France allows life insurance funds to invest in crypto View in browser

"Paper money is going away. Crypto is far better way to transfer value."  ~ Elon Musk

Market State

The entire crypto market reached a new all time high of the year last week. The price of Bitcoin rose over $5450 and fell sharply within 12 hours to $5000. Currently Bitcoin is trading at around $5050, which is slightly lower than the price at which it started the week.  Both Ether and Litecoin fell by 8% to $161 and $78 respectively. Ethereum’s annual global conference series, EDCON was held last week in Sydney. The conference covered the latest Ethereum based projects and applications. At the EDCON conference Vitalik Buterin and his team rapped about Ethereum scaling.

The founder of the Wikileaks website, a cypherpunk and an early Bitcoin advocate, Julian Assange has been arrested by British Police. Assange has been hiding from the US authorities in the Ecuadorian Embassy in London since 2013. He is charged with leaking secret information and attacking government computers. Following Assange’s arrest Wikileaks’s Bitcoin address received about 6 Bitcoins which is about $30000 in just 24 hours. Wikileaks began accepting Bitcoin donations after banks and payment services like Visa and Mastercard stopped supporting it. In 2017 Wikileaks had received over 4000 Bitcoins that were worth over $22 million.

Check the latest Bitcoin Price
Quiz of the week

What is the smallest unit of Bitcoin called?

  1. Finney
  2. Satoshi
  3. Bits

Scroll down to see the answer at the end of the newsletter.

Top stories of the week
Harvard University Invests Millions in Crypto

Blockstack is a decentralised computing network, which has publicly filed for a $50 million token offering under the SEC (Securities and Exchange Commission) Regulation A+ framework on 11th of April. The framework allows companies to sell up to $50 million worth of securities to non-accredited investors without formally registering them. It’s an important news as the token might become the first SEC-qualified token offering of its kind. Harvard Management, the firm that manages Harvard University's multi-billion dollar endowment, along with two other investors, are planning to  purchase over 95 million Blockstack’s Stack tokens, which would be a third of the total supply. Harvard’s intention to purchase $11.5 million worth of token is so serious that the submitted filing to SEC described the transaction will enter into force if SEC approves. The news shows that trust in regulated ICOs are increasing that even serious investors such as Harvard now wishes to participate.

Craig Wright to Sue Twitter Critics for Defamation

Craig Wright, who claims to be Satoshi Nakamoto, is offering $5000 worth of BSV to anyone who uncovers the identity of an anonymous twitter user Hodlonaut, so Craig can catch him and sue Hodlonaut for calling Craig Wright a fraud. Hodlonaut is a respected twitter user who has created the Lightning torch movement. The crypto community has responded by changing their twitter avatar to a cat in a astronaut suit, which is Hodlonaut’s avatar. Also a crowdfunding campaign has been created to fund Hodlonaut’s legal defense, which reached its goal of $20,000. CEO of Binance, Changpeng Zhao stepped in and threatened to delist Bitcoin SV if Craig continues to go after Hodlonaut. The real Satoshi would never try to reveal someone’s identity against their wishes as Satoshi himself gone great lengths to protect his identity.

Top YouTuber PewDiePie Chooses DLive over YouTube

The most subscribed YouTuber, PewDiePie switches live streams from YouTube to blockchain platform DLive. PewDiePie is a gamer-comedian who has over 94 million subscribers that consist of young adults and kids. The Swedish YouTuber has announced that he is going to be live streaming frequently on DLive. He held his held his first livestream last Sunday. During his live streams he gave away between $10000 to $50000 to other live streamers. DLive is a live streaming platform built on Lino blockchain. DLive empowers creators and viewers through its reward system. The built-in cryptocurrency, Lino points are given to creators and viewers, which can be exchanged for cash.

France Allows Life Insurance Funds to Invest in Crypto

France has become the first country to pass a crypto specific law that is in favour of the industry. The France National Assembly has passed a new law that allows life insurance funds to invest in cryptocurrencies and tokens without limits or restrictions on the amount of investment. Life insurance is a popular savings product in France where customers can allocate their money among different investment funds offered by the insurer. Market size for life insurance in France is reportedly $2 trillion in assets. Now the part of this amount could flow into cryptocurrency thanks to the new law. Insurers will be able to offer crypto based products through specialized professional funds.  

China Plans to Ban Bitcoin Mining

The National Development and Reform Commission (NDRC) has added crypto mining to a list of 450 undesirable industries that should be eliminated. Chinese authorities deem crypto mining doesn’t comply with the regulations and seriously wastes resources and pollutes the environment. Chinese miners make up half of the global mining network, thanks to the country’s coal-rich regions, which enables cheap electricity. To fight air pollution China plans to ban crypto mining that according to studies generate 10 million tons of carbon dioxide per year. However, many think that the Chinese ban would have a positive effect on Bitcoin mining as it will increase the decentralization of the network.

World Bank and IMF Launches a Quasi Cryptocurrency

World Bank and IMF (International Monetary Fund) has launched a private blockchain and a quasi-cryptocurrency called ‘Learning Coin’ to explore and experiment technologies behind cryptocurrencies. ‘Learning Coin’ will be inaccessible outside the World Bank and the IMF and has no monetary value therefore it is not a real cryptocurrency. The purpose of ‘Learning Coin’ is to help their staff better understand principles like distributed ledger and explore smart contracts. Financial institutions and regulators are recognizing the growing knowledge gap between policymakers and crypto asset industry. The project aims to bridge the gap and create strong knowledge base among IMF and World Bank staff.

Tweet of the week
Meme of the week
Crypto word of the week

Distributed networks are networks that resides on multiple computers. The data, the processing of the transactions is spread across more than one computer, but the decisions may still be centralized.

Quiz answer

What is the smallest unit of Bitcoin called?

The correct answer is “B”.

Satoshi is the smallest unit of Bitcoin. One Satoshi equals hundred millionth of a single bitcoin (0.00000001 BTC). The unit was named after the original creator of Bitcoin, Satoshi Nakamoto.

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