What is currently happening in the world of cryptocurrencies? From state adoption to great opportunities in the entertainment industry, the last week had some news about Bitcoin and Co. to offer. GLM summarizes the most important news of the week for you!
Crypto.com as the exclusive sponsor of the 2022 FIFA World Cup
Crypto.com aims to bring cryptocurrencies into people’s everyday lives through products and services suitable for the masses, but even the best product is not used if nobody knows about it.
Therefore, the Singapore-based company relies primarily on advertising with well-known personalities and on cooperation with major sporting events. Crypto.com recently managed to get hold of an exclusive advertising contract with the world soccer association FIFA , which promises the company promising opportunities to present its own brand at the upcoming soccer World Cup in Qatar.
Just four months ago, the crypto exchange published an advertisement with actor Matt Damon, which caused the price of the in-house CRO token to go through the roof. The token itself has now grown into a completely separate ecosystem and is in direct competition with the BNB coin .
With a market cap of €10.5 billion, Cronos still needs to grow almost sixfold to catch up with rival Binance’s currency. The huge promotional efforts could not only strengthen the entire crypto market, but also cause Cronos to explode.
Development of Bitcoin and Co. in the countries of the world
BTC as currency in Honduras
The week started promisingly with the rumor that Bitcoin would become the official means of payment in Honduras . The Central American country is a direct neighbor of El Salvador, which was the first country to recognize Bitcoin as a currency.
Fueled by a tweet by Bitcoin maximalist Max Keizer, the rumor spread like wildfire. Honduran President Xiomara Castro was supposed to announce the good news last Monday.
The expected press release did not materialize. Instead, we received a message from the Honduran central bank, which the court expressly denied.
Statement on the possible adoption of Bitcoin as the legal tender of the country. For more information: https://t.co/hIDx8DWiKp pic.twitter.com/TejuiWRO9E
– Central Bank of Honduras (@BancoCentral_HN) March 23, 2022
The central bank finds a CBDC much more interesting than a fully-fledged cryptocurrency like Bitcoin . It is quite possible that a currency like the digital Lempira will become the official currency in Honduras. The introduction of BTC, on the other hand, is unthinkable.
Malaysia: Politician calls for Bitcoin as currency
Equally bullish is the news that Datuk Zahidi Zainul Abidin is calling for more cryptocurrency support in his home country. If there is no improvement soon, the country’s industry will be left behind in the long term, says the Malaysian politician.
Abidin is in a promising position as deputy communications minister. Unfortunately, his country has taken the opposite position so far, and the Malaysian central bank has not been at all enthusiastic about his ideas in the past.
In the best-case scenario, Abidin explains, Bitcoin will even become a currency in Malaysia . However, it is particularly important to first create a crypto-friendly environment in the country so that younger generations can succeed in building a career in the industry.
El Salvador: Volcano Bonds are delayed
El Salvador’s long-awaited government bonds did not start as hoped until March 20th. In fact, the Salvadoran finance minister announced that the publication could last until September .
The bonds known as Volcano Bonds would be the first government bonds on earth to be backed with Bitcoin. They should bring the buyer a return of 6.5 percent. On top of that, there is a Bitcoin dividend of 50 percent of the price gains that Bitcoin generates in the period (probably up to 2032).
The bonds are primarily intended to finance the creation of Bitcoin City . El Salvador is cooperating with Blockstream to implement it . The company has a significant influence on the development of Bitcoin and operates its own profit-oriented product, the Liquid Network , on which the bonds are to exist as a tokenized investment.
Thailand bans payments with crypto
Thailand was still considered a clear enemy of cryptocurrencies until last summer, after NFTs and memecoins were explicitly banned. In the meantime, the situation in the country seemed to have calmed down.
Now, however, there has been a general ban on payments with cryptocurrencies . From now on, they may only serve as digital assets in Thailand and no longer as a means of payment.
Russia replaces major currencies with bitcoin
Russia sees itself cornered by the economic sanctions imposed by the EU and NATO. The Russian ruble depreciated sharply. Russia took action and declared that trading in important commodities would only be carried out with advantageous currencies.
In addition to the ruble, there are, for example, cryptocurrencies such as Bitcoin , says the Russian politician Pavel Zavalny. In the meantime, other politicians are also realizing that Bitcoin adoption would offer many advantages for the country, especially in the current situation.
Where is Bitcoin at the end of March?
Since the bear market that began in late 2021, the Bitcoin price has changed only slightly. Again and again there are ups and downs between 37,000 and almost 45,000 US dollars.
BTC is currently trading at $44,700 after posting a 6.5 percent gain over the past seven days. Analysts have been saying for a few weeks that a bull market is imminent. So far, price movements have been cautious.