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El Salvador to airdrop bitcoin to every adult citizen – Crypto weekly update

Published: 01. 07. 2021 · Author: Daniel Mitrovsky

This week, the total market capitalization exceeded 1.16 trillion EUR. Increase at the 7-day interval is 3.5 %. Bitcoin decreased by 0.5 % during the week to a current value of over than 28,300 EUR. Bitcoin dominance is 45.5 %.

Source: Coinmarketcap

El Salvador to airdrop bitcoin

El Salvador's President Nayib Bukele announced last Friday during his press conference that the government will airdrop $30 (approximately €25) worth of Bitcoin to every adult citizen of the country.

The announcement was welcomed by Bitcoiners. Several experts immediately became concerned about how much BTC the country would actually have to buy to meet airdrop requirements. Although it is not clear exactly how many adults live in the country, it is expected that the government will need to buy more than $100 million worth of BTC.

Every adult resident, who downloads a government-issued bitcoin wallet will be eligible for an airdrop.

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7. Source

Investment in India breaks records

Investment in cryptocurrencies in India is breaking records, according to the latest survey.

Bloomberg published a report stating that investments in cryptocurrencies from India have surged from $200 million to $40 billion over the past year - that’s an increase of 19,900%.

Bitcoin is likened as modern digital gold in India, with research suggesting that millennials are far more likely to invest in cryptocurrencies than precious metals.

The surge in investments comes after India’s Supreme Court overturned controversial restrictions that had been imposed by the Reserve Bank of India. The measures had stopped banks from dealing with crypto exchanges — a move that made it impossible for many trading platforms to operate.

Despite the fact that the Supreme Court has overturned these restrictions, it is possible that the government will return to them again in the future. India is currently the second most populous country with more than 1.3 billion inhabitants. Source

Solana will host new tokenized assets

Digital Assets AG is bringing tokenized stocks for 55 companies to Solana.

Blockchain platform Solana will host new, tokenized shares of the world's best-known companies, including Facebook, Apple, Google, Netflix, PayPal and Square.

Digital Assets AG (DAAG) plans to list the 55 tokenized stocks on the Layer 1 blockchain platform. The Swiss firm provides free-floating stocks on exchanges like Binance and FTX, as well as on private blockchains.

The securities prospectus of DAAG Tokenized Stocks is endorsed by the Financial Market Authority (FMA) of Liechtenstein, making the stocks valid in the European Economic Area.

Tokenized stocks are not new in the crypto world. FTX, Binance, and Bittrex Global enable trading of multiple stock and commodity tokens, but the tokens are not transferable across platforms. Digital Assets’s stock launch will allow for transfers to the secondary market, external apps, other Solana addresses, or applications, opening the gateway for access in DeFi. Source

Interest in Cardano is growing

New data from PoolToll, a data aggregant for Cardano blockchain, shows that more than 50,000 new staking addresses have been added to the Cardano ecosystem in the past three weeks.

Currently, Cardano has a total number of 659,301 staking addresses from 2,647 active pools and its total staked value is $29,44 billion, accounting for 71,27% of the $41,3 billion total supply.

In mid-June, Cardano developers launched a new version of the Cardano node called AlonzoBlue 2.0 to the testnet. Alonzo is a long-awaited upgrade of the Cardano network, which will enable the implementation of smart contracts in Cardano and thus the opening of doors to the decentralized finance sector.

In addition, IOHK, company behind the Cardano platform, said they are exploring the potential integration of Stablefees, a system that operates towards establishing a base price for transactions by pegging to a basket of currencies, in order to make the fees more fair and predictable. Source

U.S. senator backs cryptocurrency for US retirement plans

Cynthia Lummis, a U.S. senator and bitcoin proponent, stated during a CNBC summit that she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds in order to protect them from inflation.

At the same time, Lummis stressed the importance of maintaining the diversity of investment assets in retirement plans.

While U.S. citizens have been able to include crypto assets in their retirement portfolios since 2014, the practice of holding digital assets in one’s retirement plan has remained a niche practice. Source

Crypto.com will sponsor Formula 1

Formula 1 landed a new sponsor Tuesday in a deal with Crypto.com, which will officially become the first global sponsor of the new "F1 Sprint" project.

Terms of the agreement were not provided, but people familiar with the pact told CNBC it’s a five-year deal that totals over $100 million.

In addition, Crypto.com will become an F1 NFT partner. The Crypto.com agreement activates on July 17, a day before the 2021 British Grand Prix.

In a statement, Ben Pincus, F1 director of commercial partnerships, said the racing organization would use “expertise” from Crypto.com “as we explore the world of cryptocurrency, an area we are very interested in.” Source

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