Crypto Market Overview – September 08th, 2021

 

Microstrategy Avoided “Multi-Billion Dollar Mistake” Thanks to BTC

Microstrategy CEO Michael Saylor tweeted that he decided last year to invest in buying 108,992 Bitcoins instead of buying gold, which has made the company sizable profits. News.bitcoin reports. Sailor has also published the results of a research on gold and BTC movements. According to him, over the past 12 months, gold has dipped 5.88% and Bitcoin is up 376.34%. In addition, the return on gold compared to the main cryptocurrency was -80% over the same period. The CEO of a company registered on Nasdaq has already made optimistic statements in favor of cryptocurrency. Specifically, this year he called on investors by saying: “Gold is dead money. Sell your gold, buy bitcoin because other people are going to sell their gold and if you wait until you’ve been front-run by all the hedge funds when they dump their gold, you’re going to be the last person out."

Panamanian Authorities Plan to Tackle Cryptocurrency Regulation

The government of the Republic of Panama has introduced a cryptocurrency regulation bill, which aims to make Bitcoins available as an alternative payment method and to ensure free circulation of digital money in the country. Cointelegraph reports. Announcing the event on Twitter, Panamanian crypto evangelist Gabriel Silva stressed that the new legal initiative could create thousands of jobs, attract large investments, and make government "more transparent." Unlike the El Salvadorian government, which required local retailers, manufacturers and resellers to accept BTC in exchange for their goods or services alongside the US dollar, Panama's new cryptocurrency law does not mandate the adoption of Bitcoins. Instead, the legislation calls for the country's free use of BTC and ETH. The authors of the bill emphasized that cryptocurrencies allow fast and inexpensive transactions "regardless of the distance between the entities and the amount."

El Salvador Bought Bitcoin and Became The First Crypto State in History

El Salvador acquired BTC for about $20.9 million and has made history today by becoming the first state in the world to introduce crypto gold as legal tender. Coinnounce reports. In a series of tweets on Monday, President Nayib Bukele announced that the country has acquired a total of 400 Bitcoins, the first step by the government to implement a large-scale strategy to integrate the country's economy with digital currency. Notably, after a series of Bukele's tweets, the value of Bitcoin surged to $52,681.85. The messages were released hours before the June BTC law went into effect. However, from a domestic policy point of view, El Salvador's crypto-law is not popular. He has already caused a flurry of criticism from the residents of the country. About 70% of Salvadorans surveyed by the Central American University disagree with the administration's decision to introduce Bitcoin as legal tender. Many citizens simply don't know how to use digital currency.

Visa Plans to Provide Crypto Services to Brazilian Banks

Eduardo Abreu, vice president of payment giant Visa for business development in Brazil, has announced plans to integrate cryptocurrency solutions into traditional Brazilian banking platforms by developing an API to combine traditional banks with crypto products. Coinnounce reports. The implementation of this project will allow making investments in cryptocurrencies and ETFs on banking platforms without intermediaries. The company also announced that it is working with several cryptocurrency companies in the country to bring crypto payment cards to market. Abreu said the system is already in testing with some of their clients and hinted to the general public to prepare for new announcements and releases.

Published: 2021-09-08