A new milestone for Bitcoin, COVID hits conference and other news

Bill to make Bitcoin legal tender passes in El Salvador

View this email in your browser One week in review:  June 6–12 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Bill to make Bitcoin legal tender passes in El Salvador El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender. A law outlining the proposals, introduced by President Nayib Bukele, passed with a "supermajority," attracting 62 out of 84 votes. Under the so-called Bitcoin Law, merchants must accept Bitcoin as well as U.S. dollars — and they'll be expected to present prices for goods and services in both currencies. The government is going to be releasing an official crypto wallet for consumers to use, but they can rely on private providers if they prefer. Permanent residency is going to be available for those who invest 3 BTC in the country, and now, a 90-day implementation period has begun. As the 90-day implementation period begins, the president has asked a state-owned geothermal electric company to examine plans "to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero-emissions energy" — from its own volcanoes. Unsurprisingly, reaction from regulators hasn't been overwhelmingly positive. One executive at the Bank for International Settlements has called El Salvador's move an "interesting experiment" — but warned that BTC hasn't passed the test of being a means of payment. The International Monetary Fund has also warned the decision could have significant legal and financial ramifications. Read more #2. Bitcoin 2021 attendees' positive COVID-19 tests are going viral Some of those who attended Bitcoin 2021 in Miami have tested positive for COVID-19, leading to a wave of negative media coverage and speculation that it may have been a "superspreader event." Thousands of people went to the two-day event, which did not require proof of vaccination or enforce the wearing of face masks. There was little in the way of social distancing either as people packed into crowded auditoriums. One influencer on Crypto Twitter, Mr. Whale, estimated that there were more than 50,000 visitors at the event. He noted that this was the first major in-person conference since the pandemic began, and said dozens of participants have tested positive. Read more #3. MicroStrategy gets $1.6 billion in orders in junk bond offering MicroStrategy has attracted $1.6 billion worth of orders in a recent junk bond offering — four times more than what the business intelligence firm initially sought. Junk bonds are debt offerings by companies without investment-grade credit ratings and typically offer investors higher returns while carrying higher risk. It comes days after the publicly listed company, which owns 92,079 BTC with a current market value of $3.2 billion, announced plans to spin off its crypto holdings into a new subsidiary called MacroStrategy LLC. Although this has been interpreted as bullish news, alarm bells started sounding after the junk bond offering was announced — the latest in a series of debt raises to buy more Bitcoin. MSTR stock fell after the news. MicroStrategy closed the week at $516.44, some way off the year-to-date high of $1,315 that was seen in February. In a recent article, analyst Juan de la Hoz said MicroStrategy would be at risk of bankruptcy if Bitcoin prices fell, adding: "MicroStrategy is a rare high-risk low-reward investment opportunity, and a strong sell." Read more #4. FUD of the week: U.S. officials recover $2.3 million in crypto from Colonial Pipeline ransom Officials with a U.S. government taskforce have seized more than $2 million in crypto paid in ransom following an attack on the Colonial Pipeline system, which caused fuel shortages for many people in the U.S. The Bitcoin in question was connected to Russia-based DarkSide hackers, and about 63.7 BTC has been clawed back. Although there's little doubt that this is a good thing, Bitcoin's price actually ended up falling because of concerns over how the FBI actually managed to seize the cryptocurrency. Coinbase has refuted suggestions that it was involved. Mati Greenspan, the founder of Quantum Economics, has said that the recovered ransom is actually bullish for Bitcoin, as many had expected U.S. politicians to use crypto as a scapegoat for the attack and enforce some heavy-handed regulations. Read more #5. FUD of the week: Proposed New York Bitcoin mining ban watered down to allow green projects A proposed crypto mining ban calling for a forced three-year hiatus on all mining operations in New York has been watered down — and will now allow green projects. The bill passed in the senate on June 8, and has now been referred to the state assembly. If the bill is passed there, it will be delivered to Governor Andrew Cuomo to either approve or veto the proposed legislation. The initial New York Senate Bill 6486A sought to halt all crypto mining for three years in order to conduct environmental impact reviews on mining operations in the tri-state area. However, the bill was amended in the senate to get it over the line, and the revised 6486B bill is now focused solely on any firm that uses carbon-based fuel sources to power proof-of-work crypto mining. 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