El Salvador requested help from the World Bank for becoming a legal tender of Bitcoin and was rejected. The World bank cited concerns over the environmental impact of Bitcoin mining and currency transparency for the rejection. El Salvador had announced plans to be the first nation to formally adopt the
In El Salvador, a majority of lawmakers approved a proposal brought forth by Salvadorian President Nayib Bukele that allows bitcoin to be used as legal tender in the country alongside the US dollar, becoming the first country to do so. The new law stated that all economic agents are required
The bloody conflict between Israel and Gaza has sparked an influx in Bitcoin donations to Hamas, according to senior Hamas officials. The Palestinian militant group has effectively used the bitcoin technology to circumvent international sanctions and fund its military operations. The international attention that was garnered by the recent fighting
Three state-backed financial groups in China have released a joint statement in which they come together to warn about the use of cryptocurrencies as payment. Their reasoning behind the warning includes the high risk of volatility in the value of cryptocurrencies. The groups remind industry players that cryptocurrencies are not
On Thursday, Tesla suspended vehicle purchases using Bitcoin due to climate change concerns. Tesla had announced in March that it would accept the cryptocurrency, and was met with outrage from environmentalists and investors. On Thursday, Tesla revealed that the increasing use of fossil fuels for Bitcoin mining and transactions was
In this week’s OODAcast we interview Ray Wang, CEO of Constellation Research. Ray is a great leader, evidenced by the people he has attracted to his firm. I know many of his team and can say for a fact that they are people who can do just about anything they want (which means they are in a position to pick their boss). Ray is also an entrepreneur, and in this OODAcast provides context anyone thinking of starting out on their own should consider. One of many anecdotes he provided was an insightful recap of a conversation he had with his then boss at Forrester Research, George Forrester Colony, which made it clear to Ray that he faced a choice. He could work at a place that wanted to motivate him to be as average as possible or he could go out on his own and create his future himself. It takes a type of bravery to do what Ray did next, a type of bravery very likely at the core of any entrepreneur.
Teenager Graham Ivan Clark has been sentenced to three years behind bars for orchestrating a cryptocurrency scam in which the 17-year-old hacked into the Twitter accounts of Bill Gates, Elon Musk, Joe Biden, Barack Obama, Uber, Apple, and others. Clark has accepted a plea deal and will spend three years
Over the weekend, blockchain organization Tether revealed that they were being asked to pay 500 Bitcoin to threat actors who allegedly plan to leak sensitive company information online if ransom demands are not met. The company has stated that it will refuse to pay the $24 million request, which is
The Idaho National Laboratory has crafted technology that can successfully detect cryptocurrency mining malware and is now seeking an external partner with the appropriate expertise to bring it to market. The technology detects hidden malware that exploits infected computing systems’ resources to mine digital currencies, according to the national lab.
On Tuesday, Bitcoin reached $50,000 for the first time. The cryptocurrency’s value has doubled in less than two months as the total market value of the bitcoins in circulation hits $940 billion. The digital currency was traded as high as $50,203.53 this morning, up 4.2% and more than 73% for