A new milestone for Bitcoin, COVID hits conference, Buterin’s DOGE payday
June 12, 2021. Summarized by summa-bot.
Compression ratio: 30.2%. 3 min read.
El Salvador becomes the first country to adopt Bitcoin as legal tender, MicroStrategy exceeds expectations with bond offering, and Vitalik Buterin books a big profit from DOGE.
The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This WeekBill to make Bitcoin legal tender passes in El SalvadorEl Salvador has officially become the first country in the world to adopt Bitcoin as legal tender. A law outlining the proposals, introduced by President Nayib Bukele, passed with a “supermajority,” attracting 62 out of 84 votes. Under the so-called Bitcoin Law, merchants must accept Bitcoin as well as U. S. dollars — and they’ll be expected to present prices for goods and services in both currencies.
The strong move helped save the bulls during Friday’s options expiry, because any level below $34,000 would have wiped 98% of call options. MicroStrategy gets $1. 6 billion in orders in junk bond offeringMicroStrategy has attracted $1. 6 billion worth of orders in a recent junk bond offering — four times more than what the business intelligence firm initially sought. Junk bonds are debt offerings by companies without investment-grade credit ratings and typically offer investors higher returns while carrying higher risk. It comes days after the publicly listed company, which owns 92,079 BTC with a current market value of $3. 2 billion, announced plans to spin off its crypto holdings into a new subsidiary called MacroStrategy LLC. Although this has been interpreted as bullish news, alarm bells started sounding after the junk bond offering was announced — the latest in a series of debt raises to buy more Bitcoin.
If the bill is passed there, it will be delivered to Governor Andrew Cuomo to either approve or veto the proposed legislation. The initial New York Senate Bill 6486A sought to halt all crypto mining for three years in order to conduct environmental impact reviews on mining operations in the tri-state area. However, the bill was amended in the senate to get it over the line, and the revised 6486B bill is now focused solely on any firm that uses carbon-based fuel sources to power proof-of-work crypto mining. Alleged $3. 6 billion crypto Ponzi’s victims still believe the exchange is legitVictims of an alleged $3. 6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint lawsuit — as they still believe in the project and hold out hopes of getting a return on their investments. V Global is accused of defrauding about 69,000 people out of four trillion won ($3. 6 billion), all while promising investors they would triple their investments. A notice on the company’s website says that it strongly denies the “false” claims and has filed a complaint with police “for defamation and obstruction of business. ”If V Global is found guilty, it would potentially be one of the biggest crypto-related Ponzi schemes on record, in a similar fashion to the infamous multi-billion Ponzi scheme from OneCoin in 2015. Best Cointelegraph FeaturesPronouncements from the G-7 allow green fintech to flourishSustainability and the need to lessen climate change amid the COVID-19 pandemic have become the global economic agenda. Miami stakes the claim to become the world’s Bitcoin and crypto capitalMiami has a dynamic mayor, lots of VC money and is coming off the largest-ever crypto extravaganza, but is that enough without legal clarity?More IRS crypto reporting, more dangerThe U. S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.