Last week in review: Colombia could use waterfalls to mine bitcoin

Team Luno
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Just days after El Salvador mined its first bitcoin using volcanic power, Colombia has said they could start mining BTC using their own natural resources. Meanwhile, more of America’s big banks are giving cryptocurrency their seal of approval, and Brazilian lawmakers are eyeing bitcoin as legal tender.

 

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

 

America banking on crypto

 

  • Bank of America (BoA) analysts have said that the cryptocurrency’s $2 trillion market value and 200 million users means the digital asset universe is too large to ignore.

 

  • BoA analysts also said they believe crypto-based digital assets could form “an entirely new” asset class.

 

  • Analysts also noted that the promise was more than just Bitcoin, noting that the leading cryptocurrency “is important with a market value of about $900 billion, but the digital asset ecosystem is so much more.”

 

Once a Bitcoin skeptic not always a Bitcoin skeptic

 

  • Soros Fund Management Company, the private investment firm founded by billionaire investor George Soros, has revealed the family office owns “some [bitcoins] … but not a lot.”

 

  • Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management added, “I’m not sure bitcoin is only viewed as an inflation hedge here. I think it’s crossed the chasm to mainstream.”

 

  • In March this year, Fitzpatrick acknowledged that her firm had made crypto “investments,” though she remained vague about the details of the investment.

 

  • “When it comes to crypto in general, I think we are at an important moment in time,” said Fitzpatrick. “Something like Bitcoin could have remained a static asset, but the fact that in the last 12 months we have increased the money supply by 25%, there is a real fear of currency devaluation.”

 

Brazil next in line to adopt Bitcoin?

 

  • A Brazilian lawmaker is aiming to pass a bill that seeks to regulate Bitcoin and other cryptocurrencies. Once finalised, the framework is expected to go to the Chamber of Deputies.

 

  • The bill was first introduced by Deputy Expedito Netto, but has been carried forward by Deputy Aureo Ribeiro of the Solidariedade Party with an updated draft.

 

  • Ribeiro said the bill would provide Bitcoin with enough legal protection to be accepted throughout Brazil.

 

  • "We want to separate the wheat from the chaff, create regulations so that you can transact, know where you are buying, who you are trading with, and have this asset to buy a house, a car, [or] go to McDonald's to buy a hamburger," said Ribeiro.

 

  • Should the bill be passed, Rebeiro believes Bitcoin could be recognised as a payment currency by the end of the year.

 

Colombia could use waterfalls to mine bitcoin

 

  • Colombian senator Gustavo Petro has said his country must take inspiration from El Salvador’s move to mine bitcoin using geothermal energy, and should make use of their own natural resources to produce bitcoin.

 

  • Petro retweeted a story about Salvadoran President Nayib Bukele’s announcement that his country would tap into volcanic power to mine bitcoin.

 

  • Commenting on the retweet, Petro asked the question: “What if the Pacific coast took advantage of the steep falls of the rivers of the western mountains to produce all the energy of the coast and replace cocaine with energy for cryptocurrencies?”
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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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