Zahidi Zainul Abidin, a deputy minister of the Communications and Multimedia Ministry told the Malaysian parliament on Monday that Malaysia should make Bitcoin and other digital currencies legal tender. “We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them,” Zahidi urged his colleagues.
Arthur Hayes, the former CEO of BitMex, wrote an op-ed titled “Energy Cancelled” in which he explained how Eurodollar / Petrodollar could collapse as a result of the war in Ukraine and resulting sanctions. In his prediction, Arthur Hayes stated that the price of Bitcoin could reach $1 million while the price of gold could reach $10,000.
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At the tail end of 2021, the Islamic Republic of Iran banned cryptocurrency mining due to high energy consumption associated with the process of securing blockchain networks and minting new coins. The decision was in large part reached due to a series of electricity blackouts the Middle Eastern country suffered throughout the year.
On Sunday, Tesla CEO Elon Musk took to Twitter to ask his followers about their thoughts on the rising inflation. Out of thousands of replies, the answer of Microstrategy’s CEO Michael Saylor caught Musk’s attention.
On Monday, the EU Parliament will be voting on the Markets in Crypto Assets (MiCA) bill, which features provisions aimed to limit the energy-intensive Proof-of-Work (PoW) mining in the Union. For context, Bitcoin, Ethereum, and a number of other digital assets fall under the PoW classification.
Okcoin, a leading Chinese cryptocurrency exchange, has announced the launch of the Bitcoin Odyssey – a year-long pledge to invest $165 million in projects building on the Bitcoin network. The massive accelerator program was established in collaboration with Stacks, an open-source network of decentralized apps (dApps) and smart contracts built on Bitcoin, and 20 venture capital firms.
On Wednesday, Bitcoin along with the majority of other digital assets experienced notable upward price movement that led to the cryptocurrency market cap nearly reclaiming the $2 trillion valuation. Despite today’s market pullback, the macroeconomic factors that contributed to yesterday’s upswing will likely play an outsized role in the coming weeks and months.