Crypto Market Overview – September 30th, 2021

 

Chivo User Privileges: Bitcoin Owning Salvadorans Get Discount On Fuel

El Salvador President Nayyib Bukele tweeted that for owners and active users of the state-owned crypto wallet Chivo, every gallon of fuel at gas stations in the country will cost $0.2 cheaper. Bitcoinmagazine reports. According to Bukele, this action has three main goals, the key of which is to fight the exponential rise in fuel prices in the world. The second urgent goal of discounts is to reduce the cost of all parts of the supply chain of goods for individuals and legal entities in El Salvador. As for the third goal, it is educational in nature: the President is trying to actively educate the population to use Bitcoin and promote it through the widespread adoption of Chivo. The promotion kicked off on September 30, and from now on, residents of El Salvador, municipal, transport and logistics companies can use the state wallet to get a discount on gas. According to the announcements, the "attraction of unprecedented generosity" will run until at least October 14th. If the international market lowers gas prices, the difference in cost will pass to consumers.

Visa Will Create a Hub for Cryptocurrency Payments

Payment giant Visa has announced plans to create a cross-network payment interaction center based on the Universal Payment Channels (UPC) protocol that will connect various blockchains and cryptocurrency platforms, allowing users to seamlessly exchange funds. Cryptobriefing reports. According to the calculations of the company's experts, UPC will enable the deployment of fully functional seamless cross-border payments in various digital currencies for existing international payment systems. However, this task is considered to be very difficult, since it is inter-networking at its root. “Imagine splitting the check with your friends, when everyone at the table is using a different type of money — some using a central bank digital currency (or CBDC) like Sweden’s eKrona, and others preferring a private stablecoin like USDC.” — a quote from the Visa blog. As part of UPC research, Visa has already launched its first smart contracts for the Ethereum Ropsten testnet. With their help, an example of a payment channel was beaten that accepts both Ethereum and USDC. The test version uses a specific contract for each pair of assets, but in future releases, one contract will apply for all assets.

"Bitcoin is Very Hard to Kill": Opinion of The Chairman of Virgin Galactic

Billionaire investor, chairman of space company Virgin Galactic and owner of the NBA Golden State Warriors, Chamat Palihapitiya, in an interview with CNBC's Scott Wapner, suggested that bitcoin has already "effectively replaced gold." The conversation took place at the Delivering Alpha conference, where Palihapitiya expressed several thoughts on the future and present of cryptocurrency: “It's very hard for me sitting here to give you a price prediction, but I can pretty confidently say that Bitcoin, I think, has effectively replaced gold. It will continue to do so. And so that market cap is just going to grow." — said the businessman. In addition, the billionaire did not hide his interest in more modern cryptocurrencies and their capabilities. And when asked about the current repressions against BTC, Palihapitiya replied that “I think it's very hard to kill. So technically, it's very difficult. Just the way that it's architected, it is the most profound iteration of the Internet that we've seen.”

Published: 2021-09-30