Quote of the week: “I don’t actually like the ‘digital gold’ analogy, because gold is such a relic. It has extremely limited value as a form of exchange and it’s never had utility in modern society as a form of money. I think the demand for Bitcoin is actually going to be much, much larger” – Jeremy Allaire, CEO of Circle. Source:
Super Bowl Sunday: The NFL has distributed over 250,000 NFTs as of mid-January. Recently, the organization announced that each fan who attends Super Bowl LVI will receive a unique and customized NFT, featuring their section, row, and seat. Source: https://cointelegraph.com/news/nfl-to-offer-virtual-nft-tickets-at-super-bowl-in-los-angeles
Sotheby’s First Live NFT Event: Sotheby’s is hosting its first live NFT event auctioning off 104 CryptoPunks in a single lot. The event will take place on February 23 in New York. Source: https://finance.yahoo.com/news/sotheby-set-auction-104-cryptopunks-122636433.html
International Regulation Featuring Russia: After much disagreement, the Russian government and central bank have decided to treat Bitcoin and cryptocurrency as a currency. Cryptocurrency transactions of more than $8,000 will have to be declared or it may be considered a criminal act. Source: https://cointelegraph.com/news/russian-gov-t-and-central-bank-agree-to-treat-bitcoin-as-currency
Bitcoin Update: The price of Bitcoin has returned to above $45,000, breaking through a key level of resistance. The price increase has been partly attributed to institutional participants investing in crypto funds and rising inflation rates.
Fitch Lowers El Salvador’s Rating: Fitch downgraded El Salvador’s long-term foreign-currency issuer default rating from B- to CCC. This downgrade comes just weeks before El Salvador will issue its Bitcoin Bond. One of the reasons for this change in the country’s rating is due to the concerns over its ability to survive debt, the concentration of power in the presidency, and adoption of Bitcoin as a legal tender. Source: https://www.coindesk.com/markets/2022/02/10/fitch-downgrades-el-salvador-to-ccc-weeks-before-bitcoin-bond-issue/
And, that’s a wrap!