🔴Bitcoin Bet Pays Off | This Week in Crypto – Dec 11, 2023

Elon Musk is roasted for a misquote during Dorsey’s BitKey intro, Coinbase now lets you send money through social media and there is a bug fix which could eliminate Bitcoin’s most pressing problem, but at what cost?! These stories and more, this week in crypto.

Bitcoin Surged on Rate Rumors

As rumors spread that the Fed might lower borrowing rates, Bitcoin surged to its highest value in 20 months, marking 17% gains in a single week. Gold’s price also hit a record high, and with lower yields for US treasuries, the crypto sector rose with broader investor enthusiasm for stocks and other risk-on assets. Among altcoins, Cardano’s ADA price surged this week as it entered the top 10 in terms of Total Value Locked, or TVL, which is an important indicator for engagement and interest for a DeFi ecosystem.

Elon Musk Swings and Misses

Elon Musk sparked attention by commenting on Jack Dorsey’s new Bitcoin wallet, Bitkey. Dorsey unveiled the self-custody hardware wallet, which is available for preorder in 95 countries. Musk’s misquote, saying “Not your keys, not your wallet,” triggered widespread correction by the crypto community. The correct phrase is “not your keys, not your coins,” which emphasizes the risk of trusting third parties in managing funds.

Send Crypto Over Social Media

Coinbase Wallet introduced easier and faster money transfers using shared links across social media platforms. Users from WhatsApp, iMessage, and Telegram; as well as social media apps like Instagram, Snapchat and TikTok can now send funds globally for free through Coinbase Wallet simply by sharing a link, simplifying transactions among friends and family.

El Salvador’s Bitcoin Bet Pays Off

El Salvador’s President Nayib Bukele celebrated the country’s Bitcoin investment, as the portfolio is now at a profit of over $3.6 million. Bukele rejected media criticism, unveiling a ‘Freedom Visa’ program offering Salvadoran citizenship for a $1 million equivalent investment in Bitcoin or Tether, aiming to further enhance economic prospects in the country.

Robinhood’s Crypto Expansion

Popular U.S. trading app Robinhood introduced crypto trading for EU customers, citing the region’s robust crypto regulations as the reason for expansion, in contrast to the US, where there is intense scrutiny over the crypto sector. European users can now trade in more than 25 cryptocurrencies, including bitcoin and Ethereum free of commissions.

JPMorgan CEO Attacks Crypto – Again

JPMorgan Chase CEO Jamie Dimon stirred controversy by criticizing the rising crypto market during a U.S. Congressional hearing, going so far as to advocate for “shutting it down”. Dimon, who previously branded Bitcoin as a fraud and pet rock, reiterated his negative stance despite the ongoing price surge, while his bank continues to support crypto ventures – firmly solidifying his place on the fiat defector list.

Swiss Crypto Adoption on the Rise

The city of Lugano in Switzerland now allows Bitcoin and USDT for tax and service payments in  collaboration with Tether to revamp financial infrastructure using Bitcoin technology. Bitcoin Suisse streamlines bill payments for residents and businesses, reflecting a growing trend among Swiss municipalities, to offer crypto payments alongside traditional methods.

Bug Fix to End Bitcoin Ordinals

A Bitcoin Core developer revealed a bug fix could eliminate Bitcoin Ordinals and BRC-20 tokens that are causing network congestion. Luke Dashjr highlighted that the tokens are exploiting a vulnerability on the Bitcoin Core network, and he proposes a fix to cease their operation while preserving existing inscriptions. Implementation of the patch could impact the over 46 million inscriptions on the Bitcoin blockchain.

That’s what’s happened this week in crypto, see you next week.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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