by market size to have gained ground in the last day, as Bitcoin, Ethereum, Cardano, and other cryptocurrencies have all seen significant losses this morning.

Solana's price fell by roughly 17% in an hour this morning, although it has since regained much of that value. Solana has now surpassed Ripple's XRP to become the sixth-largest cryptocurrency by total market cap, with $51.3 billion versus $51.1 billion for XRP. Solana only recently flipped Dogecoin for the #7 spot, and he wasn't even in the top 10 until last month. At a current price of $1.10, XRP has lost more than 20% of its value in the last 24 hours.

According to CoinGecko, the value of Solana has risen substantially over the last month, rising 351 percent in the previous 30 days. SOL has set numerous new all-time highs along the way. According to CoinGecko data, SOL reached a high of $56.20 in May. SOL broke through that level on August 16, and its price has more than tripled in the three weeks afterwards.

Solana, which was founded in 2018, is seen as a serious competitor to Ethereum, which is now the most popular blockchain platform for smart contract-based applications. Smart contracts are bits of code that carry out specific instructions, and they're at the heart of a slew of decentralized applications, including DeFi protocols (peer-to-peer lending and trading) and even non-fungible assets like photos and video files.

Recently, Solana has witnessed an increase in both DeFi and NFT usage, thanks to the introduction of popular NFT collections such as Degenerate Ape Academy and Aurory. Before the release of each of those sets, the price of SOL soared, as collectors piled up the coin in the hopes of acquiring one of the rare randomized profile images.

Another notable Solana project, the upcoming crypto game Star Atlas, has made NFTs available for purchase today. The game's marketplace is "experiencing capacity challenges due to strong demand," according to its Twitter account, as fans compete for tokenized digital spacecraft created for the eventual release of a playable game.

In recent weeks, the value of SOL locked in DeFi protocols has also increased dramatically. According to data from DeFi Llama, there are currently around $5.9 billion worth of assets locked inside DeFi platforms on Solana, up from $1.49 billion a month ago on August 7. During that period, however, the real number of SOL locked in DeFi protocols has declined by 7%, despite the fact that the value of each coin has skyrocketed.

In the end, though, Solana's increased activity pales in contrast to Ethereum's. The great majority of the rapidly booming NFT ecosystem is now built on Ethereum, with DeFi protocols on the network holding $121 billion in assets.

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IOG Confirms Cardano Smart Contracts Will Be Launched On Mainnet On September 12th

Plutus, the Cardano smart contract platform, has been confirmed for its long-awaited mainnet launch on September 12th, 2021. Input-Output Global (IOG) made the announcement via its Twitter account.


According to the notice, the corporation submitted an update proposal at 17:26 UTC. For Cardano to completely integrate smart contract capabilities, the third and final Hard Fork Combinator (HFC) event will be triggered. According to IOG,

The Alonzo HFC event will be the biggest yet, laying the groundwork for a thrilling new era of smart contracts on Cardano.

Plutus will also combine Cardano with its own HFC technology, according to the business. As the last testing phase for Plutus comes to a close, the firm expressed gratitude to the community and partners for their support. IOG also stated:

We've started our journey. Keep in mind that this could be the end of a long journey. However, it marks the beginning of a fascinating new era in our evolution as a smart contract network. As our dynamic ecosystem continues to flourish, we'll have plenty to discuss in the coming months.

On Sunday, the Cardano developer will present a Livestream to commemorate the milestone. As the company prepares for the Cardano Summit, the team behind this platform will provide additional information about Plutus and its possibilities there.


Cardano Addresses Rumors Regarding Its Smart Contracts

Plutus-related speculations surfaced over the weekend. Cardano users on social media platforms such as Twitter and Reddit claimed that the network couldn't handle enough transactions to keep their smart contracts running.

IOG promptly responded to the rumors, emphasizing the benefits of its blockchain model, Unspent Transactions Output (UTxO). Concerns about transactions were addressed by the business, which stated that it is up to the developers to construct their dApps with numerous UTxOs and "greater parallelism." IOG also stated:

The eUTxO – or extended model – is the flavor #Cardano utilizes, which we believe provides higher security, fee predictability (no nasty surprises...), and more robust parallelization.

Charles Hoskinson, the creator of Cardano, also responded to allegations about Plutus and their transaction blockchain model. Hoskinson stated on Twitter:

A major FUD storm is brewing, as forecast. Last year, we witnessed the same thing with Shelley. It's not a new concept. It's just a bunch of people who want to set fire to something they don't understand or feel frightened by. The 12th of September is a significant date, but it is only one step in a long journey that we are all doing together.

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Only in El Salvador does McDonald's take Bitcoin.

El Salvador has formally recognized bitcoin as legal tender, making bitcoin-as-a-payment a reality in the country. El Salvador's legalization of Bitcoin (BTC) has opened up new payment possibilities for its inhabitants, with fast-food giant McDonald's apparently accepting Bitcoin payments via the Lightning Network.

Journalist Aaron van Wirdum broke the news on Tuesday after visiting a McDonald's shop in El Salvador and being given a printed QR code that directed him to a Lightning Network billing page. As of 2019, McDonald's had 19 outlets in the Latin American country.


Lightning is a layer-two payment mechanism that aims to increase the scalability of Bitcoin transactions. Despite its success as an investment asset, Bitcoin's use as a medium of trade has been limited. Satoshi Nakamoto's whitepaper defining Bitcoin as electronic cash in 2008 focused on bitcoin payments. (It's worth noting that “cash” and “gold” were used interchangeably in Nakamoto's forum posts and correspondences.)

If El Salvador aspires to achieve widespread adoption of Bitcoin payments, the Lightning Network will certainly be crucial. Beyond immediate transactions, El Salvador's Bitcoin bet might pay off by expediting international remittances, raising citizen wealth, and recruiting crypto-focused enterprises to the country.

El Salvador's Bitcoin Law went into effect on Tuesday, resulting in a classic case of "buy the rumor, sell the fact" for markets. Between Monday and Tuesday, the BTC price plummeted 19 percent, reaching a low of $42,900.

President Nayib Bukele said on Monday that his government had made its first Bitcoin purchase. The government had 550 BTC in its reserves as of Tuesday.

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Without Elon Musk's Tweets, DOGE is back at $0.31, according to an influencer.

The most popular meme cryptocurrency has returned to $0.31, according to David Gokhshtein, who adds that it has nothing to do with Elon Musk's statements.

DOGE, the eighth-ranked cryptocurrency and the community's most popular meme cryptocurrency, has reclaimed the $0.31 level, trading at $0.3174 at press time.

The coin retook $0.31 for the second time today, after first doing so the day before. Elon Musk, the Tesla and SpaceX CEO and the most powerful Dogecoin supporter on the planet, did not tweet a single time during the increase, according to cryptocurrency influencer David Gokhshtein. Musk may also become the most powerful Dogecoin supporter on Mars in the future.

DOGE is back to $0.31.

PAC Protocol CEO David Gokhshtein took to Twitter to discuss Doge, saying that the company has increased gains without Elon Musk's help and explaining why the meme coin's "game has changed."

Dogecoin, he believes, has a good use case, a strong community, and is now "doing what a cryptocurrency is supposed to do"—releasing upgrades to cut transaction fees and attempting to gain greater popularity on Twitter.



"Dogecoin appears to be poised to float back to $0.35"

Dogecoin is developing a Falling Wedge pattern, which is generally a reversal and may indicate the coin is about to go higher, according to prominent crypto analyst and trader Scott Melker.

The aim, according to Melker, may be $0.35. 


Elon Musk is pleased with the DOGE update and the prospect of lower fees in the future.

The 1.14.4 update for Dogecoin was launched on August 21, enabling the imminent and long-awaited fee reduction, speedier transactions, and other fundamental enhancements that might drive the coin's price significantly up in the future.

Elon Musk replied to the tweet announcing the update, stating that "excellent progress" had been made. Tesla CEO Elon Musk is hard at work with Dogecoin developers to increase "transaction efficiency."

Progress is being made. Lower fees minimize noise, and faster and more regular sync times improve latency and jitter, according to information theory applied to currency (which is just information).

Currently, the DOGE community is hoping to work with Twitter to make payments. CEO Jack Dorsey recently revealed that the team behind the social media network is working on a Tip Jar feature that would allow users to give each other Bitcoin tips.

Investors in Dogecoin are hoping to attract Dorsey's attention and urge him to integrate DOGE in the new functionality.

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Prepare Bitcoiners For Legal Tender Status

The caravan has arrived, and all eyes are on the $30 legal tender bitcoins that will begin raining down on El Salvador in a matter of hours on Tuesday.

“I thank you everybody,” Karla, an El Salvadorian barista, said after receiving almost 5 million sats (0.05 btc) worth $2,600 from bitcoiners all around the world.

Alex Gladstein, the human rights bitcoin campaigner who spoke with Jack Dorsey, is on hand to demonstrate a Lightning Network (LN) bitcoin to cash ATM.

The government of El Salvador is launching 200 fee-free ATMs and 50 banking branches across the country.

Following the implementation of the legal tender law, they are also eliminating capital gains taxes on bitcoin, with permanent residency available to anyone who invests three bitcoins in the country, a quantity that is probably flexible based on the price.

Peter McCormack (left) is also there, interviewing El Salvador's president, Nayib Bukele, and witnessing some anti-bitcoin protests.



There was always the potential that bitcoin would be converted into a party political issue in El Salvador, with Bukele's failings — and most likely not accomplishments – becoming bitcoin's shortcomings.

We can't do much about it as a decentralized crypto, not least because no one knew where El Salvador was on the map until a few months ago.

So they can look at it anyway they want, but we don't have a choice but to draw a clear line between Bukele and everything else about El Salvador, and bitcoin and its new legal tender status.

The latter is a first, and to mark the occasion, crypto enthusiasts around the world are planning to buy $30 worth of bitcoin as a symbolic gesture, with everyone free to buy as much as they want after that.

As a result, the price of bitcoin temporarily crossed $52,000, indicating that the currency had finally achieved parity with fiat money in at least one country.

The IMF does not like this because it is sponsored by governments which print their own money, which automatically boosts taxes.

El Salvador, on the other hand, does not print its own money. So, in their opinion, why should they grant monopoly status to just one foreign central bank when they could add bitcoin and give it some competition?

No one needs to accept bitcoin because they can have the transaction instantly turned into dollars, and if they're LN-ing, they may save money on banking fees, especially for international transactions.

The only risk here is a hazy "money laundering" when the government wallet has KYC and the FinCen files show chartered banks are far and away the specialists in this area.

Of course, there's been some bitcoin colonialist hyperbole as well. All of these wealthy and intelligent individuals are primarily dudes on the cutting edge of technology, delivering advanced technology to poor peasants that they may hire and thus pass on know-how in an enslavement to a bank in your pocket while harvesting rare resources such as volcano mining.

Whatever your political views, you should be opposed to nerds wielding Macbooks and commanding worldwide code-based banks from their refuge on the El Zonte beaches, like some modern Taliban.

They go so far as to declare jihad against centralized Libor-style price rigging of money and everything else by encoding it in Moses stone tablets, or code, as they call it.

Who wants these well-behaved apes in t-shirts in their garden, babbling about the Moon and Mars, and even nonsense like Andromeda, which they wish to conquer through their rigorous and immutable code networks?

Nah, better the IMF and Jerome Powell's utterly egalitarian design decide everything, but to be fair to Powell, he has done a reasonably excellent job given the conditions and nature of his post.

In a nutshell, "Viva El Salvador!" Long live liberalism, with this legal tender proclamation being one of the most liberal acts in a generation or more, as people, or at least one people, are now free to choose what money they wish without restriction.

The rest of us will have to wait for our own Talibans to realize that competition may be beneficial. That freedom is preferable to a lack of it. The freedom to rein sats on mac chimps, the freedom to own our code and platforms, the right to have a set measurer of worth and use it on a level playing field, the freedom to conduct a peaceful revolution based on the people's judgment, choice, and consent.

One day, we'll get there. For the time being, we can only speculate about the future of El Salvador, where a large number of bitcoiners are presently residing in order to experience what it's like to live in a bitcoin-free country.

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NFT Monthly Sales Top $947M as Solana Advances Against Ethereum Solana

  NFT sales volume nearly doubled in January despite the market as a whole remaining essentially flat and falling over 82% from January high...

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