Crypto summary: “Bitcoin could be used in Texas”

Avatar Robert Mayne 2 years ago

Another crypto week culminates and in this edition, we bring you the crypto summary with the 5 most outstanding news. Probably, the most important information of the last 7 days, is about: “In Texas you could use Bitcoin”.

First of all, they are presented in the form of a synthesis. Thus, readers are kept abreast of the most remarkable facts of the week. Since then, among the most prominent news in the crypto world space, these headlines stand out:

  1. Bitcoin could be used in Texas.
  2. For Argentina Bitcoin is hope.
  3. Tesla sells most of its Bitcoins.
  4. Brazilian exchange plans to operate in Mexico.
  5. In California, donations can be made in cryptocurrencies.

Bitcoin could be used in Texas

Indeed, using Bitcoin will be a constitutional right in Texas if a proposal is approved. Specifically, the platform of the Republican Party of Texas published a proposal, in which they present a series of amendments and solutions for the Bill of Rights of that southern state of the United States. In it, they demand the protection of those who use these means to pay or save.

In fact, if the proposal is approved, no government of that state will be able to prohibit or tax “the ownership or holding of any form or amount of money or other currency.”

According to the politicians, “this will help prevent global institutions and the federal government from forcing Texans to use financial services and the currency dictated by them».

For Argentina BTC is hope

Next, for the CEO of MicroStrategy, Michael Saylor, Bitcoin is hope for Argentina. After comparing the price of the official dollar against the informal dollar (blue dollar).

«Today the price of the blue dollar has risen to 288 ARS per USD. The Argentine peso has lost 99.4% of its purchasing power against the US dollar in 20 years. Bitcoin is the hope for Argentina».

Although this comment was published a few days ago, the price of the informal dollar in Argentina has continued to rise as a result of the country’s political and economic movements.

Tesla sells most of its Bitcoins

In particular, Tesla announced in the results of its second quarterly report that it sold 75% of its reserves in Bitcoin. Obtaining $936 million that was added to the company’s balance sheet.

According to Bloomberg, Tesla would have about $218 million of Bitcoin remaining on its balance sheet. So the company’s poor financial results could have put pressure on the sale of the Bitcoin reserves they had in storage.

«Sharply bearish market conditions since the beginning of the year, as well as the need for cash on the balance sheet, probably contributed to this decision».

Brazilian exchange plans to operate in Mexico

The Brazilian exchange Mercado Bitcoin, plans to start operating in Mexico in the short term. The idea of expanding in Latin America was born a few years ago, but this 2022 promises to be historic.

The news was expressed by Reinaldo Rabelo, CEO of Mercado Bitcoin. In which he stated that they hope to enter the Mexican market by the end of the year.

By the way, Rabelo stressed that the arrival will not necessarily be with the purchase of another exchange. And that they are still waiting for regulatory approval from Mexico to reach the agreement.

In California, cryptocurrency donations can be made for political campaigns

The California Fair Political Practices Commission ruled, that residents of the state will be able to make donations within the established limits in cryptocurrencies such as Bitcoin and Ethereum.

However, this will be valid as long as they immediately convert the donated cryptocurrencies to dollars. Through payment processors registered with the Treasury Department.

In this regard, David Bainbridge, lawyer of the FPPC expressed: “In drafting this regulation, we had to address the inherent concern with cryptocurrencies. And the opportunity they present for illegal contributions, because in many circumstances they cannot be traced because of their anonymity».

I close with this quote by Leon Louw: «Every informed person needs to know about Bitcoin, as it could be one of the most important developments in the world».

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