2021-05-28

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On this week’s episode of Crypto Scoop:

  • Bitcoin mining council takes a stand against hostile energy critics
  • PayPal announces intention to enable crypto withdrawals
  • Dollar depreciation: cryptocurrencies considered as an alternative
  • Speculations follow as apple job listing requests for crypto experience

Bitcoin Mining Council Takes a Stand against Hostile Energy Critics

In the past weeks, Bitcoin has struggled to stay ahead following multiple sell-offs. One of such major sell-offs was prompted by the announcement of Tesla to cease accepting bitcoin as payment because of environmental concerns. This has prompted several negative remarks on the energy consumption of bitcoin.

The Bitcoin Mining Council was born of a need to change the negative narrative surrounding the energy of bitcoin mining. Michael Saylor announced on Monday that he had sought the help of notable mining firms and crypto enthusiasts such as Elon Musk in founding the bitcoin mining council. The council would undertake a stand to correct the negative narrative about bitcoin energy consumption. He noted the need to educate the uninformed parties on the workings of the mining industry while ensuring that people that are hostile to cryptocurrencies don’t use this as an avenue to spread critics about the currency.

However, the news about Elon Musk being a possible member of the bitcoin mining council hasn’t settled well with some bitcoin enthusiasts. In an interview with Bloomberg, Nic Carter, Co-founder of Coin Metrics, noted that Musk shouldn’t be a part of the parties leading the “clean bitcoin movement.” He stressed that “Bitcoiners are still intensely distrustful of Musk, and they see him as conflicted, given that his business partially involves the sale of offsets.” He, however, supported the need for clean energy in bitcoin mining.

PayPal announces intention to enable crypto withdrawals

In the last quarter of 2020, PayPal enabled crypto trading as one of the many features on its payment platform. Since then, it has allowed the use of select cryptocurrencies like bitcoin for the payment of goods and services. However, its users couldn’t withdraw their cryptocurrencies to third-party wallets.

This is why it is with much anticipation PayPal customers welcome the news that the company would enable crypto withdrawals. Although the withdrawal function is still in the works, users would be able to buy, trade, and withdraw cryptocurrencies into a third-party wallet once it is enabled.

In his address on Coindesk’s Consensus 2021, Fernandez da Ponte stated the intention of PayPal to enable crypto  withdrawals. He said,” We want to make it as open as possible, and we want to give a choice to our consumers, something that will let them pay in any way they want to pay. They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

He further debunked rumours circulating about PayPal issuing its own stablecoin, noting that it was far too early for that type of development. He noted that PayPal intends to ship new improvements on a two-month basis on the platform to optimise its customer experience. He stated expressly that the withdrawal function was still in the works, and he didn’t know the date it would be launched.

Dollar Depreciation: Cryptocurrencies Considered as an Alternative

In the last few months, many apprehensions have surrounded the consistent decline of fiat currency, Dollars ($). This has caused a lot of anxiety resulting in the crash of several stock Markets. With the dollar set on recline, it seems that certain business persons are becoming more inclined towards cryptocurrency adoption.

In an interview with Bloomberg, American businessman Carl Icahn noted his changed stance on cryptocurrencies. He stressed that dollars were consistently depreciating and that cryptocurrencies were here to stay, serving as a worthy replacement for dollars. Icahn hinted that although he didn’t currently possess any cryptocurrencies, he had intentions of hitting the crypto space in a big way with a possible investment of $1.5billion. He noted that he disagreed with critics of crypto assets stating that crypto assets had equal value with dollars. He, however, noted that not all cryptocurrencies might survive the run.

American billionaire investor and hedge fund manager, Ray Dalio in his interview with CoinDesk, announced that he had some bitcoins. However, he didn’t expressly state just how much.  Dalio, just like Icahn, had previously expressed reservations on cryptocurrencies which is why it was received with positivity that they consider cryptocurrencies an alternative to dollars. Dalio noted that dollars were under the pressure of the devaluation, nothing that he’d rather “have bitcoin than a bond.” However, although he said that government would constantly be at rivalry with bitcoin,  he stressed that “Bitcoin’s greatest risk is its success.”

Speculations follow as Apple Job listing requests for Crypto experience

Apple, one of the leading technology firms globally, has garnered a lot of speculations in the crypto space following its recent job listing. Apple announced that it sought a business development manager with at least five years of experience in fields such as cryptocurrencies. The candidate would be in charge of its newly launched FinTech products.

This has raised curiosity about if Apple has intentions in the crypto space. While others speculate it may inculcate cryptocurrencies in its payments, such as PayPal, some speculate it may purchase a significant holding of cryptocurrencies. Others are sceptic that Apple may attempt to introduce a cryptocurrency just like Facebook did with the introduction of Libra. However, Apple is yet to address these speculations. Therefore, the crypto community is undertaking a wait-and-see stance. However, the inclusion of Apple with its user base of over 65million persons could mark a notable cryptocurrency leap across the globe.

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