Keeping abreast of the latest and most recent crypto news is nowadays indispensable requirement to understand the crypto world. In addition, to have the minimum capacity and tools that allow us to give our opinion in a reasonable way. Highlighting this week: “In Shanghai, Bitcoin (BTC) is already a virtual asset protected by Chinese law.”
In today’s post, we present you, a brief review of what were the most outstanding crypto news of the week, so you don’t miss any details. Among the 6 news we have:
- In Shanghai, Bitcoin is already a virtual asset protected by Chinese law.
- Do Kwon proposes the reactivation of Terra.
- Michael Saylor stresses that MicroStrategy will never sell its Bitcoin.
- Central Bank of Brazil received Changpeng Zhao.
- El Salvador bet on Bitcoin. Now he is about to enter bankruptcy.
- Robert Kiyosaki on the fall of Bitcoin: “It’s great news».
In Shanghai, Bitcoin is already a virtual asset protected by Chinese law
For starters, Bitcoin is now property protected by Chinese law. Indeed, a new ruling by the Shanghai High People’s Court in China has taken a new turn. By declaring Bitcoin as protected virtual property.
«In the actual practice of the trial, the People’s Court has formed a unified opinion on the legal position of Bitcoin. And identified it as a virtual property».
Do Kwon proposes the reactivation of Terra
Next, the co-founder of Terraform Labs, Do Kwon, has presented a proposal to preserve the Terra ecosystem after the decoupling of his algorithmic Stablecoin, UST, and the consequent death spiral that sank the Terra tokens (LUNA).
«The Terra community must reconstitute the chain to preserve the community and the developer ecosystem».
Specifically, Do Kwon proposed that validators restore ownership of the network to 1 billion tokens distributed between LUNA and UST holders, as well as a community fund to finance future development.
Michael Saylor stresses that MicroStrategy will never sell its Bitcoin
However, the CEO of MicroStrategy pointed out that in case the downgrade continues and it is necessary, he will use other available guarantees.
«MicroStrategy has a $205 million term loan and needs to hold $410 million as collateral».
In fact, Michael Saylor expressed himself on social networks for “easing fears that his company was facing liquidation risks on its Bitcoin-backed loans».
Brazil’s Central Bank welcomes Changpeng Zhao
For his part, the president of the Central Bank of Brazil, Roberto Campos Neto, met with the CEO of Binance, Changpeng Zhao (CZ), on May 13. The appointment, held by videoconference, was given as part of the crypto plans that the Bitcoin (BTC) exchange and other cryptocurrencies have to strengthen their presence in Brazil.
As reported by local media, Binance’s mission is to set up an office in Brazil. Where its platform registers the largest volume of Bitcoin operations in the region.
El Salvador bet on Bitcoin. Now he is about to enter bankruptcy
In El Salvador, the fall of Bitcoin (BTC) has translated into losses for the Government of Nayib Bukele. Which must face a maturity of the dollar debt in January.
Mainly, from the fall in global markets caused by the uncertainty of the war in Ukraine, inflation and the increase in interest rates by the Federal Reserve in the United States, the Bitcoin price has plummeted. With it, El Salvador’s government bonds have also plummeted, which are trading at 40% of their original value.
Robert Kiyosaki on the fall of Bitcoin: “It’s great news”
Finally, the author of “Rich Dad Poor Dad”, assured that “accidents are the best times to get rich». Specifically, he shared a tweet in the midst of a massive market crash, noting:
«That’s great news. I’m waiting for Bitcoin to drop to $20,000».
I end with this quote from Anthony Pompliano: “Construction is the only timeless bear market strategy».
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