Tesla’s diamond hands 💎, Kuwait bans crypto 🚫, Green Bitcoin 🌿
Daily Crypto, Blockchain & Web3 Update 2023-07-20
CRYPTOCURRENCY
China’s digital yuan nears $250B transaction volume: Central bank governor (3 min read)
While the adoption and use cases of China’s central bank's digital currency are expanding, the digital yuan still only represents 0.16% of China’s monetary supply.
China's central bank governor claims that transactions using China's digital yuan have reached nearly $250 billion in the first 1.5 years of its pilot phase.
Bitcoin mining is becoming more environmentally friendly (5 min read)
Bitcoin mining is becoming more sustainable thanks to things like hydro-cooling farms and associated petroleum gas, undermining environmental criticism.
Bitcoin mining’s environmental impact has always been a controversial topic. On the one hand, critics emphasize that securing the Bitcoin network takes more power than some whole countries’ annual electricity consumption.
BUSINESS
Celsius could repay all claims if Bitcoin, Ether prices rose 2X — Simon Dixon (3 min read)
Dixon advised creditors to exit bankruptcy proceedings by the end of 2023 or before BTC and ETH prices reach the estimated level.
Bankrupt crypto lender Celsius is battling a Chapter 11 bankruptcy with billions of dollars in claims made by various parties. The Bank of the Future believes that the troubled crypto lender can pay back the claims if the prices of Bitcoin and Ether double their current values.
Tokenizing music royalties as NFTs could help the next Taylor Swift (5 min read)
Taylor Swift had to rerecord her entire back catalog, but tokenized music royalties show there’s an easier and fairer solution.
Taylor Swift is currently re-recording and releasing all her old albums. She wants to break free from her previous record label and have more control over her music.
QUICK LINKS
Kuwait bans crypto and virtual assets transactions (2 min read)
The Capital Markets Authority (CMA) of Kuwait issued a circular on July 18 regarding the supervision and issuance of virtual assets in the country.
In the circular, the CMA confirmed its commitment to “absolute prohibition” on major use cases and operations involving cryptocurrencies, including payments, investments, and mining.
Tesla’s diamond hands: EV maker's Bitcoin holdings see no change in Q2 (2 min read)
After purchasing $1.5 billion worth of Bitcoin in 2021, Tesla sold 75% of it in 2022 and is now hanging onto its remaining $184 million Bitcoin stash.
Tesla holds $184 million worth of Bitcoin, with no recent sales or additions to their digital asset holdings.
ZK-proofs could change the internet, not just Web3, Aleo exec (3 min read)
ZK-proofs could help online privacy by only revealing relevant user information, solving the internet’s biggest problem, says Brennen Schlueter.
Zero-knowledge proofs could be used to solve the “biggest problem” plaguing the internet today: privacy, according to one cryptocurrency executive.
Scientists warn the ‘quantum revolution’ may stagnate economic growth (3 min read)
There are “traps” lying in wait for innovators at the vanguard of fintech and quantum computing, according to researchers.
Quantum computing technologies are slowly beginning to trickle out of the laboratory setting and into commercial industries. Companies are testing quantum computing solutions with paying clients to promote mainstream adoption.
Crypto VCs share lessons on startup success at EthCC (3 min read)
“A multitude of expansion factors curated at the [VC] group level” helps startups get traction, says Tony Cheng of Foresight Ventures.
When bringing a new crypto to market, the fastest way to do so is arguably with the help of venture capital (VC) financing. But such a high-risk, high-reward operation in a rapidly evolving field can carry a large degree of uncertainty. At the Ethereum Community Conference event in Paris, several prominent VCs decided to share their insight on which strategies have worked out for startups.