🗞 Daily Crypto News, March, 22nd💰
Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Bitcoin is 'more a substitute for gold than the dollar' — Fed Chair Powell
While Bitcoin (BTC) is too volatile to be money and is "backed by nothing," it could be a "substitute for gold," said the chair of the United States Federal Reserve.
Speaking at an event hosted by the Bank for International Settlements, or BIS, on Monday, Jerome Powell delivered frank comments in response to a question on cryptocurrency.
Powell takes issue with Bitcoin's backing
When asked whether he thought Bitcoin and other cryptocurrencies posed a threat to financial stability, Powell wheeled out familiar arguments that have long come from legacy finance figures.
"Crypto assets — we call them 'crypto assets' — they're highly volatile — see Bitcoin — and therefore not really useful as a store of value, and they're not backed by anything," he said.
"They're more of an asset for speculation, so they're not particularly in use as a means of payment. It's more a speculative asset. It's essentially a substitute for gold rather than for the dollar."
Fiat has "public benefit in mind"
"To the extent a stablecoin is backed by sovereign currencies of leading nations, that's certainly an improvement over crypto assets, I would say," Powell continued.
"But nonetheless, where's the credibility come from? It comes from that sovereign currency that is the backstop."
🗞 Microsoft Polls Users on Bitcoin Payment for Xbox: Reports
- Microsoft has reportedly polled customers on alternative payment methods such as Bitcoin for its Xbox online store.
- A Reddit post claimed the survey was sent to participants of its Xbox Insider program.
Microsoft is considering Bitcoin payments at its Xbox gaming console online store and has polled users to gauge their feelings on the matter, according to a weekend post on discussion forum Reddit.
The poll asked customers about their views on using payment methods including Bitcoin, said Redditor Jebrusura, who provided a screenshot of one of the questions on the Xbox Series X discussion page.
A reply to their original post further explains that the poll was sent to Insider program participants.
Microsoft has past form with Bitcoin; back in 2014, the company started allowing US-based Microsoft users to buy Windows content—including games—with Bitcoin. But it currently doesn’t accept cryptocurrency payments for its Xbox online store.
🗞 Deutsche Bank, Visa, Binance, Naver Eye Deal for Bithumb
Rumors appear to be hotting up as rival players – including the likes of Deutsche Bank, Visa, Binance and the search engine operator Naver – have reportedly held talks about buying minority or controlling stakes (or possibly even taking over) Bithumb, South Korea’s biggest crypto exchange.
As previously reported, a deal with the domestic gaming giant Nexon (also the owner of the Korbit and Bitstamp crypto exchanges) was thought to be “all but done” back in January after Bithumb’s biggest shareholder Lee Jung-hoon put his stake in the company up for sale last year, as confirmed toCryptonews.com.
But last week new developments emerged, with a number of leading South Korean media outlets claiming the Nexon deal had stalled, in a possible disagreement over liability in the case of hacking incidents.
Morgan Stanley was reported to have tabled a bid, and was allegedly seeking to do a deal with Vidente, a publicly listed domestic video equipment-making firm that owns at least 10% of Bithumb’s shares.
🗞 Tesla, Square Bitcoin Buys Were 'Tip of the Iceberg': Saylor
- MicroStrategy CEO Michael Saylor says that Tesla's purchase of $1.5 billion in Bitcoin was an "inflection point" for institutional investment in the cryptocurrency.
- In the last 12 months, Saylor said, there's been "an avalanche of institutional involvement" in Bitcoin.
MicroStrategy CEO Michael Saylor called his company's Bitcoin purchases, along with those of Tesla and Square, the "tip of the iceberg" for institutional investment in the cryptocurrency.
Speaking to TIME, Saylor said that "there’s been an avalanche of institutional involvement" in Bitcoin, including MicroStrategy's own purchases as well as those of Tesla and payments company Square. Tesla's $1.5 billion Bitcoin buy, he argued, was an "inflection point" for institutional investment in the cryptocurrency.
“All of a sudden, the narrative goes from 'Those crazy people, what are they thinking, speculating in Bitcoin?' to 'Maybe this is a real thing. This is probably not going away,'” Saylor told TIME.
🗞 Daily Crypto Calendar, March, 22nd💰
- Cardano (ADA)
"Trading: from 8:00 Mar 22 (UTC) | Pair: ADA/USDT, ADA/BTC"
- Klever (KLV)
"All KLV used to mine KFI will be burned on March 26"
- Orchid Protocol (OXT)
"The summit will feature keynotes from all fronts of the privacy war, with a keynote address from the whistleblower and cybersecurity..."
- Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
- Measurable Data Token (MDT)
"Join us on Binance English Telegram group to catch up with MeasurableData (MDT) founder Heather Mhuang "
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Good news! Thanks for sharing