In the dynamic world of cryptocurrency, staying informed is crucial. This weekly update delves into the most significant events in the Bitcoin universe, providing insights into recent developments.
Aramco Explores Crypto Investments in Collaboration with SBI Holdings
Saudi Aramco, the largest oil and gas company by market capitalization, has entered into a partnership with SBI Holdings, a financial services group in Japan, to explore potential collaborations in crypto asset investments.
As per the Memorandum of Understanding (MOU), both companies are considering mutual coinvestments in their crypto asset portfolios. The collaboration aims to leverage the digital asset investments of both entities in the field of crypto assets and coinvestments.
Controversial Bitcoin News Misattributed to The New York Times
A false image has circulated on social media, allegedly depicting a headline from “The New York Times (NYT)” claiming that Bitcoin will trigger the next inflation crisis. The image also suggests that major banks are adopting digital currencies associated with the Dark Web, specifically referring to BTC.
However, a spokesperson for The New York Times clarified that the image features a “fabricated headline” and that no such essay was published by the media outlet. The controversy highlights the challenge of misinformation in the crypto space.
El Salvador Gears Up for Bitcoin Boom with Approval of “Volcano Bonds”
After nearly two years of delays, El Salvador’s Digital Assets Commission approved the “Volcano Bonds” of Bitcoin on December 11. These bonds could be issued in the first quarter of 2024.
The government plans to harness geothermal energy from volcanoes for Bitcoin mining, with the proceeds intended to fund its ambitious “Bitcoin City” project. The bonds are set to be issued on the Bitfinex Securities Platform, a blockchain-based trading platform registered in El Salvador.
The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).
We anticipate the bond will be issued during the first quarter of 2024.
This is just the beginning for new capital markets on #Bitcoin in El Salvador.
— The Bitcoin Office (@bitcoinofficesv) December 12, 2023
Charles Hoskinson Asserts Crypto Industry’s Independence from Bitcoin
Charles Hoskinson, the founder of Cardano (ADA), stirred the crypto community by suggesting that the crypto industry no longer relies on Bitcoin.
Highlighting Bitcoin’s historical role in the sector’s development, he emphasized that technological progress and the emergence of new digital assets have rendered Bitcoin less essential. While acknowledging Bitcoin’s reputation as digital gold, Hoskinson contends that the industry can thrive independently of Bitcoin’s influence.
Wikipedia Co-founder Questions Bitcoin’s Reliability
“I forgot my bank password and lost all my net worth. No, that didn’t actually happen because banks work and Bitcoin doesn’t.” Jimmy Wales
In a somewhat ironic comment, Wikipedia co-founder Jimmy Wales faced criticism from crypto enthusiasts on the X platform after comparing the reliability of Bitcoin to traditional banking systems.
I forgot my bank password and lost my entire net worth. No, actually, that didn't happen, because banks work and bitcoin doesn't.
— Jimmy Wales (@jimmy_wales) December 10, 2023
Wales recounted a situation where he forgot his bank password and theoretically lost his entire net worth. This sparked a robust response from users, highlighting that wealth loss is not exclusive to Bitcoin, as many have experienced the consequences of traditional banking crises and hyperinflation, resulting in the total loss of their net worth.
Stay tuned for more updates as the Bitcoin universe continues to unfold its stories and shape the future of digital finance.
1. What is the significance of Aramco’s collaboration with SBI Holdings in the crypto space?
Saudi Aramco’s partnership with SBI Holdings aims to explore potential collaborations in crypto asset investments. The Memorandum of Understanding (MOU) suggests mutual coinvestments in crypto asset portfolios, reflecting a growing interest in the convergence of traditional and digital financial sectors.
2. Is the New York Times headline about Bitcoin causing an inflation crisis accurate?
No, the circulating image featuring a New York Times headline claiming that Bitcoin will cause the next inflation crisis is fabricated. The New York Times confirmed that no such article was published, emphasizing the importance of fact-checking in the crypto space.
3. What are El Salvador’s “Volcano Bonds” of Bitcoin, and how do they contribute to Bitcoin City?
El Salvador’s “Volcano Bonds” are a financial instrument approved by the Digital Assets Commission, intending to be issued in early 2024. These bonds aim to fund the ambitious “Bitcoin City” project by leveraging geothermal energy from volcanoes for Bitcoin mining.
4. What does Charles Hoskinson mean by stating that the crypto industry no longer needs Bitcoin?
Charles Hoskinson, founder of Cardano (ADA), suggests that while Bitcoin played a crucial role in the crypto industry’s early development, advancements in technology and the emergence of new digital assets have made it less essential. He argues that the industry can now thrive independently of Bitcoin’s influence.
5. Why did Jimmy Wales, co-founder of Wikipedia, question the reliability of Bitcoin?
Jimmy Wales made an ironic comment about forgetting his bank password and losing his net worth, contrasting it with the reliability of banks versus Bitcoin. This sparked discussions about the perceived reliability of traditional banking systems compared to the decentralized nature of cryptocurrencies.
6. Are the controversies around Bitcoin and traditional banks unique to Bitcoin?
No, wealth loss or financial crises are not exclusive to Bitcoin. Many individuals have experienced similar consequences in traditional banking, such as during banking crises and hyperinflation, resulting in the total loss of their net worth.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries.
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