This Week in Crypto – Jan 16th 2021
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Miami considers enabling Bitcoin payments
Miami mayor, Francis Suarez, wants his city to embrace bitcoin and is willing to invest government funds in the digital currency. The mayor told Fox Business news that they’re considering allowing Miami citizens to pay taxes and fees in the cryptocurrency.
“We want to be one of the most crypto-forward and technological cities in the country,” he said. “So we’re looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies.”
Steps like these are all a part of the city’s plan to innovate and attract big tech companies to Miami. It’s certainly a move that will make other cities take notice and embrace crypto as a payments option.
Elon Musk Deconstructs Money
In a twitter response, Tesla CEO Elon Musk made an interesting comment on the definition of money. He stated, “The thing we call money is just an information system for labor allocation.“ He argued that all currencies should be looked at from an information theory standpoint and the best currencies, those with the least amounts of error & latency, should be declared the winners.
This isn’t a recent thing for Elon, in the past he’s argued that “the Bitcoin structure is quite brilliant,” and crypto is a superior way to transfer value. Meanwhile the International Monetary Fund (IMF) asked it’s users if digital currencies are real money. Well the results shouldn’t surprise you…..
Former facebook senior executive sees Bitcoin as insurance against uncertainty
Venture capitalist Chamath Palihapitiya told CNBC he thinks Bitcoin will likely reach $200,000. “The reason is because, everytime you see all of this stuff happening, it just reminds you that wow our leaders are not as trustworthy and reliable as they used to be.”
Palihapitiya explained that crypto can be used as a hedge against uncertainty, which is led by the pandemic and certain international leaders. He insisted that bitcoin will “eventually transition to something much more important,” but for now, it can remain in your portfolios as a hedge.
Canada’s first public Bitcoin fund hits $1 billion
3iQ announced on twitter that their Bitcoin QBTC fund crossed the $1 billion mark. Launched in April of last year, the fund has had nothing but tremendous growth since its inception. 3iQ spent three years going back and forth with the Ontario Securities Commission before getting approval for the fund.
Haven’t heard of 3iQ before? Well it was founded in 2012 and has grown to become Canada’s largest digital asset investment fund manager.
Reddit User Finds 127 Old Bitcoins at Grandpa’s House
A reddit user going by the name of Bitcoinholderthanku explains how he/she recently regained access to over $4 million in bitcoin. According to the user the bitcoins were given to him as payment for random jobs over 8 years ago.
The user initially intended to spend the bitcoin on in-game currency in a video game but ended up forgetting all about it!
“I used to play Dark Orbit at my grandpa’s house, and I was there for around a week during the holidays. While I was there I was through his old Dell computer that I used to play the game and came across a .txt folder that was labelled ‘keys.’”
After holding on to the coins for 8 years, Bitcoinholderthanku sold them earlier this month for just under $34,000 each.
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