Bitcoin
Bitcoin is the pioneer of blockchains and cryptocurrencies, introduced in a white paper released in 2008 by an apparently pseudonymous person or group of people known as Satoshi Nakamoto. The document described a peer-to-peer method of transferring money without the use of financial institutions. The cryptocurrency known as bitcoin or BTC debuted in 2009. Transactions are recorded on a public ledger (a blockchain) by entities known as miners who engage in process called proof-of-work. Miners are rewarded for doing that by getting newly minted bitcoin. Some proponents view BTC as an alternative to fiat currencies and a hedge against inflation. Bitcoin has inspired the creation of numerous other cryptocurrencies and blockchain projects.
DISCLOSURE: This text was written with the assistance of AI, then reviewed by a person
Strike Phasing Out USDT From Bitcoin-Based El Salvador Remittances, CEO Says
Strike, the digital wallet startup behind El Salvador’s bitcoin-based payment system, is phasing out its use of Tether’s USDT stablecoin as a U.S. dollar substitute, CEO Jack Mallers said. “The Hash” team explores the ongoing scandal around Tether and the wider repercussions of El Salvador’s currency law.
Stronghold Digital Mining Raises $105M to Turn Waste Coal Into Bitcoin
Digital asset mining firm Stronghold Digital Mining has raised $105 million to turn waste coal to bitcoin. This comes on the heels of rising concerns about bitcoin’s carbon footprint that have signaled pivots to more environmental, social, and governance (ESG)-friendly mining.
Author and Onetime Bitcoin Fan Nassim Taleb Publishes Paper Trashing the Cryptocurrency
Nassim Taleb, a former bitcoin admirer, has published a paper trashing the cryptocurrency. “[I]n spite of the hype, bitcoin failed to satisfy the notion of ‘currency without government’ (it proved to not even be a currency at all),” he writes.
Bitcoin Price Plummets as China Crypto Crackdown Continues
China's crypto crackdown continues as its central bank says banks must block crypto transactions. Cryptocurrencies plummeted Tuesday morning, with bitcoin dropping below $30K. Michael Wu, Amber Group co-founder and CEO, joins "First Mover" with his crypto markets analysis and outlook.
Could the Heat and Feared Blackouts in Parts of the U.S. Affect Bitcoin Mining Operations?
Texas and other U.S. states across the West are facing energy grid shortfalls this summer as severe drought reduces the amount of water available for hydroelectric power generation, says the Wall Street Journal. CoinDesk's Christie Harkin and Brad Keoun discuss the possible impact of power shortages for miners in the area and the wider crypto mining community.
NYDIG: Bitcoin's Most Valuable Property Is Non-Correlation to Existing Asset Classes
Bitcoin's most valuable property as a financial asset is its non-correlation to existing asset classes and other macro factors, according to NYDIG. Christine Lee breaks down the Chart of the Day.
Bitcoin Remains Relatively Resilient Post-Fed as Fiat Currencies Drop Against Dollar
CoinDesk Managing Editor of Technology Christie Harkin and Managing Editor of Markets Brad Keoun discuss this past week's top stories moving the crypto markets, including the Fed's announcement of raising interest rates, hedge funds pledging more capital to crypto, the impact of El Salvador's currency law, rising ESG concerns, China's crackdowns on bitcoin mining operations, and Taproot activation.
Eqonex Group CEO Anticipated Bitcoin to Rise to $175K by End of Year
Richard Byworth, the CEO of Eqonex Group, shares his bullish outlook for bitcoin and crypto markets analysis.
Bitcoin Hodler Net Position Change Shows First Positive Reading Since October
Bitcoin hodlers are becoming NET buyers for the first time since October. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
World Bank Rejects El Salvador’s Request to Help Implement Bitcoin
The World Bank denied El Salvador's request for technical assistance on bitcoin, citing environmental concerns. So will El Salvador get the support it needs in its adoption of bitcoin as legal tender, and which crypto leaders are cheerleading for El Salvador and other potential crypto nation-states?