Last week in review: Bitcoin adoption soars amidst ATH

Team Luno
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More US banks could soon be handling crypto, El Salvador’s central bank “bought the dip”, and a leading education institution looks set to accept tuition fees in Bitcoin.

It was a busy week in crypto. Here’s our pick of the headlines.

US regulators to explore crypto policy for banks

  • Jelena McWilliams, the chair of the Federal Deposit Insurance Corporation (FDIC), has said the agency is working closely with US regulators to explore “under what circumstances banks can engage in activities involving crypto assets.”
  • “Establishing clear regulatory expectations will be paramount to give this market an opportunity to grow and mature in a responsible manner,” said McWilliams.
  • In a speech held at the Money20/20 Fintech Conference, McWilliams said the FDIC, along with the Federal Reserve and the Office of the Comptroller of Currency, is looking for ways to create regulatory clarity for banks handling crypto assets.
  • She also said the regulations will also cover stablecoins in order to help these crypto tokens “realise the potential benefits they have to offer.”
  • McWilliams suggested banks can expect a series of policy statements in the coming months.

El Salvador bought the dip

  • Salvadoran president Nayib Bukele indicated in a series of tweets that the El Salvador government has bought 420 more bitcoin ($25million).
  • “It was a long wait, but worth it. We just bought the dip!” said Bukele. “We’re already making a profit on the bitcoin we just bought.”
  • On 20 October, Bitcoin reached an all-time high price of $66,974 before it dipped to $58,179 on 27 October, the day Bukele tweeted the update and most likely made the purchase.
  • El Salvador’s treasury now holds an estimated 1,120 bitcoin according to a Reuters report.
  • “We have a trust fund accounted in USD, but the trust is funded by both USD and BTC. When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total,” President Bukele said in a tweet.

Pennsylvania school to accept tuition fees in BTC

  • Wharton business school at the University of Pennsylvania announced that students who sign up for an online course called “Economics of Blockchain and Digital Assets” can pay for their tuition in cryptocurrency.
  • Students who enroll will have the choice between making payments in Bitcoin, Ethereum, and USDC stablecoin.
  • "It costs less than one Ethereum [token] at current prices," said Reed Cataldo, a course administrator. At the time the comment was made, Ethereum was worth roughly $4,000.
  • Although crypto payments are reserved for those who enroll in the course, Cataldo said that crypto-payment options could become available to the broader Wharton business school, among others, in the future.
  • This is the second American college to accept Bitcoin.

Senator Rand Paul bullish on Bitcoin’s future

  • US Senator Rand Paul believes cryptocurrency could supersede the US dollar as the future global currency.
  • “I’ve started to question whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government,” said Paul. “But here’s what I’ve started to believe now: The government currencies are so unreliable, they’re also fiat currencies, they’re not backed by anything.”
  • Speaking on HBO’s Axios, Paul said he’s “been amazed at the growth of it and I've always been more a person who believed that our currency should be backed by something of real value like gold or silver or commodities...”
  • Paul has been an advocate for cryptocurrencies for several years. In 2015, the Pittsburgher ran for president and said he would accept Bitcoin donations for his campaign.
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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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