Weekly Crypto Highlights
Every Sunday, we like to wrap up the week’s most significant news and trends in the cryptocurrency world. Grab your morning coffee and let’s dive into what’s buzzing!
Top Stories
This week, the World Economic Forum (WEF) in Davos was buzzing with discussions about central bank digital currencies (CBDCs). Notably, the WEF introduced a toolkit for policymakers to assess the potential rollout of CBDCs. Major central banks from the EU, UK, Japan, Canada, Sweden, and Switzerland are teaming up to research the digital future of currencies, and let’s be honest, it’s about time!
The Impact of Libra
Facebook’s Libra cryptocurrency was at the center of discussions, making some economists reconsider the role of the U.S. dollar as a global reserve currency. Not everyone is convinced about digital currencies replacing the dollar; however, Paulo Guedes, Brazil’s Economy Minister, acknowledged that blockchain is paving the way for various future currencies.
IPO Buzz from Ripple
Also making waves was Ripple’s CEO, Brad Garlinghouse, who hinted that IPOs for crypto firms will become trendier. Garlinghouse stated, “We’re not going to be the first and we’re not going to be the last…” So, keep your eyes peeled for more companies to jump on the public listing bandwagon in 2020!
New Developments Outside Davos
Tether has launched a shiny new gold-backed stablecoin. Each token represents a troy ounce of actual gold—talk about holding value! However, Tether’s history of transparency issues makes many raise an eyebrow. Where’s that gold hiding? In a mystical vault in Switzerland?
Elon Musk’s Crypto Commentary
If you thought keeping up with Elon Musk’s views on crypto was clear-cut, think again! This week he revealed his ambivalence towards Bitcoin; he’s not fully on either side of the fence. While acknowledging its cleverness, he suggested it might serve as a cash replacement. Just an average Tuesday for Elon!
The Weekly Market Rundown
As we wrap up the week, Bitcoin sits at $8,450.74, with Ether at $163.88, and XRP at a modest $0.22. The entire market cap stands at $233.4 billion, which feels like it deserves a round of applause or at least a pat on the back! Among winners and losers, Polybius, Prometheus, and Eureka Coin gained ground, while Q DAO Governance, OVCODE, and CannabisCoin took a hit.
Memorable Quotes of the Week
“A lot of things that are illegal shouldn’t be illegal.” – Elon Musk
“The Libra episode is just evoking a future digital currency.” – Paulo Guedes
These quotes remind us that perspectives are as diverse as the cryptocurrencies we discuss!
FUD Alerts
This week had its share of fear, uncertainty, and doubt (FUD) as well. Alexander Vinnik, the alleged launderer of $4 billion in Bitcoin, was extradited to France from Greece, sparking debates about jurisdiction and justice. Meanwhile, Peter Schiff, notorious for his skepticism, lost access to his Bitcoin wallet due to a blunder—seems like irony is alive and well!
