Crypto markets rise after an announcement from the FED, Tesla will accept Dogecoin and you can give crypto as a gift this holiday season. These stories and more this week in crypto.
Following the announcement from the Federal Reserve that it would speed up the reduction of asset purchases, crypto prices rose briefly – signaling that traders may have been worried about an even more aggressive policy change. FED Chairman Jerome Powell said that he is not concerned about crypto from a financial stability perspective and added that he believes stablecoins could be useful if they are properly regulated.
Dogecoin’s price jumped 28% in an hour after a tweet from Elon Musk announcing that Tesla would accept Dogecoin for merchandise items. The announcement came just one day after Musk was named Time Magazine’s Person of the Year and said that dogecoin is better suited for transactions than bitcoin.
As of last week, 90% of all bitcoins have been mined. 18.9 million coins out of the maximum supply of 21 million are now in circulation. The milestone was reached just 12 years after the first-ever bitcoins were mined; however, due to the bitcoin halving schedule the remaining 10% will take another 100 years before they are mined.
The Governor of Florida announced the state’s new budget proposal which includes the idea of letting businesses pay state fees using crypto through a new department. DeSantis explained that he wants Florida to be a crypto-friendly state when it comes to commerce in hopes to fuel economic growth in the future.
Just a month after he received his first paycheck in BTC, Miami Mayor, Francis Suarez, revealed that he plans to take part of his 401k in Bitcoin. Mayor Suarez has been a public advocate for bitcoin this year and has been working towards allowing the city’s municipal workers to also be paid in crypto.
Crypto exchange Kraken has revealed it will soon support non-fungible tokens to give investors exposure to the burgeoning NFT market. It’s not clear which specific NFT services Kraken will offer, but the exchange will help take some of the NFT activity off-chain, which would help keep both minting and transaction fees at a minimum.
E-commerce giant, Amazon, recently invested in a sports trading card marketplace called Dibbs. The platform allows users to list collectible trading cards and then mint them into NFTs which can then be purchased and sold fractionally using the Wax blockchain. The size of Amazon’s investment is not known.
A new CNBC survey revealed that 83% of millennial millionaires have invested a significant part of their portfolio in crypto and plan to continue their crypto investments in 2022. This stands in stark contrast to the baby boomer millionaires surveyed, of whom only 4% hold any cryptocurrency.
This holiday season you can give the gift of crypto through Coinbase’s digital gifting experience. Your personalized gift is delivered in a digital card with your choice of crypto together with an NFT-inspired art by an up-and-coming artist. Because the best kind of gift is one they can HODL.
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That’s what’s happened this week in crypto, see you next week.
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https://99bitcoins.com/bitcoin-news-summary-dec-20-2021/
