This week in crypto – March 19th

Bitcoin Hits 60K

On Saturday, March 13th, Bitcoin reached a new milestone. While it has since dipped back down, this push to 60k is significant as it reaffirms that the bullish market will most likely continue. Since late October, Bitcoin has appreciated more than three-fold. As well, the Bitcoin market cap is now over $1 trillion.

NFT Charity Auction Coming Soon

Social Alpha Foundation is planning to auction pieces from top NFT artists to support Open Earth Foundations efforts to address climate change.

The auction is scheduled to begin on March 20th and run for 48 hours. Some of the artists featured include Beeple, Sara Ludy, Andres Reisinger, and more. These artists have also committed to reducing and offsetting their carbon footprints to show their support.

The Executive Director of the Open Earth Foundation has acknowledged that the proof of work algorithms for Bitcoin and Ethereum require a lot of energy. However, he said that these innovations need time to evolve. This is one way to showcase how NFTs can help the fight against climate change.

Fund Manager Says Bitcoin is ‘better than gold if you study it’

In an interview with CNBC, Anthony Scaramucci, the CEO of SkyBridge Capital, reaffirmed his belief in crypto.

“In a lot of ways, if you study it, it’s better than gold. It’s easier to store, you can move it around more quickly, and that value — that trusted network — is growing.

He also estimated that there are around 125 million Bitcoin users, and thinks that number will reach 1 billion by 2025.

Comparing the two assets, the said that gold might have been the choice for a store of value 4000 years ago, but nothing lasts forever. The world is changing, and we can’t stay in the past.

CBDCs Need to Coexist with Cash

Federal Reserve Chair Jerome Powell said on Thursday that central bank digital currencies need to coexist with cash. He said that innovations in the global payment system need to come from both the public and private sectors.

The Fed Board of governors are currently conducting experiments on CBDCs along with the Federal Reserve Bank of Boston. Notably, they are working with researchers at MIT.

Powell also mentioned that the Fed will engage with the public later this year and will seek congressional approval before issuing a CBDC.

Casino in Decentraland is Hiring

One of the metaverse’s crypto casinos is looking to hire real people to play roles in the casino instead of the usual computer-generated bots. For four hours each day, the staff greet newcomers to the casino and at the end of the month, they get paid in cryptocurrency.

At this time, the virtual casino has brought on 20 part-time greeters and a full-time manager to run the show. The greeters are tasked with integrating newcomers into the unfamiliar interface. They explain tasks like loading crypto onto a metaverse wallet and then show visitors how to spend it.

Canadian Condo Firm Buys Bitcoin and Plans to Eliminate Residents’ Fees

It’s not just multinational companies investing in Bitcoin anymore. A Canadian property company has decided to purchase 0.4 BTC for their reserve fund. They’ve also allocated $700 per month for future monthly investments.

The firm, Thornton Place, sees this investment in Bitcoin as a way to eliminate residents’ fees in the future. Although the amount they’re investing might seem insignificant compared to the millions others put in, this could signify a new wave of investing from smaller companies.

That’s the end of this week’s recap. If you want to learn more about cryptocurrency with NetCents, make sure to subscribe to our blog below! If you see an interesting story that you think we should feature, send us a message on FacebookTwitter, or Instagram.

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