1) Digital Yuan is not there to replace existing fiat currencies like US Dollar says Zhou Xiaochuan.
Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China announced that China’s digital yuan has no intention to replace global fiat currencies like the United States dollar and the euro instead it is there to transform cross-border trade and investment. He added:
If you are willing to use it, the yuan can be used for trade and investment […] But we are not like Libra and we don’t have an ambition to replace existing currencies. Some countries are worried about the internationalization of yuan […] We can’t push them on sensitive issues and we can’t impose our will. We must avoid the perception of great-power chauvinism.
2) JPMorgan concludes crypto demand is rising after MassMutual’s purchase.
As per JPMorgan strategists, the purchase of $100 million Bitcoin made by MassMutual, an American mutual life insurance company serving five million clients points to the increase in Bitcoin adoption. The strategists also believe that if companies like this in the United States, Euro area, the United Kingdom, and Japan started allocating even 1% of their assets to Bitcoin, Bitcoin demand would grow by an additional $600 billion which is roughly double of the Bitcoin current market capitalization.
3) Crypto players highlighted the advantage of Bitcoin after the U.S. Treasury breach.
After the news that hackers breached the U.S. Treasury Department spread, Crypto fans highlighted the advantages of Bitcoin. Dan Held, head of business of Kraken’s head tweeted:
Bitcoin never gets hacked.
Blockfolio also responded with a tweet
Bitcoin means trusting a SHA256 algorithm more than the U.S Treasury.
4) BTC bull market can put pressure on Gold – Chinese State Media.
Qiao Wang, the Head of Product at Messari had tweeted 22 hours ago as per the time of publishing
Chinese state media is saying the BTC bull market may cause long-term downward pressure on gold. This is just incredible.
After China Central Television (CCTV) claimed that a Bitcoin bull market may put long term downwards pressure on gold. He also added
It’s truly incredible if you think about it. A decade ago we started printing a digital ledger which today is still less than 1 terabyte that’s sucking the life out of an element on the fucking periodic table that has existed since the dawn of universe..
5) Cosmos and Blockstack’s hackathons give a Peep into the future DeFi.
On December 12, blockchain projects Cosmos and Blockstack has announced the winners of HackAtom V and HackDeFi hackathons. Both of these hackathons have been successful in giving us all a peep into the future of DeFi where there is a vision including marked advances in tooling, interoperability, and composability. HackAtom V has been won by Tomas Tauber, engineers working on Crypto.com’s forthcoming blockchain whereas HackDeFi has been won by DualX.