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1 Sep, 10 tweets, 3 min read

@scribeDAO

1) @scribeDAO Post: We summarize amazing long articles that you don't have time to read entirely.

Article: El Salvador Passes $150 Million Bitcoin Trust, Here’s How It Will be Used by @_prashantjha

Read time: 7 minutes

2) El Salvador’s legislative assembly has approved a new Bitcoin Trust worth $150 million. The bill was passed on August 31 with 64/78 votes. The purpose of the Trust Fund would be to convert Bitcoin to US Dollar and also for supporting the crypto infrastructure in the country.

3) El Salvador created history on 8th June when it became the first nation on the face of Earth to make Bitcoin a legal tender along with the US Dollar. Bitcoin proponents supported the decision, however the likes of IMF, World Bank, and few other financial giants criticised it.

4) World Bank denied them of any help in implementing the technical aspects of the law whole IMF’s $1 billion financial aid also took a backseat in the wake of the Bitcoin law.

5) President Nayib Bukele has led the Bitcoin charge with the announcement of several adoption plans and even launched the country-wide Bitcoin wallet program. Bukele has maintained throughout that the massive change in the country’s economic operations is no fluke or gimmick.

6) They are planning to uplift nearly 70% of the population using BTC in absence of banking facilities. He also plans to make El Salvador a hub for clean Bitcoin mining with the geothermal energy supply that the country has in abundance.

7) The Development Bank of El Salvador has been appointed as the caretaker of the $150 million BTC trust which will be created using the funds from the country’s $500 million loan with the Central American Bank for Economic Integration (CABEI).

8) The loan was taken to revive the small and medium-sized businesses.
Out of $150 million, $23.3 million is allocated towards installations of Bitcoin ATMs and another $30 million has been kept aside as incentives to promote the use of Bitcoin in the country.

9) The country has also installed 200 Bitcoin ATMs across the state for everyone to easily convert their BTC to USD.

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Article: UK Students Turn To Crypto Investments Amid Financial Woes by Jarosław Adamowski

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2) A rising number of UK students are turning to investing in cryptocurrencies to finance their living costs. Since last year, the share of students who make money from crypto has tripled from 2% to 6%, according to a survey by British financial advice website Save the Student.

3) The National Student Money Survey 2021 polled 2,038 university students in the UK between May and August 2021. The obtained results indicate that 76% of the surveyed UK students worry about making ends meet, an increase from 71% in last year’s survey.

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Article: Bored Ape Mutation Madness! ⚗️ by William M. Peaster

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2) Since Bored Ape Yacht Club launched in April 2021, the popularity of the NFT collectibles project — whose 10,000 NFTs double as “Yacht Club membership cards” — has simply exploded. In four months since going live BAYC has surged into the ranks of the top 5 most-traded NFT.

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2 Sep

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Article: Japanese Business Giants Ready NFT, Blockchain Development Moves by Tim Alper

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1 Sep

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Article: Biden’s Administration Pushes For 'Last-Minute' Crypto Additions In Infra Bill by Jarosław Adamowski

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2) US President Joe Biden’s administration is urging Democrats to include more rules on tax compliance for crypto transactions in the forthcoming USD 3.5tn budget reconciliation package.

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1 Sep

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Article: DeFi Adoption Driven By Seasoned Traders, Investors From High-Income Countries - Report by Jarosław Adamowski

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2) Decentralized finance adoption has been driven by experienced cryptocurrency traders and investors which explains why its adoption is more visible in high-income countries that benefit from established cryptocurrency user bases, according to a report by Chainalysis.

3) While emerging markets are powering cryptocurrency adoption across the world, the importance of experienced traders and investors in DeFi’s growth highlights the distinctions between the DeFi ecosystem and the broader crypto ecosystem, according to the report.

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