This Week in Crypto (17 May-24 May)
26 May, 2021 | 5 MIN
-Vitalik Buterin Burns Nearly Half of Shiba’s Supply
-Banking is More Energy-Consuming than Bitcoin
-Luxury Yacht Firm Prime Experiences Starts Accepting Bitcoin
-Dubai Airport Free Zone Allows Crypto Trading
-Dacxi to Launch its Blue Ocean Bundle of the Most Promising Cryptocurrencies
Last week was a tough one for the crypto world, but there hasn’t been a lack of positive news in the crypto space. In fact, several new developments indicate a growing use of digital assets worldwide. While the city of Dubai has made new provisions to integrate crypto into its economy further, businesses such as luxury yacht charter services have decided to accept payment in Bitcoin. Moreover, a research paper has proved effectively that Bitcoin is not as energy-consuming as it is often made out to be. In fact, the paper illustrates, Bitcoin consumes far less energy than traditional banking or even the gold industry. Last but not the least, Dacxi is launching the Blue Ocean Bundle consisting of the most promising cryptocurrencies today.
Vitalik Buterin Burns Nearly Half of Shiba’s Supply
Responding to the “generosity” of the “dog token communities”, Vitarik Buterin, best known as one of the co-founders of Ethereum, burned nearly half of the Shiba token’s supply. The Shiba token, also known as Shiba Inu (SHIB), is a popular Dogecoin clone. Explaining his reason behind burning $6.7 billion worth of SHIB tokens, Vitalik expressed gratitude to how the dog token communities treated the recent donations by not only focussing on profits but also showing interest in making the world, as a whole, better. Vitalik expressed his opinion through a statement embedded into the transaction.
With Buterin liquidating trillions of tokens gifted to him by Shiba’s creators, the dog-themed bull-run faced an abrupt end. The co-founder of Ethereum said he had decided to burn the remaining 90% of Shiba tokens in his wallet and allocate the remaining 10% to charitable causes as holding the coins could lead to security vulnerabilities. Vitalik also wanted to keep away the speculations that could arise from making transactions using the dog tokens in the future.
For donations to charitable causes, Buterin was considering charities similar to CryptoRelief - an Indian organization focused on supporting COVID-19 relief through crypto-asset donations
Banking is More Energy-Consuming than Bitcoin
Galaxy Digital, Michael Novogratz’s cryptocurrency firm, has recently published a report titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question.” The report makes a comparison between traditional banking and Bitcoin mining, in terms of their energy consumption.
According to the report, Bitcoin’s annual electricity consumption is nearly 114 terawatts per hour. This consumption figure includes the energy required for miner demand, miner power consumption, pool power consumption, and node power consumption. On the other hand, the traditional banking industry consumes more than 260 terawatts per hour of energy each year. It includes annual energy consumption by the card networks, ATMs, bank branches, and top 100 bank data centers.
Even the Gold industry consumes more energy than Bitcoin, according to the study. According to the chart presented in the study, the annual energy consumed by the gold industry is near 250 terawatts per hour. Galaxy Digital’s study came at a crucial time when the crypto market witnessed a major crash, following Tesla CEO Elon Musk’s decision to stop accepting BTC as payment for car purchases due to environmental concerns.
In one of his tweets, Musk expressed his concern over the environment-friendliness of Bitcoins, saying that the ‘promising future’ of cryptocurrency “cannot come at great cost to the environment.” The tweet led to a more than $500 billion loss in the crypto markets. Yet, Galaxy’s report shows that Bitcoin is far less energy-consuming than traditional banking or gold.
Luxury Yacht Firm Prime Experiences Starts Accepting Bitcoin
In another vital addition to Bitcoin’s utility portfolio, Prime Experiences, a luxury yacht firm co-founded by two Columbians and operational in North America, has decided to start accepting cryptocurrency for its services. The firm anticipates a quick growth of 40% from Bitcoin payments in the first year itself. Delving deeper into the crypto ecosystem, the firm has announced to base its web and mobile services on blockchain technology. It believes that blockchain will bring more transactional security than any other system.
With its shift into Bitcoins, the firm has also decided to expand its operations into Miami - a city that has got a crypto-friendly mayor, Francis Suarez. Suarez, who has a history of pushing for progressive cryptocurrency laws. He also advocated for the citizens of Miami to receive their salaries in Bitcoin.
Prime Experiences is expecting a revenue of $6.5 million in the year to come. Most of this revenue will come from its yacht charter service. With a more and more diverse set of businesses accepting crypto payments, the utility value of digital assets will see bigger rises in the days to come.
Dubai Airport Free Zone Allows Crypto Trading
The Dubai Airport Free Zone Authority (DAFZA) has decided to extend its support towards crypto trading. The decision got its official authentication after DAFZA signed a deal with United Arab Emirates’ Security and Commodities Authority or SCA.
SCA, the financial markets supervisor across the UAE, will look after the offering, issuance, listing, and trading of crypto assets within the free zone. It will also officiate over all necessary approvals and licensing for companies regarding crypto trading.
Dubai and UAE are taking proactive steps to embrace cryptocurrencies in their economy in a more expanded way. The partnership will contribute towards achieving its plans more successfully.
Dacxi to Launch its Blue Ocean Bundle of the Most Promising Cryptocurrencies
Dacxi, a well-known crypto-wealth platform for you to buy, sell, store and grow your holdings, has decided to launch a Blue Ocean Bundle, composed of what the platform sees as today’s most promising cryptocurrencies. The bundle that will appear in the UK market on 26th May and the Australian market on 27th May will allow customers access to a collection of hand-picked assets, believed to be the forerunners in innovation and change in this blockchain-driven world.
Dacxi believes access to this collection will enable users to leverage emerging market opportunities and diversify one’s portfolio. For now, the bundle includes Polkadot (30%), Chainlink (30%), Stellar (20%), and Dacxi Coin (20%).