Coming every weekend, Hodler’s Digest will help you track every single important news story that happened this week..
Top Stories This Week
Nigeria’s central bank partners with fintech firm Bitt Inc. for CBDC rollout
Central bank digital currencies, or CBDCs, which some have described as the spawn of Satan, made headlines this week after multiple countries ramped up efforts in developing their own digital money.
On Aug. 30, it was reported that the Central Bank of Nigeria, or CBN, issued preliminary guidelines for its proposed e-naira digital currency. On the following day, news broke that Barbados-based fintech firm Bitt Inc. signed on to work as the technical partner for the CBN’s e-naira rollout.
Singapore is also looking to get in on the action, with the Monetary Authority of Singapore shortlisting 15 “Global CBDC Challenge” participants to help build an in-house retail CBDC.
Reports also surfaced on Sept. 2 that the central banks of Australia, Singapore, Malaysia and South Africa announced a joint initiative dubbed “Project Dunbar” to trial international settlements using CBDCs.
Retirees in El Salvador protest against Bitcoin adoption
Apparently, the notion of a peer-to-peer decentralized currency is lost on the elder generation of El Salvador, as local retirees and veterans took to the streets to protest over the adoption of BTC as legal tender.
The anti-Bitcoiners reportedly marched through the capital to express their dismay over fears that the asset would be used for pension payments and cited BTC’s unstable price as a reason for concern.
A Salvadoran news outlet also reported that crypto expert Mario Gómez was arrested by local police without a warrant, with law enforcement seizing his phone and attempting to get a hold of his computer. Gómez has regularly spoken out against the adoption of BTC as currency. However, the police released a statement asserting that the arrest was part of a financial fraud investigation.
El Salvador’s Legislative Assembly also passed legislation for a $150 million Bitcoin Trust this week, supporting the development of crypto infrastructure and services across the country.
CryptoPunks creators sign with leading Hollywood agents as sales top $305M in a week
Larva Labs, the team behind the widely popular pixelated avatar NFT project CryptoPunks, signed a deal with Hollywood agents at United Talent Agency, also known as UTA.
The Hollywood Reporter broke the news on Aug. 31, and the deal will see UTA represent Larva Labs’ CryptoPunks, Meebits and Autoglyphs in intellectual property deals for TV, film, video games, licensing and publishing.
The Larva Labs team has shown themselves to be no punks whatsoever, and their OG NFT project has generated a whopping $1.21 billion worth of total sales since its launch in 2017.
Twitter to allow users to add BTC and ETH addresses to profiles, per leaked screenshots
Twitter, the social media platform led by Bitcoin (BTC) maxi Jack Dorsey, is reportedly looking at adding a Bitcoin and Ether (ETH) tipping feature for content creators on the platform.
According to leaked screenshots posted via Twitter on Sept. 3, the latest update is believed to be a part of Twitter’s “Tip Jar” feature and adds to reports from earlier this week that the firm would enable Bitcoin tipping for content creators.
While the reports are unofficial at this stage, Twitter product lead Kayvon Beykpour hinted that there may be an announcement soon when he retweeted a post about the BTC tipping feature on Sept. 1 with the lighting and “soon” arrow emojis.
Binance CEO says US crypto exchange will go public in three years
Binance’s United States-based crypto exchange partner Binance.US has targeted 2024 for an initial public offering, or IPO, according to Binance CEO and founder Changpeng Zhao.
Binance has been working towards compliance with regulators across the globe following increased scrutiny over the firm in recent months. Binance.US will reportedly close a significant private funding round within the next two months that would enable the firm to operate more independently from the global exchange.
Zhao stated in an interview on Sept. 1 that he is confident that the global crypto exchange can survive the regulatory onslaught and explained that the U.S. branch will move towards an IPO in the next three years.
“Binance.US is just going to do what Coinbase did,” Zhao said.
Winners and Losers
At the end of the week, Bitcoin is at $50,556, Ether at $3,973 and XRP at $1.30. The total market cap is at $2.29 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Revain (REV) at 121.20%, Fantom (FTM) at 93.20% and Solana (SOL) at 69.11%.
The top three altcoin losers of the week are PancakeSwap (CAKE) at -7.57%, Klaytn (KLAY) at -5.90% and Quant (QNT) at -4.48%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.”
John Paulson, billionaire portfolio manager
“People will note that derivatives trade more volume in crypto than spot, which is true. But that is true of every asset class in the world.”
Sam Bankman-Fried, FTX CEO
“A cryptocurrency is a store of value. It is a medium of exchange, but is not generally accepted. It’s only accepted by those who are participating in it.”
Lesetja Kganyago, South African Reserve Bank governor
“I like the currency of the United States. I think the others are potentially a disaster waiting to happen. […] They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”
Donald Trump, former U.S. president
“I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.”
Gary Gensler, U.S. Securities and Exchange Commission chairman
“Cryptocurrencies will play a larger role in Afghanistan […] in the war for and against the Taliban forces.”
Charles Hoskinson, Cardano founder
“Unauthorized miners are the main culprits behind the power outages in recent months. We would have had 80% less blackouts if miners had halted their activities.”
Rajabi Mashhadi, spokesperson for Tavanir, an Iran-based power company
“We now have probably $650 to $700 million dollars worth of Bitcoin across our product portfolio.”
Anthony Scaramucci, SkyBridge Capital founder and CEO
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