Come every Saturday, hodler digest Will help you keep track of every major news story happening this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions, and more – in one link on Cointelegraph for the week.
Top stories of the week
Bloomberg estimates that Binance CEO Changpeng Zhao (also known as “CZ”) will be the 11th richest person in the world, with a net worth of around $96 billion, making him the richest billionaire in crypto.
However, Bloomberg’s table does not include CZ’s personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could get even bigger in the future.
To make the list of the top 10 richest people, CZ needs to find the remaining $11 billion under his couch to overtake Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who amassed $263 billion on the success of his heavily subsidized electric car company.
Disney has been awarded a patent to create personalized interactive attractions for its theme park visitors.
The technology could reportedly be used to develop licensed, headset-free augmented reality attractions, including features such as personalized 3D effects displayed on the physical spaces of its parks that correspond to visitors’ journeys to different locations.
The patent, called a “virtual world simulator,” has been filed in the United States. The move appears to be part of Disney’s broader push into virtual worlds, with CEO Bob Chapek stating on a Q4 conference call last year:
“We’ll be able to connect the physical and digital worlds more closely, allowing for borderless storytelling in our own Disney virtual world.”
Prominent investor Bill Miller now invests 50% of his net worth in Bitcoin, along with major industry companies such as Michael Saylor’s MicroStrategy and BTC mining firm Stronghold Digital Mining.
Miller, an early investor in Amazon, said Amazon still accounts for nearly 100% of the rest of his portfolio. He said he has been gradually adding to his bitcoin holdings since mid-2021 when the price hit $30,000.
The investor said he no longer sees himself as just a “Bitcoin watcher” but a true Bitcoin bull. Miller originally bought his first bitcoin in 2014, when BTC was trading at around $200, and then bought “a little more overtime” when the price hit $500.
Former Tongan MP Lord Faustua has outlined a bill to make bitcoin legal tender in the island nation. Fusitu’a stated that the country’s bitcoin bill is almost “identical” to the one enacted in El Salvador.
Fusitu’a, who currently chairs the Oceania chapter of the global anti-corruption group of parliamentarians, outlined five points in the roadmap for the passage of the bill, which is expected to pass through parliament around September or October, and could be swept up by a new law if all goes according to plan. , by the end of 2022.
In 2021, there is widespread speculation that Tonga will be one of the next countries to adopt BTC as legal tender, and Tongan optimism for 2022 appears to be high.
Former Twitter CEO Jack Dorsey, founder of Bitcoin maxi and Block, has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White.
The announcement, shared via Dorsey’s mailing list, said the fund will help provide legal defenses for bitcoin developers, who are “currently the subject of a multi-faceted lawsuit.”
“The primary purpose of the fund is to protect developers from litigation related to their activities in the Bitcoin ecosystem, including finding and retaining defense attorneys, developing litigation strategies and paying legal fees,” the announcement said.
winners and losers
Among the largest 100 cryptocurrencies, the top three altcoin winners this week are Oasis Network (Rose) 47.47%, secret (SCRT) 32.23% and NEAR agreement (near) was 25.73%.
Top 3 altcoin losers of the week are Loopring (LRC) is -14.23%, yearn.finance (YFI) -13.52% and Ravencoin (RVN) was -13.01%.
For more information on cryptocurrency prices, be sure to read Market Analysis by Cointelegraph.
most memorable quotes
“It’s more of an exercise in asking questions and soliciting public opinion rather than taking a lot of positions on various issues, although we do take some positions.”
Jerome PowellFed Chair, on the Fed’s upcoming report on digital currencies
“Centralization goes against the spirit of DeFi and poses significant security risks. Both dedicated hackers and malicious insiders can exploit a single point of failure.”
“We’re already a quarter of that, so we have 24% of Americans owning Bitcoin. It’s not going to stretch that much to a third. Bitcoin is becoming more mainstream. People everywhere Everyone is hearing it – it’s not going away.”
Rick Edelman, Founder of Edelman Financial Engine
“Wikipedia really can’t decide what is art, which is why putting NFTs, art or not, on their own list makes things a lot easier.”
Jonas, Wikipedia editor
“Solana prioritizes scalability, but there are trade-offs for a relatively less decentralized and secure blockchain, as illustrated by several network performance issues since its inception.”
Arkesh Shah, Bank of America Digital Asset Strategist
“The number of addresses with the least amount of bitcoin compared to the number of whales is actually growing. I think you get a deep retail trend all over the world; people use bitcoin, they trust bitcoin more and more. Really pushing higher The price is the people.”
Pascal Gauthier, CEO of Ledger
“Subsequent employee surveys made it clear: recharge for weeks of work.”
LJ Bullock, Chief People Officer of Coinbase
“Most cryptocurrency investors are ready to pay taxes, but worry about whether their actions will violate tax laws.”
Suppakrit Boonsat, President of Thailand Digital Assets Association
Forecast this week
Bitcoin’s rise to $44,000 could be a relief rally, traders say, citing repeat of December’s ‘nuclear bomb’
Bitcoin reportedly had a bumpy trading week as the flagship cryptocurrency fell to a price of $39,675 on Monday Cointelegraph’s BTC Price Index. By Wednesday, BTC found itself at $44,315. The asset hit $44,448 on Thursday before falling later in the week.
While Bitcoin’s price rose on Tuesday, its Wednesday rally came on the same day that U.S. inflation was reported to rise 7% annual growth in December, Highest in 40 years.
While Bitcoin’s price rose in the days after it dipped below $40,000 on Monday, it could still fall further as of Wednesday, according to Material Scientist, a widely followed celebrity on Twitter.
“Just cancelled the remaining bids,” said one of the tweets. “Either they’re done accumulating now and using liquidity to chase, or we’re seeing the same thing we saw in late November (buy + stacked sell a few days later).”
In the case of Bitcoin trading, bids refer to buyer demand as seen on the exchange’s order book. After peaking at $68,969 in November 2021, BTC fell significantly for the rest of the month, falling to $41,614 by early December.
FUD of the week
Liechtenstein-based cryptocurrency exchange LCX confirmed on Sunday that one of its hot wallets was compromised after the platform temporarily suspended all deposits and withdrawals.
The hack was initially highlighted by blockchain security firm PeckShield, which discovered a suspicious transfer of ERC-20 tokens from LCX to an unknown Ethereum wallet. LCX quickly confirmed the compromise and announced the breach of several crypto tokens, including Ethereum, USD Coin (USDC), Sandbox (SAND) and its native LCX token.
In total, LCX lost around $6.8 million through hot wallet hacks, according to a PeckShield investigation.
The U.S. Federal Trade Commission (FTC) issued an alert earlier this week about a new encrypted ATM scam involving malicious QR codes.
The FTC said the scam started with fraudsters posing as numbers, such as public officials, law enforcement or potential dating partners on dating apps, all concocting fables to trick victims into sending cryptocurrency.
If victims are scammed, they are instructed to withdraw cash, then head to a cryptocurrency ATM and buy some cryptocurrency. Once they have purchased the cryptocurrency, the fraudster shares a QR code with the victim, which when scanned, transfers the funds back to the scammer.
“The main thing to know is this: The government, law enforcement, utilities, or prize promoters won’t tell you to pay them in cryptocurrency. If someone does, it’s a scam every time,” the FTC said.
According to local media reports, the State Bank of Pakistan (SBP) wants to ban all crypto transactions in Pakistan, arguing that assets such as Bitcoin are illegal and should not be traded.
Multiple Pakistani authorities, including SBP, have called for a ban on the industry through court filings, according to reports that the High Court of Pakistan’s Sindh province held a hearing on the legal status of cryptocurrencies in the country.
In addition to the usual tropes of investor protection, money laundering and terrorism issues, the document urges courts to follow the model of countries such as China, which has eliminated the local cryptocurrency sector, paving the way for the birth of a satanic central bank digital currency (CBDC).
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