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What you need to know today in crypto and beyond June 7, 2021 Sponsored By: Welcome to The Node.
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-Daniel Kuhn
Today's must-reads Top Shelf MACRO MOVES? Michael Saylor’s MicroStrategy is in the market to buy $400 million more bitcoin, again by issuing debt. It has also formed a subsidiary, MacroStrategy LLC, to hold its 92,079 BTC trove. Meanwhile, Ruffer, a macro-focused hedge fund, cashed out the remainder of its bitcoin for a total profit of $1.1 billion in five months. Finally, Olympia Financial, a Canada-based trust company, ended its plans to provide bitcoin custody service citing “internal risk appetite due to current market conditions.” BITCOIN STANDARD: El Salvador may become the first country to recognize bitcoin as legal tender, according to a recorded speech from President Nayib Bukele at the Bitcoin 2021 conference in Miami on Saturday. A draft bill will head to the legislature this week and seems likely to pass. Bukele said he was partially motivated by the inflationary actions of central banks around the world and a desire to help the significant unbanked population in the country.
–D.K.
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“I think even people in the Bitcoin space underestimate where the Lightning Network is.”
–Micheal Peterson, director of Bitcoin Beach, on CoinDesk TV’s
A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
What others are writing... Off-Chain Signals China Has Triggered a Bitcoin Mining Exodus: “Chinese miners are frantically ‘fire-selling’ their equipment. Even if the crackdown announcement was not immediately translated into regulation ... it appears that some miners have been put off by the hostility.” (Wired)Number of daily bitcoin transactions falls to 2018 levels at 217,000 (The Block) Binance picks 100 artists to spearhead launch of NFT marketplace (The Block) Traders, analysts offer mixed reactions to El Salvador’s BTC announcement (Cointelegraph) Joe Weisenthal on competing visions for crypto (Bloomberg)
–D.K.
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Putting the news in perspective The Takeaway Blockchain games aren't going to capture the public imagination until there's a genuinely great game – full stop.
Apparently this is so true that, at least according to YouTuber nondairi, folks who compare the game to Pokémon actually get kicked out of the game's Discord. Which is weird because it's not even the first Pokémon knockoff to show up on the blockchains. We covered Etheremon, for example, three years ago.
–Brady Dale
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet.
Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth.
We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
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