Bull Run Takes a Breather – Bad News for Sept 8, 2021

It’s been a difficult week for Bitcoin in what should have been its finest hour. The coin ends around $46,000, down more than 5 percent at the end of the week in which it became legal tender in El Salvador. At one point, it was down more than 10 percent, falling below $43,000. Let’s hope things go a little more smoothly in Panama. A congressman there is introducing a bill to make cryptocurrencies legal tender, including for paying taxes.

Rama Subramaniam Gandhi, a former deputy governor of the Reserve Bank of India, would like to see his country show greater acceptance of cryptocurrencies. If they can’t be used for payment, he told the Hodl 2021 virtual conference, they should be treated as another asset class.

Or perhaps its model could be used to improve privacy on social media. That’s the plan of Bastyon messenger, a blockchain-based social media platform.

In the meantime, Swiss B2B bank InCore has launched a tokenization tool that uses Tezos, and Afterpay, a credit firm, has told the Australian Senate that crypto payments could help merchants reduce their costs. It’s no wonder that a survey has found that a quarter of US teens would buy cryptocurrencies if someone gave them money to invest.

And if they’d put that money in SOL, they would have done very well. Now that Solana is integrated into FTX’s new NFT marketplace, the price has reached $200, a rise of more than 450 percent. Or they could try to win up $150,000 in prizes in Animoca Brands and Yield Guild Games REVV Racing YGG Cup. It sounds more exciting than hodling.

Solana isn’t the only one joining the NFT world though. The NFL Players Association is partnering with Upland to sell NFTs of more than 2,000 players. The league itself is less happy. The NFL is reported to have advised teams that they cannot sell NFTs or sponsorships to digital currency companies.

That move would cut them out of some precious loot, including Loot. The NFT role-playing game has seen sales of gear approaching a million dollars each. Bloot, a raunchier and ruder spin-off, has generated $27 million of sales volume.

It’s not all good news, though. The Satoshi, a cruise ship that crypto enthusiasts had hoped to turn into a libertarian seastead off the coast of Panama, is no more. The project failed, sunk by regulations and the massive ongoing costs of running a cruise ship. Let’s hope that Bitcoin does better in El Salvador.

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