President Bukele reveals El Salvador will buy 1 Bitcoin daily Oluwapelumi Adejumo · 3 hours ago · 1 min read
El Salvador has spent over $100 million to acquire 2,381 BTC and continues to buy
1 min read
Updated: November 17, 2022 at 10:16 am
Cover art/illustration via CryptoSlate
President Nayib Bukele announced that El Salvador would buy 1 Bitcoin (BTC) daily starting November 18.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
The recent bear market does not appear to have deterred President Bukele’s interest in the flagship digital asset. Under Bukele, El Salvador became the first country to make BTC a legal tender and the first sovereign state to purchase the cryptocurrency.
President Bukele had previously predicted that Bitcoin’s value could reach $100,000.
El Salvador’s last Bitcoin purchase was on June 30, 2022. Then, the country bought 80 Bitcoin at an average cost of $19,000. Cumulatively, the government has spent over $100 million to acquire a total of 2,381 BTC –the current bear market conditions have dropped the asset’s value to less than $40 million.
Meanwhile, the Central American country was briefly in the news recently after rumors emerged that it stored its Bitcoin on the bankrupt crypto exchange FTX. Binance CEO Changpeng Zhao labeled this misinformation as President Bukele told him that the country does not have any Bitcoin on FTX and “never had any business with them.”
President Bukele described BTC as the opposite of FTX and likened the struggling exchange to a Ponzi scheme.
The founder of TRON Network, Justin Sun, expressed willingness to copy President Bukele’s 1 BTC per day purchase.
El Salvador buys back sovereign bonds to reduce debt
El Salvador buys back sovereign bonds to reduce debt Andjela Radmilac · 9 hours ago · 1 min read
El Salvador has repurchased $74 million worth of its sovereign bonds maturing in 2023 and 2025.
1 min read
Updated: December 8, 2022 at 2:18 pm
Cover art/illustration via CryptoSlate
The Republic of El Salvador has announced that it has completed the second repurchase of its sovereign bonds maturing in 2023 and 2025.
According to a press release shared by President Nayib Bukele, the country purchased $74 million worth of government bonds on Dec. 8.
In September, the government bought back around $565 million worth of bonds.
The debt was issued by El Salvador’s previous administrations in 1999 and 2004, with the 2023 and 2025 bond offerings being worth $800 million each, ABC reported.
President Bukele celebrated the accomplishment on Twitter, saying that the debt repurchase has generated more than $288 million in savings from interest payments for the country.
El Salvador has completed the second repurchase of its sovereign bonds maturing in 2023 and 2025; acquiring in both operations bonds for more than $647 million ($74 million in this operation).
Generating more than $288 million in savings for our country 🇸🇻https://t.co/NoVtotHnet
— Nayib Bukele (@nayibbukele) December 8, 2022
The bond repurchase program managed to reduce the broader market concern about El Salvador’s solvency. Since it introduced Bitcoin as legal tender in September 2021, the IMF and the World Bank have both warned the country about the repercussions of its bold decision.
With the government of El Salvador heavily invested in Bitcoin, its plummeting value led many to question the country’s ability to pay back its debt.
However, both the country’s president and its government dismissed the concerns and are reportedly still pursuing plans to issue bonds denominated in Bitcoin.
NFT industry in Africa and Middle-East poised for rapid growth
NFT industry in Africa and Middle-East poised for rapid growth Josh O’Sullivan · 6 hours ago · 1 min read
NFT technology adoption and blockchain gaming reported to be on the rise in African and Middle-East markets with significant growth expected up to 2028.
1 min read
Updated: December 6, 2022 at 11:11 pm
Cover art/illustration via CryptoSlate
The African and Middle Eastern NFT industries are expected to grow by 48.3% annually to reach $3.42 billion in 2022, according to a report from ResearchAndMarkets.
According to the report, the NFT industry is expected to grow steadily over the forecast period, with a Compound Annual Growth Rate (CAGR) of 34.3% during 2022-2028. Furthermore, the report said that the NFT spend value in the region will increase from $3.42 billion in 2022 to $18.22 billion by 2028.
The United Arab Emirates (UAE) has seen an increase in NFT-related activities, with the Art Dubai contemporary art fair showcasing NFTs. Alongside the rise of blockchain-based gaming, the UAE NFT market is expected to continue growing rapidly, according to the report, as evidenced over the last 12 months when numerous innovative NFT marketplaces have emerged in the country. This innovation has made it easier for the UAE general public to buy, sell, and trade NFTs.
From NFT-based startups to cryptocurrency exchanges, several players are entering the UAE NFT market, contributing to the rise in NFT trading transaction value and volume. The trend is expected to continue gaining momentum over the next few years. The UAE has always been open to emerging technologies and embraced NFT technology. For its 50th birthday, the country’s postal operator issued NFT stamps to celebrate the federation’s National Day.
As Dubai and Abu Dhabi announce that crypto-related activities and businesses are legal in the UAE, big firms are entering the NFT sector to capitalize on the growing global market and boost their growth.
For example, in April, Emirates Airlines announced its entry into the metaverse and NFT sectors. The firm plans to bring services and digital collectibles to enhance flyers’ metaverse experiences. The NFT and metaverse projects are already underway and are expected to launch in the coming months.
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Vitalik Buterin reveals exciting use cases for Ethereum ecosystem
Vitalik Buterin reveals exciting use cases for Ethereum ecosystem Soumen Datta · 10 hours ago · 2 min read
Vitalik Buterin recently talked about the present Ethereum ecosystem that comprises money, DeFi, DAOs and more.
2 min read
Updated: December 6, 2022 at 12:16 am
Cover art/illustration via CryptoSlate
Ethereum co-founder Vitalik Buterin published a blog post to illustrate use cases that excite him about the Ethereum ecosystem. The post looked at money, DeFi, digital identity, DAOs, and hybrid apps showcasing the breadth of utility within the Turing complete blockchain network.
What in the Ethereum application ecosystem excites mehttps://t.co/QxCa6EoWDl
— vitalik.eth (@VitalikButerin) December 5, 2022
Among the apps he prefers in the Ethereum ecosystem are those based on the use case of money. According to Vitalik, these apps help to ease donations and, in most cases, avail safety against de-platforming.
The Ethereum co-founder also talked about stablecoins, believing they have many use cases as they are open to anyone, resistant to censorship, and interact well with on-chain infrastructure like DEXes. In comparison, he maintains that stablecoins like USDC work and their stability is dependent on the macroeconomic and political stability of the United States.
Buterin also thinks that non-pegged stablecoin RAI can withstand all these risks and has a negative interest rate. Further, Vitalik argued that DAO-governed Risk Weighted Assets (RWA) backed stablecoins could be viable if they combine scalability, robustness, and economic practicality while resisting censorship.
On DeFi and Digital Identity
The co-founder hinted that the world of DeFi and Digital Identity has, over time, enjoyed overwhelming adoption. In addition to stablecoins, he emphasized prediction markets, major stock indices, and layers for efficiently trading other assets and real estate.
Appraising the growth of digital identity, the co-founder said the trend helps to facilitate user privacy. He referenced the Sign In With Ethereum (SIWE) as an effective identity method.
Vitalik Buterin believes there are two questions to answer
- What kinds of governance structures make sense, and for what use cases?
- Does it make sense to implement those structures as a DAO or through regular incorporation and legal contracts?
The Ethereum co-founder believes decentralization is essential for robustness, efficiency, and interoperability.
On Hybrid Apps
Hybrid applications that integrate blockchains with other systems to strengthen trust models are found in voting, games, government registries, corporate accounting, and supply chain management.
Buterin also talked about several challenges on Ethereum in the form of scalability, long transaction times, and unsafe wallets. He discussed decentralized solutions for holding funds, ERC-4337 and account abstraction wallets, and Rollup technology to improve scalability.
Meanwhile, in a closing remark, Buterin stressed the need for developers to give preferential treatment to projects with long-term value propositions than those on short-term profits.
These revelations come barely a few weeks after he released an updated roadmap for the Ethereum ecosystem.
Updated roadmap diagram! pic.twitter.com/MT9BKgYcJH
— vitalik.eth (@VitalikButerin) November 4, 2022
Notably, the network’s roadmap additions are geared towards enhancing censorship resistance and decentralization of the Ethereum network. For example, a new category, Scourge, was added to the updated roadmap, joining the likes of the Merge, Surge, Verge, Purge, and Spurge that already exist.
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