Man has it been a week! The price of Bitcoin continues to swing, Binance got a friendly new coin added, and Nye’s got a new tattoo. Things seem to be accelerating in the crypto world with even CNBC getting a call right here and there. We’ve got our hands full getting you readers all the latest and greatest.
🐕 Dogecoin Lists on Binance 🐶
The community-favorite crypto DOGE finally lists on Binance. In a tweet last night, CZ announced he would make “an exception” and list DOGE based on community support. The crypto twitter community erupted with excitement as the 2014 crypto has been long connected to memes and positive energy. It famously sponsored the Jamaican Bobsled team, water wells in Africa, and sponsored a NASCAR vehicle.
Due to its speed and relatively stable price, DOGE is commonly used to transfer funds between exchanges. BTC and LTC can take minutes for coins to be received, whereas DOGE only takes a few seconds.
The price of DOGE jumped up 37% on the announcement before dropping below support.
Could this be the beginning of aLt SEasOn?
Cuba Considers Cryptocurrency 🏝
The island nation of Cuba may soon adopt a national cryptocurrency. Speaking on national television, President Miguel Diaz-Canel stated this would be to bolster the local economy which has been the subject to sanctions from the US for the last several decades. Last month US President Trump banned American cruise ships from visiting Cuba 🛳, further depressing the local economy.
If implemented, a national cryptocurrency would be only the second time a country had replaced the native one with crypto. Venezuela famously began using the “Petro” crypto last year, and President Maduro ordered its national banks to make the Petro available to the public. Thus far, it has not seen adoption.
World Bitcoin Energy Use Tool Goes Live 📊
The University of Cambridge has released a free online tool that tracks the worldwide electricity the Bitcoin network consumes. The Cambridge Bitcoin Electricity Consumption Index (CBECI) estimates the current consumption to be 7.45 Gigawatts, with an annual usage of 53.01 Terawatt hours ⚡️. The electricity used by Bitcoin is more than the country of Switzerland at the present time.
Critics have used this as an argument against Bitcoin, calling it a waste of power. As the demand for electricity rises, renewable energy seems to be filling the void previously held by coal and natural gas power. Research firm CoinShares estimates that over 70% of the power Bitcoin uses comes from renewable sources like solar and wind.
The cost of Bitcoin mining largely depends on the price of electricity. Historically China has seen a large percentage of mining due to the low cost of its coal power.
ErisX Gains Bitcoin Futures License 📜
It looks like there’s another contender for the institutional investor crown 👑. The Commodities Futures Trading Commission (CFTC) has approved a futures license for the firm ErisX. This will allow futures contracts to be settled in “physical” Bitcoin, unlike the CME futures contract that is settled in US dollars.
ErisX joins LedgerX in offering this particular futures contract. The Bakkt company is expected to begin testing its own version this month.
As exchanges make these products available, they will need to purchase large quantities of Bitcoin. The VanEck Bitcoin ETF promises to serve a similar function but has yet to be approved by the US Government. VanEck’s Director of Digital Assets, Gabor Gurbacs, offered his congratulations to ErisX on July 1st.
The increase of participation by large firms like ErisX and Bakkt makes an actual Bitcoin ETF seem more likely in the future.
Libra Faces more Obstacles with Congress
Facebook’s cryptocurrency Libra continues to face opposition. Members of the US Congress including Maxine Waters, Carolyn Maloney, and Stephen F. Lynch, signed a letter addressed to Facebook demanding that it halt production on the Libra 🛑 ⚖️.
The letter alleges that Libra is attempting to establish itself as a world currency and compete with the dollar: “This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”
The Libra is planned to be released sometime in early 2020 and will be the preferred payment method for Facebook, WhatsApp, and Instagram. These social networks all experienced an outage earlier this week, creating concerns as to whether the Libra network would be vulnerable to similar downtime.
Facebook has been under increased scrutiny following its involvement in the Cambridge Analytics data scandal.
Where Ya Boi At? 🌎
Who was in Taipei with Ya Boi this week?
Looking good, everyone!
Nye’s going to be in Cali for a bit, then heading out to Miami and Japan for an undisclosed project. Ooh, secrets!
Crypto never sleeps and neither do we. Get ready for another week of news and the journey continues.
“Let’s Fucking Go!”
Article written by: https://twitter.com/kaltoro_
Follow Nye on Twitter: https://twitter.com/MrMichaelNye
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Article edited by: https://twitter.com/NagatoDharma